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   811-2737

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)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts  02210(Name and address of agent for service)

Registrant's telephone number, including area code:	617-563-7000

|Date of fiscal year end:  | April 30      
|------------------------- | --------------
|                          |               
|Date of reporting period: | April 30, 2015

Item 1.		Reports to Stockholders

Fidelity®

Capital & Income

Fund

Annual Report

April 30, 2015(Fidelity Cover Art)

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to the financial statements.                                                                           
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015    | Past 1
year | Past 5
years | Past 10
years
|------------------------------- | ----------- | ------------ | -------------
|Fidelity® Capital & Income Fund | 7.17%       | 8.58%        | 9.16%        

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity ® Capital & Income Fund on April 30, 2005. The chart shows how the value of your investment would have changed, and also shows how the The BofA Merrill LynchSM US High Yield Constrained Index performed over the same period.

cai281906

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap:U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, the Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Portfolio Manager Mark Notkin:For the year, the fund handily outdistanced the BofA Merrill Lynch index, driven both by investments in equities and by solid outperformance from high yield. (For specific fund results, please see the Performance section of this report.) Versus the benchmark, the fund was helped most by a sizable stake in shares of Skyworks Solutions, a semiconductor company that primarily serves the smartphone market. The company, among our largest holdings, executed well on management's plan, gained market share and delivered robust earnings. We also benefited from a sizable stake in TXU, a subsidiary of Energy Future Holdings, a large power firm based in Texas that filed for bankruptcy. Our investments in TXU are solely in the firm's electric utility - a regulated entity, thus fairly predictable and steady. Elsewhere, bonds issued by auto-finance firm Ally Financial performed well amid robust demand for car loans. In addition to executing well, the company maintained strong capital ratios and solid underwriting standards as Ally continued to grind its way toward a possible investment-grade rating down the road. Conversely, we were hurt most by a stake in chemicals company Momentive Performance, in which we held first-lien bonds that were subject to an unfavorable, and unusual, bankruptcy settlement.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table  provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table  provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|              | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014
to April 30, 2015
|------------- | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Actual        | .73%                      | $	1,000.00                               | $	1,037.10                          | $	3.69                                                        
|HypotheticalA |                           | $	1,000.00                               | $	1,021.17                          | $	3.66                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015      
|--------------------------------------------
|(by issuer, excluding cash equivalents)     
|T-Mobile U.S.A., Inc.                       
|Digicel Group Ltd.                          
|International Lease Finance Corp.           
|Energy Future Holdings Corp.                
|Numericable Group SA                        
|                                            
|Top Five Market Sectors as of April 30, 2015
|                                            
|Telecommunications                          
|Energy                                      
|Diversified Financial Services              
|Technology                                  
|Banks & Thrifts                             

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|cai281908                                       
|cai281912                                       
|cai281916                                       
|cai281920                                       
|cai281924                                       
|cai281928                                       
|cai281932                                       
|cai281936                                       
|cai281940                                       

cai281944

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|cai281946                                
|cai281950                                
|cai281954                                
|cai281958                                
|cai281962                                
|cai281966                                
|*Foreign investments                     

cai281970

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Corporate Bonds - 65.4%                                                                         
|------------------------------------------------------------------------------------------------
|                                                                                                
|Convertible Bonds - 0.0%                                                                        
|Automotive & Auto Parts - 0.0%                                                                  
|Exide Technologies 7% 4/30/25 pay-in-kind                                                       
|Nonconvertible Bonds - 65.4%                                                                    
|Aerospace - 0.5%                                                                                
|Alion Science & Technology Corp. 15.25% 2/18/20 pay-in-kind                                     
|Bombardier, Inc. 6.125% 1/15/23 (g)                                                             
|GenCorp, Inc. 7.125% 3/15/21                                                                    
|Huntington Ingalls Industries, Inc. 5% 12/15/21 (g)                                             
|KLX, Inc. 5.875% 12/1/22 (g)                                                                    
|Triumph Group, Inc. 4.875% 4/1/21                                                               
|                                                                                                
|Air Transportation - 1.5%                                                                       
|Air Canada:                                                                                     
|5.375% 11/15/22 (g)                                                                             
|7.75% 4/15/21 (g)                                                                               
|Allegiant Travel Co. 5.5% 7/15/19                                                               
|Aviation Capital Group Corp. 4.625% 1/31/18 (g)                                                 
|Continental Airlines, Inc.:                                                                     
|pass-thru trust certificates 6.903% 4/19/22                                                     
|6.125% 4/29/18                                                                                  
|7.25% 11/10/19                                                                                  
|Delta Air Lines, Inc. pass-thru trust certificates:                                             
|6.821% 8/10/22                                                                                  
|8.021% 8/10/22                                                                                  
|Hawaiian Airlines pass-thru certificates Series 2013-1 Class B, 4.95% 1/15/22                   
|Northwest Airlines, Inc. pass-thru trust certificates:                                          
|7.027% 11/1/19                                                                                  
|8.028% 11/1/17                                                                                  
|U.S. Airways Group, Inc. 6.125% 6/1/18                                                          
|U.S. Airways pass-thru certificates:                                                            
|Series 2011-1 Class A, 7.125% 4/22/25                                                           
|Series 2012-2 Class B, 6.75% 12/3/22                                                            
|Series 2013-1 Class B, 5.375% 5/15/23                                                           
|United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17                               
|United Continental Holdings, Inc. 6.375% 6/1/18                                                 
|XPO Logistics, Inc. 7.875% 9/1/19 (g)                                                           
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Automotive - 0.2%                                                                               
|Affinia Group, Inc. 7.75% 5/1/21                                                                
|International Automotive Components Group SA 9.125% 6/1/18 (g)                                  
|                                                                                                
|Automotive & Auto Parts - 1.5%                                                                  
|Chassix Holdings, Inc. 10% 12/15/18 pay-in-kind 
(d)(g)(i)                                      
|Chassix, Inc.:                                                                                  
|9.25% 8/1/18 (d)(g)                                                                             
|9.25% 8/1/18 (d)                                                                                
|Chrysler Group LLC/CG Co-Issuer, Inc.:                                                          
|8% 6/15/19                                                                                      
|8.25% 6/15/21                                                                                   
|Dana Holding Corp.:                                                                             
|5.375% 9/15/21                                                                                  
|6% 9/15/23                                                                                      
|6.75% 2/15/21                                                                                   
|Delphi Corp. 5% 2/15/23                                                                         
|Exide Technologies 11% 4/30/20                                                                  
|General Motors Financial Co., Inc. 4.25% 5/15/23                                                
|Jaguar Land Rover PLC 4.25% 11/15/19 (g)                                                        
|Lear Corp. 4.75% 1/15/23                                                                        
|LKQ Corp. 4.75% 5/15/23                                                                         
|Schaeffler Finance BV 4.75% 5/15/21 (g)                                                         
|Schaeffler Holding Finance BV:                                                                  
|6.25% 11/15/19 pay-in-kind (g)(i)                                                               
|6.75% 11/15/22 pay-in-kind (g)(i)                                                               
|Tenneco, Inc. 6.875% 12/15/20                                                                   
|                                                                                                
|Banks & Thrifts - 3.4%                                                                          
|Ally Financial, Inc.:                                                                           
|4.125% 2/13/22                                                                                  
|5.125% 9/30/24                                                                                  
|7.5% 9/15/20                                                                                    
|8% 3/15/20                                                                                      
|General Motors Acceptance Corp. 8% 11/1/31                                                      
|GMAC LLC 8% 11/1/31                                                                             
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Broadcasting - 0.7%                                                                             
|AMC Networks, Inc. 4.75% 12/15/22                                                               
|Clear Channel Communications, Inc. 14% 2/1/21
pay-in-kind (i)                                   
|Sinclair Television Group, Inc. 5.375% 4/1/21                                                   
|Sirius XM Radio, Inc.:                                                                          
|4.25% 5/15/20 (g)                                                                               
|4.625% 5/15/23 (g)                                                                              
|5.25% 8/15/22 (g)                                                                               
|5.375% 4/15/25 (g)                                                                              
|Starz LLC/Starz Finance Corp. 5% 9/15/19                                                        
|                                                                                                
|Building Materials - 0.0%                                                                       
|American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (g)                             
|Cable/Satellite TV - 2.3%                                                                       
|CCO Holdings LLC/CCO Holdings Capital Corp.:                                                    
|5.125% 2/15/23                                                                                  
|5.125% 5/1/23 (g)                                                                               
|5.25% 3/15/21                                                                                   
|5.25% 9/30/22                                                                                   
|5.375% 5/1/25 (g)                                                                               
|5.75% 9/1/23                                                                                    
|5.75% 1/15/24                                                                                   
|6.625% 1/31/22                                                                                  
|7.375% 6/1/20                                                                                   
|DISH DBS Corp.:                                                                                 
|5% 3/15/23                                                                                      
|5.125% 5/1/20                                                                                   
|5.875% 7/15/22                                                                                  
|Lynx I Corp. 5.375% 4/15/21 (g)                                                                 
|Lynx II Corp. 6.375% 4/15/23 (g)                                                                
|RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (g)                                     
|Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (g)                            
|Virgin Media Finance PLC 4.875% 2/15/22                                                         
|Wave Holdco LLC/Wave Holdco Corp. 8.25% 7/15/19 pay-in-kind (g)(i)                              
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Capital Goods - 0.1%                                                                            
|AECOM Technology Corp.:                                                                         
|5.75% 10/15/22 (g)                                                                              
|5.875% 10/15/24 (g)                                                                             
|                                                                                                
|Chemicals - 2.2%                                                                                
|Chemtura Corp. 5.75% 7/15/21                                                                    
|Hexion U.S. Finance Corp. 6.625% 4/15/20                                                        
|LSB Industries, Inc. 7.75% 8/1/19                                                               
|Momentive Performance Materials, Inc.:                                                          
|3.88% 10/24/21                                                                                  
|4.69% 4/24/22                                                                                   
|Nufarm Australia Ltd. 6.375% 10/15/19 (g)                                                       
|PetroLogistics LP/PetroLogistics Finance Corp. 6.25% 4/1/20                                     
|Platform Specialty Products Corp. 6.5% 2/1/22 (g)                                               
|PolyOne Corp.:                                                                                  
|5.25% 3/15/23                                                                                   
|7.375% 9/15/20                                                                                  
|Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp. 6.5% 4/15/21 (g)                    
|Rockwood Specialties Group, Inc. 4.625% 10/15/20                                                
|TPC Group, Inc. 8.75% 12/15/20 (g)                                                              
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19                    
|U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (g)                              
|W.R. Grace & Co. - Conn:                                                                        
|5.125% 10/1/21 (g)                                                                              
|5.625% 10/1/24 (g)                                                                              
|                                                                                                
|Consumer Products - 0.5%                                                                        
|Elizabeth Arden, Inc. 7.375% 3/15/21                                                            
|First Quality Finance Co., Inc. 4.625% 5/15/21 (g)                                              
|Prestige Brands, Inc. 8.125% 2/1/20                                                             
|Revlon Consumer Products Corp. 5.75% 2/15/21                                                    
|Spectrum Brands Holdings, Inc.:                                                                 
|6.375% 11/15/20                                                                                 
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Consumer Products - continued                                                                   
|Spectrum Brands Holdings, Inc.: - continued                                                     
|6.625% 11/15/22                                                                                 
|Tempur Sealy International, Inc. 6.875% 12/15/20                                                
|                                                                                                
|Containers - 1.7%                                                                               
|Ardagh Finance Holdings SA 8.625% 6/15/19
pay-in-kind (g)(i)                                    
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                                   
|6% 6/30/21 (g)                                                                                  
|6.25% 1/31/19 (g)                                                                               
|6.75% 1/31/21 (g)                                                                               
|7% 11/15/20 (g)                                                                                 
|Beverage Packaging Holdings II SA (Luxembourg):                                                 
|5.625% 12/15/16 (g)                                                                             
|6% 6/15/17 (g)                                                                                  
|Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (g)         
|Crown Cork & Seal, Inc.:                                                                        
|7.375% 12/15/26                                                                                 
|7.5% 12/15/96                                                                                   
|Graphic Packaging International, Inc. 4.75% 4/15/21                                             
|Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:    
|5.75% 10/15/20                                                                                  
|6.875% 2/15/21                                                                                  
|8.25% 2/15/21                                                                                   
|9.875% 8/15/19                                                                                  
|Sealed Air Corp. 5.25% 4/1/23 (g)                                                               
|Tekni-Plex, Inc. 9.75% 6/1/19 (g)                                                               
|                                                                                                
|Diversified Financial Services - 6.2%                                                           
|AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.5% 5/15/21 (g)                       
|Aircastle Ltd.:                                                                                 
|4.625% 12/15/18                                                                                 
|5.5% 2/15/22                                                                                    
|7.625% 4/15/20                                                                                  
|CIT Group, Inc.:                                                                                
|5% 8/15/22                                                                                      
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Diversified Financial Services - continued                                                      
|CIT Group, Inc.: - continued                                                                    
|5.375% 5/15/20                                                                                  
|5.5% 2/15/19 (g)                                                                                
|Icahn Enterprises LP/Icahn Enterprises Finance Corp.:                                           
|4.875% 3/15/19                                                                                  
|5.875% 2/1/22                                                                                   
|6% 8/1/20                                                                                       
|International Lease Finance Corp.:                                                              
|4.625% 4/15/21                                                                                  
|5.875% 4/1/19                                                                                   
|5.875% 8/15/22                                                                                  
|6.25% 5/15/19                                                                                   
|7.125% 9/1/18 (g)                                                                               
|8.25% 12/15/20                                                                                  
|8.625% 1/15/22                                                                                  
|MSCI, Inc. 5.25% 11/15/24 (g)                                                                   
|Navient Corp.:                                                                                  
|5% 10/26/20                                                                                     
|5.875% 10/25/24                                                                                 
|SLM Corp.:                                                                                      
|5.5% 1/25/23                                                                                    
|7.25% 1/25/22                                                                                   
|8% 3/25/20                                                                                      
|                                                                                                
|Diversified Media - 0.8%                                                                        
|Liberty Media Corp.:                                                                            
|8.25% 2/1/30                                                                                    
|8.5% 7/15/29                                                                                    
|MDC Partners, Inc. 6.75% 4/1/20 (g)                                                             
|Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (g)                                          
|Quebecor Media, Inc. 5.75% 1/15/23                                                              
|WMG Acquisition Corp.:                                                                          
|5.625% 4/15/22 (g)                                                                              
|6.75% 4/15/22 (g)                                                                               
|                                                                                                
|Energy - 7.5%                                                                                   
|Access Midstream Partners LP/ACMP Finance Corp. 4.875% 3/15/24                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|American Energy-Permian Basin LLC/ AEPB Finance Corp.:                                          
|7.125% 11/1/20 (g)                                                                              
|7.375% 11/1/21 (g)                                                                              
|Antero Resources Corp. 5.625% 6/1/23 (g)                                                        
|Basic Energy Services, Inc. 7.75% 10/15/22                                                      
|Carrizo Oil & Gas, Inc.:                                                                        
|6.25% 4/15/23                                                                                   
|7.5% 9/15/20                                                                                    
|Chaparral Energy, Inc. 9.875% 10/1/20                                                           
|Citgo Holding, Inc. 10.75% 2/15/20 (g)                                                          
|Citgo Petroleum Corp. 6.25% 8/15/22 (g)                                                         
|Compressco Partners LP/Compressco Finance, Inc. 7.25% 8/15/22 (g)                               
|Concho Resources, Inc.:                                                                         
|5.5% 4/1/23                                                                                     
|6.5% 1/15/22                                                                                    
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:                              
|6.125% 3/1/22                                                                                   
|6.25% 4/1/23 (g)                                                                                
|CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22                                         
|Drill Rigs Holdings, Inc. 6.5% 10/1/17 (g)                                                      
|Eagle Rock Energy Partners LP/Eagle Rock Energy Finance Corp. 8.375% 6/1/19                     
|Edgen Murray Corp. 8.75% 11/1/20 (g)                                                            
|Endeavor Energy Resources LP/EER Finance, Inc.:                                                 
|7% 8/15/21 (g)                                                                                  
|8.125% 9/15/23 (g)                                                                              
|Energy Partners Ltd. 8.25% 2/15/18                                                              
|Energy XXI Gulf Coast, Inc. 11% 3/15/20 (g)                                                     
|EV Energy Partners LP/EV Energy Finance Corp. 8% 4/15/19                                        
|Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20                         
|Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22                                              
|Forbes Energy Services Ltd. 9% 6/15/19                                                          
|Forum Energy Technologies, Inc. 6.25% 10/1/21                                                   
|Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21                                    
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|Goodrich Petroleum Corp. 8.875% 3/15/19                                                         
|Gulfmark Offshore, Inc. 6.375% 3/15/22                                                          
|Hiland Partners LP/Finance Corp. 7.25% 10/1/20 (g)                                              
|Hilcorp Energy I LP/Hilcorp Finance Co.:                                                        
|5% 12/1/24 (g)                                                                                  
|7.625% 4/15/21 (g)                                                                              
|Hornbeck Offshore Services, Inc.:                                                               
|5% 3/1/21                                                                                       
|5.875% 4/1/20                                                                                   
|Jupiter Resources, Inc. 8.5% 10/1/22 (g)                                                        
|Kinder Morgan, Inc. 5.625% 11/15/23 (g)                                                         
|Laredo Petroleum, Inc. 7.375% 5/1/22 (Reg. S)                                                   
|Markwest Energy Partners LP/Markwest Energy Finance Corp.:                                      
|4.875% 12/1/24                                                                                  
|5.5% 2/15/23                                                                                    
|6.25% 6/15/22                                                                                   
|Newfield Exploration Co.:                                                                       
|5.375% 1/1/26                                                                                   
|5.625% 7/1/24                                                                                   
|Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20                            
|Offshore Group Investment Ltd.:                                                                 
|7.125% 4/1/23                                                                                   
|7.5% 11/1/19                                                                                    
|PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20                                             
|PetroBakken Energy Ltd. 8.625% 2/1/20 (g)                                                       
|Precision Drilling Corp.:                                                                       
|5.25% 11/15/24                                                                                  
|6.5% 12/15/21                                                                                   
|QEP Resources, Inc. 5.25% 5/1/23                                                                
|Range Resources Corp. 5% 3/15/23                                                                
|Rice Energy, Inc.:                                                                              
|6.25% 5/1/22                                                                                    
|7.25% 5/1/23 (g)                                                                                
|Rosetta Resources, Inc. 5.625% 5/1/21                                                           
|RSP Permian, Inc. 6.625% 10/1/22 (g)                                                            
|Sabine Pass Liquefaction LLC 5.625% 3/1/25 (g)                                                  
|SemGroup Corp. 7.5% 6/15/21                                                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|Southern Natural Gas Co.:                                                                       
|7.35% 2/15/31                                                                                   
|8% 3/1/32                                                                                       
|Southern Star Central Corp. 5.125% 7/15/22 (g)                                                  
|Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17                                        
|Suburban Propane Partners LP/Suburban Energy Finance Corp. 7.375% 8/1/21                        
|Summit Midstream Holdings LLC 7.5% 7/1/21                                                       
|SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (g)              
|Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (g)                                              
|Teine Energy Ltd. 6.875% 9/30/22 (g)                                                            
|Tennessee Gas Pipeline Co. 7.625% 4/1/37                                                        
|TerraForm Power Operating LLC 5.875% 2/1/23 (g)                                                 
|Tesoro Corp. 5.375% 10/1/22                                                                     
|Tesoro Logistics LP/Tesoro Logistics Finance Corp.:                                             
|5.5% 10/15/19 (g)                                                                               
|5.875% 10/1/20                                                                                  
|6.125% 10/15/21                                                                                 
|6.25% 10/15/22 (g)                                                                              
|Trinidad Drilling Ltd. 7.875% 1/15/19 (g)                                                       
|Unit Corp. 6.625% 5/15/21                                                                       
|W&T Offshore, Inc. 8.5% 6/15/19                                                                 
|Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (g)                                 
|Western Refining, Inc. 6.25% 4/1/21                                                             
|Whiting Petroleum Corp.:                                                                        
|5% 3/15/19                                                                                      
|5.75% 3/15/21                                                                                   
|WPX Energy, Inc. 6% 1/15/22                                                                     
|                                                                                                
|Entertainment/Film - 0.2%                                                                       
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:                            
|5.25% 2/15/22                                                                                   
|5.625% 2/15/24                                                                                  
|Cinemark U.S.A., Inc.:                                                                          
|4.875% 6/1/23                                                                                   
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Entertainment/Film - continued                                                                  
|Cinemark U.S.A., Inc.: - continued                                                              
|5.125% 12/15/22                                                                                 
|DreamWorks Animation SKG, Inc. 6.875% 8/15/20 (g)                                               
|                                                                                                
|Environmental - 0.3%                                                                            
|Clean Harbors, Inc.:                                                                            
|5.125% 6/1/21                                                                                   
|5.25% 8/1/20                                                                                    
|Covanta Holding Corp.:                                                                          
|5.875% 3/1/24                                                                                   
|7.25% 12/1/20                                                                                   
|                                                                                                
|Food & Drug Retail - 0.9%                                                                       
|BI-LO LLC/BI-LO Finance Corp.:                                                                  
|8.625% 9/15/18 pay-in-kind (g)(i)                                                               
|9.25% 2/15/19 (g)                                                                               
|Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (g)                                                      
|Rite Aid Corp.:                                                                                 
|6.125% 4/1/23 (g)                                                                               
|6.75% 6/15/21                                                                                   
|9.25% 3/15/20                                                                                   
|                                                                                                
|Food/Beverage/Tobacco - 1.7%                                                                    
|B&G Foods, Inc. 4.625% 6/1/21                                                                   
|Barry Callebaut Services NV 5.5% 6/15/23 (g)                                                    
|Constellation Brands, Inc.:                                                                     
|3.875% 11/15/19                                                                                 
|4.75% 11/15/24                                                                                  
|ESAL GmbH 6.25% 2/5/23 (g)                                                                      
|FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (g)                       
|H.J. Heinz Co. 4.25% 10/15/20                                                                   
|Hearthside Group Holdings LLC/Hearthside Finance, Inc. 6.5% 5/1/22 (g)                          
|JBS Investments GmbH 7.25% 4/3/24 (g)                                                           
|JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:                                                        
|5.875% 7/15/24 (g)                                                                              
|7.25% 6/1/21 (g)                                                                                
|8.25% 2/1/20 (g)                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Food/Beverage/Tobacco - continued                                                               
|Pilgrim's Pride Corp. 5.75% 3/15/25 (g)                                                         
|Post Holdings, Inc.:                                                                            
|6% 12/15/22 (g)                                                                                 
|7.375% 2/15/22                                                                                  
|Shearers Foods LLC/Chip Finance Corp. 9% 11/1/19 (g)                                            
|TreeHouse Foods, Inc. 4.875% 3/15/22                                                            
|                                                                                                
|Gaming - 1.3%                                                                                   
|Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (g)
|GLP Capital LP/GLP Financing II, Inc.:                                                          
|4.375% 11/1/18                                                                                  
|4.875% 11/1/20                                                                                  
|5.375% 11/1/23                                                                                  
|Graton Economic Development Authority 9.625% 9/1/19 (g)                                         
|MCE Finance Ltd. 5% 2/15/21 (g)                                                                 
|Mohegan Tribal Gaming Authority 11% 9/15/18
pay-in-kind (g)(i)                                  
|MTR Gaming Group, Inc. 11.5% 8/1/19 pay-in-kind                                                 
|Scientific Games Corp. 10% 12/1/22 (g)                                                          
|Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 3/31/15 (d)(g)                       
|Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25% 5/30/23 (g)                               
|                                                                                                
|Healthcare - 4.0%                                                                               
|AmSurg Corp. 5.625% 7/15/22                                                                     
|Concordia Healthcare Corp. 7% 4/15/23 (g)                                                       
|CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21                                        
|Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (g)                                       
|HCA Holdings, Inc.:                                                                             
|4.75% 5/1/23                                                                                    
|5.875% 5/1/23                                                                                   
|7.5% 2/15/22                                                                                    
|HealthSouth Corp.:                                                                              
|5.125% 3/15/23                                                                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Healthcare - continued                                                                          
|HealthSouth Corp.: - continued                                                                  
|5.75% 11/1/24                                                                                   
|InVentiv Health, Inc. 11% 8/15/18 (e)(g)                                                        
|Jaguar Holding Co. I 9.375% 10/15/17
pay-in-kind (g)(i)                                         
|JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20
pay-in-kind (g)(i)                                     
|Kindred Escrow Corp. II:                                                                        
|8% 1/15/20 (g)                                                                                  
|8.75% 1/15/23 (g)                                                                               
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC:                                      
|4.875% 4/15/20 (g)                                                                              
|5.5% 4/15/25 (g)                                                                                
|MPH Acquisition Holdings LLC 6.625% 4/1/22 (g)                                                  
|MPT Operating Partnership LP/MPT Finance Corp.:                                                 
|6.375% 2/15/22                                                                                  
|6.875% 5/1/21                                                                                   
|Omega Healthcare Investors, Inc. 6.75% 10/15/22                                                 
|Opal Acquisition, Inc. 8.875% 12/15/21 (g)                                                      
|Polymer Group, Inc.:                                                                            
|6.875% 6/1/19 (g)                                                                               
|7.75% 2/1/19                                                                                    
|Sabra Health Care LP/Sabra Capital Corp.:                                                       
|5.375% 6/1/23                                                                                   
|5.5% 2/1/21                                                                                     
|Tenet Healthcare Corp. 6.875% 11/15/31                                                          
|Truven Health Analytics, Inc. 10.625% 6/1/20                                                    
|Valeant Pharmaceuticals International:                                                          
|5.625% 12/1/21 (g)                                                                              
|6.75% 8/15/21 (g)                                                                               
|7.5% 7/15/21 (g)                                                                                
|VPI Escrow Corp. 6.375% 10/15/20 (g)                                                            
|VRX Escrow Corp.:                                                                               
|5.375% 3/15/20 (g)                                                                              
|5.875% 5/15/23 (g)                                                                              
|6.125% 4/15/25 (g)                                                                              
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Homebuilders/Real Estate - 2.2%                                                                 
|Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (g)     
|Brookfield Residential Properties, Inc. 6.5% 12/15/20 (g)                                       
|CBRE Group, Inc. 5% 3/15/23                                                                     
|Communications Sales & Leasing, Inc.:                                                           
|6% 4/15/23 (g)                                                                                  
|8.25% 10/15/23 (g)                                                                              
|D.R. Horton, Inc.:                                                                              
|4.375% 9/15/22                                                                                  
|4.75% 2/15/23                                                                                   
|5.75% 8/15/23                                                                                   
|Howard Hughes Corp. 6.875% 10/1/21 (g)                                                          
|Lennar Corp. 4.5% 11/15/19                                                                      
|Realogy Corp. 9% 1/15/20 (g)                                                                    
|Shea Homes Ltd. Partnershp/Corp.:                                                               
|5.875% 4/1/23 (g)                                                                               
|6.125% 4/1/25 (g)                                                                               
|Standard Pacific Corp.:                                                                         
|8.375% 5/15/18                                                                                  
|8.375% 1/15/21                                                                                  
|Taylor Morrison Communities, Inc./Monarch Communities, Inc.:                                    
|5.25% 4/15/21 (g)                                                                               
|7.75% 4/15/20 (g)                                                                               
|5.875% 4/15/23 (g)                                                                              
|Toll Brothers Finance Corp.:                                                                    
|4.375% 4/15/23                                                                                  
|5.625% 1/15/24                                                                                  
|5.875% 2/15/22                                                                                  
|Weyerhaeuser Real Estate Co.:                                                                   
|4.375% 6/15/19 (g)                                                                              
|5.875% 6/15/24 (g)                                                                              
|William Lyon Homes, Inc. 8.5% 11/15/20                                                          
|                                                                                                
|Hotels - 0.3%                                                                                   
|Choice Hotels International, Inc. 5.75% 7/1/22                                                  
|FelCor Lodging LP 5.625% 3/1/23                                                                 
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Hotels - continued                                                                              
|Playa Resorts Holding BV 8% 8/15/20 (g)                                                         
|RHP Hotel Properties LP/RHP Finance Corp. 5% 4/15/21                                            
|                                                                                                
|Insurance - 0.2%                                                                                
|Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (g)                                                    
|Leisure - 0.2%                                                                                  
|24 Hour Holdings III LLC 8% 6/1/22 (g)                                                          
|Palace Entertainment Holdings LLC/Corp. 8.875% 4/15/17 (g)                                      
|Six Flags Entertainment Corp. 5.25% 1/15/21 (g)                                                 
|                                                                                                
|Metals/Mining - 1.3%                                                                            
|Aleris International, Inc. 6% 6/1/20 (g)                                                        
|CONSOL Energy, Inc.:                                                                            
|5.875% 4/15/22                                                                                  
|8% 4/1/23 (g)                                                                                   
|First Quantum Minerals Ltd.:                                                                    
|6.75% 2/15/20 (g)                                                                               
|7% 2/15/21 (g)                                                                                  
|7.25% 5/15/22 (g)                                                                               
|Mirabela Nickel Ltd. 1% 4/15/44 (g)                                                             
|Murray Energy Corp. 11.25% 4/15/21 (g)                                                          
|New Gold, Inc. 7% 4/15/20 (g)                                                                   
|Peabody Energy Corp. 10% 3/15/22 (g)                                                            
|Prince Mineral Holding Corp. 11.5% 12/15/19 (g)                                                 
|Rain CII Carbon LLC/CII Carbon Corp.:                                                           
|8% 12/1/18 (g)                                                                                  
|8.25% 1/15/21 (g)                                                                               
|SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (g)              
|Walter Energy, Inc. 9.5% 10/15/19 (g)                                                           
|                                                                                                
|Paper - 0.2%                                                                                    
|Boise Cascade Co. 6.375% 11/1/20                                                                
|Mercer International, Inc.:                                                                     
|7% 12/1/19                                                                                      
|7.75% 12/1/22                                                                                   
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Paper - continued                                                                               
|NewPage Corp.:                                                                                  
|0% 5/1/12 (d)(i)                                                                                
|11.375% 12/31/14 (d)                                                                            
|                                                                                                
|Publishing/Printing - 1.0%                                                                      
|Cenveo Corp. 6% 8/1/19 (g)                                                                      
|Gannett Co., Inc.:                                                                              
|4.875% 9/15/21 (g)                                                                              
|5.5% 9/15/24 (g)                                                                                
|McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21     
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (g)(i)                      
|R.R. Donnelley & Sons Co.:                                                                      
|6% 4/1/24                                                                                       
|7% 2/15/22                                                                                      
|7.875% 3/15/21                                                                                  
|                                                                                                
|Restaurants - 0.0%                                                                              
|Landry's Acquisition Co. 9.375% 5/1/20 (g)                                                      
|Services - 1.7%                                                                                 
|Ahern Rentals, Inc. 9.5% 6/15/18 (g)                                                            
|Anna Merger Sub, Inc. 7.75% 10/1/22 (g)                                                         
|APX Group, Inc.:                                                                                
|6.375% 12/1/19                                                                                  
|8.75% 12/1/20                                                                                   
|Ashtead Capital, Inc. 5.625% 10/1/24 (g)                                                        
|Audatex North America, Inc.:                                                                    
|6% 6/15/21 (g)                                                                                  
|6.125% 11/1/23 (g)                                                                              
|Bakercorp International, Inc. 8.25% 6/1/19                                                      
|Bankrate, Inc. 6.125% 8/15/18 (g)                                                               
|CBRE Group, Inc. 5.25% 3/15/25                                                                  
|Garda World Security Corp. 7.25% 11/15/21 (g)                                                   
|Iron Mountain, Inc. 5.75% 8/15/24                                                               
|Laureate Education, Inc. 10% 9/1/19 (g)                                                         
|NES Rentals Holdings, Inc. 7.875% 5/1/18 (g)                                                    
|TMS International Corp. 7.625% 10/15/21 (g)                                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Services - continued                                                                            
|TransUnion Holding Co., Inc. 9.625% 6/15/18
pay-in-kind (i)                                     
|United Rentals North America, Inc.:                                                             
|4.625% 7/15/23                                                                                  
|5.5% 7/15/25                                                                                    
|                                                                                                
|Steel - 0.8%                                                                                    
|Cliffs Natural Resources, Inc.:                                                                 
|7.75% 3/31/20 (g)                                                                               
|8.25% 3/31/20 (g)                                                                               
|Essar Steel Algoma, Inc. 9.5% 11/15/19 (g)                                                      
|Evraz, Inc. NA Canada 7.5% 11/15/19 (g)                                                         
|Ryerson, Inc./Joseph T Ryerson & Son, Inc.:                                                     
|9% 10/15/17                                                                                     
|11.25% 10/15/18                                                                                 
|Steel Dynamics, Inc.:                                                                           
|5.125% 10/1/21 (g)                                                                              
|5.25% 4/15/23                                                                                   
|5.5% 10/1/24 (g)                                                                                
|                                                                                                
|Super Retail - 1.0%                                                                             
|Argos Merger Sub, Inc. 7.125% 3/15/23 (g)                                                       
|CST Brands, Inc. 5% 5/1/23                                                                      
|Family Tree Escrow LLC:                                                                         
|5.25% 3/1/20 (g)                                                                                
|5.75% 3/1/23 (g)                                                                                
|HT Intermediate Holdings Corp. 12% 5/15/19
pay-in-kind (g)(i)                                   
|L Brands, Inc. 5.625% 10/15/23                                                                  
|L Brands, Inc. 5.625% 2/15/22                                                                   
|Netflix, Inc. 5.375% 2/1/21 (g)                                                                 
|PVH Corp. 4.5% 12/15/22                                                                         
|Sonic Automotive, Inc. 5% 5/15/23                                                               
|Springs Industries, Inc. 6.25% 6/1/21                                                           
|The Men's Wearhouse, Inc. 7% 7/1/22 (g)                                                         
|                                                                                                
|Technology - 4.1%                                                                               
|Activision Blizzard, Inc.:                                                                      
|5.625% 9/15/21 (g)                                                                              
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Technology - continued                                                                          
|Activision Blizzard, Inc.: - continued                                                          
|6.125% 9/15/23 (g)                                                                              
|ADT Corp. 6.25% 10/15/21                                                                        
|Advanced Micro Devices, Inc. 7% 7/1/24                                                          
|Brocade Communications Systems, Inc. 4.625% 1/15/23                                             
|CDW LLC/CDW Finance Corp. 5% 9/1/23                                                             
|Ceridian HCM Holding, Inc. 11% 3/15/21 (g)                                                      
|Entegris, Inc. 6% 4/1/22 (g)                                                                    
|First Data Corp.:                                                                               
|8.75% 1/15/22 pay-in-kind (g)(i)                                                                
|11.25% 1/15/21                                                                                  
|11.75% 8/15/21                                                                                  
|Flextronics International Ltd.:                                                                 
|4.625% 2/15/20                                                                                  
|5% 2/15/23                                                                                      
|Global Cash Access, Inc. 10% 1/15/22 (g)                                                        
|Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% 5/1/21 pay-in-kind (g)(i)          
|Lucent Technologies, Inc.:                                                                      
|6.45% 3/15/29                                                                                   
|6.5% 1/15/28                                                                                    
|Micron Technology, Inc.:                                                                        
|5.25% 8/1/23 (g)                                                                                
|5.25% 1/15/24 (g)                                                                               
|5.5% 2/1/25 (g)                                                                                 
|5.625% 1/15/26 (g)                                                                              
|5.875% 2/15/22                                                                                  
|Nuance Communications, Inc. 5.375% 8/15/20 (g)                                                  
|NXP BV/NXP Funding LLC:                                                                         
|3.75% 6/1/18 (g)                                                                                
|5.75% 2/15/21 (g)                                                                               
|5.75% 3/15/23 (g)                                                                               
|Project Homestake Merger Corp. 8.875% 3/1/23 (g)                                                
|Seagate HDD Cayman:                                                                             
|4.75% 6/1/23                                                                                    
|4.75% 1/1/25 (g)                                                                                
|Sensata Technologies BV:                                                                        
|4.875% 10/15/23 (g)                                                                             
|5% 10/1/25 (g)                                                                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Technology - continued                                                                          
|Sophia Holding Finance LP/Sophia Holding Finance, Inc. 9.625% 12/1/18 pay-in-kind (g)(i)        
|VeriSign, Inc.:                                                                                 
|4.625% 5/1/23                                                                                   
|5.25% 4/1/25 (g)                                                                                
|                                                                                                
|Telecommunications - 11.6%                                                                      
|Alcatel-Lucent U.S.A., Inc.:                                                                    
|6.75% 11/15/20 (g)                                                                              
|8.875% 1/1/20 (g)                                                                               
|Altice Financing SA:                                                                            
|6.5% 1/15/22 (g)                                                                                
|6.625% 2/15/23 (g)                                                                              
|7.875% 12/15/19 (g)                                                                             
|Altice Finco SA:                                                                                
|8.125% 1/15/24 (g)                                                                              
|9.875% 12/15/20 (g)                                                                             
|Altice SA 7.75% 5/15/22 (g)                                                                     
|Citizens Communications Co.:                                                                    
|7.875% 1/15/27                                                                                  
|9% 8/15/31                                                                                      
|Consolidated Communications, Inc. 10.875% 6/1/20                                                
|Crown Castle International Corp. 5.25% 1/15/23                                                  
|CyrusOne LP/CyrusOne Finance Corp. 6.375% 11/15/22                                              
|Digicel Group Ltd.:                                                                             
|6% 4/15/21 (g)                                                                                  
|6.75% 3/1/23 (g)                                                                                
|7% 2/15/20 (g)                                                                                  
|7.125% 4/1/22 (g)                                                                               
|8.25% 9/30/20 (g)                                                                               
|Eileme 2 AB 11.625% 1/31/20 (g)                                                                 
|FairPoint Communications, Inc. 8.75% 8/15/19 (g)                                                
|Frontier Communications Corp. 8.5% 4/15/20                                                      
|GCI, Inc. 6.875% 4/15/25 (g)                                                                    
|Intelsat Jackson Holdings SA:                                                                   
|5.5% 8/1/23                                                                                     
|7.5% 4/1/21                                                                                     
|j2 Global, Inc. 8% 8/1/20                                                                       
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Telecommunications - continued                                                                  
|Level 3 Communications, Inc.:                                                                   
|5.75% 12/1/22                                                                                   
|8.875% 6/1/19                                                                                   
|Level 3 Financing, Inc.:                                                                        
|5.125% 5/1/23 (g)                                                                               
|5.375% 5/1/25 (g)                                                                               
|MasTec, Inc. 4.875% 3/15/23                                                                     
|Millicom International Cellular SA 4.75% 5/22/20 (g)                                            
|NII International Telecom S.C.A.:                                                               
|7.875% 8/15/19 (d)(g)                                                                           
|11.375% 8/15/19 (d)(g)                                                                          
|Numericable Group SA:                                                                           
|4.875% 5/15/19 (g)                                                                              
|6% 5/15/22 (g)                                                                                  
|6.25% 5/15/24 (g)                                                                               
|Pacnet Ltd. 9% 12/12/18 (g)                                                                     
|Sprint Capital Corp.:                                                                           
|6.875% 11/15/28                                                                                 
|8.75% 3/15/32                                                                                   
|Sprint Corp. 7.125% 6/15/24                                                                     
|T-Mobile U.S.A., Inc.:                                                                          
|6% 3/1/23                                                                                       
|6.125% 1/15/22                                                                                  
|6.25% 4/1/21                                                                                    
|6.375% 3/1/25                                                                                   
|6.5% 1/15/24                                                                                    
|6.625% 4/1/23                                                                                   
|6.633% 4/28/21                                                                                  
|6.731% 4/28/22                                                                                  
|6.836% 4/28/23                                                                                  
|U.S. West Communications:                                                                       
|7.25% 9/15/25                                                                                   
|7.25% 10/15/35                                                                                  
|UPCB Finance IV Ltd. 5.375% 1/15/25 (g)                                                         
|Wind Acquisition Finance SA 4.75% 7/15/20 (g)                                                   
|Zayo Group LLC/Zayo Capital, Inc. 6% 4/1/23 (g)                                                 
|                                                                                                
|Transportation Ex Air/Rail - 0.5%                                                               
|Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (g)     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Transportation Ex Air/Rail - continued                                                          
|Navios Maritime Holdings, Inc. 7.375% 1/15/22 (g)                                               
|Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (g)      
|Teekay Corp. 8.5% 1/15/20                                                                       
|Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21                                                       
|                                                                                                
|Utilities - 2.8%                                                                                
|Calpine Corp. 7.875% 1/15/23 (g)                                                                
|Energy Future Holdings Corp.:                                                                   
|10.875% 11/1/17 (d)                                                                             
|11.25% 11/1/17 pay-in-kind (d)(i)                                                               
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:    
|11% 10/1/21 (d)                                                                                 
|11.75% 3/1/22 (d)(g)                                                                            
|Global Partners LP/GLP Finance Corp. 6.25% 7/15/22                                              
|Mirant Americas Generation LLC 9.125% 5/1/31                                                    
|RJS Power Holdings LLC 5.125% 7/15/19 (g)                                                       
|The AES Corp.:                                                                                  
|4.875% 5/15/23                                                                                  
|5.5% 3/15/24                                                                                    
|TXU Corp.:                                                                                      
|5.55% 11/15/14 (d)                                                                              
|6.5% 11/15/24 (d)                                                                               
|6.55% 11/15/34 (d)                                                                              
|                                                                                                
|TOTAL NONCONVERTIBLE BONDS                                                                      
|TOTAL CORPORATE BONDS
(Cost $6,986,446)                                                         

|Common Stocks - 19.5%                                
|-----------------------------------------------------
|                                                     
|Aerospace - 0.0%                                     
|Alion Science & Technology Corp.:                    
|warrants 3/15/17 (a)                                 
|warrants 8/17/24 (a)                                 
|Common Stocks - continued                            
|                                                     
|Air Transportation - 0.8%                            
|Air Canada (a)                                       
|American Airlines Group, Inc.                        
|Delta Air Lines, Inc.                                
|                                                     
|Automotive & Auto Parts - 0.3%                       
|Exide Technologies                                   
|Exide Technologies                                   
|General Motors Co.                                   
|General Motors Co.:                                  
|warrants 7/10/16 (a)                                 
|warrants 7/10/19 (a)                                 
|Motors Liquidation Co. GUC Trust (a)                 
|Tenneco, Inc. (a)                                    
|                                                     
|Broadcasting - 0.7%                                  
|AMC Networks, Inc. Class A (a)                       
|Sinclair Broadcast Group, Inc. Class A (f)           
|                                                     
|Building Materials - 0.0%                            
|Nortek, Inc. (a)                                     
|Ply Gem Holdings, Inc. (a)                           
|                                                     
|Cable/Satellite TV - 0.7%                            
|Naspers Ltd. Class N                                 
|Time Warner Cable, Inc.                              
|                                                     
|Capital Goods - 0.1%                                 
|Remy International, Inc.                             
|Chemicals - 0.4%                                     
|LyondellBasell Industries NV Class A                 
|Consumer Products - 1.4%                             
|Harman International Industries, Inc.                
|Michael Kors Holdings Ltd. (a)                       
|Reddy Ice Holdings, Inc. (a)                         
|Revlon, Inc. (a)                                     
|Whirlpool Corp.                                      
|                                                     
|Common Stocks - continued                            
|                                                     
|Containers - 0.7%                                    
|Graphic Packaging Holding Co.                        
|Rock-Tenn Co. Class A                                
|                                                     
|Diversified Financial Services - 0.5%                
|Penson Worldwide, Inc. Class A (a)                   
|Springleaf Holdings, Inc. (a)(f)                     
|Energy - 0.6%                                        
|Crestwood Midstream Partners LP                      
|EP Energy Corp. (a)(f)                               
|Hornbeck Offshore Services, Inc. (a)(f)              
|Northern Tier Energy LP Class A                      
|Ocean Rig UDW, Inc. (United States)                  
|Parsley Energy, Inc. Class A (f)                     
|                                                     
|Food/Beverage/Tobacco - 0.3%                         
|The Hain Celestial Group, Inc. (a)                   
|WhiteWave Foods Co. (a)                              
|                                                     
|Gaming - 0.6%                                        
|Station Holdco LLC (a)(k)(l)                         
|Station Holdco LLC (a)(j)(l)                         
|Station Holdco LLC:                                  
|unit (a)(k)(l)                                       
|warrants 6/15/18 (a)(j)(l)                           
|                                                     
|Healthcare - 3.1%                                    
|Actavis PLC (a)                                      
|Alexion Pharmaceuticals, Inc. (a)                    
|Biogen, Inc. (a)                                     
|Celgene Corp. (a)                                    
|Community Health Systems, Inc. (a)                   
|Gilead Sciences, Inc. (a)                            
|HCA Holdings, Inc. (a)                               
|Rotech Healthcare, Inc. (a)                          
|Valeant Pharmaceuticals International (Canada) (a)   
|                                                     
|Homebuilders/Real Estate - 0.8%                      
|American Tower Corp.                                 
|Lennar Corp. Class A                                 
|PulteGroup, Inc.                                     
|Common Stocks - continued                            
|                                                     
|Homebuilders/Real Estate - continued                 
|Realogy Holdings Corp. (a)                           
|Standard Pacific Corp. (a)                           
|Taylor Morrison Home Corp. (a)                       
|                                                     
|Hotels - 0.3%                                        
|Extended Stay America, Inc. unit                     
|Metals/Mining - 0.1%                                 
|Aleris International, Inc. (a)(l)                    
|Mirabela Nickel Ltd. (a)                             
|OCI Resources LP                                     
|                                                     
|Publishing/Printing - 0.0%                           
|Houghton Mifflin Harcourt Co. warrants 6/22/19 (a)(l)
|Time, Inc.                                           
|                                                     
|Restaurants - 0.7%                                   
|Chipotle Mexican Grill, Inc. (a)                     
|Fiesta Restaurant Group, Inc. (a)                    
|Starbucks Corp.                                      
|                                                     
|Services - 1.3%                                      
|Air Lease Corp. Class A                              
|HD Supply Holdings, Inc. (a)                         
|Penhall Acquisition Co.:                             
|Class A (a)                                          
|Class B (a)                                          
|ServiceMaster Global Holdings, Inc.                  
|United Rentals, Inc. (a)                             
|WP Rocket Holdings, Inc. (a)(l)                      
|                                                     
|Super Retail - 0.9%                                  
|Arena Brands Holding Corp. Class B (a)(l)            
|Deckers Outdoor Corp. (a)                            
|G-III Apparel Group Ltd. (a)                         
|Office Depot, Inc. (a)                               
|Priceline Group, Inc. (a)                            
|                                                     
|Technology - 4.1%                                    
|Apple, Inc.                                          
|CDW Corp.                                            
|Common Stocks - continued                            
|                                                     
|Technology - continued                               
|Cypress Semiconductor Corp.                          
|Facebook, Inc. Class A (a)                           
|Freescale Semiconductor, Inc. (a)                    
|Google, Inc. Class A (a)                             
|MagnaChip Semiconductor Corp. (a)                    
|NXP Semiconductors NV (a)                            
|Qorvo, Inc. (a)                                      
|Skyworks Solutions, Inc.                             
|                                                     
|Telecommunications - 0.9%                            
|Alibaba Group Holding Ltd. sponsored ADR             
|Baidu.com, Inc. sponsored ADR (a)                    
|T-Mobile U.S., Inc. (a)                              
|                                                     
|Transportation Ex Air/Rail - 0.2%                    
|DeepOcean Group Holding BV (a)(g)                    
|U.S. Shipping Partners Corp. (a)                     
|U.S. Shipping Partners Corp. warrants 12/31/29 (a)   
|                                                     
|Utilities - 0.0%                                     
|Portland General Electric Co.                        
|TOTAL COMMON STOCKS
(Cost $1,657,920)                
|Preferred Stocks - 0.7%                              
|                                                     
|Convertible Preferred Stocks - 0.1%                  
|Consumer Products - 0.0%                             
|Reddy Ice Holdings, Inc. 7.00% pay-in-kind (a)       
|Healthcare - 0.1%                                    
|Actavis PLC 5.50%                                    
|TOTAL CONVERTIBLE PREFERRED STOCKS                   
|Nonconvertible Preferred Stocks - 0.6%               
|Banks & Thrifts - 0.5%                               
|Ally Financial, Inc. 7.00% (g)                       
|Goldman Sachs Group, Inc. Series K, 6.375%           
|                                                     
|Preferred Stocks - continued                         
|                                                     
|Nonconvertible Preferred Stocks - continued          
|Services - 0.1%                                      
|WP Rocket Holdings, Inc.:                            
|15.00% (a)                                           
|Class C 19.50% (l)                                   
|                                                     
|TOTAL NONCONVERTIBLE PREFERRED STOCKS                
|TOTAL PREFERRED STOCKS
(Cost $49,854)                

|Bank Loan Obligations - 3.6%                                           
|-----------------------------------------------------------------------
|                                                                       
|Automotive - 0.1%                                                      
|Chassix, Inc. term loan 10% 12/12/15 (i)                               
|Consumer Products - 0.1%                                               
|Revlon Consumer Products Corp. Tranche B, term loan 3.25% 11/19/17 (i) 
|Containers - 0.1%                                                      
|Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (i)             
|Diversified Financial Services - 0.2%                                  
|TransUnion LLC Tranche B, term loan 4% 4/9/21 (i)                      
|Energy - 0.4%                                                          
|Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (i)                   
|Everest Acquisition LLC Tranche B 3LN, term loan 3.5% 5/24/18 (i)      
|Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (i)        
|Samson Investment Co. Tranche B 2LN, term loan 5% 9/25/18 (i)          
|Sheridan Investment Partners I term loan 4.25% 12/16/20 (i)            
|Sheridan Production Partners I:                                        
|Tranche A, term loan 4.25% 12/16/20 (i)                                
|Tranche M, term loan 4.25% 12/16/20 (i)                                
|TPF II Power, LLC Tranche B, term loan 5.5% 10/2/21 (i)                
|                                                                       
|Gaming - 0.0%                                                          
|Centaur Acquisition LLC Tranche 2LN, term loan 8.75% 2/20/20 (i)       
|Bank Loan Obligations - continued                                      
|                                                                       
|Healthcare - 0.1%                                                      
|Jaguar Holding Co. II Tranche B, term loan 4% 12/5/18 (i)              
|Rural/Metro Corp.:                                                     
|Tranche 2LN, term loan 14.5% 1/31/16                                   
|Tranche B, term loan 19.5% 1/31/16                                     
|                                                                       
|Homebuilders/Real Estate - 0.0%                                        
|Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (i)               
|Hotels - 0.2%                                                          
|Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (i)   
|Restaurants - 0.1%                                                     
|Focus Brands, Inc. Tranche 2LN, term loan 10.25% 8/21/18 (i)           
|TGI Friday's, Inc. Tranche B 1LN, term loan 5.25% 7/15/20 (i)          
|                                                                       
|Services - 0.0%                                                        
|GCA Services Group, Inc. Tranche 2LN, term loan 9.25% 11/1/20 (i)      
|Steel - 0.0%                                                           
|Essar Steel Algoma, Inc. Tranche B, term loan 7.5% 8/16/19 (i)         
|Technology - 0.2%                                                      
|Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (i)             
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (i)                  
|Transfirst, Inc.:                                                      
|Tranche 2LN, term loan 9% 11/12/22 (i)                                 
|Tranche B 1LN, term loan 5.5% 11/12/21 (i)                             
|                                                                       
|Telecommunications - 0.2%                                              
|FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (i)   
|Integra Telecom Holdings, Inc. Tranche 2LN, term loan 9.75% 2/22/20 (i)
|Riverbed Technology, Inc. Tranche B, term loan 6% 4/24/22 (i)          
|                                                                       
|Bank Loan Obligations - continued                                      
|                                                                       
|Utilities - 1.9%                                                       
|Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (i)  
|TOTAL BANK LOAN OBLIGATIONS
(Cost $411,240)                            
|Preferred Securities - 5.4%                                            
|                                                                       
|Banks & Thrifts - 3.8%                                                 
|Bank of America Corp.:                                                 
|5.125% (h)(i)                                                          
|5.2% (h)(i)                                                            
|6.25% (h)(i)                                                           
|8% (h)(i)                                                              
|8.125% (h)(i)                                                          
|Barclays Bank PLC 7.625% 11/21/22                                      
|Goldman Sachs Group, Inc. 5.7% (h)(i)                                  
|JPMorgan Chase & Co.:                                                  
|5% (h)(i)                                                              
|5.3% (h)(i)                                                            
|6% (h)(i)                                                              
|6.125% (h)(i)                                                          
|6.75% (h)(i)                                                           
|Wells Fargo & Co.:                                                     
|5.875% (h)(i)                                                          
|5.9% (h)(i)                                                            
|7.98% (h)(i)                                                           
|                                                                       
|Diversified Financial Services - 1.5%                                  
|American Express Co.:                                                  
|4.9% (h)(i)                                                            
|5.2% (h)(i)                                                            
|Citigroup, Inc.:                                                       
|5.8% (h)(i)                                                            
|5.9% (h)(i)                                                            
|5.95% (h)(i)                                                           
|6.3% (h)(i)                                                            
|Morgan Stanley 5.55% (h)(i)                                            
|                                                                       
|Preferred Securities - continued                                       
|                                                                       
|Entertainment/Film - 0.1%                                              
|NBCUniversal Enterprise, Inc. 5.25% (g)(h)                             
|TOTAL PREFERRED SECURITIES
(Cost $583,836)                             

|Money Market Funds - 5.2%                                  
|-----------------------------------------------------------
|                                                           
|Fidelity Cash Central Fund, 0.15% (b)                      
|Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)
|TOTAL MONEY MARKET FUNDS
(Cost $582,274)                   
|TOTAL INVESTMENT PORTFOLIO - 99.8%
(Cost $10,271,570)      
|NET OTHER ASSETS (LIABILITIES) - 0.2%                      
|NET ASSETS - 100%                                          

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b)	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.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(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 is on loan at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(g)	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  $3,219,828,000 or 28.9% of net assets.                                                                                                                                                                                                                         
|(h)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(i)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(j)	Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.                                                                                                                                                                                                                                                                                                                                                                                                                          
|(k)	Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.                                                                                                                                                                                                                                                                                                                                                                                                    
|(l)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $75,634,000 or 0.7% of net assets.                                                                                                                                                                                                                                                                             
|Additional information on each restricted holding is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|Security                                       | Acquisition Date   | Acquisition Cost (000s)
|---------------------------------------------- | ------------------ | -----------------------
|Aleris International, Inc.                     | 6/1/10             | $	4,464                
|Security                                       | Acquisition Date   | Acquisition Cost (000s)
|Arena Brands Holding Corp. Class B             | 6/18/97 - 1/12/99  | $	21,592               
|Houghton Mifflin Harcourt Co. warrants 6/22/19 | 6/22/12            | $	246                  
|Station Holdco LLC                             | 6/17/11 - 3/15/12  | $	22,900               
|Station Holdco LLC unit                        | 3/12/13 - 4/1/13   | $	15                   
|Station Holdco LLC                             | 4/1/13             | $	196                  
|Station Holdco LLC warrants 6/15/18            | 4/29/08 - 11/25/08 | $	70,509               
|WP Rocket Holdings, Inc.                       | 6/24/11 - 2/2/15   | $	13,154               
|WP Rocket Holdings, Inc. Class C 19.50%        | 2/2/15             | $	1,054                

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

|Fund                                          | Income earned
(Amounts in thousands)
|--------------------------------------------- | ------------------------------------
|Fidelity Cash Central Fund                    | $	608                               
|Fidelity Securities Lending Cash Central Fund | 103                                 
|Total                                         | $	711                               

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description
(Amounts in thousands) 
|Investments in Securities:         
|Equities:                          
|Consumer Discretionary             
|Consumer Staples                   
|Energy                             
|Financials                         
|Health Care                        
|Industrials                        
|Information Technology             
|Materials                          
|Telecommunication Services         
|Utilities                          
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Valuation Inputs at Reporting Date:                                                                                    
|-----------------------------------------------------------------------------------------------------------------------
|The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

|(Amounts in thousands)                                                                                        |          
|------------------------------------------------------------------------------------------------------------- | ---------
|Investments in Securities:                                                                                    |          
|Corporate Bonds                                                                                               |          
|Beginning Balance                                                                                             | $	603    
|Net Realized Gain (Loss) on Investment Securities                                                             | (17,917) 
|Net Unrealized Gain (Loss) on Investment Securities                                                           | 11,386   
|Cost of Purchases                                                                                             | -        
|Proceeds of Sales                                                                                             | (123,154)
|Amortization/Accretion                                                                                        | (744)    
|Transfers into Level 3                                                                                        | 129,977  
|Transfers out of Level 3                                                                                      | -        
|Ending Balance                                                                                                | $	151    
|The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $	(5,449)
|(Amounts in thousands)                                                                                        |          
|Investments in Securities:                                                                                    |          
|Other Investments in Securities                                                                               |          
|Beginning Balance                                                                                             | $	131,540
|Net Realized Gain (Loss) on Investment Securities                                                             | (6,426)  
|Net Unrealized Gain (Loss) on Investment Securities                                                           | (2,908)  
|Cost of Purchases                                                                                             | 7,154    
|Proceeds of Sales                                                                                             | (812)    
|Amortization/Accretion                                                                                        | 32       
|Transfers into Level 3                                                                                        | -        
|Transfers out of Level 3                                                                                      | (21,302) 
|Ending Balance                                                                                                | $	107,278
|The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2015 | $	(9,349)

|The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|United States of America           | 80.9% 
|---------------------------------- | ------
|Canada                             | 3.7%  
|Bermuda                            | 3.3%  
|Luxembourg                         | 2.9%  
|Netherlands                        | 2.0%  
|France                             | 1.8%  
|Cayman Islands                     | 1.3%  
|Others (Individually Less Than 1%) | 4.1%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|Amounts in thousands (except per-share amount)                                                                                                  | April 30, 2015
|----------------------------------------------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                                                                |               
|Assets                                                                                                                                          |               
|Investment in securities, at value (including securities loaned of $22,976) - See accompanying schedule:
Unaffiliated issuers (cost $9,689,296) | $	10,560,238  
|Fidelity Central Funds (cost $582,274)                                                                                                          | 582,274       
|Total Investments (cost $10,271,570)                                                                                                            |               
|Receivable for fund shares sold                                                                                                                 |               
|Dividends receivable                                                                                                                            |               
|Interest receivable                                                                                                                             |               
|Distributions receivable from Fidelity Central Funds                                                                                            |               
|Prepaid expenses                                                                                                                                |               
|Other receivables                                                                                                                               |               
|Total assets                                                                                                                                    |               
|                                                                                                                                                |               
|Liabilities                                                                                                                                     |               
|Payable to custodian bank                                                                                                                       | $	24          
|Payable for investments purchased                                                                                                               | 41,839        
|Payable for fund shares redeemed                                                                                                                | 7,416         
|Distributions payable                                                                                                                           | 4,648         
|Accrued management fee                                                                                                                          | 5,202         
|Other affiliated payables                                                                                                                       | 1,321         
|Other payables and accrued expenses                                                                                                             | 527           
|Deferred taxes                                                                                                                                  | 19,307        
|Collateral on securities loaned, at value                                                                                                       | 23,104        
|Total liabilities                                                                                                                               |               
|                                                                                                                                                |               
|Net Assets                                                                                                                                      |               
|Net Assets consist of:                                                                                                                          |               
|Paid in capital                                                                                                                                 |               
|Undistributed net investment income                                                                                                             |               
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions                                             |               
|Net unrealized appreciation (depreciation) on investments                                                                                       |               
|Net Assets, for 1,116,926 shares outstanding                                                                                                    |               
|Net Asset Value, offering price and redemption price per share ($11,159,602 ÷ 1,116,926 shares)                                                 |               

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

Annual Report

## Statement of Operations

|Amounts in thousands                                                          | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Dividends                                                                     |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	59,615                 
|Transfer agent fees                                                           | 13,857                   
|Accounting and security lending fees                                          | 1,408                    
|Custodian fees and expenses                                                   | 125                      
|Independent trustees' compensation                                            | 39                       
|Appreciation in deferred trustee compensation account                         | 5                        
|Registration fees                                                             | 191                      
|Audit                                                                         | 205                      
|Legal                                                                         | 857                      
|Miscellaneous                                                                 | 79                       
|Total expenses before reductions                                              | 76,381                   
|Expense reductions                                                            | (112)                    
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          | 298,195                  
|Foreign currency transactions                                                 | 43                       
|Total net realized gain (loss)                                                |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|Amounts in thousands                                                                                                                      | Year ended
April 30,
2015 | Year ended
April 30,
2014
|----------------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                         |                           |                          
|Operations                                                                                                                                |                           |                          
|Net investment income (loss)                                                                                                              | $	442,098                 | $	475,749                
|Net realized gain (loss)                                                                                                                  | 298,238                   | 193,177                  
|Change in net unrealized appreciation (depreciation)                                                                                      | (7,392)                   | 54,633                   
|Netincrease (decrease) in net assets resulting
from operations                                                                            | 732,944                   | 723,559                  
|Distributions to shareholders from net investment income                                                                                  | (436,875)                 | (462,228)                
|Distributions to shareholders from net realized gain                                                                                      | (379,319)                 | (62,490)                 
|Total distributions                                                                                                                       | (816,194)                 | (524,718)                
|Share transactions 
Proceeds from sales of shares                                                                                         | 2,238,397                 | 1,943,113                
|Reinvestment of distributions                                                                                                             | 732,412                   | 468,045                  
|Cost of shares redeemed                                                                                                                   | (2,110,275)               | (2,433,820)              
|Net increase (decrease) in net assets resulting from share transactions                                                                   | 860,534                   | (22,662)                 
|Redemption fees                                                                                                                           | 789                       | 813                      
|Total increase (decrease) in net assets                                                                                                   | 778,073                   | 176,992                  
|                                                                                                                                          |                           |                          
|Net Assets                                                                                                                                |                           |                          
|Beginning of period                                                                                                                       | 10,381,529                | 10,204,537               
|End of period (including undistributed net investment income of $18,696 and undistributed net investment income of $16,006, respectively) | $	11,159,602              | $	10,381,529             
|Other Information
Shares                                                                                                                  |                           |                          
|Sold                                                                                                                                      | 224,287                   | 198,319                  
|Issued in reinvestment of distributions                                                                                                   | 73,632                    | 47,897                   
|Redeemed                                                                                                                                  | (211,607)                 | (250,166)                
|Net increase (decrease)                                                                                                                   | 86,312                    | (3,950)                  

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

Annual Report

## Financial Highlights

|Years ended April 30,                      | 2015     | 2014     | 2013     | 2012    | 2011    
|------------------------------------------ | -------- | -------- | -------- | ------- | --------
|Selected Per-Share Data                    |          |          |          |         |         
|Net asset value, beginning of period       | $	10.07  | $	9.86   | $	9.23   | $	9.95  | $	9.13  
|Income from Investment Operations          |          |          |          |         |         
|Net investment income (loss)B              | .416     | .472     | .547     | .535    | .599    
|Net realized and unrealized gain (loss)    | .276     | .258     | .631     | (.643)  | .826    
|Total from investment operations           | .692     | .730     | 1.178    | (.108)  | 1.425   
|Distributions from net investment income   | (.411)   | (.458)   | (.501)   | (.571)  | (.607)  
|Distributions from net realized gain       | (.362)   | (.063)   | (.048)   | (.043)  | -       
|Total distributions                        | (.773)   | (.521)   | (.549)   | (.614)  | (.607)  
|Redemption fees added to paid in capital B | .001     | .001     | .001     | .002    | .002    
|Net asset value, end of period             | $	9.99   | $	10.07  | $	9.86   | $	9.23  | $	9.95  
|Total ReturnA                              | 7.17%    | 7.71%    | 13.23%   | (.77)%  | 16.35%  
|Ratios to Average Net AssetsC, E           |          |          |          |        
|Expenses before reductions                 | .72%     | .71%     | .73%     | .77%    | .76%    
|Expenses net of fee waivers, if any        | .72%     | .71%     | .73%     | .77%    | .76%    
|Expenses net of all reductions             | .72%     | .71%     | .73%     | .77%    | .76%    
|Net investment income (loss)               | 4.16%    | 4.82%    | 5.83%    | 5.87%   | 6.48%   
|Supplemental Data                          |          |          |          |         |         
|Net assets, end of period (in millions)    | $	11,160 | $	10,382 | $	10,205 | $	9,632 | $	11,064
|Portfolio turnover rateD                   | 41%      | 47%      | 60%      | 48%     | 65%     

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

BCalculated based on average shares outstanding during the period.

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

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

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

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

Annual Report

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# Notes to Financial Statements

For the period ended April 30, 2015

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance

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3. Significant Accounting Policies - continued

Investment Valuation - continued

with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally

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3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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

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

DeferredTrustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. One of the Fund's investments, Station Holdco LLC, is owned through an entity that is treated as a corporation for U.S. tax purposes and may be subject to federal and state taxes upon disposition. The tax liability may differ materially depending on conditions when the investment is disposed. At period end, the estimated tax liability for this investment is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to partnerships, market discount, contingent interest, foreign currency transactions, equity-debt classifications, defaulted bonds, deferred trustees compensation, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	1,220,038 
|-------------------------------------------------------- | ------------
|Gross unrealized depreciation                            | (353,455)   
|Net unrealized appreciation (depreciation) on securities | $	866,583   
|                                                         |             
|Tax Cost                                                 | $	10,256,622

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3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The Fund intends to elect to defer to its next fiscal year $31,296 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

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

|Undistributed long-term capital gain                                           | $	64,122 
|------------------------------------------------------------------------------ | ---------
|Net unrealized appreciation (depreciation) on securities and other investments | $	866,583

The tax character of distributions paid was as follows:

|                       | April 30, 2015 | April 30, 2014
|---------------------- | -------------- | --------------
|Ordinary Income        | $	446,209      | $ 	497,937    
|Long-term CapitalGains | 369,985        | 26,781        
|Total                  | $	816,194      | $ 	524,718    

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $4,306,509 and $4,164,020, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Transfer Agent Fees.Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .13% of average net assets.

Accounting and Security Lending Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions.The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $15 for the period.

Other.During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $130.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $16 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $103, including $5 from securities loaned to FCM.

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $96 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $15.

9. Other.

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

10. Litigation.

The Fund, and other entities managed by Fidelity or its affiliates, were named as defendants in a lawsuit brought by creditors of a subsidiary of Energy Future Holdings Corp. ("EFH"), which is currently in bankruptcy and was formerly known as TXU. The lawsuit, which is captioned as In Re:  ENERGY FUTURE HOLDINGS CORP. et al.  U.S. Bankruptcy Court, D. Del. Case No. 14-10979 (CSS); AVENUE CAPITAL MANAGEMENT II, LP, et al. v. FIDELITY INVESTMENTS, et al. Adversary No. 14-50797 (CSS), was filed in the United States Bankruptcy Court for the District of Delaware on October 6, 2014. The plaintiffs sought to enforce an alleged agreement under which the Fund and other defendants would sell certain EFH notes to the plaintiffs at a specified price. Plaintiffs sought a declaration that an alleged right to call the securities was properly exercised and an order that the Fund and other defendants transfer the notes to the plaintiffs at the specified price. The Fund and the other defendants disputed the plaintiffs' claims and filed a motion to dismiss contending, among other things, that the right to call the notes never came into existence and was part of a proposed settlement agreement that was never completed or approved by the bankruptcy court. On January 20, 2015, the court granted the defendants' motion and dismissed the complaint with prejudice. The plaintiffs filed a notice of appeal on February 3, 2015. If the lawsuit were to be decided in a manner adverse to the Fund, the Fund could experience a loss up to $77,495 as of period end. The Fund will also incur legal costs in defending the case.

Annual Report

10. Litigation - continued

The Fund, and other entities managed by FMR or its affiliates, became aware in March 2015 that they were named as defendants in a lawsuit originally filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on collateral securing the debt prior to the 2009 payments. The Bankruptcy Court will now determine next steps. At this time, Management cannot determine the amount of loss that may be realized, but expects the amount to be less than the $100,876 received in 2009. The Fund was not previously aware that it had been named as a defendant in this case because, in 2009, the Bankruptcy Court allowed the plaintiffs to refrain from serving any of the defendants other than JPMorgan with notice of the filing of the lawsuit. The Fund will explore all available options for minimizing any loss to the Fund. The Fund will also incur legal costs in defending the case.

Annual Report

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# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Capital & Income Fund (a fund of Fidelity Summer Street Trust) at April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Capital & Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 23, 2015

Annual Report

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# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The Board of Trustees of Fidelity Capital & Income Fund voted to pay on June 8, 2015, to shareholders of record at the opening of business on June 5, 2015, a distribution of $0.058 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $336,265,687 or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the dividend paid on 06/09/2014 as qualifying for the dividend-received deduction for corporate shareholders.

The fund designates 100% of the dividend paid on 06/09/2014 as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates $112,650,998 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management 
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions 
	and Account Assistance	1-800-544-6666

Product Information	1-800-544-6666

Retirement Accounts	1-800-544-4774 
	(8 a.m. - 9 p.m.)

TDD Service	1-800-544-0118
	for the deaf and hearing impaired
	(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service 
	Telephone (FAST®) cai281972	1-800-544-5555

cai281974	Automated line for quickest service

(Fidelity Investment logo)(registered trademark)Corporate Headquarters245 Summer St., Boston, MA 02210www.fidelity.com

`CAI-UANN-0615
1.784716.112`

Fidelity®

Focused High Income

Fund

Annual Report

April 30, 2015(Fidelity Cover Art)

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to the financial statements.                                                                           
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015       | Past 1
year | Past 5
years | Past 10
years
|---------------------------------- | ----------- | ------------ | -------------
|Fidelity® Focused High Income Fund | 3.20%       | 6.92%        | 6.36%        

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Focused High Income Fund on April 30, 2005. The chart shows how the value of your investment would have changed, and also shows how The BofA Merrill LynchSM BB US High Yield Constrained Index performed over the same period.

ffh443565

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap: U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, The Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Portfolio Manager Matthew Conti: For the year, the fund lagged the 4.93% advance of The BofA Merrill LynchSM BB US High Yield Constrained Index. (For specific results, please see the performance section of this report.) The fund's underperformance largely was attributable to the first half of the period, when security selection in energy and metals & mining - two of the lagging groups during that time -weighed on the fund's result. Picks in telecommunications also hampered relative performance, as did an average cash stake of about 3%. From a credit-quality perspective, an average overweighting in higher-yielding but somewhat lower-rated bonds dampened performance versus the benchmark. This also occurred mainly during the period's first half, when a flight from risk prompted investors to shift to higher-quality, crossover bonds with ratings near investment grade. The biggest individual detractors were Australia-based iron ore mining company Fortescue Metals Group and coal mine operator Peabody Energy. On the plus side, security selection in steel and diversified financial services contributed the most, although the contribution from steel was primarily the result of not holding underperforming index component Cliffs Natural Resources. Underweighting natural gas producer Chesapeake Energy also aided the relative return, and we sold the fund's position during the period.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|              | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014
to April 30, 2015
|------------- | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Actual        | .86%                      | $	1,000.00                               | $	1,018.00                          | $	4.30                                                        
|HypotheticalA |                           | $	1,000.00                               | $	1,020.53                          | $	4.31                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015              
|----------------------------------------------------
|(by issuer, excluding cash equivalents)             
|Sprint Communications, Inc.                         
|Icahn Enterprises LP/Icahn Enterprises Finance Corp.
|SLM Corp.                                           
|Aircastle Ltd.                                      
|ADT Corp.                                           
|                                                    
|Top Five Market Sectors as of April 30, 2015        
|                                                    
|Diversified Financial Services                      
|Telecommunications                                  
|Energy                                              
|Utilities                                           
|Food/Beverage/Tobacco                               

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|ffh443567                                       
|ffh443571                                       
|ffh443575                                       
|ffh443579                                       
|ffh443583                                       
|ffh443587                                       

ffh443591

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|ffh443593                                
|ffh443597                                
|ffh443601                                
|ffh443605                                
|ffh443609                                
|*Foreign investments                     

ffh443613

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 82.4%                                                        
|------------------------------------------------------------------------------------
|                                                                                    
|Air Transportation - 2.2%                                                           
|Air Canada Trust Series 2015-1 equipment trust certificate Class C, 5% 9/15/20 (b)  
|Allegiant Travel Co. 5.5% 7/15/19                                                   
|Continental Airlines, Inc.:                                                         
|pass-thru trust certificates 9.798% 4/1/21                                          
|5.5% 4/29/22                                                                        
|6.25% 10/11/21                                                                      
|9.25% 5/10/17                                                                       
|Delta Air Lines, Inc. pass-thru trust certificates:                                 
|6.375% 7/2/17 (b)                                                                   
|6.75% 5/23/17                                                                       
|8.021% 8/10/22                                                                      
|United Air Lines, Inc. pass-thru trust certificates:                                
|Class B, 7.336% 7/2/19                                                              
|9.75% 1/15/17                                                                       
|12% 1/15/16 (b)                                                                     
|                                                                                    
|Automotive & Auto Parts - 0.3%                                                      
|Schaeffler Finance BV 4.75% 5/15/21 (b)                                             
|Banks & Thrifts - 0.2%                                                              
|Ally Financial, Inc. 4.125% 3/30/20                                                 
|Building Materials - 1.0%                                                           
|Building Materials Corp. of America 5.375% 11/15/24 (b)                             
|CEMEX Finance LLC 6% 4/1/24 (b)                                                     
|USG Corp. 5.5% 3/1/25 (b)                                                           
|                                                                                    
|Cable/Satellite TV - 1.2%                                                           
|CCO Holdings LLC/CCO Holdings Capital Corp.:                                        
|5.125% 5/1/23 (b)                                                                   
|5.75% 1/15/24                                                                       
|5.875% 5/1/27 (b)                                                                   
|Cogeco Cable, Inc. 4.875% 5/1/20 (b)                                                
|                                                                                    
|Chemicals - 1.4%                                                                    
|Evolution Escrow Issuer LLC 7.5% 3/15/22 (b)                                        
|LSB Industries, Inc. 7.75% 8/1/19                                                   
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Chemicals - continued                                                               
|NOVA Chemicals Corp. 5.25% 8/1/23 (b)                                               
|Platform Specialty Products Corp. 6.5% 2/1/22 (b)                                   
|W.R. Grace & Co. - Conn 5.125% 10/1/21 (b)                                          
|                                                                                    
|Containers - 1.6%                                                                   
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 3.2706% 12/15/19 (b)(d)
|Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23                     
|                                                                                    
|Diversified Financial Services - 12.2%                                              
|AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:                           
|4.5% 5/15/21 (b)                                                                    
|5% 10/1/21 (b)                                                                      
|Aircastle Ltd.:                                                                     
|4.625% 12/15/18                                                                     
|5.125% 3/15/21                                                                      
|6.25% 12/1/19                                                                       
|FLY Leasing Ltd.:                                                                   
|6.375% 10/15/21                                                                     
|6.75% 12/15/20                                                                      
|Icahn Enterprises LP/Icahn Enterprises Finance Corp.:                               
|4.875% 3/15/19                                                                      
|5.875% 2/1/22                                                                       
|6% 8/1/20                                                                           
|ILFC E-Capital Trust II 6.25% 12/21/65 (b)(d)                                       
|International Lease Finance Corp.:                                                  
|5.875% 8/15/22                                                                      
|6.25% 5/15/19                                                                       
|Navient Corp.:                                                                      
|5% 10/26/20                                                                         
|5.875% 3/25/21                                                                      
|5.875% 10/25/24                                                                     
|SLM Corp.:                                                                          
|4.875% 6/17/19                                                                      
|5.5% 1/15/19                                                                        
|5.5% 1/25/23                                                                        
|6.125% 3/25/24                                                                      
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Diversified Financial Services - continued                                          
|SLM Corp.: - continued                                                              
|8% 3/25/20                                                                          
|8.45% 6/15/18                                                                       
|                                                                                    
|Diversified Media - 0.4%                                                            
|Nielsen Finance LLC/Nielsen Finance Co. 4.5% 10/1/20                                
|The Nielsen Co. S.a.r.l. (Luxembourg) 5.5% 10/1/21 (b)                              
|                                                                                    
|Energy - 9.8%                                                                       
|Access Midstream Partners LP/ACMP Finance Corp.:                                    
|4.875% 5/15/23                                                                      
|4.875% 3/15/24                                                                      
|Antero Resources Corp.:                                                             
|5.125% 12/1/22                                                                      
|5.625% 6/1/23 (b)                                                                   
|Baytex Energy Corp.:                                                                
|5.125% 6/1/21 (b)                                                                   
|5.625% 6/1/24 (b)                                                                   
|California Resources Corp.:                                                         
|5% 1/15/20                                                                          
|5.5% 9/15/21                                                                        
|6% 11/15/24                                                                         
|Consolidated Energy Finance SA 6.75% 10/15/19 (b)                                   
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:                  
|6.125% 3/1/22                                                                       
|6.25% 4/1/23 (b)                                                                    
|Denbury Resources, Inc.:                                                            
|5.5% 5/1/22                                                                         
|6.375% 8/15/21                                                                      
|Everest Acquisition LLC/Everest Acquisition Finance, Inc. 6.875% 5/1/19             
|Exterran Holdings, Inc. 7.25% 12/1/18                                               
|Forum Energy Technologies, Inc. 6.25% 10/1/21                                       
|Gibson Energy, Inc. 6.75% 7/15/21 (b)                                               
|Hilcorp Energy I LP/Hilcorp Finance Co.:                                            
|5% 12/1/24 (b)                                                                      
|7.625% 4/15/21 (b)                                                                  
|Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20                
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Energy - continued                                                                  
|PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20                                 
|Sabine Pass Liquefaction LLC:                                                       
|5.625% 3/1/25 (b)                                                                   
|5.75% 5/15/24                                                                       
|Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (b)                                  
|Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.875% 2/1/21    
|TerraForm Power Operating LLC 5.875% 2/1/23 (b)                                     
|Tesoro Logistics LP/Tesoro Logistics Finance Corp.:                                 
|5.5% 10/15/19 (b)                                                                   
|6.125% 10/15/21                                                                     
|6.25% 10/15/22 (b)                                                                  
|Whiting Petroleum Corp. 5% 3/15/19                                                  
|                                                                                    
|Food/Beverage/Tobacco - 5.7%                                                        
|ESAL GmbH 6.25% 2/5/23 (b)                                                          
|H.J. Heinz Co. 4.875% 2/15/25 (b)                                                   
|JBS Investments GmbH:                                                               
|7.25% 4/3/24 (b)                                                                    
|7.75% 10/28/20 (b)                                                                  
|JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:                                            
|5.875% 7/15/24 (b)                                                                  
|7.25% 6/1/21 (b)                                                                    
|8.25% 2/1/20 (b)                                                                    
|Minerva Luxmbourg SA 7.75% 1/31/23 (b)                                              
|Vector Group Ltd. 7.75% 2/15/21                                                     
|                                                                                    
|Gaming - 3.4%                                                                       
|MCE Finance Ltd. 5% 2/15/21 (b)                                                     
|Scientific Games Corp. 7% 1/1/22 (b)                                                
|Wynn Macau Ltd. 5.25% 10/15/21 (b)                                                  
|                                                                                    
|Healthcare - 2.9%                                                                   
|Community Health Systems, Inc. 5.125% 8/1/21                                        
|HCA Holdings, Inc.:                                                                 
|3.75% 3/15/19                                                                       
|5% 3/15/24                                                                          
|HealthSouth Corp.:                                                                  
|5.125% 3/15/23                                                                      
|5.75% 11/1/24                                                                       
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Healthcare - continued                                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC:                          
|4.875% 4/15/20 (b)                                                                  
|5.5% 4/15/25 (b)                                                                    
|Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21                                
|Tenet Healthcare Corp. 6% 10/1/20                                                   
|                                                                                    
|Homebuilders/Real Estate - 3.3%                                                     
|CBRE Group, Inc. 5% 3/15/23                                                         
|Communications Sales & Leasing, Inc. 6% 4/15/23 (b)                                 
|D.R. Horton, Inc. 4.375% 9/15/22                                                    
|Howard Hughes Corp. 6.875% 10/1/21 (b)                                              
|Lennar Corp.:                                                                       
|4.125% 12/1/18                                                                      
|4.75% 5/30/25                                                                       
|Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (b)      
|Toll Brothers Finance Corp. 4.375% 4/15/23                                          
|Weyerhaeuser Real Estate Co.:                                                       
|4.375% 6/15/19 (b)                                                                  
|5.875% 6/15/24 (b)                                                                  
|                                                                                    
|Leisure - 1.2%                                                                      
|NCL Corp. Ltd.:                                                                     
|5% 2/15/18                                                                          
|5.25% 11/15/19 (b)                                                                  
|Royal Caribbean Cruises Ltd. 7.5% 10/15/27                                          
|Speedway Motorsports, Inc. 5.125% 2/1/23 (b)                                        
|                                                                                    
|Metals/Mining - 3.2%                                                                
|CONSOL Energy, Inc. 5.875% 4/15/22                                                  
|FMG Resources (August 2006) Pty Ltd.:                                               
|6.875% 4/1/22 (b)                                                                   
|8.25% 11/1/19 (b)                                                                   
|Lundin Mining Corp.:                                                                
|7.5% 11/1/20 (b)                                                                    
|7.875% 11/1/22 (b)                                                                  
|New Gold, Inc. 6.25% 11/15/22 (b)                                                   
|Peabody Energy Corp.:                                                               
|6% 11/15/18                                                                         
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Metals/Mining - continued                                                           
|Peabody Energy Corp.: - continued                                                   
|6.25% 11/15/21                                                                      
|7.875% 11/1/26                                                                      
|10% 3/15/22 (b)                                                                     
|Rain CII Carbon LLC/CII Carbon Corp.:                                               
|8% 12/1/18 (b)                                                                      
|8.25% 1/15/21 (b)                                                                   
|                                                                                    
|Paper - 1.2%                                                                        
|Sappi Papier Holding GmbH 6.625% 4/15/21 (b)                                        
|Publishing/Printing - 1.1%                                                          
|R.R. Donnelley & Sons Co.:                                                          
|6.5% 11/15/23                                                                       
|7% 2/15/22                                                                          
|7.875% 3/15/21                                                                      
|                                                                                    
|Services - 4.3%                                                                     
|ADT Corp.:                                                                          
|3.5% 7/15/22                                                                        
|4.125% 4/15/19                                                                      
|5.25% 3/15/20                                                                       
|APX Group, Inc. 6.375% 12/1/19                                                      
|Audatex North America, Inc. 6% 6/15/21 (b)                                          
|Bankrate, Inc. 6.125% 8/15/18 (b)                                                   
|FTI Consulting, Inc. 6.75% 10/1/20                                                  
|IHS, Inc. 5% 11/1/22 (b)                                                            
|United Rentals North America, Inc.:                                                 
|4.625% 7/15/23                                                                      
|5.5% 7/15/25                                                                        
|                                                                                    
|Steel - 1.3%                                                                        
|Steel Dynamics, Inc.:                                                               
|5.125% 10/1/21 (b)                                                                  
|5.25% 4/15/23                                                                       
|5.5% 10/1/24 (b)                                                                    
|6.125% 8/15/19                                                                      
|                                                                                    
|Super Retail - 0.2%                                                                 
|Family Tree Escrow LLC 5.75% 3/1/23 (b)                                             
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Technology - 4.2%                                                                   
|ADT Corp.:                                                                          
|4.125% 6/15/23                                                                      
|6.25% 10/15/21                                                                      
|Brocade Communications Systems, Inc. 4.625% 1/15/23                                 
|Micron Technology, Inc.:                                                            
|5.25% 8/1/23 (b)                                                                    
|5.25% 1/15/24 (b)                                                                   
|5.5% 2/1/25 (b)                                                                     
|5.625% 1/15/26 (b)                                                                  
|5.875% 2/15/22                                                                      
|Nuance Communications, Inc. 5.375% 8/15/20 (b)                                      
|Sensata Technologies BV 5% 10/1/25 (b)                                              
|                                                                                    
|Telecommunications - 12.8%                                                          
|Altice Financing SA:                                                                
|6.5% 1/15/22 (b)                                                                    
|6.625% 2/15/23 (b)                                                                  
|7.875% 12/15/19 (b)                                                                 
|DigitalGlobe, Inc. 5.25% 2/1/21 (b)                                                 
|Level 3 Financing, Inc.:                                                            
|5.125% 5/1/23 (b)                                                                   
|5.375% 5/1/25 (b)                                                                   
|MasTec, Inc. 4.875% 3/15/23                                                         
|Millicom International Cellular SA 6% 3/15/25 (b)                                   
|Numericable Group SA:                                                               
|4.875% 5/15/19 (b)                                                                  
|6% 5/15/22 (b)                                                                      
|6.25% 5/15/24 (b)                                                                   
|Sprint Capital Corp.:                                                               
|6.875% 11/15/28                                                                     
|8.75% 3/15/32                                                                       
|Sprint Communications, Inc.:                                                        
|7% 3/1/20 (b)                                                                       
|9% 11/15/18 (b)                                                                     
|T-Mobile U.S.A., Inc.:                                                              
|6% 3/1/23                                                                           
|6.375% 3/1/25                                                                       
|6.464% 4/28/19                                                                      
|6.5% 1/15/24                                                                        
|6.542% 4/28/20                                                                      
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Telecommunications - continued                                                      
|T-Mobile U.S.A., Inc.: - continued                                                  
|6.625% 4/1/23                                                                       
|Wind Acquisition Finance SA 4.75% 7/15/20 (b)                                       
|                                                                                    
|Transportation Ex Air/Rail - 1.3%                                                   
|Navios Maritime Holdings, Inc. 7.375% 1/15/22 (b)                                   
|Utilities - 6.0%                                                                    
|Atlantic Power Corp. 9% 11/15/18                                                    
|Dolphin Subsidiary II, Inc. 7.25% 10/15/21                                          
|NRG Energy, Inc. 6.25% 7/15/22                                                      
|NSG Holdings II, LLC 7.75% 12/15/25 (b)                                             
|RJS Power Holdings LLC 5.125% 7/15/19 (b)                                           
|The AES Corp.:                                                                      
|4.875% 5/15/23                                                                      
|7.375% 7/1/21                                                                       
|                                                                                    
|TOTAL NONCONVERTIBLE BONDS
(Cost $507,202,253)                                      
|Bank Loan Obligations - 7.9%                                                        
|                                                                                    
|Aerospace - 0.2%                                                                    
|TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (d)                               
|Air Transportation - 0.7%                                                           
|American Airlines, Inc. Tranche B, term loan 3.75% 10/10/21 (d)                     
|Cable/Satellite TV - 0.8%                                                           
|Charter Communications Operating LLC Tranche F, term loan 3% 1/3/21 (d)             
|Numericable LLC:                                                                    
|Tranche B 1LN, term loan 4.5% 5/8/20 (d)                                            
|Tranche B 2LN, term loan 4.5% 5/8/20 (d)                                            
|                                                                                    
|Containers - 0.3%                                                                   
|Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (d)                   
|Diversified Financial Services - 0.2%                                               
|TransUnion LLC Tranche B, term loan 4% 4/9/21 (d)                                   
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Gaming - 2.1%                                                                       
|Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (d)         
|Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (d)                         
|Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (d)                      
|                                                                                    
|Healthcare - 0.3%                                                                   
|Concordia Healthcare Corp. Tranche B, term loan 4.75% 4/21/22 (d)                   
|Endo Luxembourg Finance I Comp Tranche B, term loan 3.25% 2/28/21 (d)               
|Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (d)                      
|                                                                                    
|Leisure - 0.0%                                                                      
|24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (d)              
|Metals/Mining - 0.8%                                                                
|Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (d)                  
|Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (d)                         
|                                                                                    
|Services - 0.6%                                                                     
|Garda World Security Corp.:                                                         
|term loan 4% 11/8/20 (d)                                                            
|Tranche DD, term loan 4% 11/8/20 (d)                                                
|                                                                                    
|Super Retail - 0.2%                                                                 
|Dollar Tree, Inc. Tranche B, term loan 4.25% 3/9/22 (d)                             
|Technology - 1.0%                                                                   
|Dell International LLC Tranche B, term loan 4.5% 4/29/20 (d)                        
|Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (d)                          
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Utilities - 0.7%                                                                    
|Calpine Construction Finance Co. LP Tranche B 1LN, term loan 3% 5/3/20 (d)          
|Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (d)                        
|                                                                                    
|TOTAL BANK LOAN OBLIGATIONS
(Cost $49,542,923)                                      
|Preferred Securities - 6.2%                                                         
|                                                                                    
|Banks & Thrifts - 5.2%                                                              
|BAC Capital Trust XIV 4% (c)(d)                                                     
|Bank of America Corp.:                                                              
|6.1% (c)(d)                                                                         
|6.25% (c)(d)                                                                        
|6.5% (c)(d)                                                                         
|Barclays Bank PLC 7.625% 11/21/22                                                   
|Credit Agricole SA 6.625% (b)(c)(d)                                                 
|Deutsche Bank AG 7.5% (c)(d)                                                        
|Goldman Sachs Group, Inc. 5.375% (c)(d)                                             
|JPMorgan Chase & Co.:                                                               
|5.3% (c)(d)                                                                         
|6% (c)(d)                                                                           
|6.75% (c)(d)                                                                        
|                                                                                    
|Diversified Financial Services - 1.0%                                               
|Citigroup, Inc.:                                                                    
|5.875% (c)(d)                                                                       
|6.3% (c)(d)                                                                         
|                                                                                    
|TOTAL PREFERRED SECURITIES
(Cost $37,034,480)                                       

|Money Market Funds - 2.5%                               
|--------------------------------------------------------
|                                                        
|Fidelity Cash Central Fund, 0.15% (a)
(Cost $15,174,248)
|TOTAL INVESTMENT PORTFOLIO - 99.0%
(Cost $608,953,904)  
|NET OTHER ASSETS (LIABILITIES) - 1.0%                   
|NET ASSETS - 100%                                       

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	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.
|(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 $242,041,312 or 38.7% of net assets.                                                                                                                                                                                                                             
|(c)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(d)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Affiliated Central Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                  

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	24,013     

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 71.1% 
|---------------------------------- | ------
|Canada                             | 4.7%  
|Luxembourg                         | 4.6%  
|Bermuda                            | 3.8%  
|Austria                            | 3.4%  
|France                             | 2.6%  
|Cayman Islands                     | 2.2%  
|United Kingdom                     | 2.0%  
|Ireland                            | 1.5%  
|Australia                          | 1.3%  
|Marshall Islands                   | 1.3%  
|Others (Individually Less Than 1%) | 1.5%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                         | April 30, 2015
|-------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                         |               
|Assets                                                                                                   |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $593,779,656) | $	603,833,323 
|Fidelity Central Funds (cost $15,174,248)                                                                | 15,174,248    
|Total Investments (cost $608,953,904)                                                                    |               
|Cash                                                                                                     |               
|Receivable for investments sold                                                                          |               
|Receivable for fund shares sold                                                                          |               
|Interest receivable                                                                                      |               
|Distributions receivable from Fidelity Central Funds                                                     |               
|Prepaid expenses                                                                                         |               
|Total assets                                                                                             |               
|                                                                                                         |               
|Liabilities                                                                                              |               
|Payable for investments purchased                                                                        | $	7,412,988   
|Payable for fund shares redeemed                                                                         | 230,787       
|Distributions payable                                                                                    | 273,839       
|Accrued management fee                                                                                   | 286,228       
|Other affiliated payables                                                                                | 140,889       
|Other payables and accrued expenses                                                                      | 72,944        
|Total liabilities                                                                                        |               
|                                                                                                         |               
|Net Assets                                                                                               |               
|Net Assets consist of:                                                                                   |               
|Paid in capital                                                                                          |               
|Undistributed net investment income                                                                      |               
|Accumulated undistributed net realized gain (loss) on investments                                        |               
|Net unrealized appreciation (depreciation) on investments                                                |               
|Net Assets, for 71,619,089 shares outstanding                                                            |               
|Net Asset Value, offering price and redemption price per share ($625,413,379 ÷ 71,619,089 shares)        |               

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

Annual Report

## Statement of Operations

|                                                                              | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Dividends                                                                     |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	3,581,468              
|Transfer agent fees                                                           | 1,479,002                
|Accounting fees and expenses                                                  | 249,187                  
|Custodian fees and expenses                                                   | 10,952                   
|Independent trustees' compensation                                            | 2,702                    
|Registration fees                                                             | 30,246                   
|Audit                                                                         | 79,648                   
|Legal                                                                         | 1,761                    
|Interest                                                                      | 798                      
|Miscellaneous                                                                 | 5,223                    
|Total expenses before reductions                                              | 5,440,987                
|Expense reductions                                                            | (1,651)                  
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|                                                                                                                                                             | Year ended
April 30,
2015 | Year ended
April 30,
2014
|------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                                            |                           |                          
|Operations                                                                                                                                                   |                           |                          
|Net investment income (loss)                                                                                                                                 | $	28,075,915              | $	37,582,799             
|Net realized gain (loss)                                                                                                                                     | 6,987,569                 | 24,296,245               
|Change in net unrealized appreciation (depreciation)                                                                                                         | (14,772,280)              | (36,142,102)             
|Netincrease (decrease) in net assets resulting
from operations                                                                                               | 20,291,204                | 25,736,942               
|Distributions to shareholders from net investment income                                                                                                     | (28,009,244)              | (37,144,212)             
|Distributions to shareholders from net realized gain                                                                                                         | (20,450,899)              | (28,605,506)             
|Total distributions                                                                                                                                          | (48,460,143)              | (65,749,718)             
|Share transactions 
Proceeds from sales of shares                                                                                                            | 164,187,462               | 121,063,941              
|Reinvestment of distributions                                                                                                                                | 42,578,086                | 56,743,385               
|Cost of shares redeemed                                                                                                                                      | (307,452,058)             | (286,316,444)            
|Net increase (decrease) in net assets resulting from share transactions                                                                                      | (100,686,510)             | (108,509,118)            
|Redemption fees                                                                                                                                              | 115,872                   | 70,066                   
|Total increase (decrease) in net assets                                                                                                                      | (128,739,577)             | (148,451,828)            
|                                                                                                                                                             |                           |                          
|Net Assets                                                                                                                                                   |                           |                          
|Beginning of period                                                                                                                                          | 754,152,956               | 902,604,784              
|End of period (including distributions in excess of net investment income of $1,589,583 and undistributed net investment income of $1,633,504, respectively) | $	625,413,379             | $	754,152,956            
|Other Information
Shares                                                                                                                                     |                           |                          
|Sold                                                                                                                                                         | 18,654,126                | 13,244,921               
|Issued in reinvestment of distributions                                                                                                                      | 4,822,650                 | 6,231,331                
|Redeemed                                                                                                                                                     | (34,581,984)              | (31,275,660)             
|Net increase (decrease)                                                                                                                                      | (11,105,208)              | (11,799,408)             

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

Annual Report

## Financial Highlights

|Years ended April 30,                     | 2015      | 2014      | 2013      | 2012      | 2011     
|----------------------------------------- | --------- | --------- | --------- | --------- | ---------
|Selected Per-Share Data                   |           |           |           |           |          
|Net asset value, beginning of period      | $	9.12    | $	9.55    | $	9.23    | $	9.42    | $	9.44   
|Income from Investment Operations         |           |           |           |           |          
|Net investment income (loss)B             | .390      | .444      | .489      | .538      | .609     
|Net realized and unrealized gain (loss)   | (.116)    | (.102)    | .402      | .045      | .351     
|Total from investment operations          | .274      | .342      | .891      | .583      | .960     
|Distributions from net investment income  | (.388)    | (.438)    | (.468)    | (.544)    | (.593)   
|Distributions from net realized gain      | (.278)    | (.335)    | (.104)    | (.230)    | (.390)   
|Total distributions                       | (.666)    | (.773)    | (.572)    | (.774)    | (.983)   
|Redemption fees added to paid in capitalB | .002      | .001      | .001      | .001      | .003     
|Net asset value, end of period            | $	8.73    | $	9.12    | $	9.55    | $	9.23    | $	9.42   
|Total ReturnA                             | 3.20%     | 3.92%     | 9.99%     | 6.65%     | 11.06%   
|Ratios to Average Net AssetsC, E          |           |           |           |           |          
|Expenses before reductions                | .85%      | .83%      | .81%      | .82%      | .81%     
|Expenses net of fee waivers, if any       | .85%      | .83%      | .81%      | .82%      | .81%     
|Expenses net of all reductions            | .85%      | .83%      | .81%      | .82%      | .81%     
|Net investment income (loss)              | 4.40%     | 4.86%     | 5.23%     | 5.92%     | 6.57%    
|Supplemental Data                         |           |           |           |           |          
|Net assets, end of period (000 omitted)   | $	625,413 | $	754,153 | $	902,605 | $	941,643 | $	770,459
|Portfolio turnover rateD                  | 62%       | 77%       | 47%       | 52%       | 48%      

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

BCalculated based on average shares outstanding during the period.

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

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

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

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

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

Book-tax differences are primarily due to market discount, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	17,517,005 
|-------------------------------------------------------- | -------------
|Gross unrealized depreciation                            | (6,966,096)  
|Net unrealized appreciation (depreciation) on securities | $	10,550,909 
|                                                         |              
|Tax Cost                                                 | $	608,456,662

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

|Net unrealized appreciation (depreciation) on securities and other investments | $	10,550,909
|------------------------------------------------------------------------------ | ------------

The Fund intends to elect to defer to its next fiscal year $1,269,162 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

The tax character of distributions paid was as follows:

|                        | April 30, 2015 | April 30, 2014
|----------------------- | -------------- | --------------
|                        |                |               
|Ordinary Income         | $	32,703,395   | $	43,205,655  
|Long-term Capital Gains | 15,756,748     | 22,544,063    
|Total                   | $	48,460,143   | $	65,749,718  

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

3. Significant Accounting Policies - continued

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $384,331,413 and $500,311,769, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees.Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .23% of average net assets.

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

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

|Borrower or Lender | Average Loan
Balance | Weighted Average
Interest Rate | Interest Expense
|------------------ | -------------------- | ------------------------------ | ----------------
|Borrower           | $	11,045,125         | .33%                           | $	798           

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $958 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $873.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $778.

Annual Report

8. Other.

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

Annual Report

---

# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Focused High Income Fund (a fund of Fidelity Summer Street Trust) at April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Focused High Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 18, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

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

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $7,498,615, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $5,309,717 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions 
	and Account Assistance	1-800-544-6666

Product Information	1-800-544-6666

Retirement Accounts	1-800-544-4774 
	(8 a.m. - 9 p.m.)

TDD Service	1-800-544-0118
	for the deaf and hearing impaired
	(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service 
	Telephone (FAST®) ffh443615	1-800-544-5555

ffh443617	Automated line for quickest service

(Fidelity Investment logo)(registered trademark)Corporate Headquarters245 Summer St., Boston, MA 02210www.fidelity.com

`FFH-UANN-0615
1.801605.110`



(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

Global High Income

Fund - Class A, Class T, and Class C

Annual Report

April 30, 2015(Fidelity Cover Art)

Class A, Class T,
and Class C are
classes of Fidelity® 
Global High Income Fund

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to financial statements.                                                                               
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015                        | Past 1
year | Life of
fundA
|--------------------------------------------------- | ----------- | -------------
|Class A (incl. 4.00% sales charge)                  | -2.11%      | 4.30%        
|Class T (incl. 4.00% sales charge)                  | -2.10%      | 4.29%        
|Class C (incl. contingent deferred sales charge)  B | 0.28%       | 4.58%        

AFrom May 11, 2011.

BClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global High Income Fund - Class A on May 11, 2011, when the fund started, and the current 4.00% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how The BofA Merrill LynchSM Global High Yield and Emerging Markets Plus Index performed over the same period.

agh271047

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap:Global high-yield bonds posted a roughly break-even return for the 12 months ending April 30, 2015, as positive results from most major regions around the world were tempered by the poor performance of Europe. After a strong start, investors exited the asset class at a record pace in July amid global economic jitters caused partly by credit crises in Argentina and exacerbated by a fairly low supply of U.S. Treasuries. Another sharp drop in September gave way to a rebound in October, as concerns about possible deflation in Europe and recession in Japan led to increased expectations for market intervention overseas. The asset class generally trended lower throughout the rest of 2014, then bounced back early in 2015, as oil prices stabilized and investors increased their appetite for risk. Among the regions that constitute the Fidelity Global High Income Composite IndexSM, Asia performed best, as The BofA Merrill Lynch Asian Dollar High Yield Corporate Constrained Index advanced 6.52%. Emerging-markets debt also fared well, as the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified gained 5.47%. U.S. high-yield bonds rose 2.58%, according to The BofA Merrill LynchSM US High Yield Constrained Index. European debt was by far the worst-performing group, hampered in large part by a declining euro. Accordingly, The BofA Merrill LynchSM Euro High Yield Constrained Index returned -15.20%.

Comments from Lead Portfolio Manager John Carlson: For the year, the fund's share classes handily outperformed the negative result of its primary benchmark, The BofA Merrill LynchSM Global High Yield and Emerging Markets Plus Index, as well as the Fidelity Global High Income Composite IndexSM. Three of the fund's regional subportfolios outpaced their respective benchmarks. As a result, security selection was the primary driver of the fund's performance versus the Composite index. The U.S. high-yield subportfolio was by far the biggest contributor the past year, as it easily topped its benchmark. It achieved strong results via overweightings in utilities and diversified financial services, and an underweighting in energy. Despite a negative absolute return, the European high-yield subportfolio handily surpassed its benchmark and was a notable contributor. Security selection in the Asian debt subportfolio, which produced the biggest absolute gain, also boosted the fund's relative results. Asset allocation also contributed due to the fund's overweighting in the Asian debt sleeve, as well as its underweighting in weak-performing European high yield. Conversely, security selection and an underweighting in the emerging-markets debt subportfolio dampened relative performance.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

|                    | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014
to April 30, 2015
|------------------- | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A             | 1.25%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,012.00                          | $	6.24                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,018.60                          | $	6.26                                                        
|Class T             | 1.25%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,012.20                          | $	6.24                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,018.60                          | $	6.26                                                        
|Class C             | 2.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,008.50                          | $	9.96                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,014.88                          | $	9.99                                                        
|Global High Income  | 1.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,013.50                          | $	4.99                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,019.84                          | $	5.01                                                        
|Institutional Class | 1.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,013.20                          | $	4.99                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,019.84                          | $	5.01                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015                                                     
|-------------------------------------------------------------------------------------------
|(by issuer, excluding cash equivalents)                                                    
|TXU Corp.                                                                                  
|Citigroup, Inc.                                                                            
|Rite Aid Corp.                                                                             
|GMAC LLC                                                                                   
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.
|                                                                                           
|Top Five Countries as of April 30, 2015                                                    
|(excluding short-term investments and net other assets)                                    
|United States of America                                                                   
|Cayman Islands                                                                             
|Luxembourg                                                                                 
|United Kingdom                                                                             
|Netherlands                                                                                
|Top Five Market Sectors as of April 30, 2015                                               
|                                                                                           
|Banks & Thrifts                                                                            
|Energy                                                                                     
|Telecommunications                                                                         
|Homebuilders/Real Estate                                                                   
|Diversified Financial Services                                                             

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|agh271049                                       
|agh271053                                       
|agh271057                                       
|agh271061                                       
|agh271065                                       
|agh271069                                       
|agh271073                                       

agh271077

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|agh271079                                
|agh271083                                
|agh271087                                
|agh271091                                
|agh271095                                
|*Foreign investments                     

agh271099

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 83.8%                                                                                    
|----------------------------------------------------------------------------------------------------------------
|                                                                                                                
|Aerospace - 0.2%                                                                                                
|KLX, Inc. 5.875% 12/1/22 (e)                                                                                    
|TransDigm, Inc. 6.5% 7/15/24                                                                                    
|                                                                                                                
|Air Transportation - 0.3%                                                                                       
|Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (Reg. S)                                                           
|Continental Airlines, Inc. 6.125% 4/29/18                                                                       
|United Continental Holdings, Inc. 6.375% 6/1/18                                                                 
|                                                                                                                
|Automotive - 0.8%                                                                                               
|Fiat Industrial Finance Europe SA 6.25% 3/9/18                                                                  
|PT Gadjah Tunggal Tbk 7.75% 2/6/18 (Reg. S)                                                                     
|Schaeffler Finance BV 3.5% 5/15/22 (Reg. S)                                                                     
|Schaeffler Holding Finance BV 6.875% 8/15/18 (Reg. S) (h)                                                       
|Tenedora Nemak SA de CV 5.5% 2/28/23 (e)                                                                        
|                                                                                                                
|Automotive & Auto Parts - 1.0%                                                                                  
|American Tire Distributors, Inc. 10.25% 3/1/22 (e)                                                              
|Chassix, Inc. 9.25% 8/1/18 (c)(e)                                                                               
|Dana Holding Corp. 6% 9/15/23                                                                                   
|Fiat Finance & Trade Ltd. SA 7.375% 7/9/18                                                                      
|Schaeffler Holding Finance BV 6.75% 11/15/22 pay-in-kind (e)(h)                                                 
|Tata Motors Ltd. 5.75% 10/30/24 (Reg. S)                                                                        
|ZF North America Capital, Inc. 4.5% 4/29/22 (e)                                                                 
|                                                                                                                
|Banks & Thrifts - 8.3%                                                                                          
|Ally Financial, Inc. 7.5% 9/15/20                                                                               
|Banco Espirito Santo SA 5.875% 11/9/15                                                                          
|Bank of Baroda (London) 6.625% 5/25/22 (h)                                                                      
|Bank of Ceylon 5.325% 4/16/18 (Reg. S)                                                                          
|Bank of India - London Branch 6.625% 9/22/21 (h)                                                                
|Bank of Ireland 10% 12/19/22                                                                                    
|BBVA Bancomer SA 7.25% 4/22/20 (e)                                                                              
|BBVA Colombia SA 4.875% 4/21/25 (e)                                                                             
|BBVA Paraguay SA 9.75% 2/11/16 (e)                                                                              
|Canara Bank Ltd. 6.365% 11/28/21 (h)                                                                            
|Commerzbank AG 7.75% 3/16/21                                                                                    
|FBN Finance Co. BV 8.25% 8/7/20 (e)(h)                                                                          
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Banks & Thrifts - continued                                                                                     
|Finansbank A/S 6.25% 4/30/19 (e)                                                                                
|General Motors Acceptance Corp. 8% 11/1/31                                                                      
|Georgia Bank Joint Stock Co. 7.75% 7/5/17 (e)                                                                   
|GMAC LLC:                                                                                                       
|8% 12/31/18                                                                                                     
|8% 11/1/31                                                                                                      
|GTB Finance BV 6% 11/8/18 (e)                                                                                   
|HBOS PLC 4.5% 3/18/30 (h)                                                                                       
|HSBK BV 7.25% 5/3/17 (e)                                                                                        
|ICICI Bank Ltd. 6.375% 4/30/22 (Reg. S) (h)                                                                     
|Itau Unibanco Holding SA 6.2% 12/21/21 (e)                                                                      
|JSC Halyk Bank of Kazakhstan 7.25% 1/28/21 (e)                                                                  
|National Savings Bank 8.875% 9/18/18 (Reg. S)                                                                   
|Ocwen Financial Corp. 6.625% 5/15/19 (e)                                                                        
|Royal Bank of Scotland Group PLC:                                                                               
|5.125% 5/28/24                                                                                                  
|6% 12/19/23                                                                                                     
|Turkiye Garanti Bankasi A/S 4.75% 10/17/19 (e)                                                                  
|Turkiye Halk Bankasi A/S 3.875% 2/5/20 (e)                                                                      
|UT2 Funding PLC 5.321% 6/30/16 (c)                                                                              
|Yapi ve Kredi Bankasi A/S 4% 1/22/20 (e)                                                                        
|Zenith Bank PLC 6.25% 4/22/19 (e)                                                                               
|                                                                                                                
|Broadcasting - 1.1%                                                                                             
|AMC Networks, Inc.:                                                                                             
|4.75% 12/15/22                                                                                                  
|7.75% 7/15/21                                                                                                   
|Clear Channel Communications, Inc. 5.5% 12/15/16                                                                
|iHeartCommunications, Inc. 10.625% 3/15/23 (e)                                                                  
|Ottawa Holdings Pte Ltd. 5.875% 5/16/18 (Reg. S)                                                                
|Polish Television Holding BV 11% 1/15/21 pay-in-kind (Reg. S) (h)                                               
|TV Azteca SA de CV:                                                                                             
|7.5% 5/25/18 (Reg. S)                                                                                           
|7.625% 9/18/20 (Reg S.)                                                                                         
|                                                                                                                
|Building Materials - 2.2%                                                                                       
|Alam Synergy Pte. Ltd. 6.95% 3/27/20 (Reg. S)                                                                   
|American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (e)                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Building Materials - continued                                                                                  
|CEMEX Finance LLC:                                                                                              
|5.25% 4/1/21 (Reg. S)                                                                                           
|6% 4/1/24 (Reg. S)                                                                                              
|CEMEX S.A.B. de CV 5.2731% 9/30/15 (e)(h)                                                                       
|Elementia S.A.B. de CV 5.5% 1/15/25 (e)                                                                         
|HeidelbergCement Finance BV 9.5% 12/15/18 (Reg. S)                                                              
|HMAN Finance Sub Corp. 6.375% 7/15/22 (e)                                                                       
|Modern Land China Co. Ltd. 13.875% 11/4/18 (Reg. S)                                                             
|Nortek, Inc. 8.5% 4/15/21                                                                                       
|Titan Global Finance PLC 4.25% 7/10/19 (Reg. S)                                                                 
|Union Andina de Cementos SAA 5.875% 10/30/21 (Reg. S)                                                           
|USG Corp.:                                                                                                      
|5.875% 11/1/21 (e)                                                                                              
|9.75% 1/15/18                                                                                                   
|West China Cement Ltd. 6.5% 9/11/19                                                                             
|                                                                                                                
|Cable/Satellite TV - 3.1%                                                                                       
|CCO Holdings LLC/CCO Holdings Capital Corp. 5.75% 1/15/24                                                       
|Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (e)                
|Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (e)                                   
|DISH DBS Corp. 5% 3/15/23                                                                                       
|Lynx II Corp. 6.375% 4/15/23 (e)                                                                                
|Numericable Group SA 5.375% 5/15/22 (Reg. S)                                                                    
|RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (e)                                                     
|Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:                                                            
|3.5% 1/15/27 (Reg. S)                                                                                           
|5.5% 9/15/22 (Reg. S)                                                                                           
|5.5% 1/15/23 (e)                                                                                                
|UPCB Finance V Ltd. 7.25% 11/15/21 (e)                                                                          
|UPCB Finance VI Ltd. 6.875% 1/15/22 (e)                                                                         
|VTR Finance BV 6.875% 1/15/24 (e)                                                                               
|                                                                                                                
|Capital Goods - 0.4%                                                                                            
|AECOM Technology Corp.:                                                                                         
|5.75% 10/15/22 (e)                                                                                              
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Capital Goods - continued                                                                                       
|AECOM Technology Corp.: - continued                                                                             
|5.875% 10/15/24 (e)                                                                                             
|Norcell Sweden Holding 2 AB 10.75% 9/29/19 (Reg. S)                                                             
|Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (e)                                         
|Zoomlion HK SPV Co. Ltd. 6.125% 12/20/22 (Reg. S)                                                               
|                                                                                                                
|Chemicals - 1.6%                                                                                                
|Chemtura Corp. 5.75% 7/15/21                                                                                    
|Evolution Escrow Issuer LLC 7.5% 3/15/22 (e)                                                                    
|INEOS Group Holdings SA 5.75% 2/15/19 (Reg. S)                                                                  
|Kerling PLC 10.625% 2/1/17 (Reg. S)                                                                             
|LSB Industries, Inc. 7.75% 8/1/19                                                                               
|OCP SA 5.625% 4/25/24 (e)                                                                                       
|PolyOne Corp. 5.25% 3/15/23                                                                                     
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:                                                
|6.75% 5/1/22 (e)(g)                                                                                             
|8.75% 2/1/19                                                                                                    
|U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (e)                                              
|W.R. Grace & Co. - Conn 5.625% 10/1/24 (e)                                                                      
|                                                                                                                
|Consumer Products - 0.6%                                                                                        
|Prestige Brands, Inc.:                                                                                          
|5.375% 12/15/21 (e)                                                                                             
|8.125% 2/1/20                                                                                                   
|Revlon Consumer Products Corp. 5.75% 2/15/21                                                                    
|Spectrum Brands Holdings, Inc. 6.375% 11/15/20                                                                  
|                                                                                                                
|Containers - 1.1%                                                                                               
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (e)(h)                                                    
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                                                   
|6% 6/30/21 (e)                                                                                                  
|7% 11/15/20 (e)                                                                                                 
|Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (e)                         
|OI European Group BV 6.75% 9/15/20 (Reg. S)                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Containers - continued                                                                                          
|Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20      
|SGD Group SA 5.625% 5/15/19 (Reg S.)                                                                            
|Tekni-Plex, Inc. 9.75% 6/1/19 (e)                                                                               
|                                                                                                                
|Diversified Financial Services - 4.5%                                                                           
|Aircastle Ltd. 5.125% 3/15/21                                                                                   
|Arrow Global Finance PLC 5.29% 11/1/21 (h)                                                                      
|Boing Group Financing PLC 6.625% 7/15/19 (Reg. S)                                                               
|CIT Group, Inc.:                                                                                                
|5% 8/15/22                                                                                                      
|5% 8/1/23                                                                                                       
|Comcel Trust 6.875% 2/6/24 (e)                                                                                  
|Credito Real S.A.B. de CV 7.5% 3/13/19 (e)                                                                      
|GCS Holdco Finance I SA 6.5% 11/15/18 (Reg. S)                                                                  
|Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.875% 2/1/22                                              
|International Lease Finance Corp.:                                                                              
|5.875% 8/15/22                                                                                                  
|8.625% 1/15/22                                                                                                  
|International Personal Finance PLC 11.5% 8/6/15                                                                 
|SLM Corp.:                                                                                                      
|5.5% 1/25/23                                                                                                    
|6.125% 3/25/24                                                                                                  
|8% 3/25/20                                                                                                      
|UPCB Finance Ltd. 6.375% 7/1/20 (Reg. S)                                                                        
|Verisure Holding AB 8.75% 9/1/18 (Reg. S)                                                                       
|                                                                                                                
|Diversified Media - 0.3%                                                                                        
|Lamar Media Corp. 5.875% 2/1/22                                                                                 
|MDC Partners, Inc. 6.75% 4/1/20 (e)                                                                             
|National CineMedia LLC:                                                                                         
|6% 4/15/22                                                                                                      
|7.875% 7/15/21                                                                                                  
|Outfront Media Capital LLC / Corp. 5.625% 2/15/24 (e)                                                           
|                                                                                                                
|Energy - 11.1%                                                                                                  
|Afren PLC 10.25% 4/8/19 (e)                                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|American Energy-Permian Basin LLC/ AEPB Finance Corp.:                                                          
|6.7521% 8/1/19 (e)(h)                                                                                           
|7.125% 11/1/20 (e)                                                                                              
|7.375% 11/1/21 (e)                                                                                              
|Antero Resources Corp.:                                                                                         
|5.125% 12/1/22                                                                                                  
|5.625% 6/1/23 (e)                                                                                               
|Areva SA 4.875% 9/23/24                                                                                         
|California Resources Corp.:                                                                                     
|5.5% 9/15/21                                                                                                    
|6% 11/15/24                                                                                                     
|Carrizo Oil & Gas, Inc. 6.25% 4/15/23                                                                           
|Chesapeake Energy Corp. 5.375% 6/15/21                                                                          
|China Oil & Gas Group Ltd. 5% 5/7/20 (Reg. S)                                                                   
|Citgo Holding, Inc. 10.75% 2/15/20 (e)                                                                          
|Clayton Williams Energy, Inc. 7.75% 4/1/19                                                                      
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.125% 3/1/22                                 
|Diamondback Energy, Inc. 7.625% 10/1/21                                                                         
|EDC Finance Ltd. 4.875% 4/17/20 (e)                                                                             
|Endeavor Energy Resources LP/EER Finance, Inc. 8.125% 9/15/23 (e)                                               
|Energy Transfer Equity LP 7.5% 10/15/20                                                                         
|Energy XXI Gulf Coast, Inc. 11% 3/15/20 (e)                                                                     
|EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22                                                    
|Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20                                         
|Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22                                                              
|Forum Energy Technologies, Inc. 6.25% 10/1/21                                                                   
|Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21                                                    
|Gibson Energy, Inc. 6.75% 7/15/21 (e)                                                                           
|Gulfmark Offshore, Inc. 6.375% 3/15/22                                                                          
|Hilcorp Energy I LP/Hilcorp Finance Co.:                                                                        
|5% 12/1/24 (e)                                                                                                  
|7.625% 4/15/21 (e)                                                                                              
|Indo Energy Finance II BV 6.375% 1/24/23                                                                        
|Kosmos Energy Ltd. 7.875% 8/1/21 (e)                                                                            
|Laredo Petroleum, Inc.:                                                                                         
|5.625% 1/15/22                                                                                                  
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|Laredo Petroleum, Inc.: - continued                                                                             
|6.25% 3/15/23                                                                                                   
|MIE Holdings Corp. 6.875% 2/6/18 (Reg S.)                                                                       
|Oasis Petroleum, Inc. 6.875% 3/15/22                                                                            
|Offshore Group Investment Ltd.:                                                                                 
|7.125% 4/1/23                                                                                                   
|7.5% 11/1/19                                                                                                    
|Pacific Drilling V Ltd. 7.25% 12/1/17 (e)                                                                       
|Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e)                                                                
|Pan American Energy LLC 7.875% 5/7/21 (e)                                                                       
|Puma International Financing SA 6.75% 2/1/21 (Reg. S)                                                           
|Rice Energy, Inc. 7.25% 5/1/23 (e)                                                                              
|Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22                                                  
|Rosetta Resources, Inc.:                                                                                        
|5.625% 5/1/21                                                                                                   
|5.875% 6/1/24                                                                                                   
|RSP Permian, Inc. 6.625% 10/1/22 (e)                                                                            
|Sabine Pass Liquefaction LLC 5.625% 2/1/21                                                                      
|SemGroup Corp. 7.5% 6/15/21                                                                                     
|Sibur Securities Ltd. 3.914% 1/31/18 (e)                                                                        
|Summit Midstream Holdings LLC 7.5% 7/1/21                                                                       
|Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (e)                                                              
|Targa Resources Partners LP/Targa Resources Partners Finance Corp.:                                             
|5% 1/15/18 (e)                                                                                                  
|6.375% 8/1/22                                                                                                   
|Teine Energy Ltd. 6.875% 9/30/22 (e)                                                                            
|TerraForm Power Operating LLC 5.875% 2/1/23 (e)                                                                 
|Transocean, Inc.:                                                                                               
|6% 3/15/18                                                                                                      
|6.375% 12/15/21                                                                                                 
|Transportadora de Gas del Sur SA 9.625% 5/14/20 (e)                                                             
|Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (e)                                                 
|Western Refining, Inc. 6.25% 4/1/21                                                                             
|Yingde Gases Investment Ltd. 8.125% 4/22/18 (Reg. S)                                                            
|YPF SA:                                                                                                         
|8.5% 7/28/25 (e)                                                                                                
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|YPF SA: - continued                                                                                             
|8.875% 12/19/18 (e)                                                                                             
|Zhaikmunai International BV 7.125% 11/13/19 (e)                                                                 
|                                                                                                                
|Entertainment/Film - 0.4%                                                                                       
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:                                            
|5.25% 2/15/22                                                                                                   
|5.625% 2/15/24                                                                                                  
|Cinemark U.S.A., Inc. 7.375% 6/15/21                                                                            
|NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (e)                                    
|Regal Entertainment Group 5.75% 6/15/23                                                                         
|                                                                                                                
|Environmental - 0.3%                                                                                            
|Clean Harbors, Inc.:                                                                                            
|5.125% 6/1/21                                                                                                   
|5.25% 8/1/20                                                                                                    
|LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (e)                                                    
|                                                                                                                
|Food & Drug Retail - 1.5%                                                                                       
|Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (e)                                                                      
|Rite Aid Corp.:                                                                                                 
|6.875% 12/15/28 (e)                                                                                             
|7.7% 2/15/27                                                                                                    
|Tesco Corporate Treasury Services PLC 2.5% 7/1/24 (Reg. S)                                                      
|                                                                                                                
|Food/Beverage/Tobacco - 2.7%                                                                                    
|Agrokor d.d. 9.875% 5/1/19 (Reg. S)                                                                             
|ESAL GmbH 6.25% 2/5/23 (e)                                                                                      
|FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (e)                                       
|Gruma S.A.B. de CV 4.875% 12/1/24 (e)                                                                           
|H.J. Heinz Finance Co. 7.125% 8/1/39 (e)                                                                        
|JBS Investments GmbH 7.25% 4/3/24 (e)                                                                           
|Minerva Luxmbourg SA 7.75% 1/31/23 (e)                                                                          
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Food/Beverage/Tobacco - continued                                                                               
|Post Holdings, Inc. 6.75% 12/1/21 (e)                                                                           
|R&R Ice Cream PLC 9.25% 5/15/18 pay-in-kind (Reg. S) (h)                                                        
|                                                                                                                
|Gaming - 1.8%                                                                                                   
|Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (e)                
|Golden Nugget Escrow, Inc. 8.5% 12/1/21 (e)                                                                     
|Graton Economic Development Authority 9.625% 9/1/19 (e)                                                         
|MGM Mirage, Inc. 8.625% 2/1/19                                                                                  
|Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21                
|Scientific Games Corp. 10% 12/1/22 (e)                                                                          
|Studio City Finance Ltd. 8.5% 12/1/20 (e)                                                                       
|Wynn Macau Ltd. 5.25% 10/15/21 (e)                                                                              
|                                                                                                                
|Healthcare - 4.9%                                                                                               
|Acadia Healthcare Co., Inc. 5.625% 2/15/23 (e)                                                                  
|Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:                                                    
|6% 10/15/21                                                                                                     
|7.75% 2/15/19                                                                                                   
|Cerba European Lab SAS 7% 2/1/20 (Reg. S)                                                                       
|Concordia Healthcare Corp. 7% 4/15/23 (e)                                                                       
|CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21                                                        
|DaVita HealthCare Partners, Inc. 5% 5/1/25                                                                      
|Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (e)                                                       
|FMC Finance VII SA 5.25% 2/15/21                                                                                
|Fresenius U.S. Finance II, Inc. 8.75% 7/15/15 (Reg. S)                                                          
|Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (e)                                                              
|HCA Holdings, Inc.:                                                                                             
|5% 3/15/24                                                                                                      
|5.875% 3/15/22                                                                                                  
|6.5% 2/15/20                                                                                                    
|7.5% 2/15/22                                                                                                    
|HealthSouth Corp. 5.75% 11/1/24                                                                                 
|JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (e)(h)                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Healthcare - continued                                                                                          
|Kindred Escrow Corp. II:                                                                                        
|8% 1/15/20 (e)                                                                                                  
|8.75% 1/15/23 (e)                                                                                               
|Labco S.A.S. 8.5% 1/15/18 (Reg. S)                                                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875% 4/15/20 (e)                                    
|Par Pharmaceutical Companies, Inc. 7.375% 10/15/20                                                              
|Polymer Group, Inc. 6.875% 6/1/19 (e)                                                                           
|Sabra Health Care LP/Sabra Capital Corp.:                                                                       
|5.375% 6/1/23                                                                                                   
|5.5% 2/1/21                                                                                                     
|Tenet Healthcare Corp. 8.125% 4/1/22                                                                            
|Valeant Pharmaceuticals International:                                                                          
|5.5% 3/1/23 (e)                                                                                                 
|5.625% 12/1/21 (e)                                                                                              
|6.75% 8/15/21 (e)                                                                                               
|7.25% 7/15/22 (e)                                                                                               
|7.5% 7/15/21 (e)                                                                                                
|VRX Escrow Corp.:                                                                                               
|5.375% 3/15/20 (e)                                                                                              
|5.875% 5/15/23 (e)                                                                                              
|6.125% 4/15/25 (e)                                                                                              
|VWR Funding, Inc. 7.25% 9/15/17                                                                                 
|                                                                                                                
|Homebuilders/Real Estate - 6.8%                                                                                 
|Agile Property Holdings Ltd. 8.875% 4/28/17 (Reg. S)                                                            
|Aldesa Financial Services SA 7.25% 4/1/21 (Reg. S)                                                              
|Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (e)                                             
|Beazer Homes U.S.A., Inc. 7.25% 2/1/23                                                                          
|Brookfield Residential Properties, Inc. 6.5% 12/15/20 (e)                                                       
|CBRE Group, Inc. 5% 3/15/23                                                                                     
|Cementos Progreso Trust 7.125% 11/6/23 (e)                                                                      
|Central China Real Estate Ltd. 6.5% 6/4/18 (Reg.S)                                                              
|China Aoyuan Property Group Ltd. 11.25% 1/17/19 (Reg. S)                                                        
|China South City Holdings Ltd. 8.25% 1/29/19 (Reg. S)                                                           
|CIFI Holdings Group Co. Ltd. 8.875% 1/27/19 (Reg. S)                                                            
|Communications Sales & Leasing, Inc. 6% 4/15/23 (e)                                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Homebuilders/Real Estate - continued                                                                            
|Country Garden Holdings Co. Ltd. 7.25% 4/4/21 (Reg. S)                                                          
|Evergrande Real Estate Group Ltd.:                                                                              
|8.75% 10/30/18 (Reg. S)                                                                                         
|12% 2/17/20                                                                                                     
|Fantasia Holdings Group Co. Ltd. 10.625% 1/23/19 (Reg. S)                                                       
|Future Land Development Holding Ltd. 10.25% 1/31/18 (Reg. S)                                                    
|Glorious Property Holdings Ltd. 13.25% 3/4/18 (Reg. S)                                                          
|Howard Hughes Corp. 6.875% 10/1/21 (e)                                                                          
|Inversiones y Representaciones SA:                                                                              
|8.5% 2/2/17 (Reg. S)                                                                                            
|11.5% 7/20/20 (Reg. S)                                                                                          
|KWG Property Holding Ltd.:                                                                                      
|8.25% 8/5/19 (Reg. S)                                                                                           
|8.975% 1/14/19 (Reg. S)                                                                                         
|Logan Property Holdings Co. Ltd. 11.25% 6/4/19 (Reg. S)                                                         
|Longfor Properties Co. Ltd. 6.75% 1/29/23 (Reg S.)                                                              
|Modernland Overseas Pte Ltd. 11% 10/25/16 (Reg. S)                                                              
|Oceanwide Real Estate International Holding Co. Ltd. 11.75% 9/8/19 (Reg. S)                                     
|Odebrecht Finance Ltd. 4.375% 4/25/25 (e)                                                                       
|Powerlong Real Estate Holding Ltd. 11.25% 1/25/18 (Reg. S)                                                      
|Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (e)                                                     
|Ryland Group, Inc. 5.375% 10/1/22                                                                               
|Shea Homes Ltd. Partnershp/Corp.:                                                                               
|5.875% 4/1/23 (e)                                                                                               
|6.125% 4/1/25 (e)                                                                                               
|Shimao Property Holdings Ltd.:                                                                                  
|8.125% 1/22/21 (Reg. S)                                                                                         
|8.375% 2/10/22 (Reg. S)                                                                                         
|SOHO China Ltd. 7.125% 11/7/22 (Reg. S)                                                                         
|Sunac China Holdings Ltd. 12.5% 10/16/17 (Reg. S)                                                               
|Times Property Holdings Ltd. 12.625% 3/21/19 (Reg. S)                                                           
|Trillion Chance Ltd. 8.5% 1/10/19                                                                               
|Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23                                                               
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Homebuilders/Real Estate - continued                                                                            
|William Lyon Homes, Inc.:                                                                                       
|5.75% 4/15/19                                                                                                   
|7% 8/15/22                                                                                                      
|8.5% 11/15/20                                                                                                   
|Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (e)                                          
|Wuzhou International Holdings Ltd. 13.75% 9/26/18 (Reg. S)                                                      
|Yuzhou Properties Co. 8.75% 10/4/18 (Reg. S)                                                                    
|                                                                                                                
|Hotels - 0.3%                                                                                                   
|Choice Hotels International, Inc. 5.75% 7/1/22                                                                  
|Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21                                     
|                                                                                                                
|Insurance - 0.2%                                                                                                
|Assicurazioni Generali SpA 10.125% 7/10/42 (h)                                                                  
|Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (e)                                                                    
|                                                                                                                
|Leisure - 0.1%                                                                                                  
|24 Hour Holdings III LLC 8% 6/1/22 (e)                                                                          
|Metals/Mining - 2.3%                                                                                            
|Abja Investment Co. Pte Ltd. 5.95% 7/31/24 (Reg. S)                                                             
|Alpha Natural Resources, Inc.:                                                                                  
|6.25% 6/1/21                                                                                                    
|9.75% 4/15/18                                                                                                   
|Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (e)                                                  
|Compania Minera Ares SAC 7.75% 1/23/21 (e)                                                                      
|Favor Sea Ltd. 11.75% 2/4/19 (Reg. S)                                                                           
|Gold Fields Orogen Holding BVI Ltd. 4.875% 10/7/20 (e)                                                          
|Mongolian Mining Corp. 8.875% 3/29/17 (Reg. S)                                                                  
|Murray Energy Corp. 11.25% 4/15/21 (e)                                                                          
|Nord Gold NV 6.375% 5/7/18 (e)                                                                                  
|Peabody Energy Corp.:                                                                                           
|6.25% 11/15/21                                                                                                  
|10% 3/15/22 (e)                                                                                                 
|Prince Mineral Holding Corp. 11.5% 12/15/19 (e)                                                                 
|Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (e)                           
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Metals/Mining - continued                                                                                       
|Southern Copper Corp. 7.5% 7/27/35                                                                              
|Vedanta Resources PLC:                                                                                          
|8.25% 6/7/21 (Reg. S)                                                                                           
|9.5% 7/18/18 (Reg. S)                                                                                           
|Walter Energy, Inc.:                                                                                            
|9.5% 10/15/19 (e)                                                                                               
|12% 4/1/20 pay-in-kind (e)(h)                                                                                   
|Yancoal International Resources Development Co. Ltd. 5.73% 5/16/22 (Reg. S)                                     
|                                                                                                                
|Paper - 0.4%                                                                                                    
|Smurfit Kappa Acquisitions 3.25% 6/1/21 (Reg. S)                                                                
|Publishing/Printing - 0.8%                                                                                      
|Cenveo Corp. 6% 8/1/19 (e)                                                                                      
|Griffey Intermediate, Inc./Griffey Finance Sub LLC 7% 10/15/20 (e)                                              
|McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21                     
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (e)(h)                                      
|                                                                                                                
|Restaurants - 0.2%                                                                                              
|Landry's Acquisition Co. 9.375% 5/1/20 (e)                                                                      
|Landry's Holdings II, Inc. 10.25% 1/1/18 (e)                                                                    
|                                                                                                                
|Services - 2.9%                                                                                                 
|Ahern Rentals, Inc. 9.5% 6/15/18 (e)                                                                            
|APX Group, Inc.:                                                                                                
|6.375% 12/1/19                                                                                                  
|8.75% 12/1/20                                                                                                   
|Audatex North America, Inc. 6% 6/15/21 (e)                                                                      
|Blueline Rent Finance Corp./Volvo 7% 2/1/19 (e)                                                                 
|FTI Consulting, Inc. 6% 11/15/22                                                                                
|Garda World Security Corp.:                                                                                     
|7.25% 11/15/21 (e)                                                                                              
|7.25% 11/15/21 (e)                                                                                              
|Hertz Corp. 6.25% 10/15/22                                                                                      
|Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (e)                                                         
|Laureate Education, Inc. 10% 9/1/19 (e)                                                                         
|NES Rentals Holdings, Inc. 7.875% 5/1/18 (e)                                                                    
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Services - continued                                                                                            
|SMCP S.A.S. 8.875% 6/15/20 (Reg. S)                                                                             
|TMS International Corp. 7.625% 10/15/21 (e)                                                                     
|TransUnion Holding Co., Inc.:                                                                                   
|8.125% 6/15/18 pay-in-kind (h)                                                                                  
|9.625% 6/15/18 pay-in-kind (h)                                                                                  
|United Rentals North America, Inc.:                                                                             
|4.625% 7/15/23                                                                                                  
|5.5% 7/15/25                                                                                                    
|                                                                                                                
|Steel - 1.2%                                                                                                    
|Cliffs Natural Resources, Inc. 8.25% 3/31/20 (e)                                                                
|Evraz, Inc. NA Canada 7.5% 11/15/19 (e)                                                                         
|JMC Steel Group, Inc. 8.25% 3/15/18 (e)                                                                         
|Metinvest BV 10.25% 5/20/15 (e)                                                                                 
|Ryerson, Inc./Joseph T Ryerson & Son, Inc.:                                                                     
|9% 10/15/17                                                                                                     
|11.25% 10/15/18                                                                                                 
|TMK Capital SA 7.75% 1/27/18                                                                                    
|                                                                                                                
|Super Retail - 0.9%                                                                                             
|Academy Ltd./Academy Finance Corp. 9.25% 8/1/19 (e)                                                             
|Family Tree Escrow LLC:                                                                                         
|5.25% 3/1/20 (e)                                                                                                
|5.75% 3/1/23 (e)                                                                                                
|JC Penney Corp., Inc.:                                                                                          
|5.65% 6/1/20                                                                                                    
|5.75% 2/15/18                                                                                                   
|7.4% 4/1/37                                                                                                     
|Maoye International Holdings Ltd. 7.75% 5/19/17 (Reg. S)                                                        
|MPM Global Pte Ltd. 6.75% 9/19/19 (Reg. S)                                                                      
|Parkson Retail Group Ltd. 4.5% 5/3/18 (Reg. S)                                                                  
|Sally Holdings LLC 6.875% 11/15/19                                                                              
|Sonic Automotive, Inc.:                                                                                         
|5% 5/15/23                                                                                                      
|7% 7/15/22                                                                                                      
|                                                                                                                
|Technology - 2.7%                                                                                               
|Activision Blizzard, Inc. 6.125% 9/15/23 (e)                                                                    
|ADT Corp. 6.25% 10/15/21                                                                                        
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Technology - continued                                                                                          
|Balboa Merger Sub, Inc. 11.375% 12/1/21 (e)                                                                     
|BCP Singapore VI Cayman Financing Co. Ltd. 8% 4/15/21 (e)                                                       
|BMC Software Finance, Inc. 8.125% 7/15/21 (e)                                                                   
|Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (e)(h)                                                           
|Brocade Communications Systems, Inc. 4.625% 1/15/23                                                             
|CDW LLC/CDW Finance Corp. 6% 8/15/22                                                                            
|China Automation Group Ltd. 7.75% 4/20/16                                                                       
|Entegris, Inc. 6% 4/1/22 (e)                                                                                    
|First Data Corp.:                                                                                               
|11.25% 1/15/21                                                                                                  
|11.75% 8/15/21                                                                                                  
|Global A&T Electronics Ltd. 10% 2/1/19 (e)                                                                      
|Global Cash Access, Inc. 10% 1/15/22 (e)                                                                        
|Lucent Technologies, Inc. 6.45% 3/15/29                                                                         
|Pacific Emerald Pte Ltd. 9.75% 7/25/18 (Reg. S)                                                                 
|Project Homestake Merger Corp. 8.875% 3/1/23 (e)                                                                
|Quad/Graphics, Inc. 7% 5/1/22                                                                                   
|Sensata Technologies BV 4.875% 10/15/23 (e)                                                                     
|                                                                                                                
|Telecommunications - 9.8%                                                                                       
|Alcatel-Lucent U.S.A., Inc. 6.75% 11/15/20 (e)                                                                  
|Altice Financing SA 6.625% 2/15/23 (e)                                                                          
|Altice Finco SA 8.125% 1/15/24 (e)                                                                              
|Altice SA:                                                                                                      
|7.625% 2/15/25 (e)                                                                                              
|7.75% 5/15/22 (e)                                                                                               
|Banglalink Digital Communications Ltd. 8.625% 5/6/19 (e)                                                        
|Broadview Networks Holdings, Inc. 10.5% 11/15/17                                                                
|Columbus International, Inc. 7.375% 3/30/21 (e)                                                                 
|Digicel Group Ltd.:                                                                                             
|6% 4/15/21 (Reg. S)                                                                                             
|7% 2/15/20 (e)                                                                                                  
|8.25% 9/30/20 (e)                                                                                               
|DigitalGlobe, Inc. 5.25% 2/1/21 (e)                                                                             
|Eileme 2 AB 11.625% 1/31/20 (e)                                                                                 
|FairPoint Communications, Inc. 8.75% 8/15/19 (e)                                                                
|GCI, Inc. 6.875% 4/15/25 (e)                                                                                    
|GCX Ltd. 7% 8/1/19 (Reg. S)                                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Telecommunications - continued                                                                                  
|Hellenic Telecommunications Organization SA 3.5% 7/9/20                                                         
|Intelsat Jackson Holdings SA:                                                                                   
|5.5% 8/1/23                                                                                                     
|6.625% 12/15/22 (Reg. S)                                                                                        
|Intelsat Luxembourg SA 8.125% 6/1/23                                                                            
|Level 3 Communications, Inc.:                                                                                   
|5.75% 12/1/22                                                                                                   
|8.875% 6/1/19                                                                                                   
|Millicom International Cellular SA 6.625% 10/15/21 (e)                                                          
|MTS International Funding Ltd.:                                                                                 
|5% 5/30/23 (e)                                                                                                  
|8.625% 6/22/20 (e)                                                                                              
|Numericable Group SA 6% 5/15/22 (e)                                                                             
|Portugal Telecom International Finance BV 4.625% 5/8/20 (Reg. S)                                                
|SBA Communications Corp. 4.875% 7/15/22 (e)                                                                     
|Sprint Capital Corp.:                                                                                           
|6.875% 11/15/28                                                                                                 
|6.9% 5/1/19                                                                                                     
|8.75% 3/15/32                                                                                                   
|Sprint Corp.:                                                                                                   
|7.125% 6/15/24                                                                                                  
|7.875% 9/15/23                                                                                                  
|T-Mobile U.S.A., Inc.:                                                                                          
|6.25% 4/1/21                                                                                                    
|6.625% 4/1/23                                                                                                   
|6.731% 4/28/22                                                                                                  
|6.836% 4/28/23                                                                                                  
|TBG Global Pte. Ltd.:                                                                                           
|4.625% 4/3/18 (e)                                                                                               
|5.25% 2/10/22 (Reg. S)                                                                                          
|Telecom Italia SpA 4.875% 9/25/20 (Reg. S)                                                                      
|Telefonica Celular del Paraguay SA 6.75% 12/13/22 (e)                                                           
|Telenet Finance Luxembourg S.C.A.:                                                                              
|6.25% 8/15/22 (Reg. S)                                                                                          
|6.75% 8/15/24 (Reg. S)                                                                                          
|Vimpel Communications 9.125% 4/30/18 (Reg. S) (Issued by VIP Finance Ireland Ltd. for Vimpel Communications)    
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Telecommunications - continued                                                                                  
|Vimpel Communications OJSC 7.748% 2/2/21 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)     
|Wind Acquisition Finance SA:                                                                                    
|4% 7/15/20 (Reg S.)                                                                                             
|4.75% 7/15/20 (e)                                                                                               
|                                                                                                                
|Textiles/Apparel - 0.3%                                                                                         
|Golden Legacy Pte Ltd. 9% 4/24/19 (Reg. S)                                                                      
|Texhong Textile Group Ltd. 6.5% 1/18/19 (Reg. S)                                                                
|                                                                                                                
|Transportation Ex Air/Rail - 0.5%                                                                               
|Car, Inc. 6.125% 2/4/20 (Reg. S)                                                                                
|Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (e)                     
|TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19                                                           
|Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21                                                                       
|                                                                                                                
|Utilities - 6.2%                                                                                                
|Calpine Corp. 7.875% 1/15/23 (e)                                                                                
|Dynegy, Inc.:                                                                                                   
|6.75% 11/1/19 (e)                                                                                               
|7.375% 11/1/22 (e)                                                                                              
|7.625% 11/1/24 (e)                                                                                              
|Enel SpA 5% 1/15/75 (h)                                                                                         
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 11.75% 3/1/22 (c)(e)
|GenOn Energy, Inc. 9.875% 10/15/20                                                                              
|Global Partners LP/GLP Finance Corp. 6.25% 7/15/22                                                              
|InterGen NV 7% 6/30/23 (e)                                                                                      
|Listrindo Capital BV 6.95% 2/21/19 (e)                                                                          
|Mirant Americas Generation LLC 9.125% 5/1/31                                                                    
|NRG Energy, Inc. 6.625% 3/15/23                                                                                 
|NSG Holdings II, LLC 7.75% 12/15/25 (e)                                                                         
|Petrobras International Finance Co. Ltd. 5.375% 1/27/21                                                         
|RJS Power Holdings LLC 5.125% 7/15/19 (e)                                                                       
|Techem GmbH 6.125% 10/1/19 (Reg. S)                                                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Utilities - continued                                                                                           
|TXU Corp.:                                                                                                      
|5.55% 11/15/14 (c)                                                                                              
|6.5% 11/15/24 (c)                                                                                               
|6.55% 11/15/34 (c)                                                                                              
|                                                                                                                
|TOTAL NONCONVERTIBLE BONDS
(Cost $112,729,235)                                                                  

|Common Stocks - 1.4%                  
|--------------------------------------
|                                      
|Automotive & Auto Parts - 0.4%        
|General Motors Co.                    
|Trinseo SA                            
|                                      
|Broadcasting - 0.2%                   
|Cumulus Media, Inc. Class A (a)       
|Chemicals - 0.2%                      
|LyondellBasell Industries NV Class A  
|Westlake Chemical Partners LP         
|                                      
|Energy - 0.1%                         
|The Williams Companies, Inc.          
|Healthcare - 0.0%                     
|Legend Acquisition, Inc.              
|Legend Acquisition, Inc.:             
|Class A warrants (a)                  
|Class B warrants (a)                  
|                                      
|Homebuilders/Real Estate - 0.1%       
|Realogy Holdings Corp. (a)            
|Hotels - 0.2%                         
|Extended Stay America, Inc. unit      
|Services - 0.2%                       
|ARAMARK Holdings Corp.                
|WP Rocket Holdings, Inc. (a)(i)       
|                                      
|Common Stocks - continued             
|                                      
|Telecommunications - 0.0%             
|Broadview Networks Holdings, Inc. (a) 
|TOTAL COMMON STOCKS
(Cost $2,422,404) 
|Preferred Stocks - 0.7%               
|                                      
|Convertible Preferred Stocks - 0.4%   
|Healthcare - 0.2%                     
|Actavis PLC 5.50%                     
|Homebuilders/Real Estate - 0.2%       
|American Tower Corp. 5.50%            
|TOTAL CONVERTIBLE PREFERRED STOCKS    
|Nonconvertible Preferred Stocks - 0.3%
|Banks & Thrifts - 0.3%                
|Ally Financial, Inc. 7.00% (e)        
|Services - 0.0%                       
|WP Rocket Holdings, Inc.:             
|15.00% (a)                            
|Class C 19.50% (i)                    
|                                      
|TOTAL NONCONVERTIBLE PREFERRED STOCKS 
|TOTAL PREFERRED STOCKS
(Cost $831,153)

|Bank Loan Obligations - 2.4%                                                     
|---------------------------------------------------------------------------------
|                                                                                 
|Automotive - 0.0%                                                                
|Chassix, Inc. term loan 10% 12/12/15 (h)                                         
|Cable/Satellite TV - 0.1%                                                        
|Liberty Cablevision of Puerto Rico:                                              
|Tranche 1LN, term loan 4.5% 1/7/22 (h)                                           
|Tranche 2LN, term loan 7.75% 7/7/23 (h)                                          
|                                                                                 
|Diversified Financial Services - 0.3%                                            
|AlixPartners LLP Tranche 2LN, term loan 9% 7/10/21 (h)                           
|Bank Loan Obligations - continued                                                
|                                                                                 
|Diversified Media - 0.3%                                                         
|McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (h)             
|Energy - 0.6%                                                                    
|Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (h)                        
|Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (h)            
|Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (h)                  
|Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (h)                         
|Panda Sherman Power, LLC term loan 9% 9/14/18 (h)                                
|Sheridan Investment Partners I term loan 4.25% 12/16/20 (h)                      
|Sheridan Production Partners I:                                                  
|Tranche A, term loan 4.25% 12/16/20 (h)                                          
|Tranche M, term loan 4.25% 12/16/20 (h)                                          
|Targa Resources Corp. term loan 5.75% 2/27/22 (h)                                
|                                                                                 
|Healthcare - 0.5%                                                                
|Dialysis Newco, Inc.:                                                            
|Tranche 2LN, term loan 7.75% 10/22/21 (h)                                        
|Tranche B 1LN, term loan 4.5% 4/23/21 (h)                                        
|MModal IP LLC Tranche B, term loan 9% 1/31/20 (h)                                
|Rural/Metro Corp.:                                                               
|Tranche 2LN, term loan 14.5% 1/31/16                                             
|Tranche B, term loan 19.5% 1/31/16                                               
|U.S. Renal Care, Inc.:                                                           
|Tranche 2LN, term loan 8.5% 1/3/20 (h)                                           
|Tranche B 2LN, term loan 4.25% 7/3/19 (h)                                        
|                                                                                 
|Homebuilders/Real Estate - 0.1%                                                  
|DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (h)                   
|Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (h)                         
|                                                                                 
|Metals/Mining - 0.0%                                                             
|Ameriforge Group, Inc. Tranche B 2LN, term loan 8.75% 12/19/20 (h)               
|Bank Loan Obligations - continued                                                
|                                                                                 
|Publishing/Printing - 0.0%                                                       
|Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (h)
|Steel - 0.1%                                                                     
|Atkore International, Inc. Tranche 2LN, term loan 7.75% 10/9/21 (h)              
|Technology - 0.4%                                                                
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (h)                            
|Renaissance Learning, Inc.:                                                      
|Tranche 1LN, term loan 4.5% 4/9/21 (h)                                           
|Tranche 2LN, term loan 8% 4/9/22 (h)                                             
|                                                                                 
|Telecommunications - 0.0%                                                        
|LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (h)                              
|TOTAL BANK LOAN OBLIGATIONS
(Cost $3,362,221)                                    
|Preferred Securities - 5.7%                                                      
|                                                                                 
|Banks & Thrifts - 3.2%                                                           
|Banco Do Brasil SA 9% (e)(f)(h)                                                  
|Bank of America Corp.:                                                           
|5.2% (f)(h)                                                                      
|6.1% (f)(h)                                                                      
|Bank of East Asia Ltd. 8.5% (f)(h)                                               
|Barclays Bank PLC 7.625% 11/21/22                                                
|Barclays PLC 8% (f)(h)                                                           
|Chong Hing Bank Ltd. 6.5% (f)(h)                                                 
|Credit Agricole SA:                                                              
|6.5%(Reg S.) (f)(h)                                                              
|6.625% (e)(f)(h)                                                                 
|ICICI Bank Ltd. 7.25% (Reg S.) (f)(h)                                            
|Intesa Sanpaolo SpA 8.047% (f)(h)                                                
|JPMorgan Chase & Co. 5.15% (f)(h)                                                
|Royal Bank of Scotland Group PLC 7.0916% (f)(h)                                  
|Societe Generale 6.999% (f)(h)                                                   
|State Bank of India 6.439% (f)(h)                                                
|UniCredit International Bank Luxembourg SA 8.125% (f)(h)                         
|Wells Fargo & Co. 5.875% (f)(h)                                                  
|                                                                                 
|Preferred Securities - continued                                                 
|                                                                                 
|Consumer Products - 0.4%                                                         
|Cosan Overseas Ltd. 8.25% (f)                                                    
|Diversified Financial Services - 1.7%                                            
|Baggot Securities Ltd. 10.24% (Reg. S) (f)                                       
|Citigroup, Inc. 5.35% (f)(h)                                                     
|Hutchison Whampoa Europe Finance, Ltd. 3.75% (Reg. S) (f)(h)                     
|                                                                                 
|Insurance - 0.1%                                                                 
|Groupama SA 6.298% (f)(h)                                                        
|Telecommunications - 0.3%                                                        
|Telefonica Europe BV 5% (Reg. S) (f)(h)                                          
|TOTAL PREFERRED SECURITIES
(Cost $7,528,553)                                     

|Money Market Funds - 3.8%                              
|-------------------------------------------------------
|                                                       
|Fidelity Cash Central Fund, 0.15% (b)
(Cost $5,052,617)
|TOTAL INVESTMENT PORTFOLIO - 97.8%
(Cost $131,926,183) 
|NET OTHER ASSETS (LIABILITIES) - 2.2%                  
|NET ASSETS - 100%                                      

|Currency Abbreviations
|----------------------
|EUR                   

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b)	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.
|(c)	Non-income producing - Security is in default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(d)	Amount is stated in United States dollars unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,210,830 or 38.0% of net assets.                                                                                                                                                                                                                              
|(f)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(g)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(h)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(i)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,680 or 0.0% of net assets.                                                                                                                                                                                                                                                                                  
|Additional information on each restricted holding is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|Security                                | Acquisition Date | Acquisition Cost
|--------------------------------------- | ---------------- | ----------------
|WP Rocket Holdings, Inc.                | 6/24/11 - 2/2/15 | $	184,731       
|WP Rocket Holdings, Inc. Class C 19.50% | 2/2/15           | $	14,869        

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

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	7,382      

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Equities:                          
|Consumer Discretionary             
|Energy                             
|Financials                         
|Health Care                        
|Industrials                        
|Materials                          
|Telecommunication Services         
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 52.4% 
|---------------------------------- | ------
|Cayman Islands                     | 6.9%  
|Luxembourg                         | 4.9%  
|United Kingdom                     | 4.0%  
|Netherlands                        | 3.6%  
|Mexico                             | 2.8%  
|Ireland                            | 2.5%  
|Canada                             | 2.5%  
|Argentina                          | 2.2%  
|France                             | 2.1%  
|British Virgin Islands             | 1.9%  
|Singapore                          | 1.4%  
|Bermuda                            | 1.3%  
|Kazakhstan                         | 1.1%  
|Germany                            | 1.0%  
|Italy                              | 1.0%  
|Others (Individually Less Than 1%) | 8.4%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                           | April 30, 2015
|---------------------------------------------------------------------------------------------------------- | --------------
|Assets                                                                                                     |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $126,873,566)   | $	126,768,792 
|Fidelity Central Funds (cost $5,052,617)                                                                   | 5,052,617     
|Total Investments (cost $131,926,183)                                                                      |               
|Cash                                                                                                       |               
|Foreign currency held at value (cost $240,033)                                                             |               
|Receivable for investments sold                                                                            |               
|Receivable for fund shares sold                                                                            |               
|Dividends receivable                                                                                       |               
|Interest receivable                                                                                        |               
|Distributions receivable from Fidelity Central Funds                                                       |               
|Prepaid expenses                                                                                           |               
|Receivable from investment adviser for expense reductions                                                  |               
|Other receivables                                                                                          |               
|Total assets                                                                                               |               
|                                                                                                           |               
|Liabilities                                                                                                |               
|Payable for investments purchased 
Regular delivery                                                        | $	502,582     
|Delayed delivery                                                                                           | 200,000       
|Payable for fund shares redeemed                                                                           | 203,046       
|Distributions payable                                                                                      | 85,656        
|Accrued management fee                                                                                     | 80,464        
|Distribution and service plan fees payable                                                                 | 4,957         
|Audit fees payable                                                                                         | 63,471        
|Other affiliated payables                                                                                  | 33,326        
|Other payables and accrued expenses                                                                        | 3,911         
|Total liabilities                                                                                          |               
|                                                                                                           |               
|Net Assets                                                                                                 |               
|Net Assets consist of:                                                                                     |               
|Paid in capital                                                                                            |               
|Undistributed net investment income                                                                        |               
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions        |               
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |               
|Net Assets                                                                                                 |               

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

Annual Report

## Statement of Assets and Liabilities - continued

|                                                                                                                           | April 30, 2015
|-------------------------------------------------------------------------------------------------------------------------- | --------------
|Calculation of Maximum Offering Price
Class A:
Net Asset Valueand redemption price per share ($7,035,874 ÷ 733,021 shares) |               
|                                                                                                                           |               
|Maximum offering price per share (100/96.00 of $9.60)                                                                      |               
|Class T:
Net Asset Value and redemption price per share ($1,745,256 ÷ 181,843 shares)                                      |               
|                                                                                                                           |               
|Maximum offering price per share (100/96.00 of $9.60)                                                                      |               
|Class C:
Net Asset Value and offering price per share ($3,810,770 ÷ 397,053 shares)A                                       |               
|                                                                                                                           |               
|Global High Income:
Net Asset Value, offering price and redemption price per share ($119,711,890 ÷ 12,471,603 shares)      |               
|                                                                                                                           |               
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,480,640 ÷ 258,437 shares)          |               

ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

Financial Statements - continued

## Statement of Operations

|                                                                               | Year ended April 30, 2015
|------------------------------------------------------------------------------ | -------------------------
|Investment Income                                                              |                          
|Dividends                                                                      |                          
|Interest                                                                       |                          
|Income from Fidelity Central Funds                                             |                          
|Total income                                                                   |                          
|                                                                               |                          
|Expenses                                                                       |                          
|Management fee                                                                 | $	1,612,888              
|Transfer agent fees                                                            | 455,277                  
|Distribution and service plan fees                                             | 61,877                   
|Accounting fees and expenses                                                   | 117,502                  
|Custodian fees and expenses                                                    | 30,464                   
|Independent trustees' compensation                                             | 1,040                    
|Registration fees                                                              | 81,040                   
|Audit                                                                          | 74,567                   
|Legal                                                                          | 20,670                   
|Interest                                                                       | 3,099                    
|Miscellaneous                                                                  | 1,925                    
|Total expenses before reductions                                               | 2,460,349                
|Expense reductions                                                             | (120,068)                
|Net investment income (loss)                                                   |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                          
|Investment securities:                                                         |                          
|Unaffiliated issuers                                                           | 6,277,521                
|Foreign currency transactions                                                  | (200,214)                
|Total net realized gain (loss)                                                 |                          
|Change in net unrealized appreciation (depreciation) on:
Investment securities | (13,405,963)             
|Assets and liabilities in foreign currencies                                   | 21,463                   
|Total change in net unrealized appreciation (depreciation)                     |                          
|Net gain (loss)                                                                |                          
|Netincrease (decrease) in net assets resulting from operations                 |                          

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

Annual Report

## Statement of Changes in Net Assets

|                                                                                                                                             | Year ended
April 30,
2015 | Year ended
April 30,
2014
|-------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                            |                           |                          
|Operations                                                                                                                                   |                           |                          
|Net investment income (loss)                                                                                                                 | $	11,481,444              | $	17,719,135             
|Net realized gain (loss)                                                                                                                     | 6,077,307                 | 4,730,530                
|Change in net unrealized appreciation (depreciation)                                                                                         | (13,384,500)              | (6,402,555)              
|Netincrease (decrease) in net assets resulting
from operations                                                                               | 4,174,251                 | 16,047,110               
|Distributions to shareholders from net investment income                                                                                     | (11,482,978)              | (16,962,893)             
|Distributions to shareholders from net realized gain                                                                                         | (6,017,381)               | (7,941,424)              
|Total distributions                                                                                                                          | (17,500,359)              | (24,904,317)             
|Share transactions - net increase (decrease)                                                                                                 | (214,818,457)             | 9,681,594                
|Redemption fees                                                                                                                              | 65,173                    | 71,966                   
|Total increase (decrease) in net assets                                                                                                      | (228,079,392)             | 896,353                  
|                                                                                                                                             |                           |                          
|Net Assets                                                                                                                                   |                           |                          
|Beginning of period                                                                                                                          | 362,863,822               | 361,967,469              
|End of period (including undistributed net investment income of 764,726 and undistributed net investment income of $1,599,944, respectively) | $	134,784,430             | $	362,863,822            

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

Annual Report

## Financial Highlights - Class A

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H   
|----------------------------------------- | ------- | ------- | ------- | --------
|Selected Per-Share Data                   |         |         |         |         
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00 
|Income from Investment Operations         |         |         |         |         
|Net investment income (loss)E             | .476    | .506    | .526    | .476    
|Net realized and unrealized gain (loss)   | (.293)K | (.036)  | .714    | (.317)  
|Total from investment operations          | .183    | .470    | 1.240   | .159    
|Distributions from net investment income  | (.486)  | (.483)  | (.477)  | (.423)  
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -       
|Total distributions                       | (.796)  | (.722)  | (.523)  | (.423)  
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004    
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74  
|Total ReturnB, C, D                       | 1.97%K  | 4.86%   | 13.13%  | 1.80%   
|Ratios to Average Net AssetsF, I          |         |         |         |         
|Expenses before reductions                | 1.28%   | 1.23%   | 1.24%   | 1.38%A  
|Expenses net of fee waivers, if any       | 1.25%   | 1.23%   | 1.24%   | 1.25%A  
|Expenses net of all reductions            | 1.25%   | 1.23%   | 1.24%   | 1.25%A  
|Net investment income (loss)              | 4.82%   | 5.03%   | 5.25%   | 5.15%A  
|Supplemental Data                         |         |         |         |         
|Net assets, end of period (000 omitted)   | $	7,036 | $	8,000 | $	6,419 | $	10,102
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Class T

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H  
|----------------------------------------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |        
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00
|Income from Investment Operations         |         |         |         |        
|Net investment income (loss)E             | .474    | .504    | .523    | .477   
|Net realized and unrealized gain (loss)   | (.291)K | (.036)  | .712    | (.318) 
|Total from investment operations          | .183    | .468    | 1.235   | .159   
|Distributions from net investment income  | (.486)  | (.481)  | (.472)  | (.423) 
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -      
|Total distributions                       | (.796)  | (.720)  | (.518)  | (.423) 
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004   
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74 
|Total ReturnB, C, D                       | 1.98%K  | 4.84%   | 13.08%  | 1.80%  
|Ratios to Average Net AssetsF, I          |         |         |         |        
|Expenses before reductions                | 1.40%   | 1.35%   | 1.25%   | 1.39%A 
|Expenses net of fee waivers, if any       | 1.25%   | 1.25%   | 1.25%   | 1.25%A 
|Expenses net of all reductions            | 1.25%   | 1.25%   | 1.25%   | 1.25%A 
|Net investment income (loss)              | 4.82%   | 5.01%   | 5.24%   | 5.15%A 
|Supplemental Data                         |         |         |         |        
|Net assets, end of period (000 omitted)   | $	1,745 | $	1,595 | $	1,349 | $	9,362
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Class C

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H  
|----------------------------------------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |        
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00
|Income from Investment Operations         |         |         |         |        
|Net investment income (loss)E             | .401    | .428    | .448    | .407   
|Net realized and unrealized gain (loss)   | (.292)K | (.035)  | .712    | (.317) 
|Total from investment operations          | .109    | .393    | 1.160   | .090   
|Distributions from net investment income  | (.412)  | (.406)  | (.397)  | (.354) 
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -      
|Total distributions                       | (.722)  | (.645)  | (.443)  | (.354) 
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004   
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74 
|Total ReturnB, C, D                       | 1.22%K  | 4.05%   | 12.23%  | 1.07%  
|Ratios to Average Net AssetsF, I          |         |         |         |        
|Expenses before reductions                | 2.12%   | 2.05%   | 2.01%   | 2.15%A 
|Expenses net of fee waivers, if any       | 2.00%   | 2.00%   | 2.00%   | 2.00%A 
|Expenses net of all reductions            | 2.00%   | 2.00%   | 2.00%   | 2.00%A 
|Net investment income (loss)              | 4.07%   | 4.26%   | 4.49%   | 4.40%A 
|Supplemental Data                         |         |         |         |        
|Net assets, end of period (000 omitted)   | $	3,811 | $	3,720 | $	2,941 | $	9,878
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J   

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Global High Income

|Years ended April 30,                     | 2015      | 2014      | 2013      | 2012G    
|----------------------------------------- | --------- | --------- | --------- | ---------
|Selected Per-Share Data                   |           |           |           |          
|Net asset value, beginning of period      | $	10.21   | $	10.47   | $	9.74    | $	10.00  
|Income from Investment Operations         |           |           |           |          
|Net investment income (loss)D             | .508      | .534      | .555      | .495     
|Net realized and unrealized gain (loss)   | (.301)J   | (.046)    | .724      | (.312)   
|Total from investment operations          | .207      | .488      | 1.279     | .183     
|Distributions from net investment income  | (.510)    | (.511)    | (.506)    | (.447)   
|Distributions from net realized gain      | (.310)    | (.239)    | (.046)    | -        
|Total distributions                       | (.820)    | (.750)    | (.552)    | (.447)   
|Redemption fees added to paid in capitalD | .003      | .002      | .003      | .004     
|Net asset value, end of period            | $	9.60    | $	10.21   | $	10.47   | $	9.74   
|Total ReturnB, C                          | 2.23%J    | 5.05%     | 13.56%    | 2.06%    
|Ratios to Average Net AssetsE, H          |           |           |           |          
|Expenses before reductions                | 1.05%     | .95%      | .96%      | 1.07%A   
|Expenses net of fee waivers, if any       | 1.00%     | .95%      | .96%      | 1.00%A   
|Expenses net of all reductions            | 1.00%     | .95%      | .96%      | 1.00%A   
|Net investment income (loss)              | 5.07%     | 5.30%     | 5.53%     | 5.39%A   
|Supplemental Data                         |           |           |           |          
|Net assets, end of period (000 omitted)   | $	119,712 | $	344,206 | $	345,210 | $	197,480
|Portfolio turnover rateF                  | 44%       | 72%       | 55%       | 36%I     

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

IAmount not annualized.

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

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

Annual Report

## Financial Highlights - Institutional Class

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012G   
|----------------------------------------- | ------- | ------- | ------- | --------
|Selected Per-Share Data                   |         |         |         |         
|Net asset value, beginning of period      | $	10.21 | $	10.47 | $	9.74  | $	10.00 
|Income from Investment Operations         |         |         |         |         
|Net investment income (loss)D             | .501    | .532    | .549    | .499    
|Net realized and unrealized gain (loss)   | (.293)J | (.046)  | .728    | (.317)  
|Total from investment operations          | .208    | .486    | 1.277   | .182    
|Distributions from net investment income  | (.511)  | (.509)  | (.504)  | (.446)  
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -       
|Total distributions                       | (.821)  | (.748)  | (.550)  | (.446)  
|Redemption fees added to paid in capitalD | .003    | .002    | .003    | .004    
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.47 | $	9.74  
|Total ReturnB, C                          | 2.23%J  | 5.03%   | 13.54%  | 2.05%   
|Ratios to Average Net AssetsE, H          |         |         |         |         
|Expenses before reductions                | 1.02%   | .97%    | .98%    | 1.13%A  
|Expenses net of fee waivers, if any       | 1.00%   | .97%    | .98%    | 1.00%A  
|Expenses net of all reductions            | 1.00%   | .97%    | .98%    | 1.00%A  
|Net investment income (loss)              | 5.07%   | 5.28%   | 5.51%   | 5.40%A  
|Supplemental Data                         |         |         |         |         
|Net assets, end of period (000 omitted)   | $	2,481 | $	5,344 | $	6,049 | $	11,617
|Portfolio turnover rateF                  | 44%     | 72%     | 55%     | 36%I    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

IAmount not annualized.

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

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Global High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Global High Income Fund and Institutional Class shares, each of which, has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Annual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

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

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

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

Annual Report

3. Significant Accounting Policies - continued

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

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, partnerships, contingent interest, equity-debt classifications and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	5,892,891  
|-------------------------------------------------------- | -------------
|Gross unrealized depreciation                            | (5,626,573)  
|Net unrealized appreciation (depreciation) on securities | $	266,318    
|                                                         |              
|Tax Cost                                                 | $	131,555,091

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

|Undistributed ordinary income                                                  | $	374,607
|------------------------------------------------------------------------------ | ---------
|Net unrealized appreciation (depreciation) on securities and other investments | $	265,148

The Fund intends to elect to defer to its next fiscal year $149,335 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

The tax character of distributions paid was as follows:

|                        | April 30, 2015 | April 30, 2014
|----------------------- | -------------- | --------------
|                        |                |               
|Ordinary Income         | $	11,740,384   | $	18,855,196  
|Long-term Capital Gains | 5,759,975      | 6,049,121     
|Total                   | $	17,500,359   | $	24,904,317  

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $97,593,754 and $306,910,321, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .71% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

|        | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC
|------- | ---------------- | ----------- | ---------- | ---------------
|Class A | -%               | .25%        | $	19,468   | $	758          
|Class T | -%               | .25%        | 4,378      | -              
|Class C | .75%             | .25%        | 38,031     | 6,828          
|        |                  |             | $	61,877   | $	7,586        

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, and Class C redemptions. The deferred sales charges range from 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

|         | Retained
by FDC
|-------- | ---------------
|Class A  | $	2,114        
|Class T  | 990            
|Class C* | 500            
|         | $	3,604        

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

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

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

|                    | Amount    | % of
Class-Level Average
Net Assets
|------------------- | --------- | -----------------------------------
|Class A             | $	12,262  | .16                                
|Class T             | 4,752     | .27                                
|Class C             | 9,204     | .24                                
|Global High Income  | 421,276   | .20                                
|Institutional Class | 7,783     | .15                                
|                    | $	455,277 |                                    

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions.The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $121 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

|Borrower or Lender | Average
Loan Balance | Weighted Average
Interest Rate | Interest Expense
|------------------ | -------------------- | ------------------------------ | ----------------
|Borrower           | $	12,016,500         | .32%                           | $	1,517         

Other. During the period, the investment adviser reimbursed the Fund $95,210 for an operating error which is included in Share Transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or

Annual Report

6. Committed Line of Credit - continued

emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $355 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $10,709,000. The weighted average interest rate was .59%. The interest expense amounted to $1,582 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

|                    | Expense
Limitations | Reimbursement
|------------------- | ------------------- | -------------
|                    |                     |              
|Class A             | 1.25%               | $	1,867      
|Class T             | 1.25%               | 2,534        
|Class C             | 2.00%               | 4,345        
|Global High Income  | 1.00%               | 109,986      
|Institutional Class | 1.00%               | 925          
|                    |                     | $	119,657    

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $107 for the period.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Global High Income expenses, during the period in the amount of $304.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015         | 2014        
|-------------------------- | ------------ | ------------
|From net investment income |              |             
|Class A                    | $	382,865    | $	301,725   
|Class T                    | 86,534       | 65,194      
|Class C                    | 159,110      | 126,053     
|Global High Income         | 10,588,584   | 16,212,658  
|Institutional Class        | 265,885      | 257,263     
|Total                      | $	11,482,978 | $	16,962,893
|From net realized gain     |              |             
|Class A                    | $	238,361    | $	152,979   
|Class T                    | 55,292       | 29,538      
|Class C                    | 121,832      | 70,175      
|Global High Income         | 5,435,168    | 7,560,648   
|Institutional Class        | 166,728      | 128,084     
|Total                      | $	6,017,381  | $	7,941,424 

10. Share Transactions.

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

|                              | Shares    | Dollars  
|----------------------------- | --------- | ---------
|Years ended April 30,         | 2015      | 2014     
|Class A                       |           |          
|Shares sold                   | 227,721   | 520,166  
|Reinvestment of distributions | 58,909    | 38,112   
|Shares redeemed               | (336,927) | (388,303)
|Net increase (decrease)       | (50,297)  | 169,975  
|Class T                       |           |          
|Shares sold                   | 47,348    | 88,315   
|Reinvestment of distributions | 14,288    | 9,045    
|Shares redeemed               | (35,971)  | (70,058) 
|Net increase (decrease)       | 25,665    | 27,302   

Annual Report

10. Share Transactions - continued

|                              | Shares       | Dollars     
|----------------------------- | ------------ | ------------
|Years ended April 30,         | 2015         | 2014        
|Class C                       |              |             
|Shares sold                   | 139,066      | 149,109     
|Reinvestment of distributions | 26,268       | 17,367      
|Shares redeemed               | (132,516)    | (83,275)    
|Net increase (decrease)       | 32,818       | 83,201      
|Global High Income            |              |             
|Shares sold                   | 6,146,670    | 12,907,329  
|Reinvestment of distributions | 1,436,237    | 2,136,351   
|Shares redeemed               | (28,813,511) | (14,327,532)
|Net increase (decrease)       | (21,230,604) | 716,148     
|Institutional Class           |              |             
|Shares sold                   | 75,270       | 143,981     
|Reinvestment of distributions | 6,967        | 6,722       
|Shares redeemed               | (346,993)    | (205,533)   
|Net increase (decrease)       | (264,756)    | (54,830)    

11. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.

12. Credit Risk.

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

Annual Report

Notes to Financial Statements - continued

13. Litigation.

The Fund, and other entities managed by Fidelity or its affiliates, were named as defendants in a lawsuit brought by creditors of a subsidiary of Energy Future Holdings Corp. ("EFH"), which is currently in bankruptcy and was formerly known as TXU. The lawsuit, which is captioned as In Re:  ENERGY FUTURE HOLDINGS CORP. et al.  U.S. Bankruptcy Court, D. Del. Case No. 14-10979 (CSS); AVENUE CAPITAL MANAGEMENT II, LP, et al. v. FIDELITY INVESTMENTS, et al. Adversary No. 14-50797 (CSS), was filed in the United States Bankruptcy Court for the District of Delaware on October 6, 2014. The plaintiffs sought to enforce an alleged agreement under which the Fund and other defendants would sell certain EFH notes to the plaintiffs at a specified price. Plaintiffs sought a declaration that an alleged right to call the securities was properly exercised and an order that the Fund and other defendants transfer the notes to the plaintiffs at the specified price. The Fund and the other defendants disputed the plaintiffs' claims and filed a motion to dismiss contending, among other things, that the right to call the notes never came into existence and was part of a proposed settlement agreement that was never completed or approved by the bankruptcy court. On January 20, 2015, the court granted the defendants' motion and dismissed the complaint with prejudice. The plaintiffs filed a notice of appeal on February 3, 2015. If the lawsuit were to be decided in a manner adverse to the Fund, the Fund could experience a loss up to $1,853,326 as of period end. The Fund will also incur legal costs in defending the case.

Annual Report

---

# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Global High Income Fund (a fund of Fidelity Summer Street Trust) at April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Global High Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 24, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $4,942,086, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,617,091 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management 
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

FIL Investment Advisors

FIL Investments (Japan) 
Limited

FIL Investment Advisors
(UK) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA



(Fidelity Investment logo)(registered trademark)

`AGHI-UANN-0615
1.926275.103`



(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

Global High Income

Fund - Institutional Class

Annual Report

April 30, 2015(Fidelity Cover Art)

Institutional Class 
is a class of Fidelity® 
Global High Income Fund

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to financial statements.                                                                               
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015 | Past 1
year | Life of
fundA
|---------------------------- | ----------- | -------------
|Institutional Class          | 2.23%       | 5.65%        

AFrom May 11, 2011.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global High Income Fund - Institutional Class on May 11, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how The BofA Merrill LynchSM Global High Yield and Emerging Markets Plus Index performed over the same period.

hii543738

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap:Global high-yield bonds posted a roughly break-even return for the 12 months ending April 30, 2015, as positive results from most major regions around the world were tempered by the poor performance of Europe. After a strong start, investors exited the asset class at a record pace in July amid global economic jitters caused partly by credit crises in Argentina and exacerbated by a fairly low supply of U.S. Treasuries. Another sharp drop in September gave way to a rebound in October, as concerns about possible deflation in Europe and recession in Japan led to increased expectations for market intervention overseas. The asset class generally trended lower throughout the rest of 2014, then bounced back early in 2015, as oil prices stabilized and investors increased their appetite for risk. Among the regions that constitute the Fidelity Global High Income Composite IndexSM, Asia performed best, as The BofA Merrill Lynch Asian Dollar High Yield Corporate Constrained Index advanced 6.52%. Emerging-markets debt also fared well, as the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified gained 5.47%. U.S. high-yield bonds rose 2.58%, according to The BofA Merrill LynchSM US High Yield Constrained Index. European debt was by far the worst-performing group, hampered in large part by a declining euro. Accordingly, The BofA Merrill LynchSM Euro High Yield Constrained Index returned -15.20%.

Comments from Lead Portfolio Manager John Carlson: For the year, the fund's share classes handily outperformed the negative result of its primary benchmark, The BofA Merrill LynchSM Global High Yield and Emerging Markets Plus Index, as well as the Fidelity Global High Income Composite IndexSM. Three of the fund's regional subportfolios outpaced their respective benchmarks. As a result, security selection was the primary driver of the fund's performance versus the Composite index. The U.S. high-yield subportfolio was by far the biggest contributor the past year, as it easily topped its benchmark. It achieved strong results via overweightings in utilities and diversified financial services, and an underweighting in energy. Despite a negative absolute return, the European high-yield subportfolio handily surpassed its benchmark and was a notable contributor. Security selection in the Asian debt subportfolio, which produced the biggest absolute gain, also boosted the fund's relative results. Asset allocation also contributed due to the fund's overweighting in the Asian debt sleeve, as well as its underweighting in weak-performing European high yield. Conversely, security selection and an underweighting in the emerging-markets debt subportfolio dampened relative performance.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|                    | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014
to April 30, 2015
|------------------- | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A             | 1.25%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,012.00                          | $	6.24                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,018.60                          | $	6.26                                                        
|Class T             | 1.25%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,012.20                          | $	6.24                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,018.60                          | $	6.26                                                        
|Class C             | 2.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,008.50                          | $	9.96                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,014.88                          | $	9.99                                                        
|Global High Income  | 1.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,013.50                          | $	4.99                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,019.84                          | $	5.01                                                        
|Institutional Class | 1.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,013.20                          | $	4.99                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,019.84                          | $	5.01                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015                                                     
|-------------------------------------------------------------------------------------------
|(by issuer, excluding cash equivalents)                                                    
|TXU Corp.                                                                                  
|Citigroup, Inc.                                                                            
|Rite Aid Corp.                                                                             
|GMAC LLC                                                                                   
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.
|                                                                                           
|Top Five Countries as of April 30, 2015                                                    
|(excluding short-term investments and net other assets)                                    
|United States of America                                                                   
|Cayman Islands                                                                             
|Luxembourg                                                                                 
|United Kingdom                                                                             
|Netherlands                                                                                
|Top Five Market Sectors as of April 30, 2015                                               
|                                                                                           
|Banks & Thrifts                                                                            
|Energy                                                                                     
|Telecommunications                                                                         
|Homebuilders/Real Estate                                                                   
|Diversified Financial Services                                                             

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|hii543740                                       
|hii543744                                       
|hii543748                                       
|hii543752                                       
|hii543756                                       
|hii543760                                       
|hii543764                                       

hii543768

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|hii543770                                
|hii543774                                
|hii543778                                
|hii543782                                
|hii543786                                
|*Foreign investments                     

hii543790

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 83.8%                                                                                    
|----------------------------------------------------------------------------------------------------------------
|                                                                                                                
|Aerospace - 0.2%                                                                                                
|KLX, Inc. 5.875% 12/1/22 (e)                                                                                    
|TransDigm, Inc. 6.5% 7/15/24                                                                                    
|                                                                                                                
|Air Transportation - 0.3%                                                                                       
|Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (Reg. S)                                                           
|Continental Airlines, Inc. 6.125% 4/29/18                                                                       
|United Continental Holdings, Inc. 6.375% 6/1/18                                                                 
|                                                                                                                
|Automotive - 0.8%                                                                                               
|Fiat Industrial Finance Europe SA 6.25% 3/9/18                                                                  
|PT Gadjah Tunggal Tbk 7.75% 2/6/18 (Reg. S)                                                                     
|Schaeffler Finance BV 3.5% 5/15/22 (Reg. S)                                                                     
|Schaeffler Holding Finance BV 6.875% 8/15/18 (Reg. S) (h)                                                       
|Tenedora Nemak SA de CV 5.5% 2/28/23 (e)                                                                        
|                                                                                                                
|Automotive & Auto Parts - 1.0%                                                                                  
|American Tire Distributors, Inc. 10.25% 3/1/22 (e)                                                              
|Chassix, Inc. 9.25% 8/1/18 (c)(e)                                                                               
|Dana Holding Corp. 6% 9/15/23                                                                                   
|Fiat Finance & Trade Ltd. SA 7.375% 7/9/18                                                                      
|Schaeffler Holding Finance BV 6.75% 11/15/22 pay-in-kind (e)(h)                                                 
|Tata Motors Ltd. 5.75% 10/30/24 (Reg. S)                                                                        
|ZF North America Capital, Inc. 4.5% 4/29/22 (e)                                                                 
|                                                                                                                
|Banks & Thrifts - 8.3%                                                                                          
|Ally Financial, Inc. 7.5% 9/15/20                                                                               
|Banco Espirito Santo SA 5.875% 11/9/15                                                                          
|Bank of Baroda (London) 6.625% 5/25/22 (h)                                                                      
|Bank of Ceylon 5.325% 4/16/18 (Reg. S)                                                                          
|Bank of India - London Branch 6.625% 9/22/21 (h)                                                                
|Bank of Ireland 10% 12/19/22                                                                                    
|BBVA Bancomer SA 7.25% 4/22/20 (e)                                                                              
|BBVA Colombia SA 4.875% 4/21/25 (e)                                                                             
|BBVA Paraguay SA 9.75% 2/11/16 (e)                                                                              
|Canara Bank Ltd. 6.365% 11/28/21 (h)                                                                            
|Commerzbank AG 7.75% 3/16/21                                                                                    
|FBN Finance Co. BV 8.25% 8/7/20 (e)(h)                                                                          
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Banks & Thrifts - continued                                                                                     
|Finansbank A/S 6.25% 4/30/19 (e)                                                                                
|General Motors Acceptance Corp. 8% 11/1/31                                                                      
|Georgia Bank Joint Stock Co. 7.75% 7/5/17 (e)                                                                   
|GMAC LLC:                                                                                                       
|8% 12/31/18                                                                                                     
|8% 11/1/31                                                                                                      
|GTB Finance BV 6% 11/8/18 (e)                                                                                   
|HBOS PLC 4.5% 3/18/30 (h)                                                                                       
|HSBK BV 7.25% 5/3/17 (e)                                                                                        
|ICICI Bank Ltd. 6.375% 4/30/22 (Reg. S) (h)                                                                     
|Itau Unibanco Holding SA 6.2% 12/21/21 (e)                                                                      
|JSC Halyk Bank of Kazakhstan 7.25% 1/28/21 (e)                                                                  
|National Savings Bank 8.875% 9/18/18 (Reg. S)                                                                   
|Ocwen Financial Corp. 6.625% 5/15/19 (e)                                                                        
|Royal Bank of Scotland Group PLC:                                                                               
|5.125% 5/28/24                                                                                                  
|6% 12/19/23                                                                                                     
|Turkiye Garanti Bankasi A/S 4.75% 10/17/19 (e)                                                                  
|Turkiye Halk Bankasi A/S 3.875% 2/5/20 (e)                                                                      
|UT2 Funding PLC 5.321% 6/30/16 (c)                                                                              
|Yapi ve Kredi Bankasi A/S 4% 1/22/20 (e)                                                                        
|Zenith Bank PLC 6.25% 4/22/19 (e)                                                                               
|                                                                                                                
|Broadcasting - 1.1%                                                                                             
|AMC Networks, Inc.:                                                                                             
|4.75% 12/15/22                                                                                                  
|7.75% 7/15/21                                                                                                   
|Clear Channel Communications, Inc. 5.5% 12/15/16                                                                
|iHeartCommunications, Inc. 10.625% 3/15/23 (e)                                                                  
|Ottawa Holdings Pte Ltd. 5.875% 5/16/18 (Reg. S)                                                                
|Polish Television Holding BV 11% 1/15/21 pay-in-kind (Reg. S) (h)                                               
|TV Azteca SA de CV:                                                                                             
|7.5% 5/25/18 (Reg. S)                                                                                           
|7.625% 9/18/20 (Reg S.)                                                                                         
|                                                                                                                
|Building Materials - 2.2%                                                                                       
|Alam Synergy Pte. Ltd. 6.95% 3/27/20 (Reg. S)                                                                   
|American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (e)                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Building Materials - continued                                                                                  
|CEMEX Finance LLC:                                                                                              
|5.25% 4/1/21 (Reg. S)                                                                                           
|6% 4/1/24 (Reg. S)                                                                                              
|CEMEX S.A.B. de CV 5.2731% 9/30/15 (e)(h)                                                                       
|Elementia S.A.B. de CV 5.5% 1/15/25 (e)                                                                         
|HeidelbergCement Finance BV 9.5% 12/15/18 (Reg. S)                                                              
|HMAN Finance Sub Corp. 6.375% 7/15/22 (e)                                                                       
|Modern Land China Co. Ltd. 13.875% 11/4/18 (Reg. S)                                                             
|Nortek, Inc. 8.5% 4/15/21                                                                                       
|Titan Global Finance PLC 4.25% 7/10/19 (Reg. S)                                                                 
|Union Andina de Cementos SAA 5.875% 10/30/21 (Reg. S)                                                           
|USG Corp.:                                                                                                      
|5.875% 11/1/21 (e)                                                                                              
|9.75% 1/15/18                                                                                                   
|West China Cement Ltd. 6.5% 9/11/19                                                                             
|                                                                                                                
|Cable/Satellite TV - 3.1%                                                                                       
|CCO Holdings LLC/CCO Holdings Capital Corp. 5.75% 1/15/24                                                       
|Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (e)                
|Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (e)                                   
|DISH DBS Corp. 5% 3/15/23                                                                                       
|Lynx II Corp. 6.375% 4/15/23 (e)                                                                                
|Numericable Group SA 5.375% 5/15/22 (Reg. S)                                                                    
|RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (e)                                                     
|Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:                                                            
|3.5% 1/15/27 (Reg. S)                                                                                           
|5.5% 9/15/22 (Reg. S)                                                                                           
|5.5% 1/15/23 (e)                                                                                                
|UPCB Finance V Ltd. 7.25% 11/15/21 (e)                                                                          
|UPCB Finance VI Ltd. 6.875% 1/15/22 (e)                                                                         
|VTR Finance BV 6.875% 1/15/24 (e)                                                                               
|                                                                                                                
|Capital Goods - 0.4%                                                                                            
|AECOM Technology Corp.:                                                                                         
|5.75% 10/15/22 (e)                                                                                              
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Capital Goods - continued                                                                                       
|AECOM Technology Corp.: - continued                                                                             
|5.875% 10/15/24 (e)                                                                                             
|Norcell Sweden Holding 2 AB 10.75% 9/29/19 (Reg. S)                                                             
|Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (e)                                         
|Zoomlion HK SPV Co. Ltd. 6.125% 12/20/22 (Reg. S)                                                               
|                                                                                                                
|Chemicals - 1.6%                                                                                                
|Chemtura Corp. 5.75% 7/15/21                                                                                    
|Evolution Escrow Issuer LLC 7.5% 3/15/22 (e)                                                                    
|INEOS Group Holdings SA 5.75% 2/15/19 (Reg. S)                                                                  
|Kerling PLC 10.625% 2/1/17 (Reg. S)                                                                             
|LSB Industries, Inc. 7.75% 8/1/19                                                                               
|OCP SA 5.625% 4/25/24 (e)                                                                                       
|PolyOne Corp. 5.25% 3/15/23                                                                                     
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:                                                
|6.75% 5/1/22 (e)(g)                                                                                             
|8.75% 2/1/19                                                                                                    
|U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (e)                                              
|W.R. Grace & Co. - Conn 5.625% 10/1/24 (e)                                                                      
|                                                                                                                
|Consumer Products - 0.6%                                                                                        
|Prestige Brands, Inc.:                                                                                          
|5.375% 12/15/21 (e)                                                                                             
|8.125% 2/1/20                                                                                                   
|Revlon Consumer Products Corp. 5.75% 2/15/21                                                                    
|Spectrum Brands Holdings, Inc. 6.375% 11/15/20                                                                  
|                                                                                                                
|Containers - 1.1%                                                                                               
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (e)(h)                                                    
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                                                   
|6% 6/30/21 (e)                                                                                                  
|7% 11/15/20 (e)                                                                                                 
|Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (e)                         
|OI European Group BV 6.75% 9/15/20 (Reg. S)                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Containers - continued                                                                                          
|Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20      
|SGD Group SA 5.625% 5/15/19 (Reg S.)                                                                            
|Tekni-Plex, Inc. 9.75% 6/1/19 (e)                                                                               
|                                                                                                                
|Diversified Financial Services - 4.5%                                                                           
|Aircastle Ltd. 5.125% 3/15/21                                                                                   
|Arrow Global Finance PLC 5.29% 11/1/21 (h)                                                                      
|Boing Group Financing PLC 6.625% 7/15/19 (Reg. S)                                                               
|CIT Group, Inc.:                                                                                                
|5% 8/15/22                                                                                                      
|5% 8/1/23                                                                                                       
|Comcel Trust 6.875% 2/6/24 (e)                                                                                  
|Credito Real S.A.B. de CV 7.5% 3/13/19 (e)                                                                      
|GCS Holdco Finance I SA 6.5% 11/15/18 (Reg. S)                                                                  
|Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.875% 2/1/22                                              
|International Lease Finance Corp.:                                                                              
|5.875% 8/15/22                                                                                                  
|8.625% 1/15/22                                                                                                  
|International Personal Finance PLC 11.5% 8/6/15                                                                 
|SLM Corp.:                                                                                                      
|5.5% 1/25/23                                                                                                    
|6.125% 3/25/24                                                                                                  
|8% 3/25/20                                                                                                      
|UPCB Finance Ltd. 6.375% 7/1/20 (Reg. S)                                                                        
|Verisure Holding AB 8.75% 9/1/18 (Reg. S)                                                                       
|                                                                                                                
|Diversified Media - 0.3%                                                                                        
|Lamar Media Corp. 5.875% 2/1/22                                                                                 
|MDC Partners, Inc. 6.75% 4/1/20 (e)                                                                             
|National CineMedia LLC:                                                                                         
|6% 4/15/22                                                                                                      
|7.875% 7/15/21                                                                                                  
|Outfront Media Capital LLC / Corp. 5.625% 2/15/24 (e)                                                           
|                                                                                                                
|Energy - 11.1%                                                                                                  
|Afren PLC 10.25% 4/8/19 (e)                                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|American Energy-Permian Basin LLC/ AEPB Finance Corp.:                                                          
|6.7521% 8/1/19 (e)(h)                                                                                           
|7.125% 11/1/20 (e)                                                                                              
|7.375% 11/1/21 (e)                                                                                              
|Antero Resources Corp.:                                                                                         
|5.125% 12/1/22                                                                                                  
|5.625% 6/1/23 (e)                                                                                               
|Areva SA 4.875% 9/23/24                                                                                         
|California Resources Corp.:                                                                                     
|5.5% 9/15/21                                                                                                    
|6% 11/15/24                                                                                                     
|Carrizo Oil & Gas, Inc. 6.25% 4/15/23                                                                           
|Chesapeake Energy Corp. 5.375% 6/15/21                                                                          
|China Oil & Gas Group Ltd. 5% 5/7/20 (Reg. S)                                                                   
|Citgo Holding, Inc. 10.75% 2/15/20 (e)                                                                          
|Clayton Williams Energy, Inc. 7.75% 4/1/19                                                                      
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.125% 3/1/22                                 
|Diamondback Energy, Inc. 7.625% 10/1/21                                                                         
|EDC Finance Ltd. 4.875% 4/17/20 (e)                                                                             
|Endeavor Energy Resources LP/EER Finance, Inc. 8.125% 9/15/23 (e)                                               
|Energy Transfer Equity LP 7.5% 10/15/20                                                                         
|Energy XXI Gulf Coast, Inc. 11% 3/15/20 (e)                                                                     
|EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22                                                    
|Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20                                         
|Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22                                                              
|Forum Energy Technologies, Inc. 6.25% 10/1/21                                                                   
|Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21                                                    
|Gibson Energy, Inc. 6.75% 7/15/21 (e)                                                                           
|Gulfmark Offshore, Inc. 6.375% 3/15/22                                                                          
|Hilcorp Energy I LP/Hilcorp Finance Co.:                                                                        
|5% 12/1/24 (e)                                                                                                  
|7.625% 4/15/21 (e)                                                                                              
|Indo Energy Finance II BV 6.375% 1/24/23                                                                        
|Kosmos Energy Ltd. 7.875% 8/1/21 (e)                                                                            
|Laredo Petroleum, Inc.:                                                                                         
|5.625% 1/15/22                                                                                                  
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|Laredo Petroleum, Inc.: - continued                                                                             
|6.25% 3/15/23                                                                                                   
|MIE Holdings Corp. 6.875% 2/6/18 (Reg S.)                                                                       
|Oasis Petroleum, Inc. 6.875% 3/15/22                                                                            
|Offshore Group Investment Ltd.:                                                                                 
|7.125% 4/1/23                                                                                                   
|7.5% 11/1/19                                                                                                    
|Pacific Drilling V Ltd. 7.25% 12/1/17 (e)                                                                       
|Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e)                                                                
|Pan American Energy LLC 7.875% 5/7/21 (e)                                                                       
|Puma International Financing SA 6.75% 2/1/21 (Reg. S)                                                           
|Rice Energy, Inc. 7.25% 5/1/23 (e)                                                                              
|Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22                                                  
|Rosetta Resources, Inc.:                                                                                        
|5.625% 5/1/21                                                                                                   
|5.875% 6/1/24                                                                                                   
|RSP Permian, Inc. 6.625% 10/1/22 (e)                                                                            
|Sabine Pass Liquefaction LLC 5.625% 2/1/21                                                                      
|SemGroup Corp. 7.5% 6/15/21                                                                                     
|Sibur Securities Ltd. 3.914% 1/31/18 (e)                                                                        
|Summit Midstream Holdings LLC 7.5% 7/1/21                                                                       
|Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (e)                                                              
|Targa Resources Partners LP/Targa Resources Partners Finance Corp.:                                             
|5% 1/15/18 (e)                                                                                                  
|6.375% 8/1/22                                                                                                   
|Teine Energy Ltd. 6.875% 9/30/22 (e)                                                                            
|TerraForm Power Operating LLC 5.875% 2/1/23 (e)                                                                 
|Transocean, Inc.:                                                                                               
|6% 3/15/18                                                                                                      
|6.375% 12/15/21                                                                                                 
|Transportadora de Gas del Sur SA 9.625% 5/14/20 (e)                                                             
|Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (e)                                                 
|Western Refining, Inc. 6.25% 4/1/21                                                                             
|Yingde Gases Investment Ltd. 8.125% 4/22/18 (Reg. S)                                                            
|YPF SA:                                                                                                         
|8.5% 7/28/25 (e)                                                                                                
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|YPF SA: - continued                                                                                             
|8.875% 12/19/18 (e)                                                                                             
|Zhaikmunai International BV 7.125% 11/13/19 (e)                                                                 
|                                                                                                                
|Entertainment/Film - 0.4%                                                                                       
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:                                            
|5.25% 2/15/22                                                                                                   
|5.625% 2/15/24                                                                                                  
|Cinemark U.S.A., Inc. 7.375% 6/15/21                                                                            
|NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (e)                                    
|Regal Entertainment Group 5.75% 6/15/23                                                                         
|                                                                                                                
|Environmental - 0.3%                                                                                            
|Clean Harbors, Inc.:                                                                                            
|5.125% 6/1/21                                                                                                   
|5.25% 8/1/20                                                                                                    
|LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (e)                                                    
|                                                                                                                
|Food & Drug Retail - 1.5%                                                                                       
|Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (e)                                                                      
|Rite Aid Corp.:                                                                                                 
|6.875% 12/15/28 (e)                                                                                             
|7.7% 2/15/27                                                                                                    
|Tesco Corporate Treasury Services PLC 2.5% 7/1/24 (Reg. S)                                                      
|                                                                                                                
|Food/Beverage/Tobacco - 2.7%                                                                                    
|Agrokor d.d. 9.875% 5/1/19 (Reg. S)                                                                             
|ESAL GmbH 6.25% 2/5/23 (e)                                                                                      
|FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (e)                                       
|Gruma S.A.B. de CV 4.875% 12/1/24 (e)                                                                           
|H.J. Heinz Finance Co. 7.125% 8/1/39 (e)                                                                        
|JBS Investments GmbH 7.25% 4/3/24 (e)                                                                           
|Minerva Luxmbourg SA 7.75% 1/31/23 (e)                                                                          
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Food/Beverage/Tobacco - continued                                                                               
|Post Holdings, Inc. 6.75% 12/1/21 (e)                                                                           
|R&R Ice Cream PLC 9.25% 5/15/18 pay-in-kind (Reg. S) (h)                                                        
|                                                                                                                
|Gaming - 1.8%                                                                                                   
|Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (e)                
|Golden Nugget Escrow, Inc. 8.5% 12/1/21 (e)                                                                     
|Graton Economic Development Authority 9.625% 9/1/19 (e)                                                         
|MGM Mirage, Inc. 8.625% 2/1/19                                                                                  
|Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21                
|Scientific Games Corp. 10% 12/1/22 (e)                                                                          
|Studio City Finance Ltd. 8.5% 12/1/20 (e)                                                                       
|Wynn Macau Ltd. 5.25% 10/15/21 (e)                                                                              
|                                                                                                                
|Healthcare - 4.9%                                                                                               
|Acadia Healthcare Co., Inc. 5.625% 2/15/23 (e)                                                                  
|Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:                                                    
|6% 10/15/21                                                                                                     
|7.75% 2/15/19                                                                                                   
|Cerba European Lab SAS 7% 2/1/20 (Reg. S)                                                                       
|Concordia Healthcare Corp. 7% 4/15/23 (e)                                                                       
|CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21                                                        
|DaVita HealthCare Partners, Inc. 5% 5/1/25                                                                      
|Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (e)                                                       
|FMC Finance VII SA 5.25% 2/15/21                                                                                
|Fresenius U.S. Finance II, Inc. 8.75% 7/15/15 (Reg. S)                                                          
|Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (e)                                                              
|HCA Holdings, Inc.:                                                                                             
|5% 3/15/24                                                                                                      
|5.875% 3/15/22                                                                                                  
|6.5% 2/15/20                                                                                                    
|7.5% 2/15/22                                                                                                    
|HealthSouth Corp. 5.75% 11/1/24                                                                                 
|JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (e)(h)                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Healthcare - continued                                                                                          
|Kindred Escrow Corp. II:                                                                                        
|8% 1/15/20 (e)                                                                                                  
|8.75% 1/15/23 (e)                                                                                               
|Labco S.A.S. 8.5% 1/15/18 (Reg. S)                                                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875% 4/15/20 (e)                                    
|Par Pharmaceutical Companies, Inc. 7.375% 10/15/20                                                              
|Polymer Group, Inc. 6.875% 6/1/19 (e)                                                                           
|Sabra Health Care LP/Sabra Capital Corp.:                                                                       
|5.375% 6/1/23                                                                                                   
|5.5% 2/1/21                                                                                                     
|Tenet Healthcare Corp. 8.125% 4/1/22                                                                            
|Valeant Pharmaceuticals International:                                                                          
|5.5% 3/1/23 (e)                                                                                                 
|5.625% 12/1/21 (e)                                                                                              
|6.75% 8/15/21 (e)                                                                                               
|7.25% 7/15/22 (e)                                                                                               
|7.5% 7/15/21 (e)                                                                                                
|VRX Escrow Corp.:                                                                                               
|5.375% 3/15/20 (e)                                                                                              
|5.875% 5/15/23 (e)                                                                                              
|6.125% 4/15/25 (e)                                                                                              
|VWR Funding, Inc. 7.25% 9/15/17                                                                                 
|                                                                                                                
|Homebuilders/Real Estate - 6.8%                                                                                 
|Agile Property Holdings Ltd. 8.875% 4/28/17 (Reg. S)                                                            
|Aldesa Financial Services SA 7.25% 4/1/21 (Reg. S)                                                              
|Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (e)                                             
|Beazer Homes U.S.A., Inc. 7.25% 2/1/23                                                                          
|Brookfield Residential Properties, Inc. 6.5% 12/15/20 (e)                                                       
|CBRE Group, Inc. 5% 3/15/23                                                                                     
|Cementos Progreso Trust 7.125% 11/6/23 (e)                                                                      
|Central China Real Estate Ltd. 6.5% 6/4/18 (Reg.S)                                                              
|China Aoyuan Property Group Ltd. 11.25% 1/17/19 (Reg. S)                                                        
|China South City Holdings Ltd. 8.25% 1/29/19 (Reg. S)                                                           
|CIFI Holdings Group Co. Ltd. 8.875% 1/27/19 (Reg. S)                                                            
|Communications Sales & Leasing, Inc. 6% 4/15/23 (e)                                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Homebuilders/Real Estate - continued                                                                            
|Country Garden Holdings Co. Ltd. 7.25% 4/4/21 (Reg. S)                                                          
|Evergrande Real Estate Group Ltd.:                                                                              
|8.75% 10/30/18 (Reg. S)                                                                                         
|12% 2/17/20                                                                                                     
|Fantasia Holdings Group Co. Ltd. 10.625% 1/23/19 (Reg. S)                                                       
|Future Land Development Holding Ltd. 10.25% 1/31/18 (Reg. S)                                                    
|Glorious Property Holdings Ltd. 13.25% 3/4/18 (Reg. S)                                                          
|Howard Hughes Corp. 6.875% 10/1/21 (e)                                                                          
|Inversiones y Representaciones SA:                                                                              
|8.5% 2/2/17 (Reg. S)                                                                                            
|11.5% 7/20/20 (Reg. S)                                                                                          
|KWG Property Holding Ltd.:                                                                                      
|8.25% 8/5/19 (Reg. S)                                                                                           
|8.975% 1/14/19 (Reg. S)                                                                                         
|Logan Property Holdings Co. Ltd. 11.25% 6/4/19 (Reg. S)                                                         
|Longfor Properties Co. Ltd. 6.75% 1/29/23 (Reg S.)                                                              
|Modernland Overseas Pte Ltd. 11% 10/25/16 (Reg. S)                                                              
|Oceanwide Real Estate International Holding Co. Ltd. 11.75% 9/8/19 (Reg. S)                                     
|Odebrecht Finance Ltd. 4.375% 4/25/25 (e)                                                                       
|Powerlong Real Estate Holding Ltd. 11.25% 1/25/18 (Reg. S)                                                      
|Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (e)                                                     
|Ryland Group, Inc. 5.375% 10/1/22                                                                               
|Shea Homes Ltd. Partnershp/Corp.:                                                                               
|5.875% 4/1/23 (e)                                                                                               
|6.125% 4/1/25 (e)                                                                                               
|Shimao Property Holdings Ltd.:                                                                                  
|8.125% 1/22/21 (Reg. S)                                                                                         
|8.375% 2/10/22 (Reg. S)                                                                                         
|SOHO China Ltd. 7.125% 11/7/22 (Reg. S)                                                                         
|Sunac China Holdings Ltd. 12.5% 10/16/17 (Reg. S)                                                               
|Times Property Holdings Ltd. 12.625% 3/21/19 (Reg. S)                                                           
|Trillion Chance Ltd. 8.5% 1/10/19                                                                               
|Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23                                                               
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Homebuilders/Real Estate - continued                                                                            
|William Lyon Homes, Inc.:                                                                                       
|5.75% 4/15/19                                                                                                   
|7% 8/15/22                                                                                                      
|8.5% 11/15/20                                                                                                   
|Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (e)                                          
|Wuzhou International Holdings Ltd. 13.75% 9/26/18 (Reg. S)                                                      
|Yuzhou Properties Co. 8.75% 10/4/18 (Reg. S)                                                                    
|                                                                                                                
|Hotels - 0.3%                                                                                                   
|Choice Hotels International, Inc. 5.75% 7/1/22                                                                  
|Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21                                     
|                                                                                                                
|Insurance - 0.2%                                                                                                
|Assicurazioni Generali SpA 10.125% 7/10/42 (h)                                                                  
|Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (e)                                                                    
|                                                                                                                
|Leisure - 0.1%                                                                                                  
|24 Hour Holdings III LLC 8% 6/1/22 (e)                                                                          
|Metals/Mining - 2.3%                                                                                            
|Abja Investment Co. Pte Ltd. 5.95% 7/31/24 (Reg. S)                                                             
|Alpha Natural Resources, Inc.:                                                                                  
|6.25% 6/1/21                                                                                                    
|9.75% 4/15/18                                                                                                   
|Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (e)                                                  
|Compania Minera Ares SAC 7.75% 1/23/21 (e)                                                                      
|Favor Sea Ltd. 11.75% 2/4/19 (Reg. S)                                                                           
|Gold Fields Orogen Holding BVI Ltd. 4.875% 10/7/20 (e)                                                          
|Mongolian Mining Corp. 8.875% 3/29/17 (Reg. S)                                                                  
|Murray Energy Corp. 11.25% 4/15/21 (e)                                                                          
|Nord Gold NV 6.375% 5/7/18 (e)                                                                                  
|Peabody Energy Corp.:                                                                                           
|6.25% 11/15/21                                                                                                  
|10% 3/15/22 (e)                                                                                                 
|Prince Mineral Holding Corp. 11.5% 12/15/19 (e)                                                                 
|Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (e)                           
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Metals/Mining - continued                                                                                       
|Southern Copper Corp. 7.5% 7/27/35                                                                              
|Vedanta Resources PLC:                                                                                          
|8.25% 6/7/21 (Reg. S)                                                                                           
|9.5% 7/18/18 (Reg. S)                                                                                           
|Walter Energy, Inc.:                                                                                            
|9.5% 10/15/19 (e)                                                                                               
|12% 4/1/20 pay-in-kind (e)(h)                                                                                   
|Yancoal International Resources Development Co. Ltd. 5.73% 5/16/22 (Reg. S)                                     
|                                                                                                                
|Paper - 0.4%                                                                                                    
|Smurfit Kappa Acquisitions 3.25% 6/1/21 (Reg. S)                                                                
|Publishing/Printing - 0.8%                                                                                      
|Cenveo Corp. 6% 8/1/19 (e)                                                                                      
|Griffey Intermediate, Inc./Griffey Finance Sub LLC 7% 10/15/20 (e)                                              
|McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21                     
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (e)(h)                                      
|                                                                                                                
|Restaurants - 0.2%                                                                                              
|Landry's Acquisition Co. 9.375% 5/1/20 (e)                                                                      
|Landry's Holdings II, Inc. 10.25% 1/1/18 (e)                                                                    
|                                                                                                                
|Services - 2.9%                                                                                                 
|Ahern Rentals, Inc. 9.5% 6/15/18 (e)                                                                            
|APX Group, Inc.:                                                                                                
|6.375% 12/1/19                                                                                                  
|8.75% 12/1/20                                                                                                   
|Audatex North America, Inc. 6% 6/15/21 (e)                                                                      
|Blueline Rent Finance Corp./Volvo 7% 2/1/19 (e)                                                                 
|FTI Consulting, Inc. 6% 11/15/22                                                                                
|Garda World Security Corp.:                                                                                     
|7.25% 11/15/21 (e)                                                                                              
|7.25% 11/15/21 (e)                                                                                              
|Hertz Corp. 6.25% 10/15/22                                                                                      
|Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (e)                                                         
|Laureate Education, Inc. 10% 9/1/19 (e)                                                                         
|NES Rentals Holdings, Inc. 7.875% 5/1/18 (e)                                                                    
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Services - continued                                                                                            
|SMCP S.A.S. 8.875% 6/15/20 (Reg. S)                                                                             
|TMS International Corp. 7.625% 10/15/21 (e)                                                                     
|TransUnion Holding Co., Inc.:                                                                                   
|8.125% 6/15/18 pay-in-kind (h)                                                                                  
|9.625% 6/15/18 pay-in-kind (h)                                                                                  
|United Rentals North America, Inc.:                                                                             
|4.625% 7/15/23                                                                                                  
|5.5% 7/15/25                                                                                                    
|                                                                                                                
|Steel - 1.2%                                                                                                    
|Cliffs Natural Resources, Inc. 8.25% 3/31/20 (e)                                                                
|Evraz, Inc. NA Canada 7.5% 11/15/19 (e)                                                                         
|JMC Steel Group, Inc. 8.25% 3/15/18 (e)                                                                         
|Metinvest BV 10.25% 5/20/15 (e)                                                                                 
|Ryerson, Inc./Joseph T Ryerson & Son, Inc.:                                                                     
|9% 10/15/17                                                                                                     
|11.25% 10/15/18                                                                                                 
|TMK Capital SA 7.75% 1/27/18                                                                                    
|                                                                                                                
|Super Retail - 0.9%                                                                                             
|Academy Ltd./Academy Finance Corp. 9.25% 8/1/19 (e)                                                             
|Family Tree Escrow LLC:                                                                                         
|5.25% 3/1/20 (e)                                                                                                
|5.75% 3/1/23 (e)                                                                                                
|JC Penney Corp., Inc.:                                                                                          
|5.65% 6/1/20                                                                                                    
|5.75% 2/15/18                                                                                                   
|7.4% 4/1/37                                                                                                     
|Maoye International Holdings Ltd. 7.75% 5/19/17 (Reg. S)                                                        
|MPM Global Pte Ltd. 6.75% 9/19/19 (Reg. S)                                                                      
|Parkson Retail Group Ltd. 4.5% 5/3/18 (Reg. S)                                                                  
|Sally Holdings LLC 6.875% 11/15/19                                                                              
|Sonic Automotive, Inc.:                                                                                         
|5% 5/15/23                                                                                                      
|7% 7/15/22                                                                                                      
|                                                                                                                
|Technology - 2.7%                                                                                               
|Activision Blizzard, Inc. 6.125% 9/15/23 (e)                                                                    
|ADT Corp. 6.25% 10/15/21                                                                                        
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Technology - continued                                                                                          
|Balboa Merger Sub, Inc. 11.375% 12/1/21 (e)                                                                     
|BCP Singapore VI Cayman Financing Co. Ltd. 8% 4/15/21 (e)                                                       
|BMC Software Finance, Inc. 8.125% 7/15/21 (e)                                                                   
|Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (e)(h)                                                           
|Brocade Communications Systems, Inc. 4.625% 1/15/23                                                             
|CDW LLC/CDW Finance Corp. 6% 8/15/22                                                                            
|China Automation Group Ltd. 7.75% 4/20/16                                                                       
|Entegris, Inc. 6% 4/1/22 (e)                                                                                    
|First Data Corp.:                                                                                               
|11.25% 1/15/21                                                                                                  
|11.75% 8/15/21                                                                                                  
|Global A&T Electronics Ltd. 10% 2/1/19 (e)                                                                      
|Global Cash Access, Inc. 10% 1/15/22 (e)                                                                        
|Lucent Technologies, Inc. 6.45% 3/15/29                                                                         
|Pacific Emerald Pte Ltd. 9.75% 7/25/18 (Reg. S)                                                                 
|Project Homestake Merger Corp. 8.875% 3/1/23 (e)                                                                
|Quad/Graphics, Inc. 7% 5/1/22                                                                                   
|Sensata Technologies BV 4.875% 10/15/23 (e)                                                                     
|                                                                                                                
|Telecommunications - 9.8%                                                                                       
|Alcatel-Lucent U.S.A., Inc. 6.75% 11/15/20 (e)                                                                  
|Altice Financing SA 6.625% 2/15/23 (e)                                                                          
|Altice Finco SA 8.125% 1/15/24 (e)                                                                              
|Altice SA:                                                                                                      
|7.625% 2/15/25 (e)                                                                                              
|7.75% 5/15/22 (e)                                                                                               
|Banglalink Digital Communications Ltd. 8.625% 5/6/19 (e)                                                        
|Broadview Networks Holdings, Inc. 10.5% 11/15/17                                                                
|Columbus International, Inc. 7.375% 3/30/21 (e)                                                                 
|Digicel Group Ltd.:                                                                                             
|6% 4/15/21 (Reg. S)                                                                                             
|7% 2/15/20 (e)                                                                                                  
|8.25% 9/30/20 (e)                                                                                               
|DigitalGlobe, Inc. 5.25% 2/1/21 (e)                                                                             
|Eileme 2 AB 11.625% 1/31/20 (e)                                                                                 
|FairPoint Communications, Inc. 8.75% 8/15/19 (e)                                                                
|GCI, Inc. 6.875% 4/15/25 (e)                                                                                    
|GCX Ltd. 7% 8/1/19 (Reg. S)                                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Telecommunications - continued                                                                                  
|Hellenic Telecommunications Organization SA 3.5% 7/9/20                                                         
|Intelsat Jackson Holdings SA:                                                                                   
|5.5% 8/1/23                                                                                                     
|6.625% 12/15/22 (Reg. S)                                                                                        
|Intelsat Luxembourg SA 8.125% 6/1/23                                                                            
|Level 3 Communications, Inc.:                                                                                   
|5.75% 12/1/22                                                                                                   
|8.875% 6/1/19                                                                                                   
|Millicom International Cellular SA 6.625% 10/15/21 (e)                                                          
|MTS International Funding Ltd.:                                                                                 
|5% 5/30/23 (e)                                                                                                  
|8.625% 6/22/20 (e)                                                                                              
|Numericable Group SA 6% 5/15/22 (e)                                                                             
|Portugal Telecom International Finance BV 4.625% 5/8/20 (Reg. S)                                                
|SBA Communications Corp. 4.875% 7/15/22 (e)                                                                     
|Sprint Capital Corp.:                                                                                           
|6.875% 11/15/28                                                                                                 
|6.9% 5/1/19                                                                                                     
|8.75% 3/15/32                                                                                                   
|Sprint Corp.:                                                                                                   
|7.125% 6/15/24                                                                                                  
|7.875% 9/15/23                                                                                                  
|T-Mobile U.S.A., Inc.:                                                                                          
|6.25% 4/1/21                                                                                                    
|6.625% 4/1/23                                                                                                   
|6.731% 4/28/22                                                                                                  
|6.836% 4/28/23                                                                                                  
|TBG Global Pte. Ltd.:                                                                                           
|4.625% 4/3/18 (e)                                                                                               
|5.25% 2/10/22 (Reg. S)                                                                                          
|Telecom Italia SpA 4.875% 9/25/20 (Reg. S)                                                                      
|Telefonica Celular del Paraguay SA 6.75% 12/13/22 (e)                                                           
|Telenet Finance Luxembourg S.C.A.:                                                                              
|6.25% 8/15/22 (Reg. S)                                                                                          
|6.75% 8/15/24 (Reg. S)                                                                                          
|Vimpel Communications 9.125% 4/30/18 (Reg. S) (Issued by VIP Finance Ireland Ltd. for Vimpel Communications)    
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Telecommunications - continued                                                                                  
|Vimpel Communications OJSC 7.748% 2/2/21 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)     
|Wind Acquisition Finance SA:                                                                                    
|4% 7/15/20 (Reg S.)                                                                                             
|4.75% 7/15/20 (e)                                                                                               
|                                                                                                                
|Textiles/Apparel - 0.3%                                                                                         
|Golden Legacy Pte Ltd. 9% 4/24/19 (Reg. S)                                                                      
|Texhong Textile Group Ltd. 6.5% 1/18/19 (Reg. S)                                                                
|                                                                                                                
|Transportation Ex Air/Rail - 0.5%                                                                               
|Car, Inc. 6.125% 2/4/20 (Reg. S)                                                                                
|Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (e)                     
|TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19                                                           
|Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21                                                                       
|                                                                                                                
|Utilities - 6.2%                                                                                                
|Calpine Corp. 7.875% 1/15/23 (e)                                                                                
|Dynegy, Inc.:                                                                                                   
|6.75% 11/1/19 (e)                                                                                               
|7.375% 11/1/22 (e)                                                                                              
|7.625% 11/1/24 (e)                                                                                              
|Enel SpA 5% 1/15/75 (h)                                                                                         
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 11.75% 3/1/22 (c)(e)
|GenOn Energy, Inc. 9.875% 10/15/20                                                                              
|Global Partners LP/GLP Finance Corp. 6.25% 7/15/22                                                              
|InterGen NV 7% 6/30/23 (e)                                                                                      
|Listrindo Capital BV 6.95% 2/21/19 (e)                                                                          
|Mirant Americas Generation LLC 9.125% 5/1/31                                                                    
|NRG Energy, Inc. 6.625% 3/15/23                                                                                 
|NSG Holdings II, LLC 7.75% 12/15/25 (e)                                                                         
|Petrobras International Finance Co. Ltd. 5.375% 1/27/21                                                         
|RJS Power Holdings LLC 5.125% 7/15/19 (e)                                                                       
|Techem GmbH 6.125% 10/1/19 (Reg. S)                                                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Utilities - continued                                                                                           
|TXU Corp.:                                                                                                      
|5.55% 11/15/14 (c)                                                                                              
|6.5% 11/15/24 (c)                                                                                               
|6.55% 11/15/34 (c)                                                                                              
|                                                                                                                
|TOTAL NONCONVERTIBLE BONDS
(Cost $112,729,235)                                                                  

|Common Stocks - 1.4%                  
|--------------------------------------
|                                      
|Automotive & Auto Parts - 0.4%        
|General Motors Co.                    
|Trinseo SA                            
|                                      
|Broadcasting - 0.2%                   
|Cumulus Media, Inc. Class A (a)       
|Chemicals - 0.2%                      
|LyondellBasell Industries NV Class A  
|Westlake Chemical Partners LP         
|                                      
|Energy - 0.1%                         
|The Williams Companies, Inc.          
|Healthcare - 0.0%                     
|Legend Acquisition, Inc.              
|Legend Acquisition, Inc.:             
|Class A warrants (a)                  
|Class B warrants (a)                  
|                                      
|Homebuilders/Real Estate - 0.1%       
|Realogy Holdings Corp. (a)            
|Hotels - 0.2%                         
|Extended Stay America, Inc. unit      
|Services - 0.2%                       
|ARAMARK Holdings Corp.                
|WP Rocket Holdings, Inc. (a)(i)       
|                                      
|Common Stocks - continued             
|                                      
|Telecommunications - 0.0%             
|Broadview Networks Holdings, Inc. (a) 
|TOTAL COMMON STOCKS
(Cost $2,422,404) 
|Preferred Stocks - 0.7%               
|                                      
|Convertible Preferred Stocks - 0.4%   
|Healthcare - 0.2%                     
|Actavis PLC 5.50%                     
|Homebuilders/Real Estate - 0.2%       
|American Tower Corp. 5.50%            
|TOTAL CONVERTIBLE PREFERRED STOCKS    
|Nonconvertible Preferred Stocks - 0.3%
|Banks & Thrifts - 0.3%                
|Ally Financial, Inc. 7.00% (e)        
|Services - 0.0%                       
|WP Rocket Holdings, Inc.:             
|15.00% (a)                            
|Class C 19.50% (i)                    
|                                      
|TOTAL NONCONVERTIBLE PREFERRED STOCKS 
|TOTAL PREFERRED STOCKS
(Cost $831,153)

|Bank Loan Obligations - 2.4%                                                     
|---------------------------------------------------------------------------------
|                                                                                 
|Automotive - 0.0%                                                                
|Chassix, Inc. term loan 10% 12/12/15 (h)                                         
|Cable/Satellite TV - 0.1%                                                        
|Liberty Cablevision of Puerto Rico:                                              
|Tranche 1LN, term loan 4.5% 1/7/22 (h)                                           
|Tranche 2LN, term loan 7.75% 7/7/23 (h)                                          
|                                                                                 
|Diversified Financial Services - 0.3%                                            
|AlixPartners LLP Tranche 2LN, term loan 9% 7/10/21 (h)                           
|Bank Loan Obligations - continued                                                
|                                                                                 
|Diversified Media - 0.3%                                                         
|McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (h)             
|Energy - 0.6%                                                                    
|Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (h)                        
|Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (h)            
|Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (h)                  
|Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (h)                         
|Panda Sherman Power, LLC term loan 9% 9/14/18 (h)                                
|Sheridan Investment Partners I term loan 4.25% 12/16/20 (h)                      
|Sheridan Production Partners I:                                                  
|Tranche A, term loan 4.25% 12/16/20 (h)                                          
|Tranche M, term loan 4.25% 12/16/20 (h)                                          
|Targa Resources Corp. term loan 5.75% 2/27/22 (h)                                
|                                                                                 
|Healthcare - 0.5%                                                                
|Dialysis Newco, Inc.:                                                            
|Tranche 2LN, term loan 7.75% 10/22/21 (h)                                        
|Tranche B 1LN, term loan 4.5% 4/23/21 (h)                                        
|MModal IP LLC Tranche B, term loan 9% 1/31/20 (h)                                
|Rural/Metro Corp.:                                                               
|Tranche 2LN, term loan 14.5% 1/31/16                                             
|Tranche B, term loan 19.5% 1/31/16                                               
|U.S. Renal Care, Inc.:                                                           
|Tranche 2LN, term loan 8.5% 1/3/20 (h)                                           
|Tranche B 2LN, term loan 4.25% 7/3/19 (h)                                        
|                                                                                 
|Homebuilders/Real Estate - 0.1%                                                  
|DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (h)                   
|Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (h)                         
|                                                                                 
|Metals/Mining - 0.0%                                                             
|Ameriforge Group, Inc. Tranche B 2LN, term loan 8.75% 12/19/20 (h)               
|Bank Loan Obligations - continued                                                
|                                                                                 
|Publishing/Printing - 0.0%                                                       
|Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (h)
|Steel - 0.1%                                                                     
|Atkore International, Inc. Tranche 2LN, term loan 7.75% 10/9/21 (h)              
|Technology - 0.4%                                                                
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (h)                            
|Renaissance Learning, Inc.:                                                      
|Tranche 1LN, term loan 4.5% 4/9/21 (h)                                           
|Tranche 2LN, term loan 8% 4/9/22 (h)                                             
|                                                                                 
|Telecommunications - 0.0%                                                        
|LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (h)                              
|TOTAL BANK LOAN OBLIGATIONS
(Cost $3,362,221)                                    
|Preferred Securities - 5.7%                                                      
|                                                                                 
|Banks & Thrifts - 3.2%                                                           
|Banco Do Brasil SA 9% (e)(f)(h)                                                  
|Bank of America Corp.:                                                           
|5.2% (f)(h)                                                                      
|6.1% (f)(h)                                                                      
|Bank of East Asia Ltd. 8.5% (f)(h)                                               
|Barclays Bank PLC 7.625% 11/21/22                                                
|Barclays PLC 8% (f)(h)                                                           
|Chong Hing Bank Ltd. 6.5% (f)(h)                                                 
|Credit Agricole SA:                                                              
|6.5%(Reg S.) (f)(h)                                                              
|6.625% (e)(f)(h)                                                                 
|ICICI Bank Ltd. 7.25% (Reg S.) (f)(h)                                            
|Intesa Sanpaolo SpA 8.047% (f)(h)                                                
|JPMorgan Chase & Co. 5.15% (f)(h)                                                
|Royal Bank of Scotland Group PLC 7.0916% (f)(h)                                  
|Societe Generale 6.999% (f)(h)                                                   
|State Bank of India 6.439% (f)(h)                                                
|UniCredit International Bank Luxembourg SA 8.125% (f)(h)                         
|Wells Fargo & Co. 5.875% (f)(h)                                                  
|                                                                                 
|Preferred Securities - continued                                                 
|                                                                                 
|Consumer Products - 0.4%                                                         
|Cosan Overseas Ltd. 8.25% (f)                                                    
|Diversified Financial Services - 1.7%                                            
|Baggot Securities Ltd. 10.24% (Reg. S) (f)                                       
|Citigroup, Inc. 5.35% (f)(h)                                                     
|Hutchison Whampoa Europe Finance, Ltd. 3.75% (Reg. S) (f)(h)                     
|                                                                                 
|Insurance - 0.1%                                                                 
|Groupama SA 6.298% (f)(h)                                                        
|Telecommunications - 0.3%                                                        
|Telefonica Europe BV 5% (Reg. S) (f)(h)                                          
|TOTAL PREFERRED SECURITIES
(Cost $7,528,553)                                     

|Money Market Funds - 3.8%                              
|-------------------------------------------------------
|                                                       
|Fidelity Cash Central Fund, 0.15% (b)
(Cost $5,052,617)
|TOTAL INVESTMENT PORTFOLIO - 97.8%
(Cost $131,926,183) 
|NET OTHER ASSETS (LIABILITIES) - 2.2%                  
|NET ASSETS - 100%                                      

|Currency Abbreviations
|----------------------
|EUR                   

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b)	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.
|(c)	Non-income producing - Security is in default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(d)	Amount is stated in United States dollars unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,210,830 or 38.0% of net assets.                                                                                                                                                                                                                              
|(f)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(g)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(h)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(i)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,680 or 0.0% of net assets.                                                                                                                                                                                                                                                                                  
|Additional information on each restricted holding is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|Security                                | Acquisition Date | Acquisition Cost
|--------------------------------------- | ---------------- | ----------------
|WP Rocket Holdings, Inc.                | 6/24/11 - 2/2/15 | $	184,731       
|WP Rocket Holdings, Inc. Class C 19.50% | 2/2/15           | $	14,869        

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

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	7,382      

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Equities:                          
|Consumer Discretionary             
|Energy                             
|Financials                         
|Health Care                        
|Industrials                        
|Materials                          
|Telecommunication Services         
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 52.4% 
|---------------------------------- | ------
|Cayman Islands                     | 6.9%  
|Luxembourg                         | 4.9%  
|United Kingdom                     | 4.0%  
|Netherlands                        | 3.6%  
|Mexico                             | 2.8%  
|Ireland                            | 2.5%  
|Canada                             | 2.5%  
|Argentina                          | 2.2%  
|France                             | 2.1%  
|British Virgin Islands             | 1.9%  
|Singapore                          | 1.4%  
|Bermuda                            | 1.3%  
|Kazakhstan                         | 1.1%  
|Germany                            | 1.0%  
|Italy                              | 1.0%  
|Others (Individually Less Than 1%) | 8.4%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                           | April 30, 2015
|---------------------------------------------------------------------------------------------------------- | --------------
|Assets                                                                                                     |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $126,873,566)   | $	126,768,792 
|Fidelity Central Funds (cost $5,052,617)                                                                   | 5,052,617     
|Total Investments (cost $131,926,183)                                                                      |               
|Cash                                                                                                       |               
|Foreign currency held at value (cost $240,033)                                                             |               
|Receivable for investments sold                                                                            |               
|Receivable for fund shares sold                                                                            |               
|Dividends receivable                                                                                       |               
|Interest receivable                                                                                        |               
|Distributions receivable from Fidelity Central Funds                                                       |               
|Prepaid expenses                                                                                           |               
|Receivable from investment adviser for expense reductions                                                  |               
|Other receivables                                                                                          |               
|Total assets                                                                                               |               
|                                                                                                           |               
|Liabilities                                                                                                |               
|Payable for investments purchased 
Regular delivery                                                        | $	502,582     
|Delayed delivery                                                                                           | 200,000       
|Payable for fund shares redeemed                                                                           | 203,046       
|Distributions payable                                                                                      | 85,656        
|Accrued management fee                                                                                     | 80,464        
|Distribution and service plan fees payable                                                                 | 4,957         
|Audit fees payable                                                                                         | 63,471        
|Other affiliated payables                                                                                  | 33,326        
|Other payables and accrued expenses                                                                        | 3,911         
|Total liabilities                                                                                          |               
|                                                                                                           |               
|Net Assets                                                                                                 |               
|Net Assets consist of:                                                                                     |               
|Paid in capital                                                                                            |               
|Undistributed net investment income                                                                        |               
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions        |               
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |               
|Net Assets                                                                                                 |               

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

Annual Report

Financial Statements - continued

## Statement of Assets and Liabilities - continued

|                                                                                                                           | April 30, 2015
|-------------------------------------------------------------------------------------------------------------------------- | --------------
|Calculation of Maximum Offering Price
Class A:
Net Asset Valueand redemption price per share ($7,035,874 ÷ 733,021 shares) |               
|                                                                                                                           |               
|Maximum offering price per share (100/96.00 of $9.60)                                                                      |               
|Class T:
Net Asset Value and redemption price per share ($1,745,256 ÷ 181,843 shares)                                      |               
|                                                                                                                           |               
|Maximum offering price per share (100/96.00 of $9.60)                                                                      |               
|Class C:
Net Asset Value and offering price per share ($3,810,770 ÷ 397,053 shares)A                                       |               
|                                                                                                                           |               
|Global High Income:
Net Asset Value, offering price and redemption price per share ($119,711,890 ÷ 12,471,603 shares)      |               
|                                                                                                                           |               
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,480,640 ÷ 258,437 shares)          |               

ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

## Statement of Operations

|                                                                               | Year ended April 30, 2015
|------------------------------------------------------------------------------ | -------------------------
|Investment Income                                                              |                          
|Dividends                                                                      |                          
|Interest                                                                       |                          
|Income from Fidelity Central Funds                                             |                          
|Total income                                                                   |                          
|                                                                               |                          
|Expenses                                                                       |                          
|Management fee                                                                 | $	1,612,888              
|Transfer agent fees                                                            | 455,277                  
|Distribution and service plan fees                                             | 61,877                   
|Accounting fees and expenses                                                   | 117,502                  
|Custodian fees and expenses                                                    | 30,464                   
|Independent trustees' compensation                                             | 1,040                    
|Registration fees                                                              | 81,040                   
|Audit                                                                          | 74,567                   
|Legal                                                                          | 20,670                   
|Interest                                                                       | 3,099                    
|Miscellaneous                                                                  | 1,925                    
|Total expenses before reductions                                               | 2,460,349                
|Expense reductions                                                             | (120,068)                
|Net investment income (loss)                                                   |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                          
|Investment securities:                                                         |                          
|Unaffiliated issuers                                                           | 6,277,521                
|Foreign currency transactions                                                  | (200,214)                
|Total net realized gain (loss)                                                 |                          
|Change in net unrealized appreciation (depreciation) on:
Investment securities | (13,405,963)             
|Assets and liabilities in foreign currencies                                   | 21,463                   
|Total change in net unrealized appreciation (depreciation)                     |                          
|Net gain (loss)                                                                |                          
|Netincrease (decrease) in net assets resulting from operations                 |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|                                                                                                                                             | Year ended
April 30,
2015 | Year ended
April 30,
2014
|-------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                            |                           |                          
|Operations                                                                                                                                   |                           |                          
|Net investment income (loss)                                                                                                                 | $	11,481,444              | $	17,719,135             
|Net realized gain (loss)                                                                                                                     | 6,077,307                 | 4,730,530                
|Change in net unrealized appreciation (depreciation)                                                                                         | (13,384,500)              | (6,402,555)              
|Netincrease (decrease) in net assets resulting
from operations                                                                               | 4,174,251                 | 16,047,110               
|Distributions to shareholders from net investment income                                                                                     | (11,482,978)              | (16,962,893)             
|Distributions to shareholders from net realized gain                                                                                         | (6,017,381)               | (7,941,424)              
|Total distributions                                                                                                                          | (17,500,359)              | (24,904,317)             
|Share transactions - net increase (decrease)                                                                                                 | (214,818,457)             | 9,681,594                
|Redemption fees                                                                                                                              | 65,173                    | 71,966                   
|Total increase (decrease) in net assets                                                                                                      | (228,079,392)             | 896,353                  
|                                                                                                                                             |                           |                          
|Net Assets                                                                                                                                   |                           |                          
|Beginning of period                                                                                                                          | 362,863,822               | 361,967,469              
|End of period (including undistributed net investment income of 764,726 and undistributed net investment income of $1,599,944, respectively) | $	134,784,430             | $	362,863,822            

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

Annual Report

## Financial Highlights - Class A

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H   
|----------------------------------------- | ------- | ------- | ------- | --------
|Selected Per-Share Data                   |         |         |         |         
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00 
|Income from Investment Operations         |         |         |         |         
|Net investment income (loss)E             | .476    | .506    | .526    | .476    
|Net realized and unrealized gain (loss)   | (.293)K | (.036)  | .714    | (.317)  
|Total from investment operations          | .183    | .470    | 1.240   | .159    
|Distributions from net investment income  | (.486)  | (.483)  | (.477)  | (.423)  
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -       
|Total distributions                       | (.796)  | (.722)  | (.523)  | (.423)  
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004    
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74  
|Total ReturnB, C, D                       | 1.97%K  | 4.86%   | 13.13%  | 1.80%   
|Ratios to Average Net AssetsF, I          |         |         |         |         
|Expenses before reductions                | 1.28%   | 1.23%   | 1.24%   | 1.38%A  
|Expenses net of fee waivers, if any       | 1.25%   | 1.23%   | 1.24%   | 1.25%A  
|Expenses net of all reductions            | 1.25%   | 1.23%   | 1.24%   | 1.25%A  
|Net investment income (loss)              | 4.82%   | 5.03%   | 5.25%   | 5.15%A  
|Supplemental Data                         |         |         |         |         
|Net assets, end of period (000 omitted)   | $	7,036 | $	8,000 | $	6,419 | $	10,102
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Class T

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H  
|----------------------------------------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |        
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00
|Income from Investment Operations         |         |         |         |        
|Net investment income (loss)E             | .474    | .504    | .523    | .477   
|Net realized and unrealized gain (loss)   | (.291)K | (.036)  | .712    | (.318) 
|Total from investment operations          | .183    | .468    | 1.235   | .159   
|Distributions from net investment income  | (.486)  | (.481)  | (.472)  | (.423) 
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -      
|Total distributions                       | (.796)  | (.720)  | (.518)  | (.423) 
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004   
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74 
|Total ReturnB, C, D                       | 1.98%K  | 4.84%   | 13.08%  | 1.80%  
|Ratios to Average Net AssetsF, I          |         |         |         |        
|Expenses before reductions                | 1.40%   | 1.35%   | 1.25%   | 1.39%A 
|Expenses net of fee waivers, if any       | 1.25%   | 1.25%   | 1.25%   | 1.25%A 
|Expenses net of all reductions            | 1.25%   | 1.25%   | 1.25%   | 1.25%A 
|Net investment income (loss)              | 4.82%   | 5.01%   | 5.24%   | 5.15%A 
|Supplemental Data                         |         |         |         |        
|Net assets, end of period (000 omitted)   | $	1,745 | $	1,595 | $	1,349 | $	9,362
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Class C

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H  
|----------------------------------------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |        
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00
|Income from Investment Operations         |         |         |         |        
|Net investment income (loss)E             | .401    | .428    | .448    | .407   
|Net realized and unrealized gain (loss)   | (.292)K | (.035)  | .712    | (.317) 
|Total from investment operations          | .109    | .393    | 1.160   | .090   
|Distributions from net investment income  | (.412)  | (.406)  | (.397)  | (.354) 
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -      
|Total distributions                       | (.722)  | (.645)  | (.443)  | (.354) 
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004   
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74 
|Total ReturnB, C, D                       | 1.22%K  | 4.05%   | 12.23%  | 1.07%  
|Ratios to Average Net AssetsF, I          |         |         |         |        
|Expenses before reductions                | 2.12%   | 2.05%   | 2.01%   | 2.15%A 
|Expenses net of fee waivers, if any       | 2.00%   | 2.00%   | 2.00%   | 2.00%A 
|Expenses net of all reductions            | 2.00%   | 2.00%   | 2.00%   | 2.00%A 
|Net investment income (loss)              | 4.07%   | 4.26%   | 4.49%   | 4.40%A 
|Supplemental Data                         |         |         |         |        
|Net assets, end of period (000 omitted)   | $	3,811 | $	3,720 | $	2,941 | $	9,878
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J   

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Global High Income

|Years ended April 30,                     | 2015      | 2014      | 2013      | 2012G    
|----------------------------------------- | --------- | --------- | --------- | ---------
|Selected Per-Share Data                   |           |           |           |          
|Net asset value, beginning of period      | $	10.21   | $	10.47   | $	9.74    | $	10.00  
|Income from Investment Operations         |           |           |           |          
|Net investment income (loss)D             | .508      | .534      | .555      | .495     
|Net realized and unrealized gain (loss)   | (.301)J   | (.046)    | .724      | (.312)   
|Total from investment operations          | .207      | .488      | 1.279     | .183     
|Distributions from net investment income  | (.510)    | (.511)    | (.506)    | (.447)   
|Distributions from net realized gain      | (.310)    | (.239)    | (.046)    | -        
|Total distributions                       | (.820)    | (.750)    | (.552)    | (.447)   
|Redemption fees added to paid in capitalD | .003      | .002      | .003      | .004     
|Net asset value, end of period            | $	9.60    | $	10.21   | $	10.47   | $	9.74   
|Total ReturnB, C                          | 2.23%J    | 5.05%     | 13.56%    | 2.06%    
|Ratios to Average Net AssetsE, H          |           |           |           |          
|Expenses before reductions                | 1.05%     | .95%      | .96%      | 1.07%A   
|Expenses net of fee waivers, if any       | 1.00%     | .95%      | .96%      | 1.00%A   
|Expenses net of all reductions            | 1.00%     | .95%      | .96%      | 1.00%A   
|Net investment income (loss)              | 5.07%     | 5.30%     | 5.53%     | 5.39%A   
|Supplemental Data                         |           |           |           |          
|Net assets, end of period (000 omitted)   | $	119,712 | $	344,206 | $	345,210 | $	197,480
|Portfolio turnover rateF                  | 44%       | 72%       | 55%       | 36%I     

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

IAmount not annualized.

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

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

Annual Report

## Financial Highlights - Institutional Class

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012G   
|----------------------------------------- | ------- | ------- | ------- | --------
|Selected Per-Share Data                   |         |         |         |         
|Net asset value, beginning of period      | $	10.21 | $	10.47 | $	9.74  | $	10.00 
|Income from Investment Operations         |         |         |         |         
|Net investment income (loss)D             | .501    | .532    | .549    | .499    
|Net realized and unrealized gain (loss)   | (.293)J | (.046)  | .728    | (.317)  
|Total from investment operations          | .208    | .486    | 1.277   | .182    
|Distributions from net investment income  | (.511)  | (.509)  | (.504)  | (.446)  
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -       
|Total distributions                       | (.821)  | (.748)  | (.550)  | (.446)  
|Redemption fees added to paid in capitalD | .003    | .002    | .003    | .004    
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.47 | $	9.74  
|Total ReturnB, C                          | 2.23%J  | 5.03%   | 13.54%  | 2.05%   
|Ratios to Average Net AssetsE, H          |         |         |         |         
|Expenses before reductions                | 1.02%   | .97%    | .98%    | 1.13%A  
|Expenses net of fee waivers, if any       | 1.00%   | .97%    | .98%    | 1.00%A  
|Expenses net of all reductions            | 1.00%   | .97%    | .98%    | 1.00%A  
|Net investment income (loss)              | 5.07%   | 5.28%   | 5.51%   | 5.40%A  
|Supplemental Data                         |         |         |         |         
|Net assets, end of period (000 omitted)   | $	2,481 | $	5,344 | $	6,049 | $	11,617
|Portfolio turnover rateF                  | 44%     | 72%     | 55%     | 36%I    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

IAmount not annualized.

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

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Global High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Global High Income Fund and Institutional Class shares, each of which, has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

Annual Report

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

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

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

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

Annual Report

3. Significant Accounting Policies - continued

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

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, partnerships, contingent interest, equity-debt classifications and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	5,892,891  
|-------------------------------------------------------- | -------------
|Gross unrealized depreciation                            | (5,626,573)  
|Net unrealized appreciation (depreciation) on securities | $	266,318    
|                                                         |              
|Tax Cost                                                 | $	131,555,091

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

|Undistributed ordinary income                                                  | $	374,607
|------------------------------------------------------------------------------ | ---------
|Net unrealized appreciation (depreciation) on securities and other investments | $	265,148

The Fund intends to elect to defer to its next fiscal year $149,335 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

The tax character of distributions paid was as follows:

|                        | April 30, 2015 | April 30, 2014
|----------------------- | -------------- | --------------
|                        |                |               
|Ordinary Income         | $	11,740,384   | $	18,855,196  
|Long-term Capital Gains | 5,759,975      | 6,049,121     
|Total                   | $	17,500,359   | $	24,904,317  

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $97,593,754 and $306,910,321, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .71% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

|        | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC
|------- | ---------------- | ----------- | ---------- | ---------------
|Class A | -%               | .25%        | $	19,468   | $	758          
|Class T | -%               | .25%        | 4,378      | -              
|Class C | .75%             | .25%        | 38,031     | 6,828          
|        |                  |             | $	61,877   | $	7,586        

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, and Class C redemptions. The deferred sales charges range from 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

|         | Retained
by FDC
|-------- | ---------------
|Class A  | $	2,114        
|Class T  | 990            
|Class C* | 500            
|         | $	3,604        

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

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

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

|                    | Amount    | % of
Class-Level Average
Net Assets
|------------------- | --------- | -----------------------------------
|Class A             | $	12,262  | .16                                
|Class T             | 4,752     | .27                                
|Class C             | 9,204     | .24                                
|Global High Income  | 421,276   | .20                                
|Institutional Class | 7,783     | .15                                
|                    | $	455,277 |                                    

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions.The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $121 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

|Borrower or Lender | Average
Loan Balance | Weighted Average
Interest Rate | Interest Expense
|------------------ | -------------------- | ------------------------------ | ----------------
|Borrower           | $	12,016,500         | .32%                           | $	1,517         

Other. During the period, the investment adviser reimbursed the Fund $95,210 for an operating error which is included in Share Transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or

Annual Report

6. Committed Line of Credit - continued

emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $355 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $10,709,000. The weighted average interest rate was .59%. The interest expense amounted to $1,582 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

|                    | Expense
Limitations | Reimbursement
|------------------- | ------------------- | -------------
|                    |                     |              
|Class A             | 1.25%               | $	1,867      
|Class T             | 1.25%               | 2,534        
|Class C             | 2.00%               | 4,345        
|Global High Income  | 1.00%               | 109,986      
|Institutional Class | 1.00%               | 925          
|                    |                     | $	119,657    

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $107 for the period.

Annual Report

Notes to Financial Statements - continued

8. Expense Reductions - continued

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Global High Income expenses, during the period in the amount of $304.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015         | 2014        
|-------------------------- | ------------ | ------------
|From net investment income |              |             
|Class A                    | $	382,865    | $	301,725   
|Class T                    | 86,534       | 65,194      
|Class C                    | 159,110      | 126,053     
|Global High Income         | 10,588,584   | 16,212,658  
|Institutional Class        | 265,885      | 257,263     
|Total                      | $	11,482,978 | $	16,962,893
|From net realized gain     |              |             
|Class A                    | $	238,361    | $	152,979   
|Class T                    | 55,292       | 29,538      
|Class C                    | 121,832      | 70,175      
|Global High Income         | 5,435,168    | 7,560,648   
|Institutional Class        | 166,728      | 128,084     
|Total                      | $	6,017,381  | $	7,941,424 

10. Share Transactions.

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

|                              | Shares    | Dollars  
|----------------------------- | --------- | ---------
|Years ended April 30,         | 2015      | 2014     
|Class A                       |           |          
|Shares sold                   | 227,721   | 520,166  
|Reinvestment of distributions | 58,909    | 38,112   
|Shares redeemed               | (336,927) | (388,303)
|Net increase (decrease)       | (50,297)  | 169,975  
|Class T                       |           |          
|Shares sold                   | 47,348    | 88,315   
|Reinvestment of distributions | 14,288    | 9,045    
|Shares redeemed               | (35,971)  | (70,058) 
|Net increase (decrease)       | 25,665    | 27,302   

Annual Report

10. Share Transactions - continued

|                              | Shares       | Dollars     
|----------------------------- | ------------ | ------------
|Years ended April 30,         | 2015         | 2014        
|Class C                       |              |             
|Shares sold                   | 139,066      | 149,109     
|Reinvestment of distributions | 26,268       | 17,367      
|Shares redeemed               | (132,516)    | (83,275)    
|Net increase (decrease)       | 32,818       | 83,201      
|Global High Income            |              |             
|Shares sold                   | 6,146,670    | 12,907,329  
|Reinvestment of distributions | 1,436,237    | 2,136,351   
|Shares redeemed               | (28,813,511) | (14,327,532)
|Net increase (decrease)       | (21,230,604) | 716,148     
|Institutional Class           |              |             
|Shares sold                   | 75,270       | 143,981     
|Reinvestment of distributions | 6,967        | 6,722       
|Shares redeemed               | (346,993)    | (205,533)   
|Net increase (decrease)       | (264,756)    | (54,830)    

11. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.

12. Credit Risk.

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

Annual Report

Notes to Financial Statements - continued

13. Litigation.

The Fund, and other entities managed by Fidelity or its affiliates, were named as defendants in a lawsuit brought by creditors of a subsidiary of Energy Future Holdings Corp. ("EFH"), which is currently in bankruptcy and was formerly known as TXU. The lawsuit, which is captioned as In Re:  ENERGY FUTURE HOLDINGS CORP. et al.  U.S. Bankruptcy Court, D. Del. Case No. 14-10979 (CSS); AVENUE CAPITAL MANAGEMENT II, LP, et al. v. FIDELITY INVESTMENTS, et al. Adversary No. 14-50797 (CSS), was filed in the United States Bankruptcy Court for the District of Delaware on October 6, 2014. The plaintiffs sought to enforce an alleged agreement under which the Fund and other defendants would sell certain EFH notes to the plaintiffs at a specified price. Plaintiffs sought a declaration that an alleged right to call the securities was properly exercised and an order that the Fund and other defendants transfer the notes to the plaintiffs at the specified price. The Fund and the other defendants disputed the plaintiffs' claims and filed a motion to dismiss contending, among other things, that the right to call the notes never came into existence and was part of a proposed settlement agreement that was never completed or approved by the bankruptcy court. On January 20, 2015, the court granted the defendants' motion and dismissed the complaint with prejudice. The plaintiffs filed a notice of appeal on February 3, 2015. If the lawsuit were to be decided in a manner adverse to the Fund, the Fund could experience a loss up to $1,853,326 as of period end. The Fund will also incur legal costs in defending the case.

Annual Report

---

# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Global High Income Fund (a fund of Fidelity Summer Street Trust) at April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Global High Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 24, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $4,942,086, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,617,091 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management 
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

FIL Investment Advisors

FIL Investments (Japan) 
Limited

FIL Investment Advisors
(UK) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA



(Fidelity Investment logo)(registered trademark)

`AGHII-UANN-0615
1.926264.103`

Fidelity®

Global High Income

Fund

Annual Report

April 30, 2015(Fidelity Cover Art)

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to the financial statements.                                                                           
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015      | Past 1
year | Life of
fundA
|--------------------------------- | ----------- | -------------
|Fidelity® Global High Income Fund | 2.23%       | 5.66%        

AFrom May 11, 2011.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Global High Income Fund, a class of the fund, on May 11, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how The BofA Merrill LynchSM Global High Yield and Emerging Markets Plus Index performed over the same period.

ghi816967

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap:Global high-yield bonds posted a roughly break-even return for the 12 months ending April 30, 2015, as positive results from most major regions around the world were tempered by the poor performance of Europe. After a strong start, investors exited the asset class at a record pace in July amid global economic jitters caused partly by credit crises in Argentina and exacerbated by a fairly low supply of U.S. Treasuries. Another sharp drop in September gave way to a rebound in October, as concerns about possible deflation in Europe and recession in Japan led to increased expectations for market intervention overseas. The asset class generally trended lower throughout the rest of 2014, then bounced back early in 2015, as oil prices stabilized and investors increased their appetite for risk. Among the regions that constitute the Fidelity Global High Income Composite IndexSM, Asia performed best, as The BofA Merrill Lynch Asian Dollar High Yield Corporate Constrained Index advanced 6.52%. Emerging-markets debt also fared well, as the J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified gained 5.47%. U.S. high-yield bonds rose 2.58%, according to The BofA Merrill LynchSM US High Yield Constrained Index. European debt was by far the worst-performing group, hampered in large part by a declining euro. Accordingly, The BofA Merrill LynchSM Euro High Yield Constrained Index returned -15.20%.

Comments from Lead Portfolio Manager John Carlson: For the year, the fund's share classes handily outperformed the negative result of its primary benchmark, The BofA Merrill LynchSM Global High Yield and Emerging Markets Plus Index, as well as the Fidelity Global High Income Composite IndexSM. Three of the fund's regional subportfolios outpaced their respective benchmarks. As a result, security selection was the primary driver of the fund's performance versus the Composite index. The U.S. high-yield subportfolio was by far the biggest contributor the past year, as it easily topped its benchmark. It achieved strong results via overweightings in utilities and diversified financial services, and an underweighting in energy. Despite a negative absolute return, the European high-yield subportfolio handily surpassed its benchmark and was a notable contributor. Security selection in the Asian debt subportfolio, which produced the biggest absolute gain, also boosted the fund's relative results. Asset allocation also contributed due to the fund's overweighting in the Asian debt sleeve, as well as its underweighting in weak-performing European high yield. Conversely, security selection and an underweighting in the emerging-markets debt subportfolio dampened relative performance.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|                    | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014
to April 30, 2015
|------------------- | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A             | 1.25%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,012.00                          | $	6.24                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,018.60                          | $	6.26                                                        
|Class T             | 1.25%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,012.20                          | $	6.24                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,018.60                          | $	6.26                                                        
|Class C             | 2.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,008.50                          | $	9.96                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,014.88                          | $	9.99                                                        
|Global High Income  | 1.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,013.50                          | $	4.99                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,019.84                          | $	5.01                                                        
|Institutional Class | 1.00%                     |                                          |                                     |                                                               
|Actual              |                           | $	1,000.00                               | $	1,013.20                          | $	4.99                                                        
|HypotheticalA       |                           | $	1,000.00                               | $	1,019.84                          | $	5.01                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015                                                     
|-------------------------------------------------------------------------------------------
|(by issuer, excluding cash equivalents)                                                    
|TXU Corp.                                                                                  
|Citigroup, Inc.                                                                            
|Rite Aid Corp.                                                                             
|GMAC LLC                                                                                   
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.
|                                                                                           
|Top Five Countries as of April 30, 2015                                                    
|(excluding short-term investments and net other assets)                                    
|United States of America                                                                   
|Cayman Islands                                                                             
|Luxembourg                                                                                 
|United Kingdom                                                                             
|Netherlands                                                                                
|Top Five Market Sectors as of April 30, 2015                                               
|                                                                                           
|Banks & Thrifts                                                                            
|Energy                                                                                     
|Telecommunications                                                                         
|Homebuilders/Real Estate                                                                   
|Diversified Financial Services                                                             

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|ghi816969                                       
|ghi816973                                       
|ghi816977                                       
|ghi816981                                       
|ghi816985                                       
|ghi816989                                       
|ghi816993                                       

ghi816997

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|ghi816999                                
|ghi817003                                
|ghi817007                                
|ghi817011                                
|ghi817015                                
|*Foreign investments                     

ghi817019

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 83.8%                                                                                    
|----------------------------------------------------------------------------------------------------------------
|                                                                                                                
|Aerospace - 0.2%                                                                                                
|KLX, Inc. 5.875% 12/1/22 (e)                                                                                    
|TransDigm, Inc. 6.5% 7/15/24                                                                                    
|                                                                                                                
|Air Transportation - 0.3%                                                                                       
|Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (Reg. S)                                                           
|Continental Airlines, Inc. 6.125% 4/29/18                                                                       
|United Continental Holdings, Inc. 6.375% 6/1/18                                                                 
|                                                                                                                
|Automotive - 0.8%                                                                                               
|Fiat Industrial Finance Europe SA 6.25% 3/9/18                                                                  
|PT Gadjah Tunggal Tbk 7.75% 2/6/18 (Reg. S)                                                                     
|Schaeffler Finance BV 3.5% 5/15/22 (Reg. S)                                                                     
|Schaeffler Holding Finance BV 6.875% 8/15/18 (Reg. S) (h)                                                       
|Tenedora Nemak SA de CV 5.5% 2/28/23 (e)                                                                        
|                                                                                                                
|Automotive & Auto Parts - 1.0%                                                                                  
|American Tire Distributors, Inc. 10.25% 3/1/22 (e)                                                              
|Chassix, Inc. 9.25% 8/1/18 (c)(e)                                                                               
|Dana Holding Corp. 6% 9/15/23                                                                                   
|Fiat Finance & Trade Ltd. SA 7.375% 7/9/18                                                                      
|Schaeffler Holding Finance BV 6.75% 11/15/22 pay-in-kind (e)(h)                                                 
|Tata Motors Ltd. 5.75% 10/30/24 (Reg. S)                                                                        
|ZF North America Capital, Inc. 4.5% 4/29/22 (e)                                                                 
|                                                                                                                
|Banks & Thrifts - 8.3%                                                                                          
|Ally Financial, Inc. 7.5% 9/15/20                                                                               
|Banco Espirito Santo SA 5.875% 11/9/15                                                                          
|Bank of Baroda (London) 6.625% 5/25/22 (h)                                                                      
|Bank of Ceylon 5.325% 4/16/18 (Reg. S)                                                                          
|Bank of India - London Branch 6.625% 9/22/21 (h)                                                                
|Bank of Ireland 10% 12/19/22                                                                                    
|BBVA Bancomer SA 7.25% 4/22/20 (e)                                                                              
|BBVA Colombia SA 4.875% 4/21/25 (e)                                                                             
|BBVA Paraguay SA 9.75% 2/11/16 (e)                                                                              
|Canara Bank Ltd. 6.365% 11/28/21 (h)                                                                            
|Commerzbank AG 7.75% 3/16/21                                                                                    
|FBN Finance Co. BV 8.25% 8/7/20 (e)(h)                                                                          
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Banks & Thrifts - continued                                                                                     
|Finansbank A/S 6.25% 4/30/19 (e)                                                                                
|General Motors Acceptance Corp. 8% 11/1/31                                                                      
|Georgia Bank Joint Stock Co. 7.75% 7/5/17 (e)                                                                   
|GMAC LLC:                                                                                                       
|8% 12/31/18                                                                                                     
|8% 11/1/31                                                                                                      
|GTB Finance BV 6% 11/8/18 (e)                                                                                   
|HBOS PLC 4.5% 3/18/30 (h)                                                                                       
|HSBK BV 7.25% 5/3/17 (e)                                                                                        
|ICICI Bank Ltd. 6.375% 4/30/22 (Reg. S) (h)                                                                     
|Itau Unibanco Holding SA 6.2% 12/21/21 (e)                                                                      
|JSC Halyk Bank of Kazakhstan 7.25% 1/28/21 (e)                                                                  
|National Savings Bank 8.875% 9/18/18 (Reg. S)                                                                   
|Ocwen Financial Corp. 6.625% 5/15/19 (e)                                                                        
|Royal Bank of Scotland Group PLC:                                                                               
|5.125% 5/28/24                                                                                                  
|6% 12/19/23                                                                                                     
|Turkiye Garanti Bankasi A/S 4.75% 10/17/19 (e)                                                                  
|Turkiye Halk Bankasi A/S 3.875% 2/5/20 (e)                                                                      
|UT2 Funding PLC 5.321% 6/30/16 (c)                                                                              
|Yapi ve Kredi Bankasi A/S 4% 1/22/20 (e)                                                                        
|Zenith Bank PLC 6.25% 4/22/19 (e)                                                                               
|                                                                                                                
|Broadcasting - 1.1%                                                                                             
|AMC Networks, Inc.:                                                                                             
|4.75% 12/15/22                                                                                                  
|7.75% 7/15/21                                                                                                   
|Clear Channel Communications, Inc. 5.5% 12/15/16                                                                
|iHeartCommunications, Inc. 10.625% 3/15/23 (e)                                                                  
|Ottawa Holdings Pte Ltd. 5.875% 5/16/18 (Reg. S)                                                                
|Polish Television Holding BV 11% 1/15/21 pay-in-kind (Reg. S) (h)                                               
|TV Azteca SA de CV:                                                                                             
|7.5% 5/25/18 (Reg. S)                                                                                           
|7.625% 9/18/20 (Reg S.)                                                                                         
|                                                                                                                
|Building Materials - 2.2%                                                                                       
|Alam Synergy Pte. Ltd. 6.95% 3/27/20 (Reg. S)                                                                   
|American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (e)                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Building Materials - continued                                                                                  
|CEMEX Finance LLC:                                                                                              
|5.25% 4/1/21 (Reg. S)                                                                                           
|6% 4/1/24 (Reg. S)                                                                                              
|CEMEX S.A.B. de CV 5.2731% 9/30/15 (e)(h)                                                                       
|Elementia S.A.B. de CV 5.5% 1/15/25 (e)                                                                         
|HeidelbergCement Finance BV 9.5% 12/15/18 (Reg. S)                                                              
|HMAN Finance Sub Corp. 6.375% 7/15/22 (e)                                                                       
|Modern Land China Co. Ltd. 13.875% 11/4/18 (Reg. S)                                                             
|Nortek, Inc. 8.5% 4/15/21                                                                                       
|Titan Global Finance PLC 4.25% 7/10/19 (Reg. S)                                                                 
|Union Andina de Cementos SAA 5.875% 10/30/21 (Reg. S)                                                           
|USG Corp.:                                                                                                      
|5.875% 11/1/21 (e)                                                                                              
|9.75% 1/15/18                                                                                                   
|West China Cement Ltd. 6.5% 9/11/19                                                                             
|                                                                                                                
|Cable/Satellite TV - 3.1%                                                                                       
|CCO Holdings LLC/CCO Holdings Capital Corp. 5.75% 1/15/24                                                       
|Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (e)                
|Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (e)                                   
|DISH DBS Corp. 5% 3/15/23                                                                                       
|Lynx II Corp. 6.375% 4/15/23 (e)                                                                                
|Numericable Group SA 5.375% 5/15/22 (Reg. S)                                                                    
|RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (e)                                                     
|Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:                                                            
|3.5% 1/15/27 (Reg. S)                                                                                           
|5.5% 9/15/22 (Reg. S)                                                                                           
|5.5% 1/15/23 (e)                                                                                                
|UPCB Finance V Ltd. 7.25% 11/15/21 (e)                                                                          
|UPCB Finance VI Ltd. 6.875% 1/15/22 (e)                                                                         
|VTR Finance BV 6.875% 1/15/24 (e)                                                                               
|                                                                                                                
|Capital Goods - 0.4%                                                                                            
|AECOM Technology Corp.:                                                                                         
|5.75% 10/15/22 (e)                                                                                              
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Capital Goods - continued                                                                                       
|AECOM Technology Corp.: - continued                                                                             
|5.875% 10/15/24 (e)                                                                                             
|Norcell Sweden Holding 2 AB 10.75% 9/29/19 (Reg. S)                                                             
|Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (e)                                         
|Zoomlion HK SPV Co. Ltd. 6.125% 12/20/22 (Reg. S)                                                               
|                                                                                                                
|Chemicals - 1.6%                                                                                                
|Chemtura Corp. 5.75% 7/15/21                                                                                    
|Evolution Escrow Issuer LLC 7.5% 3/15/22 (e)                                                                    
|INEOS Group Holdings SA 5.75% 2/15/19 (Reg. S)                                                                  
|Kerling PLC 10.625% 2/1/17 (Reg. S)                                                                             
|LSB Industries, Inc. 7.75% 8/1/19                                                                               
|OCP SA 5.625% 4/25/24 (e)                                                                                       
|PolyOne Corp. 5.25% 3/15/23                                                                                     
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:                                                
|6.75% 5/1/22 (e)(g)                                                                                             
|8.75% 2/1/19                                                                                                    
|U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (e)                                              
|W.R. Grace & Co. - Conn 5.625% 10/1/24 (e)                                                                      
|                                                                                                                
|Consumer Products - 0.6%                                                                                        
|Prestige Brands, Inc.:                                                                                          
|5.375% 12/15/21 (e)                                                                                             
|8.125% 2/1/20                                                                                                   
|Revlon Consumer Products Corp. 5.75% 2/15/21                                                                    
|Spectrum Brands Holdings, Inc. 6.375% 11/15/20                                                                  
|                                                                                                                
|Containers - 1.1%                                                                                               
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (e)(h)                                                    
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                                                   
|6% 6/30/21 (e)                                                                                                  
|7% 11/15/20 (e)                                                                                                 
|Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (e)                         
|OI European Group BV 6.75% 9/15/20 (Reg. S)                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Containers - continued                                                                                          
|Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20      
|SGD Group SA 5.625% 5/15/19 (Reg S.)                                                                            
|Tekni-Plex, Inc. 9.75% 6/1/19 (e)                                                                               
|                                                                                                                
|Diversified Financial Services - 4.5%                                                                           
|Aircastle Ltd. 5.125% 3/15/21                                                                                   
|Arrow Global Finance PLC 5.29% 11/1/21 (h)                                                                      
|Boing Group Financing PLC 6.625% 7/15/19 (Reg. S)                                                               
|CIT Group, Inc.:                                                                                                
|5% 8/15/22                                                                                                      
|5% 8/1/23                                                                                                       
|Comcel Trust 6.875% 2/6/24 (e)                                                                                  
|Credito Real S.A.B. de CV 7.5% 3/13/19 (e)                                                                      
|GCS Holdco Finance I SA 6.5% 11/15/18 (Reg. S)                                                                  
|Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.875% 2/1/22                                              
|International Lease Finance Corp.:                                                                              
|5.875% 8/15/22                                                                                                  
|8.625% 1/15/22                                                                                                  
|International Personal Finance PLC 11.5% 8/6/15                                                                 
|SLM Corp.:                                                                                                      
|5.5% 1/25/23                                                                                                    
|6.125% 3/25/24                                                                                                  
|8% 3/25/20                                                                                                      
|UPCB Finance Ltd. 6.375% 7/1/20 (Reg. S)                                                                        
|Verisure Holding AB 8.75% 9/1/18 (Reg. S)                                                                       
|                                                                                                                
|Diversified Media - 0.3%                                                                                        
|Lamar Media Corp. 5.875% 2/1/22                                                                                 
|MDC Partners, Inc. 6.75% 4/1/20 (e)                                                                             
|National CineMedia LLC:                                                                                         
|6% 4/15/22                                                                                                      
|7.875% 7/15/21                                                                                                  
|Outfront Media Capital LLC / Corp. 5.625% 2/15/24 (e)                                                           
|                                                                                                                
|Energy - 11.1%                                                                                                  
|Afren PLC 10.25% 4/8/19 (e)                                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|American Energy-Permian Basin LLC/ AEPB Finance Corp.:                                                          
|6.7521% 8/1/19 (e)(h)                                                                                           
|7.125% 11/1/20 (e)                                                                                              
|7.375% 11/1/21 (e)                                                                                              
|Antero Resources Corp.:                                                                                         
|5.125% 12/1/22                                                                                                  
|5.625% 6/1/23 (e)                                                                                               
|Areva SA 4.875% 9/23/24                                                                                         
|California Resources Corp.:                                                                                     
|5.5% 9/15/21                                                                                                    
|6% 11/15/24                                                                                                     
|Carrizo Oil & Gas, Inc. 6.25% 4/15/23                                                                           
|Chesapeake Energy Corp. 5.375% 6/15/21                                                                          
|China Oil & Gas Group Ltd. 5% 5/7/20 (Reg. S)                                                                   
|Citgo Holding, Inc. 10.75% 2/15/20 (e)                                                                          
|Clayton Williams Energy, Inc. 7.75% 4/1/19                                                                      
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.125% 3/1/22                                 
|Diamondback Energy, Inc. 7.625% 10/1/21                                                                         
|EDC Finance Ltd. 4.875% 4/17/20 (e)                                                                             
|Endeavor Energy Resources LP/EER Finance, Inc. 8.125% 9/15/23 (e)                                               
|Energy Transfer Equity LP 7.5% 10/15/20                                                                         
|Energy XXI Gulf Coast, Inc. 11% 3/15/20 (e)                                                                     
|EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22                                                    
|Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20                                         
|Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22                                                              
|Forum Energy Technologies, Inc. 6.25% 10/1/21                                                                   
|Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21                                                    
|Gibson Energy, Inc. 6.75% 7/15/21 (e)                                                                           
|Gulfmark Offshore, Inc. 6.375% 3/15/22                                                                          
|Hilcorp Energy I LP/Hilcorp Finance Co.:                                                                        
|5% 12/1/24 (e)                                                                                                  
|7.625% 4/15/21 (e)                                                                                              
|Indo Energy Finance II BV 6.375% 1/24/23                                                                        
|Kosmos Energy Ltd. 7.875% 8/1/21 (e)                                                                            
|Laredo Petroleum, Inc.:                                                                                         
|5.625% 1/15/22                                                                                                  
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|Laredo Petroleum, Inc.: - continued                                                                             
|6.25% 3/15/23                                                                                                   
|MIE Holdings Corp. 6.875% 2/6/18 (Reg S.)                                                                       
|Oasis Petroleum, Inc. 6.875% 3/15/22                                                                            
|Offshore Group Investment Ltd.:                                                                                 
|7.125% 4/1/23                                                                                                   
|7.5% 11/1/19                                                                                                    
|Pacific Drilling V Ltd. 7.25% 12/1/17 (e)                                                                       
|Pacific Rubiales Energy Corp. 7.25% 12/12/21 (e)                                                                
|Pan American Energy LLC 7.875% 5/7/21 (e)                                                                       
|Puma International Financing SA 6.75% 2/1/21 (Reg. S)                                                           
|Rice Energy, Inc. 7.25% 5/1/23 (e)                                                                              
|Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22                                                  
|Rosetta Resources, Inc.:                                                                                        
|5.625% 5/1/21                                                                                                   
|5.875% 6/1/24                                                                                                   
|RSP Permian, Inc. 6.625% 10/1/22 (e)                                                                            
|Sabine Pass Liquefaction LLC 5.625% 2/1/21                                                                      
|SemGroup Corp. 7.5% 6/15/21                                                                                     
|Sibur Securities Ltd. 3.914% 1/31/18 (e)                                                                        
|Summit Midstream Holdings LLC 7.5% 7/1/21                                                                       
|Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (e)                                                              
|Targa Resources Partners LP/Targa Resources Partners Finance Corp.:                                             
|5% 1/15/18 (e)                                                                                                  
|6.375% 8/1/22                                                                                                   
|Teine Energy Ltd. 6.875% 9/30/22 (e)                                                                            
|TerraForm Power Operating LLC 5.875% 2/1/23 (e)                                                                 
|Transocean, Inc.:                                                                                               
|6% 3/15/18                                                                                                      
|6.375% 12/15/21                                                                                                 
|Transportadora de Gas del Sur SA 9.625% 5/14/20 (e)                                                             
|Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (e)                                                 
|Western Refining, Inc. 6.25% 4/1/21                                                                             
|Yingde Gases Investment Ltd. 8.125% 4/22/18 (Reg. S)                                                            
|YPF SA:                                                                                                         
|8.5% 7/28/25 (e)                                                                                                
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Energy - continued                                                                                              
|YPF SA: - continued                                                                                             
|8.875% 12/19/18 (e)                                                                                             
|Zhaikmunai International BV 7.125% 11/13/19 (e)                                                                 
|                                                                                                                
|Entertainment/Film - 0.4%                                                                                       
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:                                            
|5.25% 2/15/22                                                                                                   
|5.625% 2/15/24                                                                                                  
|Cinemark U.S.A., Inc. 7.375% 6/15/21                                                                            
|NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (e)                                    
|Regal Entertainment Group 5.75% 6/15/23                                                                         
|                                                                                                                
|Environmental - 0.3%                                                                                            
|Clean Harbors, Inc.:                                                                                            
|5.125% 6/1/21                                                                                                   
|5.25% 8/1/20                                                                                                    
|LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (e)                                                    
|                                                                                                                
|Food & Drug Retail - 1.5%                                                                                       
|Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (e)                                                                      
|Rite Aid Corp.:                                                                                                 
|6.875% 12/15/28 (e)                                                                                             
|7.7% 2/15/27                                                                                                    
|Tesco Corporate Treasury Services PLC 2.5% 7/1/24 (Reg. S)                                                      
|                                                                                                                
|Food/Beverage/Tobacco - 2.7%                                                                                    
|Agrokor d.d. 9.875% 5/1/19 (Reg. S)                                                                             
|ESAL GmbH 6.25% 2/5/23 (e)                                                                                      
|FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (e)                                       
|Gruma S.A.B. de CV 4.875% 12/1/24 (e)                                                                           
|H.J. Heinz Finance Co. 7.125% 8/1/39 (e)                                                                        
|JBS Investments GmbH 7.25% 4/3/24 (e)                                                                           
|Minerva Luxmbourg SA 7.75% 1/31/23 (e)                                                                          
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Food/Beverage/Tobacco - continued                                                                               
|Post Holdings, Inc. 6.75% 12/1/21 (e)                                                                           
|R&R Ice Cream PLC 9.25% 5/15/18 pay-in-kind (Reg. S) (h)                                                        
|                                                                                                                
|Gaming - 1.8%                                                                                                   
|Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (e)                
|Golden Nugget Escrow, Inc. 8.5% 12/1/21 (e)                                                                     
|Graton Economic Development Authority 9.625% 9/1/19 (e)                                                         
|MGM Mirage, Inc. 8.625% 2/1/19                                                                                  
|Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21                
|Scientific Games Corp. 10% 12/1/22 (e)                                                                          
|Studio City Finance Ltd. 8.5% 12/1/20 (e)                                                                       
|Wynn Macau Ltd. 5.25% 10/15/21 (e)                                                                              
|                                                                                                                
|Healthcare - 4.9%                                                                                               
|Acadia Healthcare Co., Inc. 5.625% 2/15/23 (e)                                                                  
|Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:                                                    
|6% 10/15/21                                                                                                     
|7.75% 2/15/19                                                                                                   
|Cerba European Lab SAS 7% 2/1/20 (Reg. S)                                                                       
|Concordia Healthcare Corp. 7% 4/15/23 (e)                                                                       
|CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21                                                        
|DaVita HealthCare Partners, Inc. 5% 5/1/25                                                                      
|Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (e)                                                       
|FMC Finance VII SA 5.25% 2/15/21                                                                                
|Fresenius U.S. Finance II, Inc. 8.75% 7/15/15 (Reg. S)                                                          
|Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (e)                                                              
|HCA Holdings, Inc.:                                                                                             
|5% 3/15/24                                                                                                      
|5.875% 3/15/22                                                                                                  
|6.5% 2/15/20                                                                                                    
|7.5% 2/15/22                                                                                                    
|HealthSouth Corp. 5.75% 11/1/24                                                                                 
|JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (e)(h)                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Healthcare - continued                                                                                          
|Kindred Escrow Corp. II:                                                                                        
|8% 1/15/20 (e)                                                                                                  
|8.75% 1/15/23 (e)                                                                                               
|Labco S.A.S. 8.5% 1/15/18 (Reg. S)                                                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875% 4/15/20 (e)                                    
|Par Pharmaceutical Companies, Inc. 7.375% 10/15/20                                                              
|Polymer Group, Inc. 6.875% 6/1/19 (e)                                                                           
|Sabra Health Care LP/Sabra Capital Corp.:                                                                       
|5.375% 6/1/23                                                                                                   
|5.5% 2/1/21                                                                                                     
|Tenet Healthcare Corp. 8.125% 4/1/22                                                                            
|Valeant Pharmaceuticals International:                                                                          
|5.5% 3/1/23 (e)                                                                                                 
|5.625% 12/1/21 (e)                                                                                              
|6.75% 8/15/21 (e)                                                                                               
|7.25% 7/15/22 (e)                                                                                               
|7.5% 7/15/21 (e)                                                                                                
|VRX Escrow Corp.:                                                                                               
|5.375% 3/15/20 (e)                                                                                              
|5.875% 5/15/23 (e)                                                                                              
|6.125% 4/15/25 (e)                                                                                              
|VWR Funding, Inc. 7.25% 9/15/17                                                                                 
|                                                                                                                
|Homebuilders/Real Estate - 6.8%                                                                                 
|Agile Property Holdings Ltd. 8.875% 4/28/17 (Reg. S)                                                            
|Aldesa Financial Services SA 7.25% 4/1/21 (Reg. S)                                                              
|Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.875% 2/15/21 (e)                                             
|Beazer Homes U.S.A., Inc. 7.25% 2/1/23                                                                          
|Brookfield Residential Properties, Inc. 6.5% 12/15/20 (e)                                                       
|CBRE Group, Inc. 5% 3/15/23                                                                                     
|Cementos Progreso Trust 7.125% 11/6/23 (e)                                                                      
|Central China Real Estate Ltd. 6.5% 6/4/18 (Reg.S)                                                              
|China Aoyuan Property Group Ltd. 11.25% 1/17/19 (Reg. S)                                                        
|China South City Holdings Ltd. 8.25% 1/29/19 (Reg. S)                                                           
|CIFI Holdings Group Co. Ltd. 8.875% 1/27/19 (Reg. S)                                                            
|Communications Sales & Leasing, Inc. 6% 4/15/23 (e)                                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Homebuilders/Real Estate - continued                                                                            
|Country Garden Holdings Co. Ltd. 7.25% 4/4/21 (Reg. S)                                                          
|Evergrande Real Estate Group Ltd.:                                                                              
|8.75% 10/30/18 (Reg. S)                                                                                         
|12% 2/17/20                                                                                                     
|Fantasia Holdings Group Co. Ltd. 10.625% 1/23/19 (Reg. S)                                                       
|Future Land Development Holding Ltd. 10.25% 1/31/18 (Reg. S)                                                    
|Glorious Property Holdings Ltd. 13.25% 3/4/18 (Reg. S)                                                          
|Howard Hughes Corp. 6.875% 10/1/21 (e)                                                                          
|Inversiones y Representaciones SA:                                                                              
|8.5% 2/2/17 (Reg. S)                                                                                            
|11.5% 7/20/20 (Reg. S)                                                                                          
|KWG Property Holding Ltd.:                                                                                      
|8.25% 8/5/19 (Reg. S)                                                                                           
|8.975% 1/14/19 (Reg. S)                                                                                         
|Logan Property Holdings Co. Ltd. 11.25% 6/4/19 (Reg. S)                                                         
|Longfor Properties Co. Ltd. 6.75% 1/29/23 (Reg S.)                                                              
|Modernland Overseas Pte Ltd. 11% 10/25/16 (Reg. S)                                                              
|Oceanwide Real Estate International Holding Co. Ltd. 11.75% 9/8/19 (Reg. S)                                     
|Odebrecht Finance Ltd. 4.375% 4/25/25 (e)                                                                       
|Powerlong Real Estate Holding Ltd. 11.25% 1/25/18 (Reg. S)                                                      
|Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (e)                                                     
|Ryland Group, Inc. 5.375% 10/1/22                                                                               
|Shea Homes Ltd. Partnershp/Corp.:                                                                               
|5.875% 4/1/23 (e)                                                                                               
|6.125% 4/1/25 (e)                                                                                               
|Shimao Property Holdings Ltd.:                                                                                  
|8.125% 1/22/21 (Reg. S)                                                                                         
|8.375% 2/10/22 (Reg. S)                                                                                         
|SOHO China Ltd. 7.125% 11/7/22 (Reg. S)                                                                         
|Sunac China Holdings Ltd. 12.5% 10/16/17 (Reg. S)                                                               
|Times Property Holdings Ltd. 12.625% 3/21/19 (Reg. S)                                                           
|Trillion Chance Ltd. 8.5% 1/10/19                                                                               
|Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23                                                               
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Homebuilders/Real Estate - continued                                                                            
|William Lyon Homes, Inc.:                                                                                       
|5.75% 4/15/19                                                                                                   
|7% 8/15/22                                                                                                      
|8.5% 11/15/20                                                                                                   
|Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (e)                                          
|Wuzhou International Holdings Ltd. 13.75% 9/26/18 (Reg. S)                                                      
|Yuzhou Properties Co. 8.75% 10/4/18 (Reg. S)                                                                    
|                                                                                                                
|Hotels - 0.3%                                                                                                   
|Choice Hotels International, Inc. 5.75% 7/1/22                                                                  
|Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21                                     
|                                                                                                                
|Insurance - 0.2%                                                                                                
|Assicurazioni Generali SpA 10.125% 7/10/42 (h)                                                                  
|Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (e)                                                                    
|                                                                                                                
|Leisure - 0.1%                                                                                                  
|24 Hour Holdings III LLC 8% 6/1/22 (e)                                                                          
|Metals/Mining - 2.3%                                                                                            
|Abja Investment Co. Pte Ltd. 5.95% 7/31/24 (Reg. S)                                                             
|Alpha Natural Resources, Inc.:                                                                                  
|6.25% 6/1/21                                                                                                    
|9.75% 4/15/18                                                                                                   
|Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (e)                                                  
|Compania Minera Ares SAC 7.75% 1/23/21 (e)                                                                      
|Favor Sea Ltd. 11.75% 2/4/19 (Reg. S)                                                                           
|Gold Fields Orogen Holding BVI Ltd. 4.875% 10/7/20 (e)                                                          
|Mongolian Mining Corp. 8.875% 3/29/17 (Reg. S)                                                                  
|Murray Energy Corp. 11.25% 4/15/21 (e)                                                                          
|Nord Gold NV 6.375% 5/7/18 (e)                                                                                  
|Peabody Energy Corp.:                                                                                           
|6.25% 11/15/21                                                                                                  
|10% 3/15/22 (e)                                                                                                 
|Prince Mineral Holding Corp. 11.5% 12/15/19 (e)                                                                 
|Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (e)                           
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Metals/Mining - continued                                                                                       
|Southern Copper Corp. 7.5% 7/27/35                                                                              
|Vedanta Resources PLC:                                                                                          
|8.25% 6/7/21 (Reg. S)                                                                                           
|9.5% 7/18/18 (Reg. S)                                                                                           
|Walter Energy, Inc.:                                                                                            
|9.5% 10/15/19 (e)                                                                                               
|12% 4/1/20 pay-in-kind (e)(h)                                                                                   
|Yancoal International Resources Development Co. Ltd. 5.73% 5/16/22 (Reg. S)                                     
|                                                                                                                
|Paper - 0.4%                                                                                                    
|Smurfit Kappa Acquisitions 3.25% 6/1/21 (Reg. S)                                                                
|Publishing/Printing - 0.8%                                                                                      
|Cenveo Corp. 6% 8/1/19 (e)                                                                                      
|Griffey Intermediate, Inc./Griffey Finance Sub LLC 7% 10/15/20 (e)                                              
|McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21                     
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (e)(h)                                      
|                                                                                                                
|Restaurants - 0.2%                                                                                              
|Landry's Acquisition Co. 9.375% 5/1/20 (e)                                                                      
|Landry's Holdings II, Inc. 10.25% 1/1/18 (e)                                                                    
|                                                                                                                
|Services - 2.9%                                                                                                 
|Ahern Rentals, Inc. 9.5% 6/15/18 (e)                                                                            
|APX Group, Inc.:                                                                                                
|6.375% 12/1/19                                                                                                  
|8.75% 12/1/20                                                                                                   
|Audatex North America, Inc. 6% 6/15/21 (e)                                                                      
|Blueline Rent Finance Corp./Volvo 7% 2/1/19 (e)                                                                 
|FTI Consulting, Inc. 6% 11/15/22                                                                                
|Garda World Security Corp.:                                                                                     
|7.25% 11/15/21 (e)                                                                                              
|7.25% 11/15/21 (e)                                                                                              
|Hertz Corp. 6.25% 10/15/22                                                                                      
|Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (e)                                                         
|Laureate Education, Inc. 10% 9/1/19 (e)                                                                         
|NES Rentals Holdings, Inc. 7.875% 5/1/18 (e)                                                                    
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Services - continued                                                                                            
|SMCP S.A.S. 8.875% 6/15/20 (Reg. S)                                                                             
|TMS International Corp. 7.625% 10/15/21 (e)                                                                     
|TransUnion Holding Co., Inc.:                                                                                   
|8.125% 6/15/18 pay-in-kind (h)                                                                                  
|9.625% 6/15/18 pay-in-kind (h)                                                                                  
|United Rentals North America, Inc.:                                                                             
|4.625% 7/15/23                                                                                                  
|5.5% 7/15/25                                                                                                    
|                                                                                                                
|Steel - 1.2%                                                                                                    
|Cliffs Natural Resources, Inc. 8.25% 3/31/20 (e)                                                                
|Evraz, Inc. NA Canada 7.5% 11/15/19 (e)                                                                         
|JMC Steel Group, Inc. 8.25% 3/15/18 (e)                                                                         
|Metinvest BV 10.25% 5/20/15 (e)                                                                                 
|Ryerson, Inc./Joseph T Ryerson & Son, Inc.:                                                                     
|9% 10/15/17                                                                                                     
|11.25% 10/15/18                                                                                                 
|TMK Capital SA 7.75% 1/27/18                                                                                    
|                                                                                                                
|Super Retail - 0.9%                                                                                             
|Academy Ltd./Academy Finance Corp. 9.25% 8/1/19 (e)                                                             
|Family Tree Escrow LLC:                                                                                         
|5.25% 3/1/20 (e)                                                                                                
|5.75% 3/1/23 (e)                                                                                                
|JC Penney Corp., Inc.:                                                                                          
|5.65% 6/1/20                                                                                                    
|5.75% 2/15/18                                                                                                   
|7.4% 4/1/37                                                                                                     
|Maoye International Holdings Ltd. 7.75% 5/19/17 (Reg. S)                                                        
|MPM Global Pte Ltd. 6.75% 9/19/19 (Reg. S)                                                                      
|Parkson Retail Group Ltd. 4.5% 5/3/18 (Reg. S)                                                                  
|Sally Holdings LLC 6.875% 11/15/19                                                                              
|Sonic Automotive, Inc.:                                                                                         
|5% 5/15/23                                                                                                      
|7% 7/15/22                                                                                                      
|                                                                                                                
|Technology - 2.7%                                                                                               
|Activision Blizzard, Inc. 6.125% 9/15/23 (e)                                                                    
|ADT Corp. 6.25% 10/15/21                                                                                        
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Technology - continued                                                                                          
|Balboa Merger Sub, Inc. 11.375% 12/1/21 (e)                                                                     
|BCP Singapore VI Cayman Financing Co. Ltd. 8% 4/15/21 (e)                                                       
|BMC Software Finance, Inc. 8.125% 7/15/21 (e)                                                                   
|Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (e)(h)                                                           
|Brocade Communications Systems, Inc. 4.625% 1/15/23                                                             
|CDW LLC/CDW Finance Corp. 6% 8/15/22                                                                            
|China Automation Group Ltd. 7.75% 4/20/16                                                                       
|Entegris, Inc. 6% 4/1/22 (e)                                                                                    
|First Data Corp.:                                                                                               
|11.25% 1/15/21                                                                                                  
|11.75% 8/15/21                                                                                                  
|Global A&T Electronics Ltd. 10% 2/1/19 (e)                                                                      
|Global Cash Access, Inc. 10% 1/15/22 (e)                                                                        
|Lucent Technologies, Inc. 6.45% 3/15/29                                                                         
|Pacific Emerald Pte Ltd. 9.75% 7/25/18 (Reg. S)                                                                 
|Project Homestake Merger Corp. 8.875% 3/1/23 (e)                                                                
|Quad/Graphics, Inc. 7% 5/1/22                                                                                   
|Sensata Technologies BV 4.875% 10/15/23 (e)                                                                     
|                                                                                                                
|Telecommunications - 9.8%                                                                                       
|Alcatel-Lucent U.S.A., Inc. 6.75% 11/15/20 (e)                                                                  
|Altice Financing SA 6.625% 2/15/23 (e)                                                                          
|Altice Finco SA 8.125% 1/15/24 (e)                                                                              
|Altice SA:                                                                                                      
|7.625% 2/15/25 (e)                                                                                              
|7.75% 5/15/22 (e)                                                                                               
|Banglalink Digital Communications Ltd. 8.625% 5/6/19 (e)                                                        
|Broadview Networks Holdings, Inc. 10.5% 11/15/17                                                                
|Columbus International, Inc. 7.375% 3/30/21 (e)                                                                 
|Digicel Group Ltd.:                                                                                             
|6% 4/15/21 (Reg. S)                                                                                             
|7% 2/15/20 (e)                                                                                                  
|8.25% 9/30/20 (e)                                                                                               
|DigitalGlobe, Inc. 5.25% 2/1/21 (e)                                                                             
|Eileme 2 AB 11.625% 1/31/20 (e)                                                                                 
|FairPoint Communications, Inc. 8.75% 8/15/19 (e)                                                                
|GCI, Inc. 6.875% 4/15/25 (e)                                                                                    
|GCX Ltd. 7% 8/1/19 (Reg. S)                                                                                     
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Telecommunications - continued                                                                                  
|Hellenic Telecommunications Organization SA 3.5% 7/9/20                                                         
|Intelsat Jackson Holdings SA:                                                                                   
|5.5% 8/1/23                                                                                                     
|6.625% 12/15/22 (Reg. S)                                                                                        
|Intelsat Luxembourg SA 8.125% 6/1/23                                                                            
|Level 3 Communications, Inc.:                                                                                   
|5.75% 12/1/22                                                                                                   
|8.875% 6/1/19                                                                                                   
|Millicom International Cellular SA 6.625% 10/15/21 (e)                                                          
|MTS International Funding Ltd.:                                                                                 
|5% 5/30/23 (e)                                                                                                  
|8.625% 6/22/20 (e)                                                                                              
|Numericable Group SA 6% 5/15/22 (e)                                                                             
|Portugal Telecom International Finance BV 4.625% 5/8/20 (Reg. S)                                                
|SBA Communications Corp. 4.875% 7/15/22 (e)                                                                     
|Sprint Capital Corp.:                                                                                           
|6.875% 11/15/28                                                                                                 
|6.9% 5/1/19                                                                                                     
|8.75% 3/15/32                                                                                                   
|Sprint Corp.:                                                                                                   
|7.125% 6/15/24                                                                                                  
|7.875% 9/15/23                                                                                                  
|T-Mobile U.S.A., Inc.:                                                                                          
|6.25% 4/1/21                                                                                                    
|6.625% 4/1/23                                                                                                   
|6.731% 4/28/22                                                                                                  
|6.836% 4/28/23                                                                                                  
|TBG Global Pte. Ltd.:                                                                                           
|4.625% 4/3/18 (e)                                                                                               
|5.25% 2/10/22 (Reg. S)                                                                                          
|Telecom Italia SpA 4.875% 9/25/20 (Reg. S)                                                                      
|Telefonica Celular del Paraguay SA 6.75% 12/13/22 (e)                                                           
|Telenet Finance Luxembourg S.C.A.:                                                                              
|6.25% 8/15/22 (Reg. S)                                                                                          
|6.75% 8/15/24 (Reg. S)                                                                                          
|Vimpel Communications 9.125% 4/30/18 (Reg. S) (Issued by VIP Finance Ireland Ltd. for Vimpel Communications)    
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Telecommunications - continued                                                                                  
|Vimpel Communications OJSC 7.748% 2/2/21 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)     
|Wind Acquisition Finance SA:                                                                                    
|4% 7/15/20 (Reg S.)                                                                                             
|4.75% 7/15/20 (e)                                                                                               
|                                                                                                                
|Textiles/Apparel - 0.3%                                                                                         
|Golden Legacy Pte Ltd. 9% 4/24/19 (Reg. S)                                                                      
|Texhong Textile Group Ltd. 6.5% 1/18/19 (Reg. S)                                                                
|                                                                                                                
|Transportation Ex Air/Rail - 0.5%                                                                               
|Car, Inc. 6.125% 2/4/20 (Reg. S)                                                                                
|Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (e)                     
|TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19                                                           
|Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21                                                                       
|                                                                                                                
|Utilities - 6.2%                                                                                                
|Calpine Corp. 7.875% 1/15/23 (e)                                                                                
|Dynegy, Inc.:                                                                                                   
|6.75% 11/1/19 (e)                                                                                               
|7.375% 11/1/22 (e)                                                                                              
|7.625% 11/1/24 (e)                                                                                              
|Enel SpA 5% 1/15/75 (h)                                                                                         
|Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 11.75% 3/1/22 (c)(e)
|GenOn Energy, Inc. 9.875% 10/15/20                                                                              
|Global Partners LP/GLP Finance Corp. 6.25% 7/15/22                                                              
|InterGen NV 7% 6/30/23 (e)                                                                                      
|Listrindo Capital BV 6.95% 2/21/19 (e)                                                                          
|Mirant Americas Generation LLC 9.125% 5/1/31                                                                    
|NRG Energy, Inc. 6.625% 3/15/23                                                                                 
|NSG Holdings II, LLC 7.75% 12/15/25 (e)                                                                         
|Petrobras International Finance Co. Ltd. 5.375% 1/27/21                                                         
|RJS Power Holdings LLC 5.125% 7/15/19 (e)                                                                       
|Techem GmbH 6.125% 10/1/19 (Reg. S)                                                                             
|Nonconvertible Bonds - continued                                                                                
|                                                                                                                
|Utilities - continued                                                                                           
|TXU Corp.:                                                                                                      
|5.55% 11/15/14 (c)                                                                                              
|6.5% 11/15/24 (c)                                                                                               
|6.55% 11/15/34 (c)                                                                                              
|                                                                                                                
|TOTAL NONCONVERTIBLE BONDS
(Cost $112,729,235)                                                                  

|Common Stocks - 1.4%                  
|--------------------------------------
|                                      
|Automotive & Auto Parts - 0.4%        
|General Motors Co.                    
|Trinseo SA                            
|                                      
|Broadcasting - 0.2%                   
|Cumulus Media, Inc. Class A (a)       
|Chemicals - 0.2%                      
|LyondellBasell Industries NV Class A  
|Westlake Chemical Partners LP         
|                                      
|Energy - 0.1%                         
|The Williams Companies, Inc.          
|Healthcare - 0.0%                     
|Legend Acquisition, Inc.              
|Legend Acquisition, Inc.:             
|Class A warrants (a)                  
|Class B warrants (a)                  
|                                      
|Homebuilders/Real Estate - 0.1%       
|Realogy Holdings Corp. (a)            
|Hotels - 0.2%                         
|Extended Stay America, Inc. unit      
|Services - 0.2%                       
|ARAMARK Holdings Corp.                
|WP Rocket Holdings, Inc. (a)(i)       
|                                      
|Common Stocks - continued             
|                                      
|Telecommunications - 0.0%             
|Broadview Networks Holdings, Inc. (a) 
|TOTAL COMMON STOCKS
(Cost $2,422,404) 
|Preferred Stocks - 0.7%               
|                                      
|Convertible Preferred Stocks - 0.4%   
|Healthcare - 0.2%                     
|Actavis PLC 5.50%                     
|Homebuilders/Real Estate - 0.2%       
|American Tower Corp. 5.50%            
|TOTAL CONVERTIBLE PREFERRED STOCKS    
|Nonconvertible Preferred Stocks - 0.3%
|Banks & Thrifts - 0.3%                
|Ally Financial, Inc. 7.00% (e)        
|Services - 0.0%                       
|WP Rocket Holdings, Inc.:             
|15.00% (a)                            
|Class C 19.50% (i)                    
|                                      
|TOTAL NONCONVERTIBLE PREFERRED STOCKS 
|TOTAL PREFERRED STOCKS
(Cost $831,153)

|Bank Loan Obligations - 2.4%                                                     
|---------------------------------------------------------------------------------
|                                                                                 
|Automotive - 0.0%                                                                
|Chassix, Inc. term loan 10% 12/12/15 (h)                                         
|Cable/Satellite TV - 0.1%                                                        
|Liberty Cablevision of Puerto Rico:                                              
|Tranche 1LN, term loan 4.5% 1/7/22 (h)                                           
|Tranche 2LN, term loan 7.75% 7/7/23 (h)                                          
|                                                                                 
|Diversified Financial Services - 0.3%                                            
|AlixPartners LLP Tranche 2LN, term loan 9% 7/10/21 (h)                           
|Bank Loan Obligations - continued                                                
|                                                                                 
|Diversified Media - 0.3%                                                         
|McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (h)             
|Energy - 0.6%                                                                    
|Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (h)                        
|Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (h)            
|Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (h)                  
|Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (h)                         
|Panda Sherman Power, LLC term loan 9% 9/14/18 (h)                                
|Sheridan Investment Partners I term loan 4.25% 12/16/20 (h)                      
|Sheridan Production Partners I:                                                  
|Tranche A, term loan 4.25% 12/16/20 (h)                                          
|Tranche M, term loan 4.25% 12/16/20 (h)                                          
|Targa Resources Corp. term loan 5.75% 2/27/22 (h)                                
|                                                                                 
|Healthcare - 0.5%                                                                
|Dialysis Newco, Inc.:                                                            
|Tranche 2LN, term loan 7.75% 10/22/21 (h)                                        
|Tranche B 1LN, term loan 4.5% 4/23/21 (h)                                        
|MModal IP LLC Tranche B, term loan 9% 1/31/20 (h)                                
|Rural/Metro Corp.:                                                               
|Tranche 2LN, term loan 14.5% 1/31/16                                             
|Tranche B, term loan 19.5% 1/31/16                                               
|U.S. Renal Care, Inc.:                                                           
|Tranche 2LN, term loan 8.5% 1/3/20 (h)                                           
|Tranche B 2LN, term loan 4.25% 7/3/19 (h)                                        
|                                                                                 
|Homebuilders/Real Estate - 0.1%                                                  
|DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (h)                   
|Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (h)                         
|                                                                                 
|Metals/Mining - 0.0%                                                             
|Ameriforge Group, Inc. Tranche B 2LN, term loan 8.75% 12/19/20 (h)               
|Bank Loan Obligations - continued                                                
|                                                                                 
|Publishing/Printing - 0.0%                                                       
|Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (h)
|Steel - 0.1%                                                                     
|Atkore International, Inc. Tranche 2LN, term loan 7.75% 10/9/21 (h)              
|Technology - 0.4%                                                                
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (h)                            
|Renaissance Learning, Inc.:                                                      
|Tranche 1LN, term loan 4.5% 4/9/21 (h)                                           
|Tranche 2LN, term loan 8% 4/9/22 (h)                                             
|                                                                                 
|Telecommunications - 0.0%                                                        
|LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (h)                              
|TOTAL BANK LOAN OBLIGATIONS
(Cost $3,362,221)                                    
|Preferred Securities - 5.7%                                                      
|                                                                                 
|Banks & Thrifts - 3.2%                                                           
|Banco Do Brasil SA 9% (e)(f)(h)                                                  
|Bank of America Corp.:                                                           
|5.2% (f)(h)                                                                      
|6.1% (f)(h)                                                                      
|Bank of East Asia Ltd. 8.5% (f)(h)                                               
|Barclays Bank PLC 7.625% 11/21/22                                                
|Barclays PLC 8% (f)(h)                                                           
|Chong Hing Bank Ltd. 6.5% (f)(h)                                                 
|Credit Agricole SA:                                                              
|6.5%(Reg S.) (f)(h)                                                              
|6.625% (e)(f)(h)                                                                 
|ICICI Bank Ltd. 7.25% (Reg S.) (f)(h)                                            
|Intesa Sanpaolo SpA 8.047% (f)(h)                                                
|JPMorgan Chase & Co. 5.15% (f)(h)                                                
|Royal Bank of Scotland Group PLC 7.0916% (f)(h)                                  
|Societe Generale 6.999% (f)(h)                                                   
|State Bank of India 6.439% (f)(h)                                                
|UniCredit International Bank Luxembourg SA 8.125% (f)(h)                         
|Wells Fargo & Co. 5.875% (f)(h)                                                  
|                                                                                 
|Preferred Securities - continued                                                 
|                                                                                 
|Consumer Products - 0.4%                                                         
|Cosan Overseas Ltd. 8.25% (f)                                                    
|Diversified Financial Services - 1.7%                                            
|Baggot Securities Ltd. 10.24% (Reg. S) (f)                                       
|Citigroup, Inc. 5.35% (f)(h)                                                     
|Hutchison Whampoa Europe Finance, Ltd. 3.75% (Reg. S) (f)(h)                     
|                                                                                 
|Insurance - 0.1%                                                                 
|Groupama SA 6.298% (f)(h)                                                        
|Telecommunications - 0.3%                                                        
|Telefonica Europe BV 5% (Reg. S) (f)(h)                                          
|TOTAL PREFERRED SECURITIES
(Cost $7,528,553)                                     

|Money Market Funds - 3.8%                              
|-------------------------------------------------------
|                                                       
|Fidelity Cash Central Fund, 0.15% (b)
(Cost $5,052,617)
|TOTAL INVESTMENT PORTFOLIO - 97.8%
(Cost $131,926,183) 
|NET OTHER ASSETS (LIABILITIES) - 2.2%                  
|NET ASSETS - 100%                                      

|Currency Abbreviations
|----------------------
|EUR                   

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b)	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.
|(c)	Non-income producing - Security is in default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(d)	Amount is stated in United States dollars unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,210,830 or 38.0% of net assets.                                                                                                                                                                                                                              
|(f)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(g)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(h)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(i)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,680 or 0.0% of net assets.                                                                                                                                                                                                                                                                                  
|Additional information on each restricted holding is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|Security                                | Acquisition Date | Acquisition Cost
|--------------------------------------- | ---------------- | ----------------
|WP Rocket Holdings, Inc.                | 6/24/11 - 2/2/15 | $	184,731       
|WP Rocket Holdings, Inc. Class C 19.50% | 2/2/15           | $	14,869        

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

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	7,382      

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Equities:                          
|Consumer Discretionary             
|Energy                             
|Financials                         
|Health Care                        
|Industrials                        
|Materials                          
|Telecommunication Services         
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 52.4% 
|---------------------------------- | ------
|Cayman Islands                     | 6.9%  
|Luxembourg                         | 4.9%  
|United Kingdom                     | 4.0%  
|Netherlands                        | 3.6%  
|Mexico                             | 2.8%  
|Ireland                            | 2.5%  
|Canada                             | 2.5%  
|Argentina                          | 2.2%  
|France                             | 2.1%  
|British Virgin Islands             | 1.9%  
|Singapore                          | 1.4%  
|Bermuda                            | 1.3%  
|Kazakhstan                         | 1.1%  
|Germany                            | 1.0%  
|Italy                              | 1.0%  
|Others (Individually Less Than 1%) | 8.4%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                           | April 30, 2015
|---------------------------------------------------------------------------------------------------------- | --------------
|Assets                                                                                                     |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $126,873,566)   | $	126,768,792 
|Fidelity Central Funds (cost $5,052,617)                                                                   | 5,052,617     
|Total Investments (cost $131,926,183)                                                                      |               
|Cash                                                                                                       |               
|Foreign currency held at value (cost $240,033)                                                             |               
|Receivable for investments sold                                                                            |               
|Receivable for fund shares sold                                                                            |               
|Dividends receivable                                                                                       |               
|Interest receivable                                                                                        |               
|Distributions receivable from Fidelity Central Funds                                                       |               
|Prepaid expenses                                                                                           |               
|Receivable from investment adviser for expense reductions                                                  |               
|Other receivables                                                                                          |               
|Total assets                                                                                               |               
|                                                                                                           |               
|Liabilities                                                                                                |               
|Payable for investments purchased 
Regular delivery                                                        | $	502,582     
|Delayed delivery                                                                                           | 200,000       
|Payable for fund shares redeemed                                                                           | 203,046       
|Distributions payable                                                                                      | 85,656        
|Accrued management fee                                                                                     | 80,464        
|Distribution and service plan fees payable                                                                 | 4,957         
|Audit fees payable                                                                                         | 63,471        
|Other affiliated payables                                                                                  | 33,326        
|Other payables and accrued expenses                                                                        | 3,911         
|Total liabilities                                                                                          |               
|                                                                                                           |               
|Net Assets                                                                                                 |               
|Net Assets consist of:                                                                                     |               
|Paid in capital                                                                                            |               
|Undistributed net investment income                                                                        |               
|Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions        |               
|Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies |               
|Net Assets                                                                                                 |               

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

Annual Report

Financial Statements - continued

## Statement of Assets and Liabilities - continued

|                                                                                                                           | April 30, 2015
|-------------------------------------------------------------------------------------------------------------------------- | --------------
|Calculation of Maximum Offering Price
Class A:
Net Asset Valueand redemption price per share ($7,035,874 ÷ 733,021 shares) |               
|                                                                                                                           |               
|Maximum offering price per share (100/96.00 of $9.60)                                                                      |               
|Class T:
Net Asset Value and redemption price per share ($1,745,256 ÷ 181,843 shares)                                      |               
|                                                                                                                           |               
|Maximum offering price per share (100/96.00 of $9.60)                                                                      |               
|Class C:
Net Asset Value and offering price per share ($3,810,770 ÷ 397,053 shares)A                                       |               
|                                                                                                                           |               
|Global High Income:
Net Asset Value, offering price and redemption price per share ($119,711,890 ÷ 12,471,603 shares)      |               
|                                                                                                                           |               
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($2,480,640 ÷ 258,437 shares)          |               

ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

## Statement of Operations

|                                                                               | Year ended April 30, 2015
|------------------------------------------------------------------------------ | -------------------------
|Investment Income                                                              |                          
|Dividends                                                                      |                          
|Interest                                                                       |                          
|Income from Fidelity Central Funds                                             |                          
|Total income                                                                   |                          
|                                                                               |                          
|Expenses                                                                       |                          
|Management fee                                                                 | $	1,612,888              
|Transfer agent fees                                                            | 455,277                  
|Distribution and service plan fees                                             | 61,877                   
|Accounting fees and expenses                                                   | 117,502                  
|Custodian fees and expenses                                                    | 30,464                   
|Independent trustees' compensation                                             | 1,040                    
|Registration fees                                                              | 81,040                   
|Audit                                                                          | 74,567                   
|Legal                                                                          | 20,670                   
|Interest                                                                       | 3,099                    
|Miscellaneous                                                                  | 1,925                    
|Total expenses before reductions                                               | 2,460,349                
|Expense reductions                                                             | (120,068)                
|Net investment income (loss)                                                   |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:               |                          
|Investment securities:                                                         |                          
|Unaffiliated issuers                                                           | 6,277,521                
|Foreign currency transactions                                                  | (200,214)                
|Total net realized gain (loss)                                                 |                          
|Change in net unrealized appreciation (depreciation) on:
Investment securities | (13,405,963)             
|Assets and liabilities in foreign currencies                                   | 21,463                   
|Total change in net unrealized appreciation (depreciation)                     |                          
|Net gain (loss)                                                                |                          
|Netincrease (decrease) in net assets resulting from operations                 |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|                                                                                                                                             | Year ended
April 30,
2015 | Year ended
April 30,
2014
|-------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                            |                           |                          
|Operations                                                                                                                                   |                           |                          
|Net investment income (loss)                                                                                                                 | $	11,481,444              | $	17,719,135             
|Net realized gain (loss)                                                                                                                     | 6,077,307                 | 4,730,530                
|Change in net unrealized appreciation (depreciation)                                                                                         | (13,384,500)              | (6,402,555)              
|Netincrease (decrease) in net assets resulting
from operations                                                                               | 4,174,251                 | 16,047,110               
|Distributions to shareholders from net investment income                                                                                     | (11,482,978)              | (16,962,893)             
|Distributions to shareholders from net realized gain                                                                                         | (6,017,381)               | (7,941,424)              
|Total distributions                                                                                                                          | (17,500,359)              | (24,904,317)             
|Share transactions - net increase (decrease)                                                                                                 | (214,818,457)             | 9,681,594                
|Redemption fees                                                                                                                              | 65,173                    | 71,966                   
|Total increase (decrease) in net assets                                                                                                      | (228,079,392)             | 896,353                  
|                                                                                                                                             |                           |                          
|Net Assets                                                                                                                                   |                           |                          
|Beginning of period                                                                                                                          | 362,863,822               | 361,967,469              
|End of period (including undistributed net investment income of 764,726 and undistributed net investment income of $1,599,944, respectively) | $	134,784,430             | $	362,863,822            

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

Annual Report

## Financial Highlights - Class A

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H   
|----------------------------------------- | ------- | ------- | ------- | --------
|Selected Per-Share Data                   |         |         |         |         
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00 
|Income from Investment Operations         |         |         |         |         
|Net investment income (loss)E             | .476    | .506    | .526    | .476    
|Net realized and unrealized gain (loss)   | (.293)K | (.036)  | .714    | (.317)  
|Total from investment operations          | .183    | .470    | 1.240   | .159    
|Distributions from net investment income  | (.486)  | (.483)  | (.477)  | (.423)  
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -       
|Total distributions                       | (.796)  | (.722)  | (.523)  | (.423)  
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004    
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74  
|Total ReturnB, C, D                       | 1.97%K  | 4.86%   | 13.13%  | 1.80%   
|Ratios to Average Net AssetsF, I          |         |         |         |         
|Expenses before reductions                | 1.28%   | 1.23%   | 1.24%   | 1.38%A  
|Expenses net of fee waivers, if any       | 1.25%   | 1.23%   | 1.24%   | 1.25%A  
|Expenses net of all reductions            | 1.25%   | 1.23%   | 1.24%   | 1.25%A  
|Net investment income (loss)              | 4.82%   | 5.03%   | 5.25%   | 5.15%A  
|Supplemental Data                         |         |         |         |         
|Net assets, end of period (000 omitted)   | $	7,036 | $	8,000 | $	6,419 | $	10,102
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J    

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Class T

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H  
|----------------------------------------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |        
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00
|Income from Investment Operations         |         |         |         |        
|Net investment income (loss)E             | .474    | .504    | .523    | .477   
|Net realized and unrealized gain (loss)   | (.291)K | (.036)  | .712    | (.318) 
|Total from investment operations          | .183    | .468    | 1.235   | .159   
|Distributions from net investment income  | (.486)  | (.481)  | (.472)  | (.423) 
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -      
|Total distributions                       | (.796)  | (.720)  | (.518)  | (.423) 
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004   
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74 
|Total ReturnB, C, D                       | 1.98%K  | 4.84%   | 13.08%  | 1.80%  
|Ratios to Average Net AssetsF, I          |         |         |         |        
|Expenses before reductions                | 1.40%   | 1.35%   | 1.25%   | 1.39%A 
|Expenses net of fee waivers, if any       | 1.25%   | 1.25%   | 1.25%   | 1.25%A 
|Expenses net of all reductions            | 1.25%   | 1.25%   | 1.25%   | 1.25%A 
|Net investment income (loss)              | 4.82%   | 5.01%   | 5.24%   | 5.15%A 
|Supplemental Data                         |         |         |         |        
|Net assets, end of period (000 omitted)   | $	1,745 | $	1,595 | $	1,349 | $	9,362
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Class C

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012H  
|----------------------------------------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |        
|Net asset value, beginning of period      | $	10.21 | $	10.46 | $	9.74  | $	10.00
|Income from Investment Operations         |         |         |         |        
|Net investment income (loss)E             | .401    | .428    | .448    | .407   
|Net realized and unrealized gain (loss)   | (.292)K | (.035)  | .712    | (.317) 
|Total from investment operations          | .109    | .393    | 1.160   | .090   
|Distributions from net investment income  | (.412)  | (.406)  | (.397)  | (.354) 
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -      
|Total distributions                       | (.722)  | (.645)  | (.443)  | (.354) 
|Redemption fees added to paid in capitalE | .003    | .002    | .003    | .004   
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.46 | $	9.74 
|Total ReturnB, C, D                       | 1.22%K  | 4.05%   | 12.23%  | 1.07%  
|Ratios to Average Net AssetsF, I          |         |         |         |        
|Expenses before reductions                | 2.12%   | 2.05%   | 2.01%   | 2.15%A 
|Expenses net of fee waivers, if any       | 2.00%   | 2.00%   | 2.00%   | 2.00%A 
|Expenses net of all reductions            | 2.00%   | 2.00%   | 2.00%   | 2.00%A 
|Net investment income (loss)              | 4.07%   | 4.26%   | 4.49%   | 4.40%A 
|Supplemental Data                         |         |         |         |        
|Net assets, end of period (000 omitted)   | $	3,811 | $	3,720 | $	2,941 | $	9,878
|Portfolio turnover rateG                  | 44%     | 72%     | 55%     | 36%J   

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

JAmount not annualized.

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

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

Annual Report

## Financial Highlights - Global High Income

|Years ended April 30,                     | 2015      | 2014      | 2013      | 2012G    
|----------------------------------------- | --------- | --------- | --------- | ---------
|Selected Per-Share Data                   |           |           |           |          
|Net asset value, beginning of period      | $	10.21   | $	10.47   | $	9.74    | $	10.00  
|Income from Investment Operations         |           |           |           |          
|Net investment income (loss)D             | .508      | .534      | .555      | .495     
|Net realized and unrealized gain (loss)   | (.301)J   | (.046)    | .724      | (.312)   
|Total from investment operations          | .207      | .488      | 1.279     | .183     
|Distributions from net investment income  | (.510)    | (.511)    | (.506)    | (.447)   
|Distributions from net realized gain      | (.310)    | (.239)    | (.046)    | -        
|Total distributions                       | (.820)    | (.750)    | (.552)    | (.447)   
|Redemption fees added to paid in capitalD | .003      | .002      | .003      | .004     
|Net asset value, end of period            | $	9.60    | $	10.21   | $	10.47   | $	9.74   
|Total ReturnB, C                          | 2.23%J    | 5.05%     | 13.56%    | 2.06%    
|Ratios to Average Net AssetsE, H          |           |           |           |          
|Expenses before reductions                | 1.05%     | .95%      | .96%      | 1.07%A   
|Expenses net of fee waivers, if any       | 1.00%     | .95%      | .96%      | 1.00%A   
|Expenses net of all reductions            | 1.00%     | .95%      | .96%      | 1.00%A   
|Net investment income (loss)              | 5.07%     | 5.30%     | 5.53%     | 5.39%A   
|Supplemental Data                         |           |           |           |          
|Net assets, end of period (000 omitted)   | $	119,712 | $	344,206 | $	345,210 | $	197,480
|Portfolio turnover rateF                  | 44%       | 72%       | 55%       | 36%I     

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

IAmount not annualized.

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

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

Annual Report

## Financial Highlights - Institutional Class

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012G   
|----------------------------------------- | ------- | ------- | ------- | --------
|Selected Per-Share Data                   |         |         |         |         
|Net asset value, beginning of period      | $	10.21 | $	10.47 | $	9.74  | $	10.00 
|Income from Investment Operations         |         |         |         |         
|Net investment income (loss)D             | .501    | .532    | .549    | .499    
|Net realized and unrealized gain (loss)   | (.293)J | (.046)  | .728    | (.317)  
|Total from investment operations          | .208    | .486    | 1.277   | .182    
|Distributions from net investment income  | (.511)  | (.509)  | (.504)  | (.446)  
|Distributions from net realized gain      | (.310)  | (.239)  | (.046)  | -       
|Total distributions                       | (.821)  | (.748)  | (.550)  | (.446)  
|Redemption fees added to paid in capitalD | .003    | .002    | .003    | .004    
|Net asset value, end of period            | $	9.60  | $	10.21 | $	10.47 | $	9.74  
|Total ReturnB, C                          | 2.23%J  | 5.03%   | 13.54%  | 2.05%   
|Ratios to Average Net AssetsE, H          |         |         |         |         
|Expenses before reductions                | 1.02%   | .97%    | .98%    | 1.13%A  
|Expenses net of fee waivers, if any       | 1.00%   | .97%    | .98%    | 1.00%A  
|Expenses net of all reductions            | 1.00%   | .97%    | .98%    | 1.00%A  
|Net investment income (loss)              | 5.07%   | 5.28%   | 5.51%   | 5.40%A  
|Supplemental Data                         |         |         |         |         
|Net assets, end of period (000 omitted)   | $	2,481 | $	5,344 | $	6,049 | $	11,617
|Portfolio turnover rateF                  | 44%     | 72%     | 55%     | 36%I    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period May 11, 2011 (commencement of operations) to April 30, 2012.

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

IAmount not annualized.

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

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Global High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Global High Income Fund and Institutional Class shares, each of which, has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of

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3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

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

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

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

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3. Significant Accounting Policies - continued

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

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, defaulted bonds, market discount, partnerships, contingent interest, equity-debt classifications and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	5,892,891  
|-------------------------------------------------------- | -------------
|Gross unrealized depreciation                            | (5,626,573)  
|Net unrealized appreciation (depreciation) on securities | $	266,318    
|                                                         |              
|Tax Cost                                                 | $	131,555,091

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3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

|Undistributed ordinary income                                                  | $	374,607
|------------------------------------------------------------------------------ | ---------
|Net unrealized appreciation (depreciation) on securities and other investments | $	265,148

The Fund intends to elect to defer to its next fiscal year $149,335 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

The tax character of distributions paid was as follows:

|                        | April 30, 2015 | April 30, 2014
|----------------------- | -------------- | --------------
|                        |                |               
|Ordinary Income         | $	11,740,384   | $	18,855,196  
|Long-term Capital Gains | 5,759,975      | 6,049,121     
|Total                   | $	17,500,359   | $	24,904,317  

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

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

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $97,593,754 and $306,910,321, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .71% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares.

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5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

|        | Distribution
Fee | Service
Fee | Total Fees | Retained
by FDC
|------- | ---------------- | ----------- | ---------- | ---------------
|Class A | -%               | .25%        | $	19,468   | $	758          
|Class T | -%               | .25%        | 4,378      | -              
|Class C | .75%             | .25%        | 38,031     | 6,828          
|        |                  |             | $	61,877   | $	7,586        

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, and Class C redemptions. The deferred sales charges range from 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

|         | Retained
by FDC
|-------- | ---------------
|Class A  | $	2,114        
|Class T  | 990            
|Class C* | 500            
|         | $	3,604        

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

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

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

|                    | Amount    | % of
Class-Level Average
Net Assets
|------------------- | --------- | -----------------------------------
|Class A             | $	12,262  | .16                                
|Class T             | 4,752     | .27                                
|Class C             | 9,204     | .24                                
|Global High Income  | 421,276   | .20                                
|Institutional Class | 7,783     | .15                                
|                    | $	455,277 |                                    

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions.The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $121 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

|Borrower or Lender | Average
Loan Balance | Weighted Average
Interest Rate | Interest Expense
|------------------ | -------------------- | ------------------------------ | ----------------
|Borrower           | $	12,016,500         | .32%                           | $	1,517         

Other. During the period, the investment adviser reimbursed the Fund $95,210 for an operating error which is included in Share Transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or

Annual Report

6. Committed Line of Credit - continued

emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $355 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $10,709,000. The weighted average interest rate was .59%. The interest expense amounted to $1,582 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

|                    | Expense
Limitations | Reimbursement
|------------------- | ------------------- | -------------
|                    |                     |              
|Class A             | 1.25%               | $	1,867      
|Class T             | 1.25%               | 2,534        
|Class C             | 2.00%               | 4,345        
|Global High Income  | 1.00%               | 109,986      
|Institutional Class | 1.00%               | 925          
|                    |                     | $	119,657    

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $107 for the period.

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Notes to Financial Statements - continued

8. Expense Reductions - continued

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Global High Income expenses, during the period in the amount of $304.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015         | 2014        
|-------------------------- | ------------ | ------------
|From net investment income |              |             
|Class A                    | $	382,865    | $	301,725   
|Class T                    | 86,534       | 65,194      
|Class C                    | 159,110      | 126,053     
|Global High Income         | 10,588,584   | 16,212,658  
|Institutional Class        | 265,885      | 257,263     
|Total                      | $	11,482,978 | $	16,962,893
|From net realized gain     |              |             
|Class A                    | $	238,361    | $	152,979   
|Class T                    | 55,292       | 29,538      
|Class C                    | 121,832      | 70,175      
|Global High Income         | 5,435,168    | 7,560,648   
|Institutional Class        | 166,728      | 128,084     
|Total                      | $	6,017,381  | $	7,941,424 

10. Share Transactions.

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

|                              | Shares    | Dollars  
|----------------------------- | --------- | ---------
|Years ended April 30,         | 2015      | 2014     
|Class A                       |           |          
|Shares sold                   | 227,721   | 520,166  
|Reinvestment of distributions | 58,909    | 38,112   
|Shares redeemed               | (336,927) | (388,303)
|Net increase (decrease)       | (50,297)  | 169,975  
|Class T                       |           |          
|Shares sold                   | 47,348    | 88,315   
|Reinvestment of distributions | 14,288    | 9,045    
|Shares redeemed               | (35,971)  | (70,058) 
|Net increase (decrease)       | 25,665    | 27,302   

Annual Report

10. Share Transactions - continued

|                              | Shares       | Dollars     
|----------------------------- | ------------ | ------------
|Years ended April 30,         | 2015         | 2014        
|Class C                       |              |             
|Shares sold                   | 139,066      | 149,109     
|Reinvestment of distributions | 26,268       | 17,367      
|Shares redeemed               | (132,516)    | (83,275)    
|Net increase (decrease)       | 32,818       | 83,201      
|Global High Income            |              |             
|Shares sold                   | 6,146,670    | 12,907,329  
|Reinvestment of distributions | 1,436,237    | 2,136,351   
|Shares redeemed               | (28,813,511) | (14,327,532)
|Net increase (decrease)       | (21,230,604) | 716,148     
|Institutional Class           |              |             
|Shares sold                   | 75,270       | 143,981     
|Reinvestment of distributions | 6,967        | 6,722       
|Shares redeemed               | (346,993)    | (205,533)   
|Net increase (decrease)       | (264,756)    | (54,830)    

11. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 20% of the total outstanding shares of the Fund.

12. Credit Risk.

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

Annual Report

Notes to Financial Statements - continued

13. Litigation.

The Fund, and other entities managed by Fidelity or its affiliates, were named as defendants in a lawsuit brought by creditors of a subsidiary of Energy Future Holdings Corp. ("EFH"), which is currently in bankruptcy and was formerly known as TXU. The lawsuit, which is captioned as In Re:  ENERGY FUTURE HOLDINGS CORP. et al.  U.S. Bankruptcy Court, D. Del. Case No. 14-10979 (CSS); AVENUE CAPITAL MANAGEMENT II, LP, et al. v. FIDELITY INVESTMENTS, et al. Adversary No. 14-50797 (CSS), was filed in the United States Bankruptcy Court for the District of Delaware on October 6, 2014. The plaintiffs sought to enforce an alleged agreement under which the Fund and other defendants would sell certain EFH notes to the plaintiffs at a specified price. Plaintiffs sought a declaration that an alleged right to call the securities was properly exercised and an order that the Fund and other defendants transfer the notes to the plaintiffs at the specified price. The Fund and the other defendants disputed the plaintiffs' claims and filed a motion to dismiss contending, among other things, that the right to call the notes never came into existence and was part of a proposed settlement agreement that was never completed or approved by the bankruptcy court. On January 20, 2015, the court granted the defendants' motion and dismissed the complaint with prejudice. The plaintiffs filed a notice of appeal on February 3, 2015. If the lawsuit were to be decided in a manner adverse to the Fund, the Fund could experience a loss up to $1,853,326 as of period end. The Fund will also incur legal costs in defending the case.

Annual Report

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# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Global High Income Fund (a fund of Fidelity Summer Street Trust) at April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Global High Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 24, 2015

Annual Report

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# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

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

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $4,942,086, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,617,091 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management 
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

FIL Investment Advisors

FIL Investments (Japan) Limited

FIL Investment Advisors (UK) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
	Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions 
	and Account Assistance	1-800-544-6666

Product Information	1-800-544-6666

Retirement Accounts	1-800-544-4774 
	(8 a.m. - 9 p.m.)

TDD Service	1-800-544-0118
	for the deaf and hearing impaired
	(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service 
	Telephone (FAST®) ghi817021	1-800-544-5555

ghi817023	Automated line for quickest service

(Fidelity Investment logo)(registered trademark)Corporate Headquarters245 Summer St., Boston, MA 02210www.fidelity.com

`GHI-UANN-0615
1.926248.103`

Fidelity®

High Income

Fund

Annual Report

April 30, 2015(Fidelity Cover Art)

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to the financial statements.                                                                           
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015 | Past 1
year | Past 5
years | Past 10
years
|---------------------------- | ----------- | ------------ | -------------
|Fidelity® High Income Fund   | 2.29%       | 7.26%        | 7.75%        

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® High Income Fund on April 30, 2005. The chart shows how the value of your investment would have changed, and also shows how The BofA Merrill LynchSM US High Yield Constrained Index performed over the same period.

sph257313

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap: U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, The Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Portfolio Manager Frederick Hoff: The fund posted a positive return, but modestly trailed its benchmark for the year. Weak commodity pricing led to underperformance from coal producers, including fund holdings Peabody Energy and Walter Energy. At period end, I continued to hold positions in both companies, as I saw the potential for recovery off of the bonds' lows. Elsewhere in energy, the fund was hurt by a position in Samson Investment, which proved unable to sell assets to improve its tenuous liquidity position. I reduced the fund's stake in Samson's bonds in several stages during the period. In contrast, the fund benefited from good bond selection in the B-rated tier, but that was partly offset by a significant underweighting in BB-rated bonds, a category that did very well because U.S. Treasury rates unexpectedly declined. On the positive side, the fund's top individual contributor was a position in Caesars Entertainment, formerly Harrah's. I avoided owning Caesars' junior bonds, which struggled, while investing in more-senior securities issued by an affiliate of the company, which I believed offered a better asset mix and superior protection to creditors. Of final note, the fund lacked exposure to the debt of Arch Coal, a weak-performing benchmark component.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table  provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table  provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|              | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014 to
April 30, 2015
|------------- | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Actual        | .72%                      | $	1,000.00                               | $	1,012.80                          | $	3.59                                                        
|HypotheticalA |                           | $	1,000.00                               | $	1,021.22                          | $	3.61                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*	Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015                      
|------------------------------------------------------------
|(by issuer, excluding cash equivalents)                     
|Tenet Healthcare Corp.                                      
|Laureate Education, Inc.                                    
|Community Health Systems, Inc.                              
|HCA Holdings, Inc.                                          
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.
|                                                            
|Top Five Market Sectors as of April 30, 2015                
|                                                            
|Healthcare                                                  
|Telecommunications                                          
|Energy                                                      
|Diversified Financial Services                              
|Services                                                    

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|sph257315                                       
|sph257319                                       
|sph257323                                       
|sph257327                                       
|sph257331                                       
|sph257335                                       
|sph257339                                       

sph257343

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|sph257345                                
|sph257349                                
|sph257353                                
|sph257357                                
|sph257361                                
|sph257365                                
|*Foreign investments                     

sph257369

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Corporate Bonds - 80.8%                                                                         
|------------------------------------------------------------------------------------------------
|                                                                                                
|Convertible Bonds - 0.2%                                                                        
|Capital Goods - 0.0%                                                                            
|General Cable Corp. 4.5% 11/15/29 (d)                                                           
|Metals/Mining - 0.2%                                                                            
|Peabody Energy Corp. 4.75% 12/15/41                                                             
|TOTAL CONVERTIBLE BONDS                                                                         
|Nonconvertible Bonds - 80.6%                                                                    
|Aerospace - 0.5%                                                                                
|Bombardier, Inc. 7.5% 3/15/25 (f)                                                               
|Huntington Ingalls Industries, Inc.:                                                            
|5% 12/15/21 (f)                                                                                 
|7.125% 3/15/21                                                                                  
|KLX, Inc. 5.875% 12/1/22 (f)                                                                    
|TransDigm, Inc.:                                                                                
|6% 7/15/22                                                                                      
|6.5% 7/15/24                                                                                    
|                                                                                                
|Air Transportation - 0.1%                                                                       
|Air Canada 7.75% 4/15/21 (f)                                                                    
|U.S. Airways pass-thru certificates Series 2013-1 Class B, 5.375% 5/15/23                       
|United Continental Holdings, Inc. 6.375% 6/1/18                                                 
|                                                                                                
|Automotive & Auto Parts - 0.8%                                                                  
|American Axle & Manufacturing, Inc. 6.25% 3/15/21                                               
|Chassix Holdings, Inc. 10% 12/15/18 pay-in-kind (c)(f)(i)                                       
|Chassix, Inc. 9.25% 8/1/18 (c)(f)                                                               
|Dana Holding Corp.:                                                                             
|5.5% 12/15/24                                                                                   
|6.75% 2/15/21                                                                                   
|Fiat Chrysler Automobiles NV 5.25% 4/15/23 (f)                                                  
|Gates Global LLC / Gates Global Co. 6% 7/15/22 (f)                                              
|Schaeffler Finance BV 4.75% 5/15/21 (f)                                                         
|Schaeffler Holding Finance BV:                                                                  
|6.75% 11/15/22 pay-in-kind (f)(i)                                                               
|6.875% 8/15/18 pay-in-kind (f)(i)                                                               
|ZF North America Capital, Inc. 4% 4/29/20 (f)                                                   
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Banks & Thrifts - 0.4%                                                                          
|Ocwen Financial Corp. 6.625% 5/15/19 (f)                                                        
|Royal Bank of Scotland Group PLC 5.125% 5/28/24                                                 
|                                                                                                
|Broadcasting - 0.6%                                                                             
|Clear Channel Communications, Inc.:                                                             
|5.5% 12/15/16                                                                                   
|10% 1/15/18                                                                                     
|11.25% 3/1/21                                                                                   
|Sirius XM Radio, Inc. 5.375% 4/15/25 (f)                                                        
|Starz LLC/Starz Finance Corp. 5% 9/15/19                                                        
|                                                                                                
|Building Materials - 2.4%                                                                       
|Building Materials Corp. of America 6.75% 5/1/21 (f)                                            
|CEMEX Espana SA (Luxembourg) 9.875% 4/30/19 (f)                                                 
|CEMEX Finance LLC:                                                                              
|6% 4/1/24 (f)                                                                                   
|9.375% 10/12/22 (f)                                                                             
|CEMEX S.A.B. de CV:                                                                             
|5.875% 3/25/19 (f)                                                                              
|7.25% 1/15/21 (f)                                                                               
|CPG Merger Sub LLC 8% 10/1/21 (f)                                                               
|HD Supply, Inc.:                                                                                
|7.5% 7/15/20                                                                                    
|11.5% 7/15/20                                                                                   
|Masonite International Corp. 5.625% 3/15/23 (f)                                                 
|Ply Gem Industries, Inc. 6.5% 2/1/22                                                            
|USG Corp.:                                                                                      
|5.5% 3/1/25 (f)                                                                                 
|5.875% 11/1/21 (f)                                                                              
|7.875% 3/30/20 (f)                                                                              
|                                                                                                
|Cable/Satellite TV - 2.1%                                                                       
|CCO Holdings LLC/CCO Holdings Capital Corp.:                                                    
|5.125% 2/15/23                                                                                  
|5.25% 3/15/21                                                                                   
|5.75% 9/1/23                                                                                    
|6.5% 4/30/21                                                                                    
|6.625% 1/31/22                                                                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Cable/Satellite TV - continued                                                                  
|Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (f)
|Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (f)                   
|DISH DBS Corp.:                                                                                 
|5% 3/15/23                                                                                      
|5.875% 7/15/22                                                                                  
|6.75% 6/1/21                                                                                    
|Harron Communications LP/Harron Finance Corp. 9.125% 4/1/20 (f)                                 
|RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (f)                                     
|UPCB Finance V Ltd. 7.25% 11/15/21 (f)                                                          
|UPCB Finance VI Ltd. 6.875% 1/15/22 (f)                                                         
|Virgin Media Finance PLC 4.875% 2/15/22                                                         
|VTR Finance BV 6.875% 1/15/24 (f)                                                               
|WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (f)                             
|                                                                                                
|Capital Goods - 1.0%                                                                            
|AECOM Technology Corp.:                                                                         
|5.75% 10/15/22 (f)                                                                              
|5.875% 10/15/24 (f)                                                                             
|Amsted Industries, Inc. 5% 3/15/22 (f)                                                          
|Belden, Inc. 5.25% 7/15/24 (f)                                                                  
|General Cable Corp. 5.75% 10/1/22                                                               
|Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (f)                         
|SPL Logistics Escrow LLC/SPL Logistics Finance Corp. 8.875% 8/1/20 (f)                          
|                                                                                                
|Chemicals - 3.5%                                                                                
|Chemtura Corp. 5.75% 7/15/21                                                                    
|Evolution Escrow Issuer LLC 7.5% 3/15/22 (f)                                                    
|Hexion U.S. Finance Corp. 6.625% 4/15/20                                                        
|Huntsman International LLC 4.875% 11/15/20                                                      
|LSB Industries, Inc. 7.75% 8/1/19                                                               
|Momentive Performance Materials, Inc. 3.88% 10/24/21                                            
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Chemicals - continued                                                                           
|MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20 (c)                                     
|Platform Specialty Products Corp. 6.5% 2/1/22 (f)                                               
|Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp. 6.5% 4/15/21 (f)                    
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:                                
|6.75% 5/1/22 (f)(h)                                                                             
|8.75% 2/1/19                                                                                    
|Tronox Finance LLC 6.375% 8/15/20                                                               
|W.R. Grace & Co. - Conn:                                                                        
|5.125% 10/1/21 (f)                                                                              
|5.625% 10/1/24 (f)                                                                              
|                                                                                                
|Consumer Products - 0.2%                                                                        
|Elizabeth Arden, Inc. 7.375% 3/15/21                                                            
|Spectrum Brands Holdings, Inc.:                                                                 
|6.375% 11/15/20                                                                                 
|6.625% 11/15/22                                                                                 
|                                                                                                
|Containers - 4.1%                                                                               
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (f)(i)                                    
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                                   
|6% 6/30/21 (f)                                                                                  
|6.25% 1/31/19 (f)                                                                               
|6.75% 1/31/21 (f)                                                                               
|7% 11/15/20 (f)                                                                                 
|9.125% 10/15/20 (f)                                                                             
|Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (f)         
|Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23                                 
|Graphic Packaging International, Inc. 4.75% 4/15/21                                             
|Owens-Brockway Glass Container, Inc.:                                                           
|5% 1/15/22 (f)                                                                                  
|5.375% 1/15/25 (f)                                                                              
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Containers - continued                                                                          
|Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:    
|5.75% 10/15/20                                                                                  
|6.875% 2/15/21                                                                                  
|8.25% 2/15/21                                                                                   
|Sealed Air Corp.:                                                                               
|5.25% 4/1/23 (f)                                                                                
|6.5% 12/1/20 (f)                                                                                
|8.375% 9/15/21 (f)                                                                              
|                                                                                                
|Diversified Financial Services - 4.6%                                                           
|AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:                                       
|3.75% 5/15/19 (f)                                                                               
|4.5% 5/15/21 (f)                                                                                
|Aircastle Ltd.:                                                                                 
|4.625% 12/15/18                                                                                 
|5.125% 3/15/21                                                                                  
|5.5% 2/15/22                                                                                    
|6.25% 12/1/19                                                                                   
|7.625% 4/15/20                                                                                  
|CIT Group, Inc.:                                                                                
|3.875% 2/19/19                                                                                  
|5% 8/15/22                                                                                      
|5.375% 5/15/20                                                                                  
|5.5% 2/15/19 (f)                                                                                
|FLY Leasing Ltd.:                                                                               
|6.375% 10/15/21                                                                                 
|6.75% 12/15/20                                                                                  
|Icahn Enterprises LP/Icahn Enterprises Finance Corp.:                                           
|4.875% 3/15/19                                                                                  
|6% 8/1/20                                                                                       
|ILFC E-Capital Trust I 4.09% 12/21/65 (f)(i)                                                    
|International Lease Finance Corp.:                                                              
|4.625% 4/15/21                                                                                  
|5.875% 8/15/22                                                                                  
|6.25% 5/15/19                                                                                   
|8.25% 12/15/20                                                                                  
|8.625% 1/15/22                                                                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Diversified Financial Services - continued                                                      
|International Lease Finance Corp.: - continued                                                  
|8.75% 3/15/17                                                                                   
|8.875% 9/1/17                                                                                   
|MSCI, Inc. 5.25% 11/15/24 (f)                                                                   
|SLM Corp.:                                                                                      
|4.875% 6/17/19                                                                                  
|5.5% 1/25/23                                                                                    
|6.125% 3/25/24                                                                                  
|7.25% 1/25/22                                                                                   
|8% 3/25/20                                                                                      
|8.45% 6/15/18                                                                                   
|                                                                                                
|Diversified Media - 1.2%                                                                        
|Clear Channel Worldwide Holdings, Inc.:                                                         
|Series A:                                                                                       
|6.5% 11/15/22                                                                                   
|7.625% 3/15/20                                                                                  
|Series B, 6.5% 11/15/22                                                                         
|MDC Partners, Inc. 6.75% 4/1/20 (f)                                                             
|Nielsen Finance LLC/Nielsen Finance Co.:                                                        
|4.5% 10/1/20                                                                                    
|5% 4/15/22 (f)                                                                                  
|Outfront Media Capital LLC / Corp. 5.625% 2/15/24 (f)                                           
|                                                                                                
|Energy - 8.1%                                                                                   
|Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23                                  
|AmeriGas Finance LLC/AmeriGas Finance Corp.:                                                    
|6.75% 5/20/20                                                                                   
|7% 5/20/22                                                                                      
|AmeriGas Partners LP/AmeriGas Finance Corp.:                                                    
|6.25% 8/20/19                                                                                   
|6.5% 5/20/21                                                                                    
|Antero Resources Corp.:                                                                         
|5.125% 12/1/22                                                                                  
|5.625% 6/1/23 (f)                                                                               
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|Antero Resources Finance Corp. 5.375% 11/1/21                                                   
|Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. 6.625% 10/1/20                          
|Baytex Energy Corp.:                                                                            
|5.125% 6/1/21 (f)                                                                               
|5.625% 6/1/24 (f)                                                                               
|California Resources Corp.:                                                                     
|5% 1/15/20                                                                                      
|6% 11/15/24                                                                                     
|Chesapeake Energy Corp.:                                                                        
|4.875% 4/15/22                                                                                  
|5.375% 6/15/21                                                                                  
|5.75% 3/15/23                                                                                   
|6.125% 2/15/21                                                                                  
|6.875% 11/15/20                                                                                 
|Citgo Petroleum Corp. 6.25% 8/15/22 (f)                                                         
|Clayton Williams Energy, Inc. 7.75% 4/1/19                                                      
|Compressco Partners LP/Compressco Finance, Inc. 7.25% 8/15/22 (f)                               
|Consolidated Energy Finance SA 6.75% 10/15/19 (f)                                               
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:                              
|6% 12/15/20                                                                                     
|6.125% 3/1/22                                                                                   
|6.25% 4/1/23 (f)                                                                                
|CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22                                         
|Endeavor Energy Resources LP/EER Finance, Inc.:                                                 
|7% 8/15/21 (f)                                                                                  
|8.125% 9/15/23 (f)                                                                              
|Energy XXI Gulf Coast, Inc.:                                                                    
|6.875% 3/15/24 (f)                                                                              
|11% 3/15/20 (f)                                                                                 
|EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22                                    
|Everest Acquisition LLC/Everest Acquisition Finance, Inc.:                                      
|6.875% 5/1/19                                                                                   
|9.375% 5/1/20                                                                                   
|Ferrellgas LP/Ferrellgas Finance Corp. 6.5% 5/1/21                                              
|Gulfmark Offshore, Inc. 6.375% 3/15/22                                                          
|Halcon Resources Corp. 8.625% 2/1/20 (f)                                                        
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|Hilcorp Energy I LP/Hilcorp Finance Co. 5% 12/1/24 (f)                                          
|LINN Energy LLC/LINN Energy Finance Corp.:                                                      
|6.25% 11/1/19                                                                                   
|6.5% 5/15/19                                                                                    
|8.625% 4/15/20                                                                                  
|NGL Energy Partners LP/NGL Energy Finance Corp. 5.125% 7/15/19                                  
|Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20                            
|Offshore Group Investment Ltd. 7.5% 11/1/19                                                     
|Pacific Drilling SA 5.375% 6/1/20 (f)                                                           
|PetroBakken Energy Ltd. 8.625% 2/1/20 (f)                                                       
|Regency Energy Partners LP/Regency Energy Finance Corp.:                                        
|4.5% 11/1/23                                                                                    
|5.5% 4/15/23                                                                                    
|Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22                                  
|Rosetta Resources, Inc.:                                                                        
|5.625% 5/1/21                                                                                   
|5.875% 6/1/24                                                                                   
|RSP Permian, Inc. 6.625% 10/1/22 (f)                                                            
|Sabine Pass Liquefaction LLC:                                                                   
|5.625% 2/1/21                                                                                   
|5.625% 4/15/23                                                                                  
|5.625% 3/1/25 (f)                                                                               
|5.75% 5/15/24                                                                                   
|6.25% 3/15/22                                                                                   
|Samson Investment Co. 9.75% 2/15/20 (i)                                                         
|SemGroup Corp. 7.5% 6/15/21                                                                     
|Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17                                        
|SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (f)              
|Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (f)                                              
|Targa Resources Partners LP/Targa Resources Partners Finance Corp.:                             
|4.25% 11/15/23                                                                                  
|5.25% 5/1/23                                                                                    
|6.375% 8/1/22                                                                                   
|6.875% 2/1/21                                                                                   
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|Teine Energy Ltd. 6.875% 9/30/22 (f)                                                            
|TerraForm Power Operating LLC 5.875% 2/1/23 (f)                                                 
|Tesoro Corp. 5.125% 4/1/24                                                                      
|Tesoro Logistics LP/Tesoro Logistics Finance Corp.:                                             
|5.875% 10/1/20                                                                                  
|6.125% 10/15/21                                                                                 
|6.25% 10/15/22 (f)                                                                              
|Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (f)                                 
|                                                                                                
|Entertainment/Film - 0.4%                                                                       
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:                            
|5.25% 2/15/22                                                                                   
|5.625% 2/15/24                                                                                  
|5.875% 3/15/25                                                                                  
|                                                                                                
|Environmental - 2.0%                                                                            
|ADS Waste Holdings, Inc. 8.25% 10/1/20                                                          
|Clean Harbors, Inc.:                                                                            
|5.125% 6/1/21                                                                                   
|5.25% 8/1/20                                                                                    
|Covanta Holding Corp.:                                                                          
|5.875% 3/1/24                                                                                   
|6.375% 10/1/22                                                                                  
|7.25% 12/1/20                                                                                   
|LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (f)                                    
|Tervita Corp.:                                                                                  
|8% 11/15/18 (f)                                                                                 
|9.75% 11/1/19 (f)                                                                               
|10.875% 2/15/18 (f)                                                                             
|                                                                                                
|Food & Drug Retail - 0.8%                                                                       
|BI-LO LLC/BI-LO Finance Corp.:                                                                  
|8.625% 9/15/18 pay-in-kind (f)(i)                                                               
|9.25% 2/15/19 (f)                                                                               
|Rite Aid Corp.:                                                                                 
|6.75% 6/15/21                                                                                   
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Food & Drug Retail - continued                                                                  
|Rite Aid Corp.: - continued                                                                     
|7.7% 2/15/27                                                                                    
|Tops Markets LLC 8.875% 12/15/17                                                                
|                                                                                                
|Food/Beverage/Tobacco - 4.9%                                                                    
|Bumble Bee Acquisition Corp. 9% 12/15/17 (f)                                                    
|C&S Group Enterprises LLC 5.375% 7/15/22 (f)                                                    
|ESAL GmbH 6.25% 2/5/23 (f)                                                                      
|FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (f)                       
|H.J. Heinz Co.:                                                                                 
|4.25% 10/15/20                                                                                  
|6.375% 7/15/28                                                                                  
|H.J. Heinz Finance Co. 7.125% 8/1/39 (f)                                                        
|JBS Finance II Ltd. 8.25% 1/29/18 (f)                                                           
|JBS Investments GmbH:                                                                           
|7.25% 4/3/24 (f)                                                                                
|7.75% 10/28/20 (f)                                                                              
|JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:                                                        
|7.25% 6/1/21 (f)                                                                                
|7.25% 6/1/21 (f)                                                                                
|8.25% 2/1/20 (f)                                                                                
|Minerva Luxmbourg SA 7.75% 1/31/23 (f)                                                          
|Post Holdings, Inc.:                                                                            
|6% 12/15/22 (f)                                                                                 
|6.75% 12/1/21 (f)                                                                               
|7.375% 2/15/22                                                                                  
|                                                                                                
|Gaming - 1.9%                                                                                   
|Ameristar Casinos, Inc. 7.5% 4/15/21                                                            
|Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (f)
|Golden Nugget Escrow, Inc. 8.5% 12/1/21 (f)                                                     
|Isle of Capri Casinos, Inc. 5.875% 3/15/21 (f)                                                  
|MCE Finance Ltd. 5% 2/15/21 (f)                                                                 
|MGM Mirage, Inc.:                                                                               
|7.75% 3/15/22                                                                                   
|8.625% 2/1/19                                                                                   
|Pinnacle Entertainment, Inc. 6.375% 8/1/21                                                      
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Gaming - continued                                                                              
|Scientific Games Corp.:                                                                         
|6.625% 5/15/21 (f)                                                                              
|7% 1/1/22 (f)                                                                                   
|10% 12/1/22 (f)                                                                                 
|Seminole Hard Rock Entertainment, Inc. 5.875% 5/15/21 (f)                                       
|Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.375% 3/15/22                                  
|Wynn Macau Ltd. 5.25% 10/15/21 (f)                                                              
|                                                                                                
|Healthcare - 10.6%                                                                              
|Alere, Inc. 6.5% 6/15/20                                                                        
|AmSurg Corp. 5.625% 7/15/22                                                                     
|Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 6% 10/15/21                         
|Community Health Systems, Inc.:                                                                 
|5.125% 8/1/21                                                                                   
|6.875% 2/1/22                                                                                   
|7.125% 7/15/20                                                                                  
|Concordia Healthcare Corp. 7% 4/15/23 (f)                                                       
|CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21                                        
|DaVita HealthCare Partners, Inc.:                                                               
|5% 5/1/25                                                                                       
|5.125% 7/15/24                                                                                  
|DJO Finco, Inc. 8.125% 6/15/21 (f)(h)                                                           
|Endo Finance Co.:                                                                               
|5.375% 1/15/23 (f)                                                                              
|7% 12/15/20 (f)                                                                                 
|HCA Holdings, Inc.:                                                                             
|5% 3/15/24                                                                                      
|5.875% 3/15/22                                                                                  
|5.875% 5/1/23                                                                                   
|6.25% 2/15/21                                                                                   
|6.5% 2/15/20                                                                                    
|7.5% 11/6/33                                                                                    
|7.75% 5/15/21                                                                                   
|HealthSouth Corp. 5.125% 3/15/23                                                                
|Horizon Pharma Financing, Inc. 6.625% 5/1/23 (f)                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Healthcare - continued                                                                          
|Jaguar Holding Co. II/Jaguar Merger Sub, Inc. 9.5% 12/1/19 (f)                                  
|JLL/Delta Dutch Newco BV 7.5% 2/1/22 (f)                                                        
|JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (f)(i)                                     
|Kindred Escrow Corp. II:                                                                        
|8% 1/15/20 (f)                                                                                  
|8.75% 1/15/23 (f)                                                                               
|LifePoint Hospitals, Inc. 5.5% 12/1/21                                                          
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC:                                      
|4.875% 4/15/20 (f)                                                                              
|5.5% 4/15/25 (f)                                                                                
|5.75% 8/1/22 (f)                                                                                
|MPT Operating Partnership LP/MPT Finance Corp. 5.5% 5/1/24                                      
|Omega Healthcare Investors, Inc.:                                                               
|5.875% 3/15/24                                                                                  
|6.75% 10/15/22                                                                                  
|Opal Acquisition, Inc. 8.875% 12/15/21 (f)                                                      
|Sabra Health Care LP/Sabra Capital Corp.:                                                       
|5.375% 6/1/23                                                                                   
|5.5% 2/1/21                                                                                     
|Service Corp. International 4.5% 11/15/20                                                       
|Surgical Care Affiliates, Inc. 6% 4/1/23 (f)                                                    
|Tenet Healthcare Corp.:                                                                         
|4.375% 10/1/21                                                                                  
|4.5% 4/1/21                                                                                     
|4.75% 6/1/20                                                                                    
|5% 3/1/19 (f)                                                                                   
|6% 10/1/20                                                                                      
|6.75% 2/1/20                                                                                    
|8.125% 4/1/22                                                                                   
|Valeant Pharmaceuticals International:                                                          
|5.5% 3/1/23 (f)                                                                                 
|5.625% 12/1/21 (f)                                                                              
|6.75% 8/15/21 (f)                                                                               
|7.25% 7/15/22 (f)                                                                               
|VPI Escrow Corp. 6.375% 10/15/20 (f)                                                            
|VRX Escrow Corp.:                                                                               
|5.375% 3/15/20 (f)                                                                              
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Healthcare - continued                                                                          
|VRX Escrow Corp.: - continued                                                                   
|5.875% 5/15/23 (f)                                                                              
|6.125% 4/15/25 (f)                                                                              
|                                                                                                
|Homebuilders/Real Estate - 1.2%                                                                 
|Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (f)     
|Brookfield Residential Properties, Inc. 6.5% 12/15/20 (f)                                       
|Communications Sales & Leasing, Inc.:                                                           
|6% 4/15/23 (f)                                                                                  
|8.25% 10/15/23 (f)                                                                              
|KB Home:                                                                                        
|7.25% 6/15/18                                                                                   
|8% 3/15/20                                                                                      
|Lennar Corp. 4.5% 6/15/19                                                                       
|Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 12/1/21 (f)                                    
|Shea Homes Ltd. Partnershp/Corp.:                                                               
|5.875% 4/1/23 (f)                                                                               
|6.125% 4/1/25 (f)                                                                               
|Standard Pacific Corp. 8.375% 1/15/21                                                           
|Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (f)                   
|WCI Communities, Inc. 6.875% 8/15/21                                                            
|Weyerhaeuser Real Estate Co.:                                                                   
|4.375% 6/15/19 (f)                                                                              
|5.875% 6/15/24 (f)                                                                              
|William Lyon Homes, Inc.:                                                                       
|5.75% 4/15/19                                                                                   
|8.5% 11/15/20                                                                                   
|                                                                                                
|Hotels - 0.2%                                                                                   
|FelCor Lodging LP 5.625% 3/1/23                                                                 
|RHP Hotel Properties LP/RHP Finance Corp. 5% 4/15/23 (f)                                        
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Insurance - 1.1%                                                                                
|Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (f)                                                    
|Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (f)(i)                 
|                                                                                                
|Leisure - 0.7%                                                                                  
|24 Hour Holdings III LLC 8% 6/1/22 (f)                                                          
|Cedar Fair LP/Magnum Management Corp.:                                                          
|5.25% 3/15/21                                                                                   
|5.375% 6/1/24 (f)                                                                               
|NCL Corp. Ltd. 5.25% 11/15/19 (f)                                                               
|                                                                                                
|Metals/Mining - 1.8%                                                                            
|Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (f)                                  
|Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 6.375% 3/15/24                  
|CONSOL Energy, Inc. 5.875% 4/15/22                                                              
|Eldorado Gold Corp. 6.125% 12/15/20 (f)                                                         
|First Quantum Minerals Ltd.:                                                                    
|6.75% 2/15/20 (f)                                                                               
|7% 2/15/21 (f)                                                                                  
|7.25% 5/15/22 (f)                                                                               
|FMG Resources (August 2006) Pty Ltd. 8.25% 11/1/19 (f)                                          
|Imperial Metals Corp. 7% 3/15/19 (f)                                                            
|Murray Energy Corp. 11.25% 4/15/21 (f)                                                          
|Peabody Energy Corp.:                                                                           
|6% 11/15/18                                                                                     
|7.875% 11/1/26                                                                                  
|10% 3/15/22 (f)                                                                                 
|Rain CII Carbon LLC/CII Carbon Corp.:                                                           
|8% 12/1/18 (f)                                                                                  
|8.25% 1/15/21 (f)                                                                               
|SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.:                               
|7.375% 2/1/20 (f)                                                                               
|7.375% 2/1/20 (f)                                                                               
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Metals/Mining - continued                                                                       
|Walter Energy, Inc.:                                                                            
|9.5% 10/15/19 (f)                                                                               
|12% 4/1/20 pay-in-kind (f)(i)                                                                   
|                                                                                                
|Paper - 0.4%                                                                                    
|NewPage Corp. 11.375% 12/31/14 (c)                                                              
|Xerium Technologies, Inc. 8.875% 6/15/18                                                        
|                                                                                                
|Publishing/Printing - 0.2%                                                                      
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (f)(i)                      
|R.R. Donnelley & Sons Co. 6% 4/1/24                                                             
|                                                                                                
|Restaurants - 0.2%                                                                              
|Landry's Acquisition Co. 9.375% 5/1/20 (f)                                                      
|Landry's Holdings II, Inc. 10.25% 1/1/18 (f)                                                    
|                                                                                                
|Services - 3.7%                                                                                 
|Anna Merger Sub, Inc. 7.75% 10/1/22 (f)                                                         
|APX Group, Inc.:                                                                                
|6.375% 12/1/19                                                                                  
|8.75% 12/1/20                                                                                   
|ARAMARK Corp. 5.75% 3/15/20                                                                     
|Audatex North America, Inc.:                                                                    
|6% 6/15/21 (f)                                                                                  
|6.125% 11/1/23 (f)                                                                              
|Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:                                           
|5.125% 6/1/22 (f)                                                                               
|5.5% 4/1/23                                                                                     
|Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (f)                                   
|CBRE Group, Inc. 5.25% 3/15/25                                                                  
|Corrections Corp. of America 4.125% 4/1/20                                                      
|Hertz Corp.:                                                                                    
|5.875% 10/15/20                                                                                 
|6.25% 10/15/22                                                                                  
|IHS, Inc. 5% 11/1/22 (f)                                                                        
|Laureate Education, Inc. 10% 9/1/19 (f)                                                         
|The GEO Group, Inc.:                                                                            
|5.125% 4/1/23                                                                                   
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Services - continued                                                                            
|The GEO Group, Inc.: - continued                                                                
|6.625% 2/15/21                                                                                  
|TMS International Corp. 7.625% 10/15/21 (f)                                                     
|United Rentals North America, Inc. 4.625% 7/15/23                                               
|                                                                                                
|Steel - 1.8%                                                                                    
|Cliffs Natural Resources, Inc. 8.25% 3/31/20 (f)                                                
|Commercial Metals Co. 4.875% 5/15/23                                                            
|Essar Steel Algoma, Inc. 9.5% 11/15/19 (f)                                                      
|Evraz, Inc. NA Canada 7.5% 11/15/19 (f)                                                         
|JMC Steel Group, Inc. 8.25% 3/15/18 (f)                                                         
|Ryerson, Inc./Joseph T Ryerson & Son, Inc. 11.25% 10/15/18                                      
|Steel Dynamics, Inc.:                                                                           
|5.125% 10/1/21 (f)                                                                              
|5.5% 10/1/24 (f)                                                                                
|                                                                                                
|Super Retail - 2.7%                                                                             
|Argos Merger Sub, Inc. 7.125% 3/15/23 (f)                                                       
|Asbury Automotive Group, Inc. 6% 12/15/24                                                       
|Chinos Intermediate Holdings A, Inc. 7.75% 5/1/19 pay-in-kind (f)(i)                            
|Claire's Stores, Inc.:                                                                          
|6.125% 3/15/20 (f)                                                                              
|7.75% 6/1/20 (f)                                                                                
|8.875% 3/15/19                                                                                  
|9% 3/15/19 (f)                                                                                  
|DPL, Inc. 7.75% 10/15/20 (f)                                                                    
|Family Tree Escrow LLC:                                                                         
|5.25% 3/1/20 (f)                                                                                
|5.75% 3/1/23 (f)                                                                                
|Hanesbrands, Inc. 6.375% 12/15/20                                                               
|JC Penney Corp., Inc.:                                                                          
|5.65% 6/1/20                                                                                    
|6.375% 10/15/36                                                                                 
|7.4% 4/1/37                                                                                     
|Serta Simmons Holdings, LLC 8.125% 10/1/20 (f)                                                  
|The Bon-Ton Department Stores, Inc. 8% 6/15/21                                                  
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Technology - 2.0%                                                                               
|ADT Corp. 6.25% 10/15/21                                                                        
|Avaya, Inc. 10.5% 3/1/21 (f)                                                                    
|BMC Software Finance, Inc. 8.125% 7/15/21 (f)                                                   
|BMC Software, Inc. 7.25% 6/1/18                                                                 
|Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (f)(i)                                           
|CDW LLC/CDW Finance Corp. 5.5% 12/1/24                                                          
|Compiler Finance Sub, Inc. 7% 5/1/21 (f)                                                        
|First Data Corp.:                                                                               
|6.75% 11/1/20 (f)                                                                               
|8.75% 1/15/22 pay-in-kind (f)(i)                                                                
|10.625% 6/15/21                                                                                 
|12.625% 1/15/21                                                                                 
|Global Cash Access, Inc. 10% 1/15/22 (f)                                                        
|Lucent Technologies, Inc.:                                                                      
|6.45% 3/15/29                                                                                   
|6.5% 1/15/28                                                                                    
|Micron Technology, Inc.:                                                                        
|5.25% 1/15/24 (f)                                                                               
|5.625% 1/15/26 (f)                                                                              
|NXP BV/NXP Funding LLC:                                                                         
|3.75% 6/1/18 (f)                                                                                
|5.75% 3/15/23 (f)                                                                               
|Sanmina Corp. 4.375% 6/1/19 (f)                                                                 
|VeriSign, Inc. 4.625% 5/1/23                                                                    
|WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25% 7/15/19                              
|                                                                                                
|Telecommunications - 11.3%                                                                      
|Alcatel-Lucent U.S.A., Inc.:                                                                    
|4.625% 7/1/17 (f)                                                                               
|6.75% 11/15/20 (f)                                                                              
|Altice Financing SA:                                                                            
|6.5% 1/15/22 (f)                                                                                
|7.875% 12/15/19 (f)                                                                             
|Altice Finco SA:                                                                                
|8.125% 1/15/24 (f)                                                                              
|9.875% 12/15/20 (f)                                                                             
|Altice SA 7.75% 5/15/22 (f)                                                                     
|Broadview Networks Holdings, Inc. 10.5% 11/15/17                                                
|Columbus International, Inc. 7.375% 3/30/21 (f)                                                 
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Telecommunications - continued                                                                  
|Crown Castle International Corp. 5.25% 1/15/23                                                  
|Digicel Group Ltd.:                                                                             
|6% 4/15/21 (f)                                                                                  
|6.75% 3/1/23 (f)                                                                                
|GCI, Inc. 6.875% 4/15/25 (f)                                                                    
|Inmarsat Finance PLC 4.875% 5/15/22 (f)                                                         
|Intelsat Jackson Holdings SA:                                                                   
|5.5% 8/1/23                                                                                     
|6.625% 12/15/22 (Reg. S)                                                                        
|7.5% 4/1/21                                                                                     
|Intelsat Luxembourg SA 7.75% 6/1/21                                                             
|Level 3 Financing, Inc.:                                                                        
|5.125% 5/1/23 (f)                                                                               
|5.375% 5/1/25 (f)                                                                               
|6.125% 1/15/21                                                                                  
|7% 6/1/20                                                                                       
|MetroPCS Wireless, Inc. 6.625% 11/15/20                                                         
|Millicom International Cellular SA 4.75% 5/22/20 (f)                                            
|Numericable Group SA:                                                                           
|4.875% 5/15/19 (f)                                                                              
|6% 5/15/22 (f)                                                                                  
|6.25% 5/15/24 (f)                                                                               
|SBA Communications Corp. 5.625% 10/1/19                                                         
|Sprint Capital Corp.:                                                                           
|6.875% 11/15/28                                                                                 
|6.9% 5/1/19                                                                                     
|Sprint Communications, Inc. 6% 11/15/22                                                         
|Sprint Corp.:                                                                                   
|7.125% 6/15/24                                                                                  
|7.25% 9/15/21                                                                                   
|7.625% 2/15/25                                                                                  
|7.875% 9/15/23                                                                                  
|T-Mobile U.S.A., Inc.:                                                                          
|6% 3/1/23                                                                                       
|6.125% 1/15/22                                                                                  
|6.25% 4/1/21                                                                                    
|6.542% 4/28/20                                                                                  
|6.625% 4/1/23                                                                                   
|6.633% 4/28/21                                                                                  
|ViaSat, Inc. 6.875% 6/15/20                                                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Telecommunications - continued                                                                  
|Wind Acquisition Finance SA:                                                                    
|4.75% 7/15/20 (f)                                                                               
|7.375% 4/23/21 (f)                                                                              
|                                                                                                
|Transportation Ex Air/Rail - 1.4%                                                               
|Aguila 3 SA 7.875% 1/31/18 (f)                                                                  
|Kenan Advantage Group, Inc. 8.375% 12/15/18 (f)                                                 
|Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (f)     
|Navios Maritime Holdings, Inc.:                                                                 
|7.375% 1/15/22 (f)                                                                              
|8.125% 2/15/19                                                                                  
|Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (f)      
|Teekay Corp. 8.5% 1/15/20                                                                       
|Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21                                                       
|                                                                                                
|Utilities - 1.7%                                                                                
|Calpine Corp. 6% 1/15/22 (f)                                                                    
|Dolphin Subsidiary II, Inc. 7.25% 10/15/21                                                      
|Dynegy, Inc.:                                                                                   
|7.375% 11/1/22 (f)                                                                              
|7.625% 11/1/24 (f)                                                                              
|GenOn Energy, Inc.:                                                                             
|9.5% 10/15/18                                                                                   
|9.875% 10/15/20                                                                                 
|Global Partners LP/GLP Finance Corp. 6.25% 7/15/22                                              
|InterGen NV 7% 6/30/23 (f)                                                                      
|Mirant Americas Generation LLC:                                                                 
|8.5% 10/1/21                                                                                    
|9.125% 5/1/31                                                                                   
|NRG Energy, Inc. 7.875% 5/15/21                                                                 
|NSG Holdings II, LLC 7.75% 12/15/25 (f)                                                         
|RJS Power Holdings LLC 5.125% 7/15/19 (f)                                                       
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Utilities - continued                                                                           
|RRI Energy, Inc. 7.875% 6/15/17                                                                 
|The AES Corp. 3.2616% 6/1/19 (i)                                                                
|                                                                                                
|TOTAL NONCONVERTIBLE BONDS                                                                      
|TOTAL CORPORATE BONDS
(Cost $4,330,239)                                                         

|Common Stocks - 0.3%                       
|-------------------------------------------
|                                           
|Banks & Thrifts - 0.1%                     
|CIT Group, Inc.                            
|Building Materials - 0.2%                  
|Nortek, Inc. (a)                           
|Chemicals - 0.0%                           
|LyondellBasell Industries NV Class A       
|Services - 0.0%                            
|Penhall Acquisition Co.:                   
|Class A (a)                                
|Class B (a)                                
|                                           
|Telecommunications - 0.0%                  
|Broadview Networks Holdings, Inc. (a)(e)   
|TOTAL COMMON STOCKS
(Cost $20,727)         
|Preferred Stocks - 1.3%                    
|                                           
|Convertible Preferred Stocks - 1.0%        
|Banks & Thrifts - 0.8%                     
|Bank of America Corp. Series L, 7.25% (g)  
|Huntington Bancshares, Inc. 8.50% (a)      
|Wells Fargo & Co. 7.50%                    
|                                           
|Preferred Stocks - continued               
|                                           
|Convertible Preferred Stocks - continued   
|Energy - 0.2%                              
|Chesapeake Energy Corp. Series A, 5.75% (f)
|TOTAL CONVERTIBLE PREFERRED STOCKS         
|Nonconvertible Preferred Stocks - 0.3%     
|Banks & Thrifts - 0.3%                     
|Ally Financial, Inc. 7.00% (f)             
|TOTAL PREFERRED STOCKS
(Cost $55,420)      

|Bank Loan Obligations - 9.6%                                                                           
|-------------------------------------------------------------------------------------------------------
|                                                                                                       
|Aerospace - 0.2%                                                                                       
|TransDigm, Inc.:                                                                                       
|Tranche C, term loan 3.75% 2/28/20 (i)                                                                 
|Tranche D, term loan 3.75% 6/4/21 (i)                                                                  
|                                                                                                       
|Automotive - 0.0%                                                                                      
|Chassix, Inc. term loan 10% 12/12/15 (i)                                                               
|Automotive & Auto Parts - 0.1%                                                                         
|Chrysler Group LLC term loan 3.25% 12/31/18 (i)                                                        
|Broadcasting - 0.1%                                                                                    
|Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (i)                                  
|Building Materials - 0.1%                                                                              
|HD Supply, Inc. Tranche B 1LN, term loan 4% 6/28/18 (i)                                                
|Nortek, Inc. Tranche B, term loan 3.5% 10/30/20 (i)                                                    
|                                                                                                       
|Cable/Satellite TV - 0.2%                                                                              
|Cequel Communications LLC Tranche B, term loan 3.5% 2/14/19 (i)                                        
|Charter Communications Operating LLC Tranche F, term loan 3% 1/3/21 (i)                                
|                                                                                                       
|Capital Goods - 0.4%                                                                                   
|Gardner Denver, Inc. Tranche B, term loan 4.25% 7/30/20 (i)                                            
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Capital Goods - continued                                                                              
|Rexnord LLC Tranche B, term loan 4% 8/21/20 (i)                                                        
|SRAM LLC. Tranche B, term loan 4.0164% 4/10/20 (i)                                                     
|                                                                                                       
|Chemicals - 0.0%                                                                                       
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 10/28/21 (j)  
|Consumer Products - 0.2%                                                                               
|Tempur Sealy International, Inc. Tranche B, term loan 3.5% 3/18/20 (i)                                 
|Containers - 0.2%                                                                                      
|Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (i)                                             
|Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (i)                                  
|                                                                                                       
|Diversified Media - 0.1%                                                                               
|WMG Acquisition Corp. term loan 3.75% 7/1/20 (i)                                                       
|Energy - 0.5%                                                                                          
|Energy Transfer Equity LP Tranche B, term loan 3.25% 12/2/19 (i)                                       
|Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (i)                                        
|Samson Investment Co. Tranche B 2LN, term loan 5% 9/25/18 (i)                                          
|                                                                                                       
|Entertainment/Film - 0.2%                                                                              
|AMC Entertainment, Inc. Tranche B, term loan 3.5% 4/30/20 (i)                                          
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (i)
|                                                                                                       
|Environmental - 0.6%                                                                                   
|ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (i)                                    
|Tervita Corp. Tranche B 1LN, term loan 6.25% 5/15/18 (i)                                               
|                                                                                                       
|Food/Beverage/Tobacco - 0.1%                                                                           
|Darling International, Inc. Tranche B, term loan 3.25% 1/6/21 (i)                                      
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Gaming - 0.5%                                                                                          
|Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (i)                        
|MGM Mirage, Inc. Tranche B, term loan 3.5% 12/20/19 (i)                                                
|Tropicana Entertainment, Inc. Tranche B, term loan 4% 11/27/20 (i)                                     
|                                                                                                       
|Healthcare - 0.8%                                                                                      
|Dialysis Newco, Inc.:                                                                                  
|Tranche 2LN, term loan 7.75% 10/22/21 (i)                                                              
|Tranche B 1LN, term loan 4.5% 4/23/21 (i)                                                              
|Genesis HealthCare Corp. Tranche B, term loan 10% 12/4/17 (i)                                          
|HCA Holdings, Inc.:                                                                                    
|Tranche B 4LN, term loan 3.0254% 5/1/18 (i)                                                            
|Tranche B 5LN, term loan 2.9343% 3/31/17 (i)                                                           
|MPH Acquisition Holdings LLC Tranche B, term loan 3.75% 3/31/21 (i)                                    
|Polymer Group, Inc. Tranche B, term loan 5.25% 12/19/19 (i)                                            
|Surgical Care Affiliates, Inc. Tranche B, term loan 4.25% 3/17/22 (i)                                  
|                                                                                                       
|Homebuilders/Real Estate - 0.2%                                                                        
|Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (i)                                               
|Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (i)                                                
|                                                                                                       
|Hotels - 0.4%                                                                                          
|Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (i)                                   
|Insurance - 0.5%                                                                                       
|HUB International Ltd. Tranche B 1LN, term loan 4% 10/2/20 (i)                                         
|Metals/Mining - 0.0%                                                                                   
|Alpha Natural Resources, Inc. Tranche B, term loan 3.5% 5/22/20 (i)                                    
|Services - 1.5%                                                                                        
|ARAMARK Corp. Tranche F, term loan 3.25% 2/24/21 (i)                                                   
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Services - continued                                                                                   
|Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (i)                   
|Garda World Security Corp.:                                                                            
|term loan 4% 11/8/20 (i)                                                                               
|Tranche DD, term loan 4% 11/8/20 (i)                                                                   
|Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (i)                                           
|                                                                                                       
|Super Retail - 1.0%                                                                                    
|Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (i)                                            
|J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (i)                                              
|JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (i)                                              
|Neiman Marcus Group Ltd., Inc. Tranche B, term loan 4.25% 10/25/20 (i)                                 
|                                                                                                       
|Technology - 1.3%                                                                                      
|Activision Blizzard, Inc. Tranche B, term loan 3.25% 10/11/20 (i)                                      
|Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (i)                          
|Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (i)                                     
|NXP BV Tranche D, term loan 3.25% 1/11/20 (i)                                                          
|Renaissance Learning, Inc.:                                                                            
|Tranche 1LN, term loan 4.5% 4/9/21 (i)                                                                 
|Tranche 2LN, term loan 8% 4/9/22 (i)                                                                   
|SunGard Data Systems, Inc.:                                                                            
|Tranche C, term loan 3.9298% 2/28/17 (i)                                                               
|Tranche E, term loan 4% 3/8/20 (i)                                                                     
|                                                                                                       
|Telecommunications - 0.1%                                                                              
|Crown Castle Operating Co. Tranche B 2LN, term loan 3% 1/31/21 (i)                                     
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Utilities - 0.3%                                                                                       
|Calpine Construction Finance Co. LP:                                                                   
|Tranche B 1LN, term loan 3% 5/3/20 (i)                                                                 
|Tranche B 2LN, term loan 3.25% 1/31/22 (i)                                                             
|                                                                                                       
|TOTAL BANK LOAN OBLIGATIONS
(Cost $524,260)                                                            
|Preferred Securities - 4.2%                                                                            
|                                                                                                       
|Banks & Thrifts - 3.2%                                                                                 
|Bank of America Corp.:                                                                                 
|6.1% (g)(i)                                                                                            
|6.25% (g)(i)                                                                                           
|Barclays Bank PLC 7.625% 11/21/22                                                                      
|Barclays PLC:                                                                                          
|6.625% (g)(i)                                                                                          
|8.25% (g)(i)                                                                                           
|Credit Agricole SA:                                                                                    
|6.625% (f)(g)(i)                                                                                       
|7.875% (f)(g)(i)                                                                                       
|Credit Suisse Group 7.5% (f)(g)(i)                                                                     
|Credit Suisse Group AG 6.25% (f)(g)(i)                                                                 
|Goldman Sachs Group, Inc. 5.375% (g)(i)                                                                
|JPMorgan Chase & Co.:                                                                                  
|5.3% (g)(i)                                                                                            
|6.125% (g)(i)                                                                                          
|6.75% (g)(i)                                                                                           
|Lloyds Banking Group PLC 7.5% (g)(i)                                                                   
|Societe Generale 6% (f)(g)(i)                                                                          
|                                                                                                       
|Diversified Financial Services - 1.0%                                                                  
|Citigroup, Inc.:                                                                                       
|5.875% (g)(i)                                                                                          
|6.3% (g)(i)                                                                                            
|                                                                                                       
|TOTAL PREFERRED SECURITIES
(Cost $214,402)                                                             

|Money Market Funds - 2.1%                            
|-----------------------------------------------------
|                                                     
|Fidelity Cash Central Fund, 0.15% (b)
(Cost $114,646)
|TOTAL INVESTMENT PORTFOLIO - 98.3%
(Cost $5,259,694) 
|NET OTHER ASSETS (LIABILITIES) - 1.7%                
|NET ASSETS - 100%                                    

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b)	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.
|(c)	Non-income producing - Security is in default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|(d)	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.                                                                                                                                                                                                                                                                                                                                                                                                   
|(e)	Affiliated company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(f)	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 $2,253,741,000 or 42.2% of net assets.                                                                                                                                                                                                                           
|(g)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(h)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(i)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(j)	The coupon rate will be determined upon settlement of the loan after period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Affiliated Central Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                  

|Fund                       | Income earned
(Amounts in thousands)
|-------------------------- | ------------------------------------
|Fidelity Cash Central Fund | $	258                               

|Other Affiliated Issuers                                                                                                                                                                                
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

|Affiliate
Amounts in thousands    | Value,
beginning of
period | Purchases | Sales
Proceeds | Dividend
Income | Value,
end of
period
|--------------------------------- | -------------------------- | --------- | -------------- | --------------- | --------------------
|Broadview Networks Holdings, Inc. | $	1,523                    | $	0       | $	0            | $	0             | $	1,036             

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description
(Amounts in thousands) 
|Investments in Securities:         
|Equities:                          
|Energy                             
|Financials                         
|Industrials                        
|Materials                          
|Telecommunication Services         
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 75.4% 
|---------------------------------- | ------
|Luxembourg                         | 6.6%  
|Canada                             | 4.5%  
|United Kingdom                     | 2.1%  
|Ireland                            | 2.0%  
|Bermuda                            | 1.7%  
|Netherlands                        | 1.6%  
|France                             | 1.3%  
|Austria                            | 1.1%  
|Others (Individually Less Than 1%) | 3.7%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|Amounts in thousands (except per-share amount)                                                         | April 30, 2015
|------------------------------------------------------------------------------------------------------ | --------------
|                                                                                                       |               
|Assets                                                                                                 |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $5,133,702) | $	5,139,497   
|Fidelity Central Funds (cost $114,646)                                                                 | 114,646       
|Other affiliated issuers (cost $11,346)                                                                | 1,036         
|Total Investments (cost $5,259,694)                                                                    |               
|Cash                                                                                                   |               
|Receivable for investments sold                                                                        |               
|Receivable for fund shares sold                                                                        |               
|Dividends receivable                                                                                   |               
|Interest receivable                                                                                    |               
|Distributions receivable from Fidelity Central Funds                                                   |               
|Prepaid expenses                                                                                       |               
|Other receivables                                                                                      |               
|Total assets                                                                                           |               
|                                                                                                       |               
|Liabilities                                                                                            |               
|Payable for investments purchased 
Regular delivery                                                    | $	20,774      
|Delayed delivery                                                                                       | 11,210        
|Payable for fund shares redeemed                                                                       | 4,470         
|Distributions payable                                                                                  | 4,294         
|Accrued management fee                                                                                 | 2,499         
|Other affiliated payables                                                                              | 674           
|Other payables and accrued expenses                                                                    | 133           
|Total liabilities                                                                                      |               
|                                                                                                       |               
|Net Assets                                                                                             |               
|Net Assets consist of:                                                                                 |               
|Paid in capital                                                                                        |               
|Undistributed net investment income                                                                    |               
|Accumulated undistributed net realized gain (loss) on investments                                      |               
|Net unrealized appreciation (depreciation) on investments                                              |               
|Net Assets, for 591,750 shares outstanding                                                             |               
|Net Asset Value, offering price and redemption price per share ($5,346,712 ÷ 591,750 shares)           |               

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

Annual Report

## Statement of Operations

|Amounts in thousands                                                          | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Dividends                                                                     |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	32,508                 
|Transfer agent fees                                                           | 7,419                    
|Accounting fees and expenses                                                  | 1,205                    
|Custodian fees and expenses                                                   | 77                       
|Independent trustees' compensation                                            | 25                       
|Registration fees                                                             | 92                       
|Audit                                                                         | 166                      
|Legal                                                                         | 35                       
|Miscellaneous                                                                 | 45                       
|Total expenses before reductions                                              | 41,572                   
|Expense reductions                                                            | (23)                     
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|Amounts in thousands                                                                                                                     | Year ended
April 30,
2015 | Year ended
April 30,
2014
|---------------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                        |                           |                          
|Operations                                                                                                                               |                           |                          
|Net investment income (loss)                                                                                                             | $	311,900                 | $	340,679                
|Net realized gain (loss)                                                                                                                 | 52,597                    | 109,816                  
|Change in net unrealized appreciation (depreciation)                                                                                     | (252,358)                 | (183,513)                
|Netincrease (decrease) in net assets resulting from operations                                                                           | 112,139                   | 266,982                  
|Distributions to shareholders from net investment income                                                                                 | (306,403)                 | (331,613)                
|Distributions to shareholders from net realized gain                                                                                     | (81,032)                  | (40,986)                 
|Total distributions                                                                                                                      | (387,435)                 | (372,599)                
|Share transactions 
Proceeds from sales of shares                                                                                        | 928,774                   | 1,643,529                
|Reinvestment of distributions                                                                                                            | 320,205                   | 307,734                  
|Cost of shares redeemed                                                                                                                  | (1,999,101)               | (2,153,223)              
|Net increase (decrease) in net assets resulting from share transactions                                                                  | (750,122)                 | (201,960)                
|Redemption fees                                                                                                                          | 394                       | 818                      
|Total increase (decrease) in net assets                                                                                                  | (1,025,024)               | (306,759)                
|                                                                                                                                         |                           |                          
|Net Assets                                                                                                                               |                           |                          
|Beginning of period                                                                                                                      | 6,371,736                 | 6,678,495                
|End of period (including undistributed net investment income of $9,478 and undistributed net investment income of $20,478, respectively) | $	5,346,712               | $	6,371,736              
|Other Information
Shares                                                                                                                 |                           |                          
|Sold                                                                                                                                     | 100,848                   | 175,089                  
|Issued in reinvestment of distributions                                                                                                  | 34,934                    | 32,873                   
|Redeemed                                                                                                                                 | (217,962)                 | (230,352)                
|Net increase (decrease)                                                                                                                  | (82,180)                  | (22,390)                 

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

Annual Report

## Financial Highlights

|Years ended April 30,                     | 2015    | 2014    | 2013    | 2012    | 2011   
|----------------------------------------- | ------- | ------- | ------- | ------- | -------
|Selected Per-Share Data                   |         |         |         |         |        
|Net asset value, beginning of period      | $	9.45  | $	9.59  | $	9.05  | $	9.23  | $	8.82 
|Income from Investment Operations         |         |         |         |         |        
|Net investment income (loss)B             | .495    | .523    | .551    | .600    | .661   
|Net realized and unrealized gain (loss)   | (.291)  | (.091)  | .538    | (.185)  | .381   
|Total from investment operations          | .204    | .432    | 1.089   | .415    | 1.042  
|Distributions from net investment income  | (.486)  | (.509)  | (.504)  | (.597)  | (.633) 
|Distributions from net realized gain      | (.129)  | (.064)  | (.046)  | -       | -      
|Total distributions                       | (.615)  | (.573)  | (.550)  | (.597)  | (.633) 
|Redemption fees added to paid in capitalB | .001    | .001    | .001    | .002    | .001   
|Net asset value, end of period            | $	9.04  | $	9.45  | $	9.59  | $	9.05  | $	9.23 
|Total ReturnA                             | 2.29%   | 4.74%   | 12.44%  | 4.90%   | 12.36% 
|Ratios to Average Net AssetsC, E          |         |         |         |        
|Expenses before reductions                | .72%    | .72%    | .72%    | .76%    | .75%   
|Expenses net of fee waivers, if any       | .72%    | .72%    | .72%    | .76%    | .75%   
|Expenses net of all reductions            | .72%    | .72%    | .72%    | .76%    | .75%   
|Net investment income (loss)              | 5.38%   | 5.58%   | 5.96%   | 6.79%   | 7.44%  
|Supplemental Data                         |         |         |         |         |        
|Net assets, end of period (in millions)   | $	5,347 | $	6,372 | $	6,678 | $	5,717 | $	4,785
|Portfolio turnover rateD                  | 37%     | 56%     | 44%     | 35%     | 55%    

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

BCalculated based on average shares outstanding during the period.

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

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

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

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities, are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to defaulted bonds, market discount, contingent interest, equity-debt classifications, deferred trustees compensation, certain conversion ratio adjustments and losses deferred due to wash sales and excise tax regulations.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	167,944  
|-------------------------------------------------------- | -----------
|Gross unrealized depreciation                            | (165,656)  
|Net unrealized appreciation (depreciation) on securities | $	2,288    
|                                                         |            
|Tax Cost                                                 | $	5,252,891

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

|Undistributed ordinary income                                                  | $	1,321
|------------------------------------------------------------------------------ | -------
|Net unrealized appreciation (depreciation) on securities and other investments | $	2,289

The tax character of distributions paid was as follows:

|                        | April 30, 2015 | April 30, 2014
|----------------------- | -------------- | --------------
|Ordinary Income         | $	324,366      | $	372,599     
|Long-term Capital Gains | 63,069         | -             
|Total                   | $	387,435      | $	372,599     

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,068,481 and $2,590,883, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees.Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .13% of average net assets.

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions.The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were fourteen dollars for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $19.

8. Other.

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

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

9. Litigation.

The Fund, and other entities managed by FMR or its affiliates, became aware in March 2015 that they were named as defendants in a lawsuit originally filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on collateral securing the debt prior to the 2009 payments. The Bankruptcy Court will now determine next steps. At this time, Management cannot determine the amount of loss that may be realized, but expects the amount to be less than the $13,206 received in 2009. The Fund was not previously aware that it had been named as a defendant in this case because, in 2009, the Bankruptcy Court allowed the plaintiffs to refrain from serving any of the defendants other than JPMorgan with notice of the filing of the lawsuit. The Fund will explore all available options for minimizing any loss to the Fund. The Fund will also incur legal costs in defending the case.

Annual Report

---

# Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity High Income Fund (a fund of Fidelity Summer Street Trust) at April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity High Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 22, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

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

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $51,204, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

High Income designates $57,150,122 (unrounded) of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
	Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions 
	and Account Assistance	1-800-544-6666

Product Information	1-800-544-6666

Retirement Accounts	1-800-544-4774 
	(8 a.m. - 9 p.m.)

TDD Service	1-800-544-0118
	for the deaf and hearing impaired
	(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service 
	Telephone (FAST®) sph257371	1-800-544-5555

sph257373	Automated line for quickest service

(Fidelity Investment logo)(registered trademark)Corporate Headquarters245 Summer St., Boston, MA 02210www.fidelity.com

`SPH-UANN-0615
1.784717.112`

Fidelity®

Series High Income

Fund

Fidelity Series High Income Fund

Class F

Annual Report

April 30, 2015(Fidelity Cover Art)

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Manager's review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to the financial statements.                                                                           
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity® Series High Income Fund or 1-800-835-5092 for Class F to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015      | Past 1
year | Life of 
fundA
|--------------------------------- | ----------- | --------------
|Fidelity® Series High Income Fund | 1.86%       | 6.33%         
|Class F                           | 1.97%       | 6.46%         

AFrom March 10, 2011.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series High Income Fund, a class of the fund, on March 10, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the The BofA Merrill LynchSM US High Yield Constrained Index performed over the same period.

fsh506383

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap: U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, The Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Portfolio Manager Frederick Hoff: For the year, the fund's share classes trailed the BofA Merrill Lynch index. (For specific class-level results, please see the Performance section of the report.) Weak commodity pricing led to underperformance from coal producers, including fund holdings Peabody Energy and Walter Energy, two meaningful detractors versus the benchmark. At period end, I continued to hold positions in both companies, as I saw the potential for recovery off the bonds' lows. Elsewhere in energy, the fund was hurt by a position in Samson Investment, which proved unable to sell assets to improve its tenuous liquidity position. I reduced the fund's stake in Samson's bonds in several stages during the period. In contrast, the fund benefited from good bond selection in the B-rated tier, partly offset by a significant underweighting in BB-rated bonds, a category that did very well because U.S. Treasury rates unexpectedly declined. The top individual contributor was a position in Caesars Entertainment, formerly Harrah's. I avoided owning Caesars' junior bonds, which struggled, while investing in more-senior securities issued by an affiliate of the company, which I believe offered a better asset mix and superior protection to creditors.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Annual Report

Shareholder Expense Example - continued

|                   | Annualized
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014
to April 30, 2015
|------------------ | ------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Series High Income | .69%                      |                                          |                                     |                                                               
|Actual             |                           | $	1,000.00                               | $	1,008.10                          | $	3.44                                                        
|HypotheticalA      |                           | $	1,000.00                               | $	1,021.37                          | $	3.46                                                        
|Class F            | .59%                      |                                          |                                     |                                                               
|Actual             |                           | $	1,000.00                               | $	1,008.60                          | $	2.94                                                        
|HypotheticalA      |                           | $	1,000.00                               | $	1,021.87                          | $	2.96                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015                      
|------------------------------------------------------------
|(by issuer, excluding cash equivalents)                     
|Laureate Education, Inc.                                    
|Tenet Healthcare Corp.                                      
|Community Health Systems, Inc.                              
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.
|Post Holdings, Inc.                                         
|                                                            
|Top Five Market Sectors as of April 30, 2015                
|                                                            
|Telecommunications                                          
|Healthcare                                                  
|Energy                                                      
|Diversified Financial Services                              
|Services                                                    

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|fsh506385                                       
|fsh506389                                       
|fsh506393                                       
|fsh506397                                       
|fsh506401                                       
|fsh506405                                       
|fsh506409                                       

fsh506413

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

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|fsh506415                                
|fsh506419                                
|fsh506423                                
|fsh506427                                
|fsh506431                                
|fsh506435                                
|*Foreign investments                     

fsh506439

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Corporate Bonds - 81.8%                                                                         
|------------------------------------------------------------------------------------------------
|                                                                                                
|Convertible Bonds - 0.2%                                                                        
|Capital Goods - 0.0%                                                                            
|General Cable Corp. 4.5% 11/15/29 (e)                                                           
|Metals/Mining - 0.2%                                                                            
|Peabody Energy Corp. 4.75% 12/15/41                                                             
|TOTAL CONVERTIBLE BONDS                                                                         
|Nonconvertible Bonds - 81.6%                                                                    
|Aerospace - 0.3%                                                                                
|Huntington Ingalls Industries, Inc. 5% 12/15/21 (h)                                             
|TransDigm, Inc.:                                                                                
|6% 7/15/22                                                                                      
|6.5% 7/15/24                                                                                    
|                                                                                                
|Air Transportation - 0.1%                                                                       
|Air Canada 7.75% 4/15/21 (h)                                                                    
|Automotive & Auto Parts - 0.9%                                                                  
|American Axle & Manufacturing, Inc. 6.25% 3/15/21                                               
|Chassix Holdings, Inc. 10% 12/15/18 pay-in-kind 
(d)(h)(k)                                      
|Chassix, Inc. 9.25% 8/1/18 (d)(h)                                                               
|Dana Holding Corp.:                                                                             
|5.5% 12/15/24                                                                                   
|6.75% 2/15/21                                                                                   
|Fiat Chrysler Automobiles NV 5.25% 4/15/23 (h)                                                  
|Schaeffler Finance BV 4.75% 5/15/21 (h)                                                         
|Schaeffler Holding Finance BV:                                                                  
|6.75% 11/15/22 pay-in-kind (h)(k)                                                               
|6.875% 8/15/18 pay-in-kind (h)(k)                                                               
|ZF North America Capital, Inc. 4% 4/29/20 (h)                                                   
|                                                                                                
|Banks & Thrifts - 0.4%                                                                          
|Ocwen Financial Corp. 6.625% 5/15/19 (h)                                                        
|Royal Bank of Scotland Group PLC 5.125% 5/28/24                                                 
|                                                                                                
|Broadcasting - 0.8%                                                                             
|Clear Channel Communications, Inc.:                                                             
|5.5% 12/15/16                                                                                   
|10% 1/15/18                                                                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Broadcasting - continued                                                                        
|Clear Channel Communications, Inc.: - continued                                                 
|11.25% 3/1/21                                                                                   
|Sirius XM Radio, Inc. 5.375% 4/15/25 (h)                                                        
|                                                                                                
|Building Materials - 2.2%                                                                       
|CEMEX Espana SA (Luxembourg) 9.875% 4/30/19 (h)                                                 
|CEMEX Finance LLC:                                                                              
|6% 4/1/24 (h)                                                                                   
|9.375% 10/12/22 (h)                                                                             
|CEMEX S.A.B. de CV:                                                                             
|5.875% 3/25/19 (h)                                                                              
|7.25% 1/15/21 (h)                                                                               
|CPG Merger Sub LLC 8% 10/1/21 (h)                                                               
|HD Supply, Inc. 7.5% 7/15/20                                                                    
|Masonite International Corp. 5.625% 3/15/23 (h)                                                 
|Ply Gem Industries, Inc. 6.5% 2/1/22                                                            
|USG Corp.:                                                                                      
|5.5% 3/1/25 (h)                                                                                 
|5.875% 11/1/21 (h)                                                                              
|                                                                                                
|Cable/Satellite TV - 2.1%                                                                       
|CCO Holdings LLC/CCO Holdings Capital Corp.:                                                    
|5.125% 2/15/23                                                                                  
|5.25% 3/15/21                                                                                   
|5.75% 9/1/23                                                                                    
|6.5% 4/30/21                                                                                    
|6.625% 1/31/22                                                                                  
|Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (h)
|Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (h)                   
|DISH DBS Corp.:                                                                                 
|5% 3/15/23                                                                                      
|5.875% 7/15/22                                                                                  
|6.75% 6/1/21                                                                                    
|Harron Communications LP/Harron Finance Corp. 9.125% 4/1/20 (h)                                 
|RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (h)                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Cable/Satellite TV - continued                                                                  
|UPCB Finance V Ltd. 7.25% 11/15/21 (h)                                                          
|UPCB Finance VI Ltd. 6.875% 1/15/22 (h)                                                         
|Virgin Media Finance PLC 4.875% 2/15/22                                                         
|WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (h)                             
|                                                                                                
|Capital Goods - 1.3%                                                                            
|AECOM Technology Corp.:                                                                         
|5.75% 10/15/22 (h)                                                                              
|5.875% 10/15/24 (h)                                                                             
|Amsted Industries, Inc. 5% 3/15/22 (h)                                                          
|General Cable Corp. 5.75% 10/1/22                                                               
|Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (h)                         
|SPL Logistics Escrow LLC/SPL Logistics Finance Corp. 8.875% 8/1/20 (h)                          
|                                                                                                
|Chemicals - 3.9%                                                                                
|Evolution Escrow Issuer LLC 7.5% 3/15/22 (h)                                                    
|Hexion U.S. Finance Corp. 6.625% 4/15/20                                                        
|Momentive Performance Materials, Inc. 3.88% 10/24/21                                            
|MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20 (d)                                     
|Platform Specialty Products Corp. 6.5% 2/1/22 (h)                                               
|Rentech Nitrogen Partners LP/Rentech Nitrogen Finance Corp. 6.5% 4/15/21 (h)                    
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:                                
|6.75% 5/1/22 (h)(j)                                                                             
|8.75% 2/1/19                                                                                    
|Tronox Finance LLC 6.375% 8/15/20                                                               
|W.R. Grace & Co. - Conn:                                                                        
|5.125% 10/1/21 (h)                                                                              
|5.625% 10/1/24 (h)                                                                              
|                                                                                                
|Consumer Products - 0.2%                                                                        
|Elizabeth Arden, Inc. 7.375% 3/15/21                                                            
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Consumer Products - continued                                                                   
|Spectrum Brands Holdings, Inc.:                                                                 
|6.375% 11/15/20                                                                                 
|6.625% 11/15/22                                                                                 
|                                                                                                
|Containers - 4.4%                                                                               
|Ardagh Finance Holdings SA 8.625% 6/15/19
pay-in-kind (h)(k)                                    
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                                   
|6% 6/30/21 (h)                                                                                  
|6.25% 1/31/19 (h)                                                                               
|6.75% 1/31/21 (h)                                                                               
|7% 11/15/20 (h)                                                                                 
|9.125% 10/15/20 (h)                                                                             
|Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (h)         
|Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23                                 
|Owens-Brockway Glass Container, Inc.:                                                           
|5% 1/15/22 (h)                                                                                  
|5.375% 1/15/25 (h)                                                                              
|Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:    
|5.75% 10/15/20                                                                                  
|6.875% 2/15/21                                                                                  
|8.25% 2/15/21                                                                                   
|Sealed Air Corp.:                                                                               
|5.25% 4/1/23 (h)                                                                                
|6.5% 12/1/20 (h)                                                                                
|                                                                                                
|Diversified Financial Services - 4.7%                                                           
|AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:                                       
|3.75% 5/15/19 (h)                                                                               
|4.5% 5/15/21 (h)                                                                                
|Aircastle Ltd.:                                                                                 
|4.625% 12/15/18                                                                                 
|5.125% 3/15/21                                                                                  
|6.25% 12/1/19                                                                                   
|7.625% 4/15/20                                                                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Diversified Financial Services - continued                                                      
|CIT Group, Inc.:                                                                                
|3.875% 2/19/19                                                                                  
|5% 8/15/22                                                                                      
|5.375% 5/15/20                                                                                  
|5.5% 2/15/19 (h)                                                                                
|FLY Leasing Ltd.:                                                                               
|6.375% 10/15/21                                                                                 
|6.75% 12/15/20                                                                                  
|Icahn Enterprises LP/Icahn Enterprises Finance Corp.:                                           
|4.875% 3/15/19                                                                                  
|6% 8/1/20                                                                                       
|ILFC E-Capital Trust I 4.09% 12/21/65 (h)(k)                                                    
|International Lease Finance Corp.:                                                              
|4.625% 4/15/21                                                                                  
|5.875% 8/15/22                                                                                  
|6.25% 5/15/19                                                                                   
|8.625% 1/15/22                                                                                  
|8.75% 3/15/17                                                                                   
|8.875% 9/1/17                                                                                   
|SLM Corp.:                                                                                      
|4.875% 6/17/19                                                                                  
|5.5% 1/25/23                                                                                    
|6.125% 3/25/24                                                                                  
|7.25% 1/25/22                                                                                   
|8% 3/25/20                                                                                      
|8.45% 6/15/18                                                                                   
|                                                                                                
|Diversified Media - 1.2%                                                                        
|Clear Channel Worldwide Holdings, Inc.:                                                         
|Series A:                                                                                       
|6.5% 11/15/22                                                                                   
|7.625% 3/15/20                                                                                  
|Series B, 6.5% 11/15/22                                                                         
|MDC Partners, Inc. 6.75% 4/1/20 (h)                                                             
|Nielsen Finance LLC/Nielsen Finance Co.:                                                        
|4.5% 10/1/20                                                                                    
|5% 4/15/22 (h)                                                                                  
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - 7.7%                                                                                   
|Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23                                  
|AmeriGas Finance LLC/AmeriGas Finance Corp.:                                                    
|6.75% 5/20/20                                                                                   
|7% 5/20/22                                                                                      
|AmeriGas Partners LP/AmeriGas Finance Corp. 6.25% 8/20/19                                       
|Antero Resources Corp.:                                                                         
|5.125% 12/1/22                                                                                  
|5.625% 6/1/23 (h)                                                                               
|Antero Resources Finance Corp. 5.375% 11/1/21                                                   
|Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. 6.625% 10/1/20                          
|Baytex Energy Corp.:                                                                            
|5.125% 6/1/21 (h)                                                                               
|5.625% 6/1/24 (h)                                                                               
|California Resources Corp.:                                                                     
|5% 1/15/20                                                                                      
|6% 11/15/24                                                                                     
|Chesapeake Energy Corp.:                                                                        
|4.875% 4/15/22                                                                                  
|5.375% 6/15/21                                                                                  
|6.125% 2/15/21                                                                                  
|6.875% 11/15/20                                                                                 
|Citgo Petroleum Corp. 6.25% 8/15/22 (h)                                                         
|Clayton Williams Energy, Inc. 7.75% 4/1/19                                                      
|Consolidated Energy Finance SA 6.75% 10/15/19 (h)                                               
|Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:                              
|6% 12/15/20                                                                                     
|6.125% 3/1/22                                                                                   
|6.25% 4/1/23 (h)                                                                                
|CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22                                         
|Endeavor Energy Resources LP/EER Finance, Inc.:                                                 
|7% 8/15/21 (h)                                                                                  
|8.125% 9/15/23 (h)                                                                              
|Energy XXI Gulf Coast, Inc.:                                                                    
|6.875% 3/15/24 (h)                                                                              
|11% 3/15/20 (h)                                                                                 
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22                                    
|Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20                         
|Ferrellgas LP/Ferrellgas Finance Corp. 6.5% 5/1/21                                              
|Gulfmark Offshore, Inc. 6.375% 3/15/22                                                          
|Halcon Resources Corp. 8.625% 2/1/20 (h)                                                        
|Hilcorp Energy I LP/Hilcorp Finance Co. 5% 12/1/24 (h)                                          
|LINN Energy LLC/LINN Energy Finance Corp.:                                                      
|6.25% 11/1/19                                                                                   
|6.5% 5/15/19                                                                                    
|8.625% 4/15/20                                                                                  
|NGL Energy Partners LP/NGL Energy Finance Corp. 5.125% 7/15/19                                  
|Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20                            
|Offshore Group Investment Ltd. 7.5% 11/1/19                                                     
|PetroBakken Energy Ltd. 8.625% 2/1/20 (h)                                                       
|Regency Energy Partners LP/Regency Energy Finance Corp. 5.5% 4/15/23                            
|Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22                                  
|Rosetta Resources, Inc.:                                                                        
|5.625% 5/1/21                                                                                   
|5.875% 6/1/24                                                                                   
|Sabine Pass Liquefaction LLC:                                                                   
|5.625% 2/1/21                                                                                   
|5.625% 4/15/23                                                                                  
|5.625% 3/1/25 (h)                                                                               
|5.75% 5/15/24                                                                                   
|6.25% 3/15/22                                                                                   
|Samson Investment Co. 9.75% 2/15/20 (k)                                                         
|SemGroup Corp. 7.5% 6/15/21                                                                     
|SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (h)              
|Targa Resources Partners LP/Targa Resources Partners Finance Corp.:                             
|4.25% 11/15/23                                                                                  
|5.25% 5/1/23                                                                                    
|6.375% 8/1/22                                                                                   
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Energy - continued                                                                              
|Teine Energy Ltd. 6.875% 9/30/22 (h)                                                            
|TerraForm Power Operating LLC 5.875% 2/1/23 (h)                                                 
|Tesoro Logistics LP/Tesoro Logistics Finance Corp.:                                             
|5.875% 10/1/20                                                                                  
|6.125% 10/15/21                                                                                 
|6.25% 10/15/22 (h)                                                                              
|Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (h)                                 
|                                                                                                
|Entertainment/Film - 0.4%                                                                       
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:                            
|5.25% 2/15/22                                                                                   
|5.625% 2/15/24                                                                                  
|5.875% 3/15/25                                                                                  
|                                                                                                
|Environmental - 2.4%                                                                            
|ADS Waste Holdings, Inc. 8.25% 10/1/20                                                          
|Clean Harbors, Inc.:                                                                            
|5.125% 6/1/21                                                                                   
|5.25% 8/1/20                                                                                    
|Covanta Holding Corp.:                                                                          
|5.875% 3/1/24                                                                                   
|6.375% 10/1/22                                                                                  
|LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (h)                                    
|Tervita Corp.:                                                                                  
|8% 11/15/18 (h)                                                                                 
|9.75% 11/1/19 (h)                                                                               
|10.875% 2/15/18 (h)                                                                             
|                                                                                                
|Food & Drug Retail - 0.7%                                                                       
|BI-LO LLC/BI-LO Finance Corp.:                                                                  
|8.625% 9/15/18 pay-in-kind (h)(k)                                                               
|9.25% 2/15/19 (h)                                                                               
|Rite Aid Corp.:                                                                                 
|6.75% 6/15/21                                                                                   
|7.7% 2/15/27                                                                                    
|                                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Food/Beverage/Tobacco - 5.2%                                                                    
|C&S Group Enterprises LLC 5.375% 7/15/22 (h)                                                    
|ESAL GmbH 6.25% 2/5/23 (h)                                                                      
|FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (h)                       
|H.J. Heinz Co.:                                                                                 
|4.25% 10/15/20                                                                                  
|6.375% 7/15/28                                                                                  
|H.J. Heinz Finance Co. 7.125% 8/1/39 (h)                                                        
|JBS Finance II Ltd. 8.25% 1/29/18 (h)                                                           
|JBS Investments GmbH:                                                                           
|7.25% 4/3/24 (h)                                                                                
|7.75% 10/28/20 (h)                                                                              
|JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:                                                        
|7.25% 6/1/21 (h)                                                                                
|7.25% 6/1/21 (h)                                                                                
|8.25% 2/1/20 (h)                                                                                
|Minerva Luxmbourg SA 7.75% 1/31/23 (h)                                                          
|Post Holdings, Inc.:                                                                            
|6% 12/15/22 (h)                                                                                 
|6.75% 12/1/21 (h)                                                                               
|7.375% 2/15/22                                                                                  
|Shearers Foods LLC/Chip Finance Corp. 9% 11/1/19 (h)                                            
|                                                                                                
|Gaming - 1.8%                                                                                   
|Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (h)
|Golden Nugget Escrow, Inc. 8.5% 12/1/21 (h)                                                     
|Isle of Capri Casinos, Inc. 5.875% 3/15/21 (h)                                                  
|MCE Finance Ltd. 5% 2/15/21 (h)                                                                 
|MGM Mirage, Inc. 7.75% 3/15/22                                                                  
|Pinnacle Entertainment, Inc. 6.375% 8/1/21                                                      
|Scientific Games Corp.:                                                                         
|6.625% 5/15/21 (h)                                                                              
|7% 1/1/22 (h)                                                                                   
|10% 12/1/22 (h)                                                                                 
|Seminole Hard Rock Entertainment, Inc. 5.875% 5/15/21 (h)                                       
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Gaming - continued                                                                              
|Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.375% 3/15/22                                  
|Wynn Macau Ltd. 5.25% 10/15/21 (h)                                                              
|                                                                                                
|Healthcare - 10.3%                                                                              
|Alere, Inc. 6.5% 6/15/20                                                                        
|Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 6% 10/15/21                         
|Community Health Systems, Inc.:                                                                 
|5.125% 8/1/21                                                                                   
|6.875% 2/1/22                                                                                   
|7.125% 7/15/20                                                                                  
|Concordia Healthcare Corp. 7% 4/15/23 (h)                                                       
|CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21                                        
|DaVita HealthCare Partners, Inc. 5.125% 7/15/24                                                 
|DJO Finco, Inc. 8.125% 6/15/21 (h)(j)                                                           
|Endo Finance Co.:                                                                               
|5.375% 1/15/23 (h)                                                                              
|7% 12/15/20 (h)                                                                                 
|HCA Holdings, Inc.:                                                                             
|5% 3/15/24                                                                                      
|5.875% 3/15/22                                                                                  
|5.875% 5/1/23                                                                                   
|6.25% 2/15/21                                                                                   
|6.5% 2/15/20                                                                                    
|7.5% 11/6/33                                                                                    
|7.75% 5/15/21                                                                                   
|HealthSouth Corp. 5.125% 3/15/23                                                                
|Horizon Pharma Financing, Inc. 6.625% 5/1/23 (h)                                                
|JLL/Delta Dutch Newco BV 7.5% 2/1/22 (h)                                                        
|JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind 
(h)(k)                                    
|Kindred Escrow Corp. II:                                                                        
|8% 1/15/20 (h)                                                                                  
|8.75% 1/15/23 (h)                                                                               
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC:                                      
|4.875% 4/15/20 (h)                                                                              
|5.5% 4/15/25 (h)                                                                                
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Healthcare - continued                                                                          
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC: - continued                          
|5.75% 8/1/22 (h)                                                                                
|MPT Operating Partnership LP/MPT Finance Corp. 5.5% 5/1/24                                      
|Opal Acquisition, Inc. 8.875% 12/15/21 (h)                                                      
|Sabra Health Care LP/Sabra Capital Corp.:                                                       
|5.375% 6/1/23                                                                                   
|5.5% 2/1/21                                                                                     
|Service Corp. International 4.5% 11/15/20                                                       
|Surgical Care Affiliates, Inc. 6% 4/1/23 (h)                                                    
|Tenet Healthcare Corp.:                                                                         
|4.375% 10/1/21                                                                                  
|4.75% 6/1/20                                                                                    
|5% 3/1/19 (h)                                                                                   
|6% 10/1/20                                                                                      
|6.75% 2/1/20                                                                                    
|8.125% 4/1/22                                                                                   
|Valeant Pharmaceuticals International:                                                          
|5.5% 3/1/23 (h)                                                                                 
|5.625% 12/1/21 (h)                                                                              
|6.75% 8/15/21 (h)                                                                               
|7.25% 7/15/22 (h)                                                                               
|VPI Escrow Corp. 6.375% 10/15/20 (h)                                                            
|VRX Escrow Corp.:                                                                               
|5.375% 3/15/20 (h)                                                                              
|5.875% 5/15/23 (h)                                                                              
|6.125% 4/15/25 (h)                                                                              
|                                                                                                
|Homebuilders/Real Estate - 1.2%                                                                 
|Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (h)     
|Brookfield Residential Properties, Inc. 6.5% 12/15/20 (h)                                       
|Communications Sales & Leasing, Inc.:                                                           
|6% 4/15/23 (h)                                                                                  
|8.25% 10/15/23 (h)                                                                              
|KB Home 8% 3/15/20                                                                              
|Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 12/1/21 (h)                                    
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Homebuilders/Real Estate - continued                                                            
|Shea Homes Ltd. Partnershp/Corp.:                                                               
|5.875% 4/1/23 (h)                                                                               
|6.125% 4/1/25 (h)                                                                               
|Standard Pacific Corp. 8.375% 1/15/21                                                           
|Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (h)                   
|Weyerhaeuser Real Estate Co.:                                                                   
|4.375% 6/15/19 (h)                                                                              
|5.875% 6/15/24 (h)                                                                              
|William Lyon Homes, Inc.:                                                                       
|5.75% 4/15/19                                                                                   
|8.5% 11/15/20                                                                                   
|                                                                                                
|Hotels - 0.2%                                                                                   
|FelCor Lodging LP 5.625% 3/1/23                                                                 
|RHP Hotel Properties LP/RHP Finance Corp. 5% 4/15/23 (h)                                        
|                                                                                                
|Insurance - 1.2%                                                                                
|Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (h)                                                    
|Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (h)(k)                 
|                                                                                                
|Leisure - 0.7%                                                                                  
|24 Hour Holdings III LLC 8% 6/1/22 (h)                                                          
|Cedar Fair LP/Magnum Management Corp.:                                                          
|5.25% 3/15/21                                                                                   
|5.375% 6/1/24 (h)                                                                               
|NCL Corp. Ltd. 5.25% 11/15/19 (h)                                                               
|                                                                                                
|Metals/Mining - 1.9%                                                                            
|Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (h)                                  
|Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 6.375% 3/15/24                  
|CONSOL Energy, Inc. 5.875% 4/15/22                                                              
|First Quantum Minerals Ltd.:                                                                    
|6.75% 2/15/20 (h)                                                                               
|7% 2/15/21 (h)                                                                                  
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Metals/Mining - continued                                                                       
|First Quantum Minerals Ltd.: - continued                                                        
|7.25% 5/15/22 (h)                                                                               
|FMG Resources (August 2006) Pty Ltd. 8.25% 11/1/19 (h)                                          
|Murray Energy Corp. 11.25% 4/15/21 (h)                                                          
|Peabody Energy Corp.:                                                                           
|6% 11/15/18                                                                                     
|7.875% 11/1/26                                                                                  
|10% 3/15/22 (h)                                                                                 
|Rain CII Carbon LLC/CII Carbon Corp.:                                                           
|8% 12/1/18 (h)                                                                                  
|8.25% 1/15/21 (h)                                                                               
|SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.:                               
|7.375% 2/1/20 (h)                                                                               
|7.375% 2/1/20 (h)                                                                               
|Walter Energy, Inc.:                                                                            
|9.5% 10/15/19 (h)                                                                               
|12% 4/1/20 pay-in-kind (h)(k)                                                                   
|                                                                                                
|Paper - 0.6%                                                                                    
|NewPage Corp. 11.375% 12/31/14 (d)                                                              
|Xerium Technologies, Inc. 8.875% 6/15/18                                                        
|                                                                                                
|Publishing/Printing - 0.1%                                                                      
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (h)(k)                      
|Restaurants - 0.2%                                                                              
|Landry's Holdings II, Inc. 10.25% 1/1/18 (h)                                                    
|Services - 4.2%                                                                                 
|Anna Merger Sub, Inc. 7.75% 10/1/22 (h)                                                         
|APX Group, Inc.:                                                                                
|6.375% 12/1/19                                                                                  
|8.75% 12/1/20                                                                                   
|ARAMARK Corp. 5.75% 3/15/20                                                                     
|Audatex North America, Inc.:                                                                    
|6% 6/15/21 (h)                                                                                  
|6.125% 11/1/23 (h)                                                                              
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Services - continued                                                                            
|Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:                                           
|5.125% 6/1/22 (h)                                                                               
|5.5% 4/1/23                                                                                     
|Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (h)                                   
|Corrections Corp. of America 4.125% 4/1/20                                                      
|Hertz Corp.:                                                                                    
|5.875% 10/15/20                                                                                 
|6.25% 10/15/22                                                                                  
|IHS, Inc. 5% 11/1/22 (h)                                                                        
|Laureate Education, Inc. 10% 9/1/19 (h)                                                         
|The GEO Group, Inc.:                                                                            
|5.125% 4/1/23                                                                                   
|6.625% 2/15/21                                                                                  
|United Rentals North America, Inc. 4.625% 7/15/23                                               
|                                                                                                
|Steel - 1.2%                                                                                    
|Cliffs Natural Resources, Inc. 8.25% 3/31/20 (h)                                                
|Commercial Metals Co. 4.875% 5/15/23                                                            
|Essar Steel Algoma, Inc. 9.5% 11/15/19 (h)                                                      
|Evraz, Inc. NA Canada 7.5% 11/15/19 (h)                                                         
|JMC Steel Group, Inc. 8.25% 3/15/18 (h)                                                         
|Ryerson, Inc./Joseph T Ryerson & Son, Inc. 11.25% 10/15/18                                      
|                                                                                                
|Super Retail - 3.0%                                                                             
|Argos Merger Sub, Inc. 7.125% 3/15/23 (h)                                                       
|Asbury Automotive Group, Inc. 6% 12/15/24                                                       
|Chinos Intermediate Holdings A, Inc. 7.75% 5/1/19 pay-in-kind (h)(k)                            
|Claire's Stores, Inc.:                                                                          
|6.125% 3/15/20 (h)                                                                              
|7.75% 6/1/20 (h)                                                                                
|9% 3/15/19 (h)                                                                                  
|DPL, Inc. 7.75% 10/15/20 (h)                                                                    
|Family Tree Escrow LLC:                                                                         
|5.25% 3/1/20 (h)                                                                                
|5.75% 3/1/23 (h)                                                                                
|JC Penney Corp., Inc.:                                                                          
|5.65% 6/1/20                                                                                    
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Super Retail - continued                                                                        
|JC Penney Corp., Inc.: - continued                                                              
|6.375% 10/15/36                                                                                 
|7.4% 4/1/37                                                                                     
|Serta Simmons Holdings, LLC 8.125% 10/1/20 (h)                                                  
|The Bon-Ton Department Stores, Inc. 8% 6/15/21                                                  
|                                                                                                
|Technology - 1.7%                                                                               
|ADT Corp. 6.25% 10/15/21                                                                        
|Avaya, Inc. 10.5% 3/1/21 (h)                                                                    
|BMC Software Finance, Inc. 8.125% 7/15/21 (h)                                                   
|BMC Software, Inc. 7.25% 6/1/18                                                                 
|Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (h)(k)                                           
|CDW LLC/CDW Finance Corp. 5.5% 12/1/24                                                          
|Compiler Finance Sub, Inc. 7% 5/1/21 (h)                                                        
|First Data Corp.:                                                                               
|8.75% 1/15/22 pay-in-kind (h)(k)                                                                
|10.625% 6/15/21                                                                                 
|Global Cash Access, Inc. 10% 1/15/22 (h)                                                        
|Lucent Technologies, Inc.:                                                                      
|6.45% 3/15/29                                                                                   
|6.5% 1/15/28                                                                                    
|Micron Technology, Inc.:                                                                        
|5.25% 1/15/24 (h)                                                                               
|5.625% 1/15/26 (h)                                                                              
|NXP BV/NXP Funding LLC 5.75% 3/15/23 (h)                                                        
|Sanmina Corp. 4.375% 6/1/19 (h)                                                                 
|VeriSign, Inc. 4.625% 5/1/23                                                                    
|                                                                                                
|Telecommunications - 11.3%                                                                      
|Alcatel-Lucent U.S.A., Inc.:                                                                    
|4.625% 7/1/17 (h)                                                                               
|6.75% 11/15/20 (h)                                                                              
|Altice Financing SA:                                                                            
|6.5% 1/15/22 (h)                                                                                
|7.875% 12/15/19 (h)                                                                             
|Altice Finco SA:                                                                                
|8.125% 1/15/24 (h)                                                                              
|9.875% 12/15/20 (h)                                                                             
|Altice SA 7.75% 5/15/22 (h)                                                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Telecommunications - continued                                                                  
|Broadview Networks Holdings, Inc. 10.5% 11/15/17                                                
|Columbus International, Inc. 7.375% 3/30/21 (h)                                                 
|Crown Castle International Corp. 5.25% 1/15/23                                                  
|Digicel Group Ltd.:                                                                             
|6% 4/15/21 (h)                                                                                  
|6.75% 3/1/23 (h)                                                                                
|Inmarsat Finance PLC 4.875% 5/15/22 (h)                                                         
|Intelsat Jackson Holdings SA:                                                                   
|5.5% 8/1/23                                                                                     
|6.625% 12/15/22 (Reg. S)                                                                        
|7.5% 4/1/21                                                                                     
|Intelsat Luxembourg SA 7.75% 6/1/21                                                             
|Level 3 Financing, Inc.:                                                                        
|5.125% 5/1/23 (h)                                                                               
|5.375% 5/1/25 (h)                                                                               
|6.125% 1/15/21                                                                                  
|7% 6/1/20                                                                                       
|MetroPCS Wireless, Inc. 6.625% 11/15/20                                                         
|Numericable Group SA:                                                                           
|4.875% 5/15/19 (h)                                                                              
|6% 5/15/22 (h)                                                                                  
|6.25% 5/15/24 (h)                                                                               
|Sprint Capital Corp.:                                                                           
|6.875% 11/15/28                                                                                 
|6.9% 5/1/19                                                                                     
|Sprint Communications, Inc. 6% 11/15/22                                                         
|Sprint Corp.:                                                                                   
|7.125% 6/15/24                                                                                  
|7.25% 9/15/21                                                                                   
|7.625% 2/15/25                                                                                  
|7.875% 9/15/23                                                                                  
|T-Mobile U.S.A., Inc.:                                                                          
|6.125% 1/15/22                                                                                  
|6.25% 4/1/21                                                                                    
|6.542% 4/28/20                                                                                  
|6.625% 4/1/23                                                                                   
|6.633% 4/28/21                                                                                  
|ViaSat, Inc. 6.875% 6/15/20                                                                     
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Telecommunications - continued                                                                  
|Wind Acquisition Finance SA:                                                                    
|4.75% 7/15/20 (h)                                                                               
|7.375% 4/23/21 (h)                                                                              
|                                                                                                
|Transportation Ex Air/Rail - 1.6%                                                               
|Aguila 3 SA 7.875% 1/31/18 (h)                                                                  
|Kenan Advantage Group, Inc. 8.375% 12/15/18 (h)                                                 
|Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (h)     
|Navios Maritime Holdings, Inc.:                                                                 
|7.375% 1/15/22 (h)                                                                              
|8.125% 2/15/19                                                                                  
|Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (h)      
|Teekay Corp. 8.5% 1/15/20                                                                       
|Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21                                                       
|                                                                                                
|Utilities - 1.5%                                                                                
|Calpine Corp. 6% 1/15/22 (h)                                                                    
|Dolphin Subsidiary II, Inc. 7.25% 10/15/21                                                      
|Dynegy, Inc.:                                                                                   
|7.375% 11/1/22 (h)                                                                              
|7.625% 11/1/24 (h)                                                                              
|GenOn Energy, Inc.:                                                                             
|9.5% 10/15/18                                                                                   
|9.875% 10/15/20                                                                                 
|Global Partners LP/GLP Finance Corp. 6.25% 7/15/22                                              
|InterGen NV 7% 6/30/23 (h)                                                                      
|Mirant Americas Generation LLC:                                                                 
|8.5% 10/1/21                                                                                    
|9.125% 5/1/31                                                                                   
|NRG Energy, Inc. 7.875% 5/15/21                                                                 
|NSG Holdings II, LLC 7.75% 12/15/25 (h)                                                         
|Corporate Bonds - continued                                                                     
|                                                                                                
|Nonconvertible Bonds - continued                                                                
|Utilities - continued                                                                           
|RJS Power Holdings LLC 5.125% 7/15/19 (h)                                                       
|RRI Energy, Inc. 7.875% 6/15/17                                                                 
|                                                                                                
|TOTAL NONCONVERTIBLE BONDS                                                                      
|TOTAL CORPORATE BONDS
(Cost $4,857,533,572)                                                     

|Common Stocks - 0.6%                       
|-------------------------------------------
|                                           
|Automotive & Auto Parts - 0.1%             
|General Motors Co.                         
|General Motors Co.:                        
|warrants 7/10/16 (a)                       
|warrants 7/10/19 (a)                       
|Motors Liquidation Co. GUC Trust (a)       
|                                           
|Banks & Thrifts - 0.0%                     
|CIT Group, Inc.                            
|Building Materials - 0.3%                  
|Nortek, Inc. (a)                           
|Energy - 0.0%                              
|Chesapeake Energy Corp. (f)                
|Metals/Mining - 0.0%                       
|Aleris International, Inc. (a)(m)          
|Telecommunications - 0.0%                  
|Broadview Networks Holdings, Inc. (a)(g)   
|Transportation Ex Air/Rail - 0.2%          
|DeepOcean Group Holding BV (a)(h)          
|Navios Maritime Holdings, Inc. (f)         
|                                           
|TOTAL COMMON STOCKS
(Cost $41,167,109)     
|Preferred Stocks - 1.3%                    
|                                           
|Convertible Preferred Stocks - 1.0%        
|Banks & Thrifts - 0.7%                     
|Bank of America Corp. Series L, 7.25% (i)  
|Huntington Bancshares, Inc. 8.50% (a)      
|                                           
|Energy - 0.3%                              
|Chesapeake Energy Corp. Series A, 5.75% (h)
|TOTAL CONVERTIBLE PREFERRED STOCKS         
|Nonconvertible Preferred Stocks - 0.3%     
|Banks & Thrifts - 0.3%                     
|Ally Financial, Inc. 7.00% (h)             
|TOTAL PREFERRED STOCKS
(Cost $68,843,543)  

|Bank Loan Obligations - 8.6%                                                                           
|-------------------------------------------------------------------------------------------------------
|                                                                                                       
|Aerospace - 0.3%                                                                                       
|TransDigm, Inc.:                                                                                       
|Tranche C, term loan 3.75% 2/28/20 (k)                                                                 
|Tranche D, term loan 3.75% 6/4/21 (k)                                                                  
|                                                                                                       
|Automotive - 0.0%                                                                                      
|Chassix, Inc. term loan 10% 12/12/15 (k)                                                               
|Automotive & Auto Parts - 0.1%                                                                         
|Chrysler Group LLC term loan 3.25% 12/31/18 (k)                                                        
|Broadcasting - 0.1%                                                                                    
|Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (k)                                  
|Building Materials - 0.0%                                                                              
|HD Supply, Inc. Tranche B 1LN, term loan 4% 6/28/18 (k)                                                
|Capital Goods - 0.3%                                                                                   
|Gardner Denver, Inc. Tranche B, term loan 4.25% 7/30/20 (k)                                            
|Rexnord LLC Tranche B, term loan 4% 8/21/20 (k)                                                        
|SRAM LLC. Tranche B, term loan 4.0164% 4/10/20 (k)                                                     
|                                                                                                       
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Chemicals - 0.0%                                                                                       
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 10/28/21 (l)  
|Consumer Products - 0.1%                                                                               
|Tempur Sealy International, Inc. Tranche B, term loan 3.5% 3/18/20 (k)                                 
|Containers - 0.1%                                                                                      
|Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (k)                                             
|Diversified Media - 0.1%                                                                               
|WMG Acquisition Corp. term loan 3.75% 7/1/20 (k)                                                       
|Energy - 0.5%                                                                                          
|Energy Transfer Equity LP Tranche B, term loan 3.25% 12/2/19 (k)                                       
|Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (k)                                        
|Samson Investment Co. Tranche B 2LN, term loan 5% 9/25/18 (k)                                          
|                                                                                                       
|Entertainment/Film - 0.1%                                                                              
|CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (k)
|Environmental - 0.6%                                                                                   
|ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (k)                                    
|Tervita Corp. Tranche B 1LN, term loan 6.25% 5/15/18 (k)                                               
|                                                                                                       
|Food/Beverage/Tobacco - 0.1%                                                                           
|Darling International, Inc. Tranche B, term loan 3.25% 1/6/21 (k)                                      
|Gaming - 0.4%                                                                                          
|Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (k)                        
|Healthcare - 0.9%                                                                                      
|Dialysis Newco, Inc.:                                                                                  
|Tranche 2LN, term loan 7.75% 10/22/21 (k)                                                              
|Tranche B 1LN, term loan 4.5% 4/23/21 (k)                                                              
|Genesis HealthCare Corp. Tranche B, term loan 10% 12/4/17 (k)                                          
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Healthcare - continued                                                                                 
|HCA Holdings, Inc.:                                                                                    
|Tranche B 4LN, term loan 3.0254% 5/1/18 (k)                                                            
|Tranche B 5LN, term loan 2.9343% 3/31/17 (k)                                                           
|MPH Acquisition Holdings LLC Tranche B, term loan 3.75% 3/31/21 (k)                                    
|Polymer Group, Inc. Tranche B, term loan 5.25% 12/19/19 (k)                                            
|Surgical Care Affiliates, Inc. Tranche B, term loan 4.25% 3/17/22 (k)                                  
|                                                                                                       
|Homebuilders/Real Estate - 0.2%                                                                        
|Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (k)                                               
|Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (k)                                                
|                                                                                                       
|Hotels - 0.3%                                                                                          
|Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (k)                                   
|Insurance - 0.4%                                                                                       
|HUB International Ltd. Tranche B 1LN, term loan 4% 10/2/20 (k)                                         
|Metals/Mining - 0.1%                                                                                   
|Alpha Natural Resources, Inc. Tranche B, term loan 3.5% 5/22/20 (k)                                    
|Services - 1.5%                                                                                        
|ARAMARK Corp. Tranche F, term loan 3.25% 2/24/21 (k)                                                   
|Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (k)                   
|Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (k)                                           
|                                                                                                       
|Super Retail - 0.9%                                                                                    
|Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (k)                                            
|J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (k)                                              
|Bank Loan Obligations - continued                                                                      
|                                                                                                       
|Super Retail - continued                                                                               
|JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (k)                                              
|Neiman Marcus Group Ltd., Inc. Tranche B, term loan 4.25% 10/25/20 (k)                                 
|                                                                                                       
|Technology - 1.2%                                                                                      
|Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (k)                          
|Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (k)                                     
|Renaissance Learning, Inc.:                                                                            
|Tranche 1LN, term loan 4.5% 4/9/21 (k)                                                                 
|Tranche 2LN, term loan 8% 4/9/22 (k)                                                                   
|                                                                                                       
|Utilities - 0.3%                                                                                       
|Calpine Construction Finance Co. LP:                                                                   
|Tranche B 1LN, term loan 3% 5/3/20 (k)                                                                 
|Tranche B 2LN, term loan 3.25% 1/31/22 (k)                                                             
|                                                                                                       
|TOTAL BANK LOAN OBLIGATIONS
(Cost $522,605,417)                                                        
|Preferred Securities - 4.0%                                                                            
|                                                                                                       
|Banks & Thrifts - 3.0%                                                                                 
|Bank of America Corp.:                                                                                 
|6.1% (i)(k)                                                                                            
|6.25% (i)(k)                                                                                           
|Barclays Bank PLC 7.625% 11/21/22                                                                      
|Barclays PLC:                                                                                          
|6.625% (i)(k)                                                                                          
|8.25% (i)(k)                                                                                           
|Credit Agricole SA:                                                                                    
|6.625% (h)(i)(k)                                                                                       
|7.875% (h)(i)(k)                                                                                       
|Credit Suisse Group 7.5% (h)(i)(k)                                                                     
|Credit Suisse Group AG 6.25% (h)(i)(k)                                                                 
|Goldman Sachs Group, Inc. 5.375% (i)(k)                                                                
|JPMorgan Chase & Co.:                                                                                  
|5.3% (i)(k)                                                                                            
|Preferred Securities - continued                                                                       
|                                                                                                       
|Banks & Thrifts - continued                                                                            
|JPMorgan Chase & Co.: - continued                                                                      
|6.125% (i)(k)                                                                                          
|6.75% (i)(k)                                                                                           
|Lloyds Banking Group PLC 7.5% (i)(k)                                                                   
|Societe Generale 6% (h)(i)(k)                                                                          
|                                                                                                       
|Diversified Financial Services - 1.0%                                                                  
|Citigroup, Inc.:                                                                                       
|5.875% (i)(k)                                                                                          
|6.3% (i)(k)                                                                                            
|                                                                                                       
|TOTAL PREFERRED SECURITIES
(Cost $224,804,418)                                                         

|Money Market Funds - 1.7%                                  
|-----------------------------------------------------------
|                                                           
|Fidelity Cash Central Fund, 0.15% (b)                      
|Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)
|TOTAL MONEY MARKET FUNDS
(Cost $103,340,529)               
|TOTAL INVESTMENT PORTFOLIO - 98.0%
(Cost $5,818,294,588)   
|NET OTHER ASSETS (LIABILITIES) - 2.0%                      
|NET ASSETS - 100%                                          

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	Non-income producing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(b)	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.
|(c)	Investment made with cash collateral received from securities on loan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(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 is on loan at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(g)	Affiliated company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(h)	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  $2,538,346,570 or 43.1% of net assets.                                                                                                                                                                                                                         
|(i)	Security is perpetual in nature with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(j)	Security or a portion of the security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                
|(k)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(l)	The coupon rate will be determined upon settlement of the loan after period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(m)	Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $503,706 or 0.0% of net assets.                                                                                                                                                                                                                                                                                
|Additional information on each restricted holding is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|Security                   | Acquisition Date | Acquisition Cost
|-------------------------- | ---------------- | ----------------
|Aleris International, Inc. | 3/11/11          | $	2,860,900     

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

|Fund                                          | Income earned
|--------------------------------------------- | -------------
|Fidelity Cash Central Fund                    | $	294,714    
|Fidelity Securities Lending Cash Central Fund | 7,556        
|Total                                         | $	302,270    

|Other Affiliated Issuers                                                                                                                                                                                 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities.  Fiscal year to date transactions with companies which are or were affiliates are as follows:

|Affiliate                         | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period
|--------------------------------- | -------------------------- | --------- | -------------- | --------------- | --------------------
|Broadview Networks Holdings, Inc. | $	1,300,163                | $	-       | $	-            | $	-             | $	884,111           

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Equities:                          
|Consumer Discretionary             
|Energy                             
|Financials                         
|Industrials                        
|Materials                          
|Telecommunication Services         
|Corporate Bonds                    
|Bank Loan Obligations              
|Preferred Securities               
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 74.5% 
|---------------------------------- | ------
|Luxembourg                         | 6.3%  
|Canada                             | 4.5%  
|Ireland                            | 2.5%  
|United Kingdom                     | 2.1%  
|Bermuda                            | 1.7%  
|Netherlands                        | 1.6%  
|France                             | 1.4%  
|Austria                            | 1.2%  
|Marshall Islands                   | 1.2%  
|Others (Individually Less Than 1%) | 3.0%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                                                                       | April 30, 2015 
|------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------
|                                                                                                                                                       |                
|Assets                                                                                                                                                 |                
|Investment in securities, at value (including securities loaned of $1,380,247) - See accompanying schedule:
Unaffiliated issuers (cost $5,705,168,864) | $	5,663,487,972
|Fidelity Central Funds (cost $103,340,529)                                                                                                             | 103,340,529    
|Other affiliated issuers (cost $9,785,195)                                                                                                             | 884,111        
|Total Investments (cost $5,818,294,588)                                                                                                                |                
|Cash                                                                                                                                                   |                
|Receivable for investments sold, regular delivery                                                                                                      |                
|Receivable for fund shares sold                                                                                                                        |                
|Dividends receivable                                                                                                                                   |                
|Interest receivable                                                                                                                                    |                
|Distributions receivable from Fidelity Central Funds                                                                                                   |                
|Prepaid expenses                                                                                                                                       |                
|Total assets                                                                                                                                           |                
|                                                                                                                                                       |                
|Liabilities                                                                                                                                            |                
|Payable for investments purchased 
Regular delivery                                                                                                    | $	20,916,550   
|Delayed delivery                                                                                                                                       | 12,285,000     
|Payable for fund shares redeemed                                                                                                                       | 673,464        
|Distributions payable                                                                                                                                  | 50             
|Accrued management fee                                                                                                                                 | 2,756,778      
|Other affiliated payables                                                                                                                              | 376,181        
|Other payables and accrued expenses                                                                                                                    | 107,401        
|Collateral on securities loaned, at value                                                                                                              | 1,426,300      
|Total liabilities                                                                                                                                      |                
|                                                                                                                                                       |                
|Net Assets                                                                                                                                             |                
|Net Assets consist of:                                                                                                                                 |                
|Paid in capital                                                                                                                                        |                
|Undistributed net investment income                                                                                                                    |                
|Accumulated undistributed net realized gain (loss) on investments                                                                                      |                
|Net unrealized appreciation (depreciation) on investments                                                                                              |                
|Net Assets                                                                                                                                             |                

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

Annual Report

## Statement of Assets and Liabilities - continued

|                                                                                                                         | April 30, 2015
|------------------------------------------------------------------------------------------------------------------------ | --------------
|                                                                                                                         |               
|Series High Income:
Net Asset Value, offering price and redemption price per share ($2,835,890,800 ÷ 287,396,878 shares) |               
|                                                                                                                         |               
|Class F:
Net Asset Value, offering price and redemption price per share ($3,046,814,234 ÷ 308,772,379 shares)            |               

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

Annual Report

Financial Statements - continued

## Statement of Operations

|                                                                              | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Dividends                                                                     |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	45,637,633             
|Transfer agent fees                                                           | 4,274,321                
|Accounting and security lending fees                                          | 1,300,665                
|Custodian fees and expenses                                                   | 101,883                  
|Independent trustees' compensation                                            | 35,756                   
|Registration fees                                                             | 13,900                   
|Audit                                                                         | 79,174                   
|Legal                                                                         | 24,747                   
|Miscellaneous                                                                 | 74,591                   
|Total expenses before reductions                                              | 51,542,670               
|Expense reductions                                                            | (6,408)                  
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

## Statement of Changes in Net Assets

|                                                                                                                                                  | Year ended
April 30,
2015 | Year ended
April 30,
2014
|------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------- | -------------------------
|Increase (Decrease) in Net Assets                                                                                                                 |                           |                          
|Operations                                                                                                                                        |                           |                          
|Net investment income (loss)                                                                                                                      | $	453,746,291             | $	581,313,377            
|Net realized gain (loss)                                                                                                                          | 184,820,457               | 125,580,212              
|Change in net unrealized appreciation (depreciation)                                                                                              | (505,386,183)             | (151,685,292)            
|Netincrease (decrease) in net assets resulting
from operations                                                                                    | 133,180,565               | 555,208,297              
|Distributions to shareholders from net investment income                                                                                          | (444,219,856)             | (569,158,948)            
|Distributions to shareholders from net realized gain                                                                                              | (264,745,145)             | (29,910,100)             
|Total distributions                                                                                                                               | (708,965,001)             | (599,069,048)            
|Share transactions - net increase (decrease)                                                                                                      | (4,333,509,284)           | 429,502,869              
|Total increase (decrease) in net assets                                                                                                           | (4,909,293,720)           | 385,642,118              
|                                                                                                                                                  |                           |                          
|Net Assets                                                                                                                                        |                           |                          
|Beginning of period                                                                                                                               | 10,791,998,754            | 10,406,356,636           
|End of period (including undistributed net investment income of $14,795,398 and undistributed net investment income of $14,472,520, respectively) | $	5,882,705,034           | $	10,791,998,754         

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

Annual Report

## Financial Highlights - Series High Income

|Years ended April 30,                    | 2015        | 2014        | 2013        | 2012        | 2011G      
|---------------------------------------- | ----------- | ----------- | ----------- | ----------- | -----------
|Selected Per-Share Data                  |             |             |             |             |            
|Net asset value, beginning of period     | $	10.58     | $	10.63     | $	9.96      | $	10.12     | $	10.00    
|Income from Investment Operations        |             |             |             |             |            
|Net investment income (loss)D            | .565        | .566        | .587        | .599        | .078       
|Net realized and unrealized gain (loss)  | (.382)      | (.033)      | .655        | (.163)      | .108       
|Total from investment operations         | .183        | .533        | 1.242       | .436        | .186       
|Distributions from net investment income | (.552)      | (.554)      | (.550)      | (.584)      | (.066)     
|Distributions from net realized gain     | (.341)      | (.029)      | (.022)      | (.012)      | -          
|Total distributions                      | (.893)      | (.583)      | (.572)      | (.596)      | (.066)     
|Net asset value, end of period           | $	9.87      | $	10.58     | $	10.63     | $	9.96      | $	10.12    
|Total ReturnB, C                         | 1.86%       | 5.23%       | 12.85%      | 4.66%       | 1.87%      
|Ratios to Average Net AssetsE, H         |             |             |             |            
|Expenses before reductions               | .69%        | .70%        | .71%        | .72%        | .73%A      
|Expenses net of fee waivers, if any      | .69%        | .70%        | .71%        | .72%        | .73%A      
|Expenses net of all reductions           | .69%        | .69%        | .71%        | .72%        | .73%A      
|Net investment income (loss)             | 5.51%       | 5.42%       | 5.74%       | 6.19%       | 5.93%A     
|Supplemental Data                        |             |             |             |             |            
|Net assets, end of period (000 omitted)  | $	2,835,891 | $	5,367,464 | $	5,381,081 | $	5,533,077 | $	6,827,084
|Portfolio turnover rateF                 | 31%         | 54%         | 45%         | 39%         | 17%A       

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period March 10, 2011 (commencement of operations) to April 30, 2011.

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

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

Annual Report

## Financial Highlights - Class F

|Years ended April 30,                    | 2015        | 2014        | 2013        | 2012        | 2011G      
|---------------------------------------- | ----------- | ----------- | ----------- | ----------- | -----------
|Selected Per-Share Data                  |             |             |             |             |            
|Net asset value, beginning of period     | $	10.58     | $	10.63     | $	9.96      | $	10.12     | $	10.00    
|Income from Investment Operations        |             |             |             |             |            
|Net investment income (loss)D            | .575        | .578        | .600        | .610        | .080       
|Net realized and unrealized gain (loss)  | (.381)      | (.033)      | .654        | (.161)      | .108       
|Total from investment operations         | .194        | .545        | 1.254       | .449        | .188       
|Distributions from net investment income | (.563)      | (.566)      | (.562)      | (.597)      | (.068)     
|Distributions from net realized gain     | (.341)      | (.029)      | (.022)      | (.012)      | -          
|Total distributions                      | (.904)      | (.595)      | (.584)      | (.609)      | (.068)     
|Net asset value, end of period           | $	9.87      | $	10.58     | $	10.63     | $	9.96      | $	10.12    
|Total ReturnB, C                         | 1.97%       | 5.35%       | 12.99%      | 4.80%       | 1.88%      
|Ratios to Average Net AssetsE, H         |             |             |             |            
|Expenses before reductions               | .58%        | .58%        | .58%        | .59%        | .63%A      
|Expenses net of fee waivers, if any      | .58%        | .58%        | .58%        | .59%        | .63%A      
|Expenses net of all reductions           | .58%        | .58%        | .58%        | .59%        | .63%A      
|Net investment income (loss)             | 5.62%       | 5.53%       | 5.87%       | 6.32%       | 6.03%A     
|Supplemental Data                        |             |             |             |             |            
|Net assets, end of period (000 omitted)  | $	3,046,814 | $	5,424,535 | $	5,025,275 | $	3,614,081 | $	1,967,111
|Portfolio turnover rateF                 | 31%         | 54%         | 45%         | 39%         | 17%A       

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period March 10, 2011 (commencement of operations) to April 30, 2011.

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

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Series High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Series High Income and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Book-tax differences are primarily due to market discount, contingent interest, equity-debt classifications, certain conversion ratio adjustments and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	179,623,180  
|-------------------------------------------------------- | ---------------
|Gross unrealized depreciation                            | (224,009,883)  
|Net unrealized appreciation (depreciation) on securities | $	(44,386,703) 
|                                                         |                
|Tax Cost                                                 | $	5,812,099,315

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

|Undistributed ordinary income                                                  | $	5,449,738   
|------------------------------------------------------------------------------ | --------------
|Undistributed long-term capital gain                                           | $	26,556,397  
|Net unrealized appreciation (depreciation) on securities and other investments | $	(44,386,703)

The tax character of distributions paid was as follows:

|                        | April 30, 2015 | April 30, 2014
|----------------------- | -------------- | --------------
|Ordinary Income         | $	468,658,308  | $ 	593,912,134
|Long-term Capital Gains | 240,306,693    | 5,156,914     
|Total                   | $	708,965,001  | $ 	599,069,048

The Fund intends to elect to defer to its next fiscal year $12,425,508 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

Delayed Delivery Transactions and When-Issued Securities.During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,395,844,722 and $6,501,058,682, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Transfer Agent Fees.Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Series High Income. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

|                   | Amount      | % of
Class-Level Average
Net Assets
|------------------ | ----------- | -----------------------------------
|Series High Income | $	4,274,321 | .11                                

Accounting and Security Lending Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions.The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $554 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $12,502 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Annual Report

Notes to Financial Statements - continued

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $7,556. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $42 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6,125.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses, including certain Series High Income expenses during the period in the amount of$241.

Annual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015          | 2014         
|-------------------------- | ------------- | -------------
|From net investment income |               |              
|Series High Income         | $	214,081,318 | $	285,487,026
|Class F                    | 230,138,538   | 283,671,922  
|Total                      | $	444,219,856 | $	569,158,948
|From net realized gain     |               |              
|Series High Income         | $	127,941,737 | $	15,126,634 
|Class F                    | 136,803,408   | 14,783,466   
|Total                      | $	264,745,145 | $	29,910,100 

10. Share Transactions.

Transactions for each class of shares were as follows:

|                              | Shares        | Dollars      
|----------------------------- | ------------- | -------------
|Years ended April 30,         | 2015          | 2014         
|Series High Income            |               |              
|Shares sold                   | 11,060,692    | 77,816,542   
|Reinvestment of distributions | 33,685,425    | 28,807,303   
|Shares redeemed               | (264,839,157) | (105,333,171)
|Net increase (decrease)       | (220,093,040) | 1,290,674    
|Class F                       |               |              
|Shares sold                   | 28,830,464    | 99,039,365   
|Reinvestment of distributions | 36,172,067    | 28,596,970   
|Shares redeemed               | (269,115,276) | (87,478,885) 
|Net increase (decrease)       | (204,112,745) | 40,157,450   

11. Other.

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

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

Annual Report

---

# Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Series High Income Fund (the Fund), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2015, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period March 10, 2011 (commencement of operations) to April 30, 2011. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Series High Income Fund as of April 30, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period March 10, 2011 (commencement of operations) to April 30, 2011, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 19, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 for Fidelity Series High Income Fund or 1-800-835-5092 for Class F.

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2008/2010
Vice President                    
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2009
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

The Board of Trustees of Fidelity Series High Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

|                        | Pay Date | Record Date | Capital Gains
|----------------------- | -------- | ----------- | -------------
|Series High Income Fund | 06/08/15 | 06/05/15    | $0.047       
|Class F                 | 06/08/15 | 06/05/15    | $0.047       

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2015, $184,320,587, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)Corporate Headquarters245 Summer St., Boston, MA 02210www.fidelity.com

`FSH-ANN-0615
1.924270.104`



(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

Short Duration High Income

Fund - Class A, Class T, and Class C

Annual Report

April 30, 2015(Fidelity Cover Art)

Class A, Class T,
and Class C are
classes of Fidelity® Short 
Duration High Income Fund

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Managers' review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to financial statements.                                                                               
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015                        | Past 1
year | Life of
fundA
|--------------------------------------------------- | ----------- | -------------
|Class A (incl. 4.00% sales charge)                  | -2.83%      | -0.43%       
|Class T (incl. 4.00% sales charge)                  | -2.82%      | -0.43%       
|Class C (incl. contingent deferred sales charge)  B | -0.51%      | 1.58%        

AFrom November 5, 2013.

BClass C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Short Duration High Income Fund - Class A on November 5, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the The BofA Merrill LynchSM 1-5 Year BB-B US Cash Pay High Yield Constrained Index performed over the same period.

sdh1559154

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap: U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, The Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Lead Portfolio Manager Matthew Conti and Co-Portfolio Manager Michael Plage: For the year, the fund's share classes lagged the 2.34% advance of The BofA Merrill LynchSM 1-5 Year BB-B US Cash Pay High Yield Constrained Index. (For specific class-level results, please see the performance section of this report.)The fund's underperformance of the benchmark is largely attributable to the first half of the period, when security selection in energy and metals & mining - two of the poorest-performing groups during that time - weighed on the fund's return. Adverse bond picks in energy were partially offset by a substantial underweighting in the sector. Elsewhere, selections in transportation excluding air/rail, as well as banks & thrifts also detracted from performance. The negative impact from banks & thrifts was primarily due to one holding: Ocwen Financial, a mortgage servicing firm. Oilfield services company Basic Energy Services and coal mine operator Peabody Energy also were among the primary individual detractors. On the plus side, a large overweighting in air transportation, along with security selection in diversified financial services, contributed the most versus the benchmark. Top individual contributors included an underweighting in energy exploration & production company Energy XXI and an out-of-benchmark position in department store operator JC Penney. We sold our positions in Ocwen Financial and Energy XXI during the period.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|                           | Annualized 
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014 to April 30, 2015
|-------------------------- | -------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A                    | 1.05%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,014.60                          | $	5.24                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,019.59                          | $	5.26                                                        
|Class T                    | 1.05%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,014.60                          | $	5.24                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,019.59                          | $	5.26                                                        
|Class C                    | 1.80%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,010.80                          | $	8.97                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,015.87                          | $	9.00                                                        
|Short Duration High Income | .80%                       |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,015.80                          | $	4.00                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,020.83                          | $	4.01                                                        
|Institutional Class        | .80%                       |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,015.80                          | $	4.00                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,020.83                          | $	4.01                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015      
|--------------------------------------------
|(by issuer, excluding cash equivalents)     
|Numericable Group SA                        
|ADT Corp.                                   
|Dynegy, Inc.                                
|U.S. Airways Group, Inc.                    
|Tenet Healthcare Corp.                      
|                                            
|Top Five Market Sectors as of April 30, 2015
|                                            
|Telecommunications                          
|Services                                    
|Utilities                                   
|Air Transportation                          
|Diversified Financial Services              

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|sdh1559156                                      
|sdh1559160                                      
|sdh1559164                                      
|sdh1559168                                      
|sdh1559172                                      
|sdh1559176                                      
|sdh1559180                                      

sdh1559184

|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.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Duration as of April 30, 2015
|-----------------------------
|                             
|Years                        

|Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|sdh1559186                               
|sdh1559190                               
|sdh1559194                               
|*Foreign investments                     

sdh1559198

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 83.9%                                                        
|------------------------------------------------------------------------------------
|                                                                                    
|Air Transportation - 7.3%                                                           
|Air Canada 6.625% 5/15/18 (b)                                                       
|Allegiant Travel Co. 5.5% 7/15/19                                                   
|American Airlines Group, Inc.:                                                      
|4.625% 3/1/20 (b)                                                                   
|5.5% 10/1/19 (b)                                                                    
|U.S. Airways Group, Inc. 6.125% 6/1/18                                              
|United Continental Holdings, Inc. 6.375% 6/1/18                                     
|                                                                                    
|Automotive - 0.3%                                                                   
|Ford Motor Credit Co. LLC 2.875% 10/1/18                                            
|Banks & Thrifts - 1.5%                                                              
|Ally Financial, Inc. 4.125% 3/30/20                                                 
|Bank of America Corp.:                                                              
|2% 1/11/18                                                                          
|6% 9/1/17                                                                           
|JPMorgan Chase & Co. 2.35% 1/28/19                                                  
|Regions Bank 7.5% 5/15/18                                                           
|                                                                                    
|Broadcasting - 1.9%                                                                 
|Clear Channel Communications, Inc.:                                                 
|5.5% 12/15/16                                                                       
|6.875% 6/15/18                                                                      
|9% 12/15/19                                                                         
|10% 1/15/18                                                                         
|                                                                                    
|Building Materials - 2.8%                                                           
|Building Materials Holding Corp. 9% 9/15/18 (b)                                     
|CEMEX S.A.B. de CV 6.5% 12/10/19 (b)                                                
|HD Supply, Inc. 11.5% 7/15/20                                                       
|                                                                                    
|Cable/Satellite TV - 0.6%                                                           
|Cablevision Systems Corp. 7.75% 4/15/18                                             
|Time Warner Cable, Inc. 5.85% 5/1/17                                                
|                                                                                    
|Chemicals - 2.8%                                                                    
|LSB Industries, Inc. 7.75% 8/1/19                                                   
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Chemicals - continued                                                               
|Nufarm Australia Ltd. 6.375% 10/15/19 (b)                                           
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19        
|                                                                                    
|Containers - 2.3%                                                                   
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (b)(c)                        
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                       
|3.2706% 12/15/19 (b)(c)                                                             
|7% 11/15/20 (b)                                                                     
|Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (b)                       
|                                                                                    
|Diversified Financial Services - 7.2%                                               
|Aircastle Ltd. 6.25% 12/1/19                                                        
|Citigroup, Inc. 4.45% 1/10/17                                                       
|Discover Financial Services 6.45% 6/12/17                                           
|Goldman Sachs Group, Inc. 1.3571% 11/15/18 (c)                                      
|Hyundai Capital America 2.55% 2/6/19 (b)                                            
|Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.875% 3/15/19                 
|ILFC E-Capital Trust I 4.09% 12/21/65 (b)(c)                                        
|ILFC E-Capital Trust II 6.25% 12/21/65 (b)(c)                                       
|Morgan Stanley 2.125% 4/25/18                                                       
|Navient Corp. 5.875% 3/25/21                                                        
|NiSource Finance Corp. 5.25% 9/15/17                                                
|SLM Corp.:                                                                          
|4.875% 6/17/19                                                                      
|5.5% 1/15/19                                                                        
|8.45% 6/15/18                                                                       
|                                                                                    
|Diversified Media - 0.1%                                                            
|MDC Partners, Inc. 6.75% 4/1/20 (b)                                                 
|Energy - 6.6%                                                                       
|California Resources Corp. 5% 1/15/20                                               
|Citgo Holding, Inc. 10.75% 2/15/20 (b)                                              
|Consolidated Energy Finance SA 6.75% 10/15/19 (b)                                   
|Everest Acquisition LLC/Everest Acquisition Finance, Inc.:                          
|6.875% 5/1/19                                                                       
|9.375% 5/1/20                                                                       
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Energy - continued                                                                  
|Exterran Holdings, Inc. 7.25% 12/1/18                                               
|Forbes Energy Services Ltd. 9% 6/15/19                                              
|Halcon Resources Corp. 8.625% 2/1/20 (b)                                            
|Holly Energy Partners LP/Holly Finance Corp. 6.5% 3/1/20                            
|LINN Energy LLC/LINN Energy Finance Corp.:                                          
|6.25% 11/1/19                                                                       
|6.5% 5/15/19                                                                        
|Pacific Drilling V Ltd. 7.25% 12/1/17 (b)                                           
|PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20                                 
|Petroleos Mexicanos 3.5% 7/18/18                                                    
|Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.5% 10/15/19 (b)                
|Western Gas Partners LP 2.6% 8/15/18                                                
|Whiting Petroleum Corp. 5% 3/15/19                                                  
|                                                                                    
|Food/Beverage/Tobacco - 1.3%                                                        
|JBS Investments GmbH 7.75% 10/28/20 (b)                                             
|Vector Group Ltd. 7.75% 2/15/21                                                     
|                                                                                    
|Healthcare - 5.6%                                                                   
|Kindred Escrow Corp. II 8% 1/15/20 (b)                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875% 4/15/20 (b)        
|Polymer Group, Inc. 6.875% 6/1/19 (b)                                               
|Tenet Healthcare Corp. 5% 3/1/19 (b)                                                
|VRX Escrow Corp. 5.375% 3/15/20 (b)                                                 
|                                                                                    
|Homebuilders/Real Estate - 5.7%                                                     
|Brandywine Operating Partnership LP 4.95% 4/15/18                                   
|DDR Corp. 4.75% 4/15/18                                                             
|Essex Portfolio LP 5.5% 3/15/17                                                     
|Lennar Corp. 4.5% 11/15/19                                                          
|Liberty Property LP 6.625% 10/1/17                                                  
|Mack-Cali Realty LP 2.5% 12/15/17                                                   
|Weyerhaeuser Real Estate Co. 4.375% 6/15/19 (b)                                     
|William Lyon Homes, Inc. 5.75% 4/15/19                                              
|                                                                                    
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Insurance - 0.3%                                                                    
|ING U.S., Inc. 2.9% 2/15/18                                                         
|Leisure - 0.2%                                                                      
|NCL Corp. Ltd. 5% 2/15/18                                                           
|Metals/Mining - 4.3%                                                                
|Anglo American Capital PLC 1.2253% 4/15/16 (b)(c)                                   
|First Quantum Minerals Ltd. 6.75% 2/15/20 (b)                                       
|FMG Resources (August 2006) Pty Ltd. 8.25% 11/1/19 (b)                              
|Freeport-McMoRan, Inc. 2.375% 3/15/18                                               
|Lundin Mining Corp. 7.5% 11/1/20 (b)                                                
|Peabody Energy Corp. 6% 11/15/18                                                    
|Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (b)                                 
|                                                                                    
|Paper - 0.4%                                                                        
|Mercer International, Inc. 7% 12/1/19                                               
|Sappi Papier Holding GmbH 8.375% 6/15/19 (b)                                        
|                                                                                    
|Publishing/Printing - 0.9%                                                          
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (b)(c)          
|Services - 7.4%                                                                     
|Abengoa Greenfield SA 6.5% 10/1/19 (b)                                              
|ADT Corp. 4.125% 4/15/19                                                            
|APX Group, Inc.:                                                                    
|6.375% 12/1/19                                                                      
|8.75% 12/1/20                                                                       
|Bankrate, Inc. 6.125% 8/15/18 (b)                                                   
|Blueline Rent Finance Corp./Volvo 7% 2/1/19 (b)                                     
|                                                                                    
|Steel - 0.4%                                                                        
|JMC Steel Group, Inc. 8.25% 3/15/18 (b)                                             
|Super Retail - 1.8%                                                                 
|JC Penney Corp., Inc.:                                                              
|5.75% 2/15/18                                                                       
|8.125% 10/1/19                                                                      
|                                                                                    
|Technology - 0.1%                                                                   
|Viasystems, Inc. 7.875% 5/1/19 (b)                                                  
|Telecommunications - 11.0%                                                          
|Altice Financing SA 7.875% 12/15/19 (b)                                             
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Telecommunications - continued                                                      
|AT&T, Inc. 1.1709% 11/27/18 (c)                                                     
|Digicel Group Ltd. 8.25% 9/30/20 (b)                                                
|FairPoint Communications, Inc. 8.75% 8/15/19 (b)                                    
|Intelsat Jackson Holdings SA 7.25% 10/15/20                                         
|Numericable Group SA 4.875% 5/15/19 (b)                                             
|Sprint Communications, Inc.:                                                        
|7% 3/1/20 (b)                                                                       
|9% 11/15/18 (b)                                                                     
|T-Mobile U.S.A., Inc.:                                                              
|6.464% 4/28/19                                                                      
|6.542% 4/28/20                                                                      
|Verizon Communications, Inc. 3.65% 9/14/18                                          
|Wind Acquisition Finance SA 4.75% 7/15/20 (b)                                       
|                                                                                    
|Transportation Ex Air/Rail - 3.9%                                                   
|Aguila 3 SA 7.875% 1/31/18 (b)                                                      
|Navios Maritime Holdings, Inc. 8.125% 2/15/19                                       
|                                                                                    
|Utilities - 7.2%                                                                    
|Atlantic Power Corp. 9% 11/15/18                                                    
|DCP Midstream Operating LP 2.5% 12/1/17                                             
|DPL, Inc. 6.75% 10/1/19 (b)                                                         
|Dynegy, Inc. 6.75% 11/1/19 (b)                                                      
|RJS Power Holdings LLC 5.125% 7/15/19 (b)                                           
|                                                                                    
|TOTAL NONCONVERTIBLE BONDS
(Cost $52,086,523)                                       
|Bank Loan Obligations - 12.4%                                                       
|                                                                                    
|Aerospace - 0.3%                                                                    
|TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (c)                               
|Air Transportation - 0.5%                                                           
|American Airlines, Inc. Tranche B, term loan 3.75% 10/10/21 (c)                     
|Broadcasting - 0.6%                                                                 
|Clear Channel Communications, Inc. Tranche D, term loan 6.9343% 1/30/19 (c)         
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Building Materials - 0.2%                                                           
|GYP Holdings III Corp.:                                                             
|Tranche 1LN, term loan 4.75% 4/1/21 (c)                                             
|Tranche 2LN, term loan 7.75% 4/1/22 (c)                                             
|                                                                                    
|Cable/Satellite TV - 0.9%                                                           
|Charter Communications Operating LLC Tranche F, term loan 3% 1/3/21 (c)             
|CSC Holdings LLC Tranche B, term loan 2.6843% 4/17/20 (c)                           
|Numericable LLC:                                                                    
|Tranche B 1LN, term loan 4.5% 5/8/20 (c)                                            
|Tranche B 2LN, term loan 4.5% 5/8/20 (c)                                            
|                                                                                    
|Capital Goods - 0.3%                                                                
|Husky Injection Molding Systems Ltd. Tranche 2LN, term loan 7.25% 6/30/22 (c)       
|Rexnord LLC Tranche B, term loan 4% 8/21/20 (c)                                     
|                                                                                    
|Containers - 0.8%                                                                   
|Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (c)                   
|Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (c)               
|                                                                                    
|Diversified Financial Services - 0.5%                                               
|IBC Capital U.S. LLC:                                                               
|Tranche 2LN, term loan 8% 11/15/22 (c)                                              
|Tranche B 1LN, term loan 4.75% 11/15/21 (c)                                         
|TransUnion LLC Tranche B, term loan 4% 4/9/21 (c)                                   
|                                                                                    
|Energy - 0.4%                                                                       
|Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (c)       
|Crestwood Holdings Partners LLC Tranche B, term loan 7% 6/19/19 (c)                 
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Food & Drug Retail - 0.9%                                                           
|Albertson's LLC Tranche B 3LN, term loan 5% 8/25/19 (c)                             
|SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (c)                               
|                                                                                    
|Gaming - 1.6%                                                                       
|Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (c)         
|Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (c)
|Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (c)     
|Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (c)                         
|Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (c)                      
|                                                                                    
|Healthcare - 0.8%                                                                   
|Community Health Systems, Inc. Tranche F, term loan 3.4343% 12/31/18 (c)            
|Concordia Healthcare Corp. Tranche B, term loan 4.75% 4/21/22 (c)                   
|Endo Luxembourg Finance I Comp Tranche B, term loan 3.25% 2/28/21 (c)               
|Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (c)                      
|Pharmedium Healthcare Corp.:                                                        
|Tranche 2LN, term loan 7.75% 1/28/22 (c)                                            
|Tranche B 1LN, term loan 4.25% 1/28/21 (c)                                          
|                                                                                    
|Leisure - 0.0%                                                                      
|24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (c)              
|Metals/Mining - 0.3%                                                                
|Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (c)                  
|Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (c)                         
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Publishing/Printing - 0.8%                                                          
|Springer Science+Business Media Deutschland GmbH:                                   
|Tranche B 3LN, term loan 4.75% 8/14/20 (c)                                          
|Tranche B 9LN, term loan 8/14/20 (d)                                                
|                                                                                    
|Services - 1.2%                                                                     
|Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (c)
|Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (c)                             
|Garda World Security Corp.:                                                         
|term loan 4% 11/8/20 (c)                                                            
|Tranche DD, term loan 4% 11/8/20 (c)                                                
|Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (c)                        
|Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (c)               
|                                                                                    
|Super Retail - 0.9%                                                                 
|Dollar Tree, Inc. Tranche B, term loan 4.25% 3/9/22 (c)                             
|JC Penney Corp., Inc. Tranche B, term loan:                                         
|5% 6/20/19 (c)                                                                      
|6% 5/22/18 (c)                                                                      
|PetSmart, Inc. Tranche B, term loan 5% 3/11/22 (c)                                  
|                                                                                    
|Technology - 0.5%                                                                   
|Dell International LLC Tranche B, term loan 4.5% 4/29/20 (c)                        
|Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (c)                          
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (c)                               
|                                                                                    
|Utilities - 0.9%                                                                    
|Calpine Construction Finance Co. LP Tranche B 1LN, term loan 3% 5/3/20 (c)          
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Utilities - continued                                                               
|Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (c)                        
|Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (c)                           
|                                                                                    
|TOTAL BANK LOAN OBLIGATIONS
(Cost $7,702,328)                                       

|Money Market Funds - 2.8%                              
|-------------------------------------------------------
|                                                       
|Fidelity Cash Central Fund, 0.15% (a)
(Cost $1,752,490)
|TOTAL INVESTMENT PORTFOLIO - 99.1%
(Cost $61,541,341)  
|NET OTHER ASSETS (LIABILITIES) - 0.9%                  
|NET ASSETS - 100%                                      

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	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.
|(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 $25,061,587 or 40.5% of net assets.                                                                                                                                                                                                                              
|(c)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(d)	The coupon rate will be determined upon settlement of the loan after period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Affiliated Central Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                  

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	2,952      

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Corporate Bonds                    
|Bank Loan Obligations              
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 70.7% 
|---------------------------------- | ------
|Luxembourg                         | 8.4%  
|Canada                             | 5.6%  
|France                             | 3.4%  
|Mexico                             | 2.8%  
|Bermuda                            | 2.2%  
|Australia                          | 1.7%  
|Austria                            | 1.5%  
|Marshall Islands                   | 1.4%  
|Others (Individually Less Than 1%) | 2.3%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                        | April 30, 2015
|------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                        |               
|Assets                                                                                                  |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $59,788,851) | $	59,546,330  
|Fidelity Central Funds (cost $1,752,490)                                                                | 1,752,490     
|Total Investments (cost $61,541,341)                                                                    |               
|Cash                                                                                                    |               
|Receivable for investments sold                                                                         |               
|Receivable for fund shares sold                                                                         |               
|Interest receivable                                                                                     |               
|Distributions receivable from Fidelity Central Funds                                                    |               
|Prepaid expenses                                                                                        |               
|Receivable from investment adviser for expense reductions                                               |               
|Total assets                                                                                            |               
|                                                                                                        |               
|Liabilities                                                                                             |               
|Payable for investments purchased                                                                       | $	1,137,549   
|Payable for fund shares redeemed                                                                        | 73,113        
|Distributions payable                                                                                   | 24,822        
|Accrued management fee                                                                                  | 28,673        
|Distribution and service plan fees payable                                                              | 4,456         
|Other affiliated payables                                                                               | 8,236         
|Other payables and accrued expenses                                                                     | 58,107        
|Total liabilities                                                                                       |               
|                                                                                                        |               
|Net Assets                                                                                              |               
|Net Assets consist of:                                                                                  |               
|Paid in capital                                                                                         |               
|Undistributed net investment income                                                                     |               
|Accumulated undistributed net realized gain (loss) on investments                                       |               
|Net unrealized appreciation (depreciation) on investments                                               |               
|Net Assets                                                                                              |               

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

Annual Report

Financial Statements - continued

## Statement of Assets and Liabilities - continued

|                                                                                                                            | April 30, 2015
|--------------------------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                                            |               
|Calculation of Maximum Offering Price
Class A:
Net Asset Valueand redemption price per share
($4,397,576 ÷ 445,979 shares)  |               
|                                                                                                                            |               
|Maximum offering price per share (100/96.00 of $9.86)                                                                       |               
|Class T:
Net Asset Value and redemption price per share ($2,930,217 ÷ 297,160 shares)                                       |               
|                                                                                                                            |               
|Maximum offering price per share (100/96.00 of $9.86)                                                                       |               
|Class C:
Net Asset Value and offering price per share ($3,464,510 ÷ 351,346 shares)A                                        |               
|                                                                                                                            |               
|Short Duration High Income:
Net Asset Value, offering price and redemption price per share ($45,109,140 ÷ 4,574,579 shares) |               
|                                                                                                                            |               
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,931,856 ÷ 601,572 shares)           |               

ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

## Statement of Operations

|                                                                              | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	385,986                
|Transfer agent fees                                                           | 81,142                   
|Distribution and service plan fees                                            | 55,480                   
|Accounting fees and expenses                                                  | 28,557                   
|Custodian fees and expenses                                                   | 13,570                   
|Independent trustees' compensation                                            | 283                      
|Registration fees                                                             | 118,740                  
|Audit                                                                         | 66,425                   
|Legal                                                                         | 164                      
|Miscellaneous                                                                 | 349                      
|Total expenses before reductions                                              | 750,696                  
|Expense reductions                                                            | (144,501)                
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|                                                                                                                                         | Year ended 
April 30, 
2015 | For the period 
November 5, 2013 (commencement of operations) to
April 30, 2014
|---------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | -------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                                        |                             |                                                                                
|Operations                                                                                                                               |                             |                                                                                
|Net investment income (loss)                                                                                                             | $	2,616,400                 | $	597,190                                                                      
|Net realized gain (loss)                                                                                                                 | (1,395,322)                 | (3,597)                                                                        
|Change in net unrealized appreciation (depreciation)                                                                                     | (679,199)                   | 436,678                                                                        
|Netincrease (decrease) in net assets resulting from operations                                                                           | 541,879                     | 1,030,271                                                                      
|Distributions to shareholders from net investment income                                                                                 | (2,602,102)                 | (589,323)                                                                      
|Share transactions - net increase (decrease)                                                                                             | (4,220,658)                 | 67,622,775                                                                     
|Redemption fees                                                                                                                          | 44,348                      | 6,109                                                                          
|Total increase (decrease) in net assets                                                                                                  | (6,236,533)                 | 68,069,832                                                                     
|                                                                                                                                         |                             |                                                                                
|Net Assets                                                                                                                               |                             |                                                                                
|Beginning of period                                                                                                                      | 68,069,832                  | -                                                                              
|End of period (including undistributed net investment income of $17,564 and undistributed net investment income of $7,490, respectively) | $	61,833,299                | $	68,069,832                                                                   

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

Annual Report

## Financial Highlights - Class A

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .358    | .132   
|Net realized and unrealized gain (loss)   | (.246)  | .091   
|Total from investment operations          | .112    | .223   
|Distributions from net investment income  | (.358)  | (.124) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | 1.22%   | 2.25%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 1.29%   | 1.61%A 
|Expenses net of fee waivers, if any       | 1.05%   | 1.05%A 
|Expenses net of all reductions            | 1.05%   | 1.05%A 
|Net investment income (loss)              | 3.63%   | 2.72%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	4,398 | $	3,043
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Class T

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .360    | .132   
|Net realized and unrealized gain (loss)   | (.247)  | .091   
|Total from investment operations          | .113    | .223   
|Distributions from net investment income  | (.359)  | (.124) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | 1.23%   | 2.25%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 1.31%   | 1.61%A 
|Expenses net of fee waivers, if any       | 1.05%   | 1.05%A 
|Expenses net of all reductions            | 1.05%   | 1.05%A 
|Net investment income (loss)              | 3.63%   | 2.72%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	2,930 | $	2,946
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Class C

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .285    | .096   
|Net realized and unrealized gain (loss)   | (.247)  | .090   
|Total from investment operations          | .038    | .186   
|Distributions from net investment income  | (.284)  | (.087) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | .47%    | 1.88%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 2.08%   | 2.37%A 
|Expenses net of fee waivers, if any       | 1.80%   | 1.80%A 
|Expenses net of all reductions            | 1.80%   | 1.80%A 
|Net investment income (loss)              | 2.88%   | 1.97%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	3,465 | $	3,114
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Short Duration High Income

|Years ended April 30,                     | 2015     | 2014G   
|----------------------------------------- | -------- | --------
|Selected Per-Share Data                   |          |         
|Net asset value, beginning of period      | $	10.10  | $	10.00 
|Income from Investment Operations         |          |         
|Net investment income (loss)D             | .385     | .142    
|Net realized and unrealized gain (loss)   | (.248)   | .093    
|Total from investment operations          | .137     | .235    
|Distributions from net investment income  | (.383)   | (.136)  
|Redemption fees added to paid in capitalD | .006     | .001    
|Net asset value, end of period            | $	9.86   | $	10.10 
|Total ReturnB, C                          | 1.48%    | 2.37%   
|Ratios to Average Net AssetsE, H          |          |         
|Expenses before reductions                | 1.00%    | 1.24%A  
|Expenses net of fee waivers, if any       | .80%     | .80%A   
|Expenses net of all reductions            | .80%     | .80%A   
|Net investment income (loss)              | 3.88%    | 2.96%A  
|Supplemental Data                         |          |         
|Net assets, end of period (000 omitted)   | $	45,109 | $	54,547
|Portfolio turnover rateF                  | 84%      | 20%I    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

IAmount not annualized.

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

Annual Report

## Financial Highlights - Institutional Class

|Years ended April 30,                     | 2015    | 2014G  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)D             | .383    | .143   
|Net realized and unrealized gain (loss)   | (.246)  | .091   
|Total from investment operations          | .137    | .234   
|Distributions from net investment income  | (.383)  | (.135) 
|Redemption fees added to paid in capitalD | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C                          | 1.48%   | 2.37%  
|Ratios to Average Net AssetsE, H          |         |        
|Expenses before reductions                | 1.04%   | 1.34%A 
|Expenses net of fee waivers, if any       | .80%    | .80%A  
|Expenses net of all reductions            | .80%    | .80%A  
|Net investment income (loss)              | 3.88%   | 2.97%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	5,932 | $	4,419
|Portfolio turnover rateF                  | 84%     | 20%I   

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

IAmount not annualized.

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Short Duration High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Short Duration High Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	735,404   
|-------------------------------------------------------- | ------------
|Gross unrealized depreciation                            | (949,781)   
|Net unrealized appreciation (depreciation) on securities | $	(214,377) 
|                                                         |             
|Tax Cost                                                 | $	61,513,197

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

|Net unrealized appreciation (depreciation) on securities and other investments | $	(214,377)
|------------------------------------------------------------------------------ | -----------

The Fund intends to elect to defer to its next fiscal year $1,396,000 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

|                | April 30, 2015 | April 30, 2014
|--------------- | -------------- | --------------
|Ordinary Income | $	2,602,102    | $	589,323     

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $55,170,719 and $58,978,497, respectively.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

|        | Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC
|------- | ---------------- | ----------- | ---------- | ---------------
|Class A | -%               | .25%        | $	10,398   | $	10,398       
|Class T | -%               | .25%        | 7,823      | 7,823          
|Class C | .75%             | .25%        | 37,259     | 37,259         
|        |                  |             | $	55,480   | $	55,480       

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges range from 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

|         | Retained
by FDC
|-------- | ---------------
|Class A  | $	2,729        
|Class T  | 448            
|Class C* | 161            
|         | $	3,338        

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

Annual Report

5. Fees and Other Transactions with Affiliates - continued

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

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

|                           | Amount   | % of
Class-Level Average
Net Assets
|-------------------------- | -------- | -----------------------------------
|Class A                    | $	6,674  | .16                                
|Class T                    | 5,190    | .17                                
|Class C                    | 7,039    | .19                                
|Short Duration High Income | 52,509   | .10                                
|Institutional Class        | 9,730    | .15                                
|                           | $	81,142 |                                    

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $102 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through June 30, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

Annual Report

Notes to Financial Statements - continued

7. Expense Reductions - continued

The following classes were in reimbursement during the period:

|                           | Expense
Limitations | Reimbursement
|-------------------------- | ------------------- | -------------
|Class A                    | 1.05%               | $	10,117     
|Class T                    | 1.05%               | 8,034        
|Class C                    | 1.80%               | 10,234       
|Short Duration High Income | .80%                | 100,903      
|Institutional Class        | .80%                | 15,162       
|                           |                     | $	144,450    

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $51.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015        | 2014A    
|-------------------------- | ----------- | ---------
|From net investment income |             |          
|Class A                    | $	151,548   | $	32,624 
|Class T                    | 112,975     | 33,201   
|Class C                    | 107,591     | 24,151   
|Short Duration High Income | 1,984,086   | 455,094  
|Institutional Class        | 245,902     | 44,253   
|Total                      | $	2,602,102 | $	589,323

AFor the period November 5, 2013 (commencement of operations) to April 30, 2015.

9. Share Transactions.

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

|                              | Shares    | Dollars
|----------------------------- | --------- | -------
|Years ended April 30,         | 2015      | 2014A  
|Class A                       |           |        
|Shares sold                   | 299,268   | 298,414
|Reinvestment of distributions | 14,874    | 3,242  
|Shares redeemed               | (169,511) | (308)  
|Net increase (decrease)       | 144,631   | 301,348

Annual Report

9. Share Transactions - continued

|                              | Shares      | Dollars  
|----------------------------- | ----------- | ---------
|Years ended April 30,         | 2015        | 2014A    
|Class T                       |             |          
|Shares sold                   | 106,602     | 289,499  
|Reinvestment of distributions | 11,282      | 3,300    
|Shares redeemed               | (112,433)   | (1,090)  
|Net increase (decrease)       | 5,451       | 291,709  
|Class C                       |             |          
|Shares sold                   | 183,881     | 305,988  
|Reinvestment of distributions | 10,436      | 2,399    
|Shares redeemed               | (151,335)   | (23)     
|Net increase (decrease)       | 42,982      | 308,364  
|Short Duration High Income    |             |          
|Shares sold                   | 3,237,652   | 5,525,954
|Reinvestment of distributions | 179,994     | 41,070   
|Shares redeemed               | (4,244,145) | (165,946)
|Net increase (decrease)       | (826,499)   | 5,401,078
|Institutional Class           |             |          
|Shares sold                   | 500,722     | 450,882  
|Reinvestment of distributions | 21,974      | 4,389    
|Shares redeemed               | (358,716)   | (17,679) 
|Net increase (decrease)       | 163,980     | 437,592  

AFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

10. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 18% of the total outstanding shares of the Fund.

Annual Report

---

# Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Short Duration High Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Short Duration High Income Fund (the Fund), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2015, and the related statement of operations for the year then ended, and the statement of changes in net assets, and the financial highlights for the year then ended and the period from November 5, 2013 (commencement of operations) to April 30, 2014. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Short Duration High Income Fund as of April 30, 2015, the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and the period from November 5, 2013 (commencement of operations) to April 30, 2014, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 19, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2013
Vice President                         
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2013
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

A total of .02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $447,078 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money Management, Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY



(Fidelity Investment logo)(registered trademark)

`ASDH-UANN-0615
1.969454.101`



(Fidelity Investment logo)(registered trademark)

Fidelity Advisor®

Short Duration High Income

Fund - Institutional Class

Annual Report

April 30, 2015(Fidelity Cover Art)

Institutional Class 
is a class of Fidelity® Short
Duration High Income Fund

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Managers' review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to financial statements.                                                                               
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015 | Past 1
year | Life of
fundA
|---------------------------- | ----------- | -------------
|Institutional Class          | 1.48%       | 2.60%        

AFrom November 5, 2013.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Short Duration High Income Fund - Institutional Class on November 5, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the The BofA Merrill LynchSM 1-5 Year BB-B US Cash Pay High Yield Constrained Index performed over the same period.

sdi1709075

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap: U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, The Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Lead Portfolio Manager Matthew Conti and Co-Portfolio Manager Michael Plage: For the year, the fund's share classes lagged the 2.34% advance of The BofA Merrill LynchSM 1-5 Year BB-B US Cash Pay High Yield Constrained Index. (For specific class-level results, please see the performance section of this report.)The fund's underperformance of the benchmark is largely attributable to the first half of the period, when security selection in energy and metals & mining - two of the poorest-performing groups during that time - weighed on the fund's return. Adverse bond picks in energy were partially offset by a substantial underweighting in the sector. Elsewhere, selections in transportation excluding air/rail, as well as banks & thrifts also detracted from performance. The negative impact from banks & thrifts was primarily due to one holding: Ocwen Financial, a mortgage servicing firm. Oilfield services company Basic Energy Services and coal mine operator Peabody Energy also were among the primary individual detractors. On the plus side, a large overweighting in air transportation, along with security selection in diversified financial services, contributed the most versus the benchmark. Top individual contributors included an underweighting in energy exploration & production company Energy XXI and an out-of-benchmark position in department store operator JC Penney. We sold our positions in Ocwen Financial and Energy XXI during the period.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|                           | Annualized 
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014 to April 30, 2015
|-------------------------- | -------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A                    | 1.05%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,014.60                          | $	5.24                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,019.59                          | $	5.26                                                        
|Class T                    | 1.05%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,014.60                          | $	5.24                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,019.59                          | $	5.26                                                        
|Class C                    | 1.80%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,010.80                          | $	8.97                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,015.87                          | $	9.00                                                        
|Short Duration High Income | .80%                       |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,015.80                          | $	4.00                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,020.83                          | $	4.01                                                        
|Institutional Class        | .80%                       |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,015.80                          | $	4.00                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,020.83                          | $	4.01                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015      
|--------------------------------------------
|(by issuer, excluding cash equivalents)     
|Numericable Group SA                        
|ADT Corp.                                   
|Dynegy, Inc.                                
|U.S. Airways Group, Inc.                    
|Tenet Healthcare Corp.                      
|                                            
|Top Five Market Sectors as of April 30, 2015
|                                            
|Telecommunications                          
|Services                                    
|Utilities                                   
|Air Transportation                          
|Diversified Financial Services              

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|sdi1709077                                      
|sdi1709081                                      
|sdi1709085                                      
|sdi1709089                                      
|sdi1709093                                      
|sdi1709097                                      
|sdi1709101                                      

sdi1709105

|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.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Duration as of April 30, 2015
|-----------------------------
|                             
|Years                        

|Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|sdi1709107                               
|sdi1709111                               
|sdi1709115                               
|*Foreign investments                     

sdi1709119

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 83.9%                                                        
|------------------------------------------------------------------------------------
|                                                                                    
|Air Transportation - 7.3%                                                           
|Air Canada 6.625% 5/15/18 (b)                                                       
|Allegiant Travel Co. 5.5% 7/15/19                                                   
|American Airlines Group, Inc.:                                                      
|4.625% 3/1/20 (b)                                                                   
|5.5% 10/1/19 (b)                                                                    
|U.S. Airways Group, Inc. 6.125% 6/1/18                                              
|United Continental Holdings, Inc. 6.375% 6/1/18                                     
|                                                                                    
|Automotive - 0.3%                                                                   
|Ford Motor Credit Co. LLC 2.875% 10/1/18                                            
|Banks & Thrifts - 1.5%                                                              
|Ally Financial, Inc. 4.125% 3/30/20                                                 
|Bank of America Corp.:                                                              
|2% 1/11/18                                                                          
|6% 9/1/17                                                                           
|JPMorgan Chase & Co. 2.35% 1/28/19                                                  
|Regions Bank 7.5% 5/15/18                                                           
|                                                                                    
|Broadcasting - 1.9%                                                                 
|Clear Channel Communications, Inc.:                                                 
|5.5% 12/15/16                                                                       
|6.875% 6/15/18                                                                      
|9% 12/15/19                                                                         
|10% 1/15/18                                                                         
|                                                                                    
|Building Materials - 2.8%                                                           
|Building Materials Holding Corp. 9% 9/15/18 (b)                                     
|CEMEX S.A.B. de CV 6.5% 12/10/19 (b)                                                
|HD Supply, Inc. 11.5% 7/15/20                                                       
|                                                                                    
|Cable/Satellite TV - 0.6%                                                           
|Cablevision Systems Corp. 7.75% 4/15/18                                             
|Time Warner Cable, Inc. 5.85% 5/1/17                                                
|                                                                                    
|Chemicals - 2.8%                                                                    
|LSB Industries, Inc. 7.75% 8/1/19                                                   
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Chemicals - continued                                                               
|Nufarm Australia Ltd. 6.375% 10/15/19 (b)                                           
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19        
|                                                                                    
|Containers - 2.3%                                                                   
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (b)(c)                        
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                       
|3.2706% 12/15/19 (b)(c)                                                             
|7% 11/15/20 (b)                                                                     
|Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (b)                       
|                                                                                    
|Diversified Financial Services - 7.2%                                               
|Aircastle Ltd. 6.25% 12/1/19                                                        
|Citigroup, Inc. 4.45% 1/10/17                                                       
|Discover Financial Services 6.45% 6/12/17                                           
|Goldman Sachs Group, Inc. 1.3571% 11/15/18 (c)                                      
|Hyundai Capital America 2.55% 2/6/19 (b)                                            
|Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.875% 3/15/19                 
|ILFC E-Capital Trust I 4.09% 12/21/65 (b)(c)                                        
|ILFC E-Capital Trust II 6.25% 12/21/65 (b)(c)                                       
|Morgan Stanley 2.125% 4/25/18                                                       
|Navient Corp. 5.875% 3/25/21                                                        
|NiSource Finance Corp. 5.25% 9/15/17                                                
|SLM Corp.:                                                                          
|4.875% 6/17/19                                                                      
|5.5% 1/15/19                                                                        
|8.45% 6/15/18                                                                       
|                                                                                    
|Diversified Media - 0.1%                                                            
|MDC Partners, Inc. 6.75% 4/1/20 (b)                                                 
|Energy - 6.6%                                                                       
|California Resources Corp. 5% 1/15/20                                               
|Citgo Holding, Inc. 10.75% 2/15/20 (b)                                              
|Consolidated Energy Finance SA 6.75% 10/15/19 (b)                                   
|Everest Acquisition LLC/Everest Acquisition Finance, Inc.:                          
|6.875% 5/1/19                                                                       
|9.375% 5/1/20                                                                       
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Energy - continued                                                                  
|Exterran Holdings, Inc. 7.25% 12/1/18                                               
|Forbes Energy Services Ltd. 9% 6/15/19                                              
|Halcon Resources Corp. 8.625% 2/1/20 (b)                                            
|Holly Energy Partners LP/Holly Finance Corp. 6.5% 3/1/20                            
|LINN Energy LLC/LINN Energy Finance Corp.:                                          
|6.25% 11/1/19                                                                       
|6.5% 5/15/19                                                                        
|Pacific Drilling V Ltd. 7.25% 12/1/17 (b)                                           
|PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20                                 
|Petroleos Mexicanos 3.5% 7/18/18                                                    
|Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.5% 10/15/19 (b)                
|Western Gas Partners LP 2.6% 8/15/18                                                
|Whiting Petroleum Corp. 5% 3/15/19                                                  
|                                                                                    
|Food/Beverage/Tobacco - 1.3%                                                        
|JBS Investments GmbH 7.75% 10/28/20 (b)                                             
|Vector Group Ltd. 7.75% 2/15/21                                                     
|                                                                                    
|Healthcare - 5.6%                                                                   
|Kindred Escrow Corp. II 8% 1/15/20 (b)                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875% 4/15/20 (b)        
|Polymer Group, Inc. 6.875% 6/1/19 (b)                                               
|Tenet Healthcare Corp. 5% 3/1/19 (b)                                                
|VRX Escrow Corp. 5.375% 3/15/20 (b)                                                 
|                                                                                    
|Homebuilders/Real Estate - 5.7%                                                     
|Brandywine Operating Partnership LP 4.95% 4/15/18                                   
|DDR Corp. 4.75% 4/15/18                                                             
|Essex Portfolio LP 5.5% 3/15/17                                                     
|Lennar Corp. 4.5% 11/15/19                                                          
|Liberty Property LP 6.625% 10/1/17                                                  
|Mack-Cali Realty LP 2.5% 12/15/17                                                   
|Weyerhaeuser Real Estate Co. 4.375% 6/15/19 (b)                                     
|William Lyon Homes, Inc. 5.75% 4/15/19                                              
|                                                                                    
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Insurance - 0.3%                                                                    
|ING U.S., Inc. 2.9% 2/15/18                                                         
|Leisure - 0.2%                                                                      
|NCL Corp. Ltd. 5% 2/15/18                                                           
|Metals/Mining - 4.3%                                                                
|Anglo American Capital PLC 1.2253% 4/15/16 (b)(c)                                   
|First Quantum Minerals Ltd. 6.75% 2/15/20 (b)                                       
|FMG Resources (August 2006) Pty Ltd. 8.25% 11/1/19 (b)                              
|Freeport-McMoRan, Inc. 2.375% 3/15/18                                               
|Lundin Mining Corp. 7.5% 11/1/20 (b)                                                
|Peabody Energy Corp. 6% 11/15/18                                                    
|Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (b)                                 
|                                                                                    
|Paper - 0.4%                                                                        
|Mercer International, Inc. 7% 12/1/19                                               
|Sappi Papier Holding GmbH 8.375% 6/15/19 (b)                                        
|                                                                                    
|Publishing/Printing - 0.9%                                                          
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (b)(c)          
|Services - 7.4%                                                                     
|Abengoa Greenfield SA 6.5% 10/1/19 (b)                                              
|ADT Corp. 4.125% 4/15/19                                                            
|APX Group, Inc.:                                                                    
|6.375% 12/1/19                                                                      
|8.75% 12/1/20                                                                       
|Bankrate, Inc. 6.125% 8/15/18 (b)                                                   
|Blueline Rent Finance Corp./Volvo 7% 2/1/19 (b)                                     
|                                                                                    
|Steel - 0.4%                                                                        
|JMC Steel Group, Inc. 8.25% 3/15/18 (b)                                             
|Super Retail - 1.8%                                                                 
|JC Penney Corp., Inc.:                                                              
|5.75% 2/15/18                                                                       
|8.125% 10/1/19                                                                      
|                                                                                    
|Technology - 0.1%                                                                   
|Viasystems, Inc. 7.875% 5/1/19 (b)                                                  
|Telecommunications - 11.0%                                                          
|Altice Financing SA 7.875% 12/15/19 (b)                                             
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Telecommunications - continued                                                      
|AT&T, Inc. 1.1709% 11/27/18 (c)                                                     
|Digicel Group Ltd. 8.25% 9/30/20 (b)                                                
|FairPoint Communications, Inc. 8.75% 8/15/19 (b)                                    
|Intelsat Jackson Holdings SA 7.25% 10/15/20                                         
|Numericable Group SA 4.875% 5/15/19 (b)                                             
|Sprint Communications, Inc.:                                                        
|7% 3/1/20 (b)                                                                       
|9% 11/15/18 (b)                                                                     
|T-Mobile U.S.A., Inc.:                                                              
|6.464% 4/28/19                                                                      
|6.542% 4/28/20                                                                      
|Verizon Communications, Inc. 3.65% 9/14/18                                          
|Wind Acquisition Finance SA 4.75% 7/15/20 (b)                                       
|                                                                                    
|Transportation Ex Air/Rail - 3.9%                                                   
|Aguila 3 SA 7.875% 1/31/18 (b)                                                      
|Navios Maritime Holdings, Inc. 8.125% 2/15/19                                       
|                                                                                    
|Utilities - 7.2%                                                                    
|Atlantic Power Corp. 9% 11/15/18                                                    
|DCP Midstream Operating LP 2.5% 12/1/17                                             
|DPL, Inc. 6.75% 10/1/19 (b)                                                         
|Dynegy, Inc. 6.75% 11/1/19 (b)                                                      
|RJS Power Holdings LLC 5.125% 7/15/19 (b)                                           
|                                                                                    
|TOTAL NONCONVERTIBLE BONDS
(Cost $52,086,523)                                       
|Bank Loan Obligations - 12.4%                                                       
|                                                                                    
|Aerospace - 0.3%                                                                    
|TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (c)                               
|Air Transportation - 0.5%                                                           
|American Airlines, Inc. Tranche B, term loan 3.75% 10/10/21 (c)                     
|Broadcasting - 0.6%                                                                 
|Clear Channel Communications, Inc. Tranche D, term loan 6.9343% 1/30/19 (c)         
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Building Materials - 0.2%                                                           
|GYP Holdings III Corp.:                                                             
|Tranche 1LN, term loan 4.75% 4/1/21 (c)                                             
|Tranche 2LN, term loan 7.75% 4/1/22 (c)                                             
|                                                                                    
|Cable/Satellite TV - 0.9%                                                           
|Charter Communications Operating LLC Tranche F, term loan 3% 1/3/21 (c)             
|CSC Holdings LLC Tranche B, term loan 2.6843% 4/17/20 (c)                           
|Numericable LLC:                                                                    
|Tranche B 1LN, term loan 4.5% 5/8/20 (c)                                            
|Tranche B 2LN, term loan 4.5% 5/8/20 (c)                                            
|                                                                                    
|Capital Goods - 0.3%                                                                
|Husky Injection Molding Systems Ltd. Tranche 2LN, term loan 7.25% 6/30/22 (c)       
|Rexnord LLC Tranche B, term loan 4% 8/21/20 (c)                                     
|                                                                                    
|Containers - 0.8%                                                                   
|Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (c)                   
|Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (c)               
|                                                                                    
|Diversified Financial Services - 0.5%                                               
|IBC Capital U.S. LLC:                                                               
|Tranche 2LN, term loan 8% 11/15/22 (c)                                              
|Tranche B 1LN, term loan 4.75% 11/15/21 (c)                                         
|TransUnion LLC Tranche B, term loan 4% 4/9/21 (c)                                   
|                                                                                    
|Energy - 0.4%                                                                       
|Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (c)       
|Crestwood Holdings Partners LLC Tranche B, term loan 7% 6/19/19 (c)                 
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Food & Drug Retail - 0.9%                                                           
|Albertson's LLC Tranche B 3LN, term loan 5% 8/25/19 (c)                             
|SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (c)                               
|                                                                                    
|Gaming - 1.6%                                                                       
|Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (c)         
|Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (c)
|Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (c)     
|Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (c)                         
|Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (c)                      
|                                                                                    
|Healthcare - 0.8%                                                                   
|Community Health Systems, Inc. Tranche F, term loan 3.4343% 12/31/18 (c)            
|Concordia Healthcare Corp. Tranche B, term loan 4.75% 4/21/22 (c)                   
|Endo Luxembourg Finance I Comp Tranche B, term loan 3.25% 2/28/21 (c)               
|Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (c)                      
|Pharmedium Healthcare Corp.:                                                        
|Tranche 2LN, term loan 7.75% 1/28/22 (c)                                            
|Tranche B 1LN, term loan 4.25% 1/28/21 (c)                                          
|                                                                                    
|Leisure - 0.0%                                                                      
|24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (c)              
|Metals/Mining - 0.3%                                                                
|Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (c)                  
|Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (c)                         
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Publishing/Printing - 0.8%                                                          
|Springer Science+Business Media Deutschland GmbH:                                   
|Tranche B 3LN, term loan 4.75% 8/14/20 (c)                                          
|Tranche B 9LN, term loan 8/14/20 (d)                                                
|                                                                                    
|Services - 1.2%                                                                     
|Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (c)
|Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (c)                             
|Garda World Security Corp.:                                                         
|term loan 4% 11/8/20 (c)                                                            
|Tranche DD, term loan 4% 11/8/20 (c)                                                
|Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (c)                        
|Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (c)               
|                                                                                    
|Super Retail - 0.9%                                                                 
|Dollar Tree, Inc. Tranche B, term loan 4.25% 3/9/22 (c)                             
|JC Penney Corp., Inc. Tranche B, term loan:                                         
|5% 6/20/19 (c)                                                                      
|6% 5/22/18 (c)                                                                      
|PetSmart, Inc. Tranche B, term loan 5% 3/11/22 (c)                                  
|                                                                                    
|Technology - 0.5%                                                                   
|Dell International LLC Tranche B, term loan 4.5% 4/29/20 (c)                        
|Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (c)                          
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (c)                               
|                                                                                    
|Utilities - 0.9%                                                                    
|Calpine Construction Finance Co. LP Tranche B 1LN, term loan 3% 5/3/20 (c)          
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Utilities - continued                                                               
|Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (c)                        
|Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (c)                           
|                                                                                    
|TOTAL BANK LOAN OBLIGATIONS
(Cost $7,702,328)                                       

|Money Market Funds - 2.8%                              
|-------------------------------------------------------
|                                                       
|Fidelity Cash Central Fund, 0.15% (a)
(Cost $1,752,490)
|TOTAL INVESTMENT PORTFOLIO - 99.1%
(Cost $61,541,341)  
|NET OTHER ASSETS (LIABILITIES) - 0.9%                  
|NET ASSETS - 100%                                      

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	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.
|(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 $25,061,587 or 40.5% of net assets.                                                                                                                                                                                                                              
|(c)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(d)	The coupon rate will be determined upon settlement of the loan after period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Affiliated Central Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                  

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	2,952      

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Corporate Bonds                    
|Bank Loan Obligations              
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 70.7% 
|---------------------------------- | ------
|Luxembourg                         | 8.4%  
|Canada                             | 5.6%  
|France                             | 3.4%  
|Mexico                             | 2.8%  
|Bermuda                            | 2.2%  
|Australia                          | 1.7%  
|Austria                            | 1.5%  
|Marshall Islands                   | 1.4%  
|Others (Individually Less Than 1%) | 2.3%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                        | April 30, 2015
|------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                        |               
|Assets                                                                                                  |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $59,788,851) | $	59,546,330  
|Fidelity Central Funds (cost $1,752,490)                                                                | 1,752,490     
|Total Investments (cost $61,541,341)                                                                    |               
|Cash                                                                                                    |               
|Receivable for investments sold                                                                         |               
|Receivable for fund shares sold                                                                         |               
|Interest receivable                                                                                     |               
|Distributions receivable from Fidelity Central Funds                                                    |               
|Prepaid expenses                                                                                        |               
|Receivable from investment adviser for expense reductions                                               |               
|Total assets                                                                                            |               
|                                                                                                        |               
|Liabilities                                                                                             |               
|Payable for investments purchased                                                                       | $	1,137,549   
|Payable for fund shares redeemed                                                                        | 73,113        
|Distributions payable                                                                                   | 24,822        
|Accrued management fee                                                                                  | 28,673        
|Distribution and service plan fees payable                                                              | 4,456         
|Other affiliated payables                                                                               | 8,236         
|Other payables and accrued expenses                                                                     | 58,107        
|Total liabilities                                                                                       |               
|                                                                                                        |               
|Net Assets                                                                                              |               
|Net Assets consist of:                                                                                  |               
|Paid in capital                                                                                         |               
|Undistributed net investment income                                                                     |               
|Accumulated undistributed net realized gain (loss) on investments                                       |               
|Net unrealized appreciation (depreciation) on investments                                               |               
|Net Assets                                                                                              |               

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

Annual Report

Financial Statements - continued

## Statement of Assets and Liabilities - continued

|                                                                                                                            | April 30, 2015
|--------------------------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                                            |               
|Calculation of Maximum Offering Price
Class A:
Net Asset Valueand redemption price per share
($4,397,576 ÷ 445,979 shares)  |               
|                                                                                                                            |               
|Maximum offering price per share (100/96.00 of $9.86)                                                                       |               
|Class T:
Net Asset Value and redemption price per share ($2,930,217 ÷ 297,160 shares)                                       |               
|                                                                                                                            |               
|Maximum offering price per share (100/96.00 of $9.86)                                                                       |               
|Class C:
Net Asset Value and offering price per share ($3,464,510 ÷ 351,346 shares)A                                        |               
|                                                                                                                            |               
|Short Duration High Income:
Net Asset Value, offering price and redemption price per share ($45,109,140 ÷ 4,574,579 shares) |               
|                                                                                                                            |               
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,931,856 ÷ 601,572 shares)           |               

ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

## Statement of Operations

|                                                                              | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	385,986                
|Transfer agent fees                                                           | 81,142                   
|Distribution and service plan fees                                            | 55,480                   
|Accounting fees and expenses                                                  | 28,557                   
|Custodian fees and expenses                                                   | 13,570                   
|Independent trustees' compensation                                            | 283                      
|Registration fees                                                             | 118,740                  
|Audit                                                                         | 66,425                   
|Legal                                                                         | 164                      
|Miscellaneous                                                                 | 349                      
|Total expenses before reductions                                              | 750,696                  
|Expense reductions                                                            | (144,501)                
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|                                                                                                                                         | Year ended 
April 30, 
2015 | For the period 
November 5, 2013 (commencement of operations) to
April 30, 2014
|---------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | -------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                                        |                             |                                                                                
|Operations                                                                                                                               |                             |                                                                                
|Net investment income (loss)                                                                                                             | $	2,616,400                 | $	597,190                                                                      
|Net realized gain (loss)                                                                                                                 | (1,395,322)                 | (3,597)                                                                        
|Change in net unrealized appreciation (depreciation)                                                                                     | (679,199)                   | 436,678                                                                        
|Netincrease (decrease) in net assets resulting from operations                                                                           | 541,879                     | 1,030,271                                                                      
|Distributions to shareholders from net investment income                                                                                 | (2,602,102)                 | (589,323)                                                                      
|Share transactions - net increase (decrease)                                                                                             | (4,220,658)                 | 67,622,775                                                                     
|Redemption fees                                                                                                                          | 44,348                      | 6,109                                                                          
|Total increase (decrease) in net assets                                                                                                  | (6,236,533)                 | 68,069,832                                                                     
|                                                                                                                                         |                             |                                                                                
|Net Assets                                                                                                                               |                             |                                                                                
|Beginning of period                                                                                                                      | 68,069,832                  | -                                                                              
|End of period (including undistributed net investment income of $17,564 and undistributed net investment income of $7,490, respectively) | $	61,833,299                | $	68,069,832                                                                   

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

Annual Report

## Financial Highlights - Class A

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .358    | .132   
|Net realized and unrealized gain (loss)   | (.246)  | .091   
|Total from investment operations          | .112    | .223   
|Distributions from net investment income  | (.358)  | (.124) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | 1.22%   | 2.25%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 1.29%   | 1.61%A 
|Expenses net of fee waivers, if any       | 1.05%   | 1.05%A 
|Expenses net of all reductions            | 1.05%   | 1.05%A 
|Net investment income (loss)              | 3.63%   | 2.72%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	4,398 | $	3,043
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Class T

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .360    | .132   
|Net realized and unrealized gain (loss)   | (.247)  | .091   
|Total from investment operations          | .113    | .223   
|Distributions from net investment income  | (.359)  | (.124) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | 1.23%   | 2.25%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 1.31%   | 1.61%A 
|Expenses net of fee waivers, if any       | 1.05%   | 1.05%A 
|Expenses net of all reductions            | 1.05%   | 1.05%A 
|Net investment income (loss)              | 3.63%   | 2.72%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	2,930 | $	2,946
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Class C

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .285    | .096   
|Net realized and unrealized gain (loss)   | (.247)  | .090   
|Total from investment operations          | .038    | .186   
|Distributions from net investment income  | (.284)  | (.087) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | .47%    | 1.88%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 2.08%   | 2.37%A 
|Expenses net of fee waivers, if any       | 1.80%   | 1.80%A 
|Expenses net of all reductions            | 1.80%   | 1.80%A 
|Net investment income (loss)              | 2.88%   | 1.97%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	3,465 | $	3,114
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Short Duration High Income

|Years ended April 30,                     | 2015     | 2014G   
|----------------------------------------- | -------- | --------
|Selected Per-Share Data                   |          |         
|Net asset value, beginning of period      | $	10.10  | $	10.00 
|Income from Investment Operations         |          |         
|Net investment income (loss)D             | .385     | .142    
|Net realized and unrealized gain (loss)   | (.248)   | .093    
|Total from investment operations          | .137     | .235    
|Distributions from net investment income  | (.383)   | (.136)  
|Redemption fees added to paid in capitalD | .006     | .001    
|Net asset value, end of period            | $	9.86   | $	10.10 
|Total ReturnB, C                          | 1.48%    | 2.37%   
|Ratios to Average Net AssetsE, H          |          |         
|Expenses before reductions                | 1.00%    | 1.24%A  
|Expenses net of fee waivers, if any       | .80%     | .80%A   
|Expenses net of all reductions            | .80%     | .80%A   
|Net investment income (loss)              | 3.88%    | 2.96%A  
|Supplemental Data                         |          |         
|Net assets, end of period (000 omitted)   | $	45,109 | $	54,547
|Portfolio turnover rateF                  | 84%      | 20%I    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

IAmount not annualized.

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

Annual Report

## Financial Highlights - Institutional Class

|Years ended April 30,                     | 2015    | 2014G  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)D             | .383    | .143   
|Net realized and unrealized gain (loss)   | (.246)  | .091   
|Total from investment operations          | .137    | .234   
|Distributions from net investment income  | (.383)  | (.135) 
|Redemption fees added to paid in capitalD | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C                          | 1.48%   | 2.37%  
|Ratios to Average Net AssetsE, H          |         |        
|Expenses before reductions                | 1.04%   | 1.34%A 
|Expenses net of fee waivers, if any       | .80%    | .80%A  
|Expenses net of all reductions            | .80%    | .80%A  
|Net investment income (loss)              | 3.88%   | 2.97%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	5,932 | $	4,419
|Portfolio turnover rateF                  | 84%     | 20%I   

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

IAmount not annualized.

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Short Duration High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Short Duration High Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	735,404   
|-------------------------------------------------------- | ------------
|Gross unrealized depreciation                            | (949,781)   
|Net unrealized appreciation (depreciation) on securities | $	(214,377) 
|                                                         |             
|Tax Cost                                                 | $	61,513,197

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

|Net unrealized appreciation (depreciation) on securities and other investments | $	(214,377)
|------------------------------------------------------------------------------ | -----------

The Fund intends to elect to defer to its next fiscal year $1,396,000 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

|                | April 30, 2015 | April 30, 2014
|--------------- | -------------- | --------------
|Ordinary Income | $	2,602,102    | $	589,323     

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $55,170,719 and $58,978,497, respectively.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

|        | Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC
|------- | ---------------- | ----------- | ---------- | ---------------
|Class A | -%               | .25%        | $	10,398   | $	10,398       
|Class T | -%               | .25%        | 7,823      | 7,823          
|Class C | .75%             | .25%        | 37,259     | 37,259         
|        |                  |             | $	55,480   | $	55,480       

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges range from 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

|         | Retained
by FDC
|-------- | ---------------
|Class A  | $	2,729        
|Class T  | 448            
|Class C* | 161            
|         | $	3,338        

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

Annual Report

5. Fees and Other Transactions with Affiliates - continued

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

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

|                           | Amount   | % of
Class-Level Average
Net Assets
|-------------------------- | -------- | -----------------------------------
|Class A                    | $	6,674  | .16                                
|Class T                    | 5,190    | .17                                
|Class C                    | 7,039    | .19                                
|Short Duration High Income | 52,509   | .10                                
|Institutional Class        | 9,730    | .15                                
|                           | $	81,142 |                                    

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $102 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through June 30, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

Annual Report

Notes to Financial Statements - continued

7. Expense Reductions - continued

The following classes were in reimbursement during the period:

|                           | Expense
Limitations | Reimbursement
|-------------------------- | ------------------- | -------------
|Class A                    | 1.05%               | $	10,117     
|Class T                    | 1.05%               | 8,034        
|Class C                    | 1.80%               | 10,234       
|Short Duration High Income | .80%                | 100,903      
|Institutional Class        | .80%                | 15,162       
|                           |                     | $	144,450    

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $51.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015        | 2014A    
|-------------------------- | ----------- | ---------
|From net investment income |             |          
|Class A                    | $	151,548   | $	32,624 
|Class T                    | 112,975     | 33,201   
|Class C                    | 107,591     | 24,151   
|Short Duration High Income | 1,984,086   | 455,094  
|Institutional Class        | 245,902     | 44,253   
|Total                      | $	2,602,102 | $	589,323

AFor the period November 5, 2013 (commencement of operations) to April 30, 2015.

9. Share Transactions.

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

|                              | Shares    | Dollars
|----------------------------- | --------- | -------
|Years ended April 30,         | 2015      | 2014A  
|Class A                       |           |        
|Shares sold                   | 299,268   | 298,414
|Reinvestment of distributions | 14,874    | 3,242  
|Shares redeemed               | (169,511) | (308)  
|Net increase (decrease)       | 144,631   | 301,348

Annual Report

9. Share Transactions - continued

|                              | Shares      | Dollars  
|----------------------------- | ----------- | ---------
|Years ended April 30,         | 2015        | 2014A    
|Class T                       |             |          
|Shares sold                   | 106,602     | 289,499  
|Reinvestment of distributions | 11,282      | 3,300    
|Shares redeemed               | (112,433)   | (1,090)  
|Net increase (decrease)       | 5,451       | 291,709  
|Class C                       |             |          
|Shares sold                   | 183,881     | 305,988  
|Reinvestment of distributions | 10,436      | 2,399    
|Shares redeemed               | (151,335)   | (23)     
|Net increase (decrease)       | 42,982      | 308,364  
|Short Duration High Income    |             |          
|Shares sold                   | 3,237,652   | 5,525,954
|Reinvestment of distributions | 179,994     | 41,070   
|Shares redeemed               | (4,244,145) | (165,946)
|Net increase (decrease)       | (826,499)   | 5,401,078
|Institutional Class           |             |          
|Shares sold                   | 500,722     | 450,882  
|Reinvestment of distributions | 21,974      | 4,389    
|Shares redeemed               | (358,716)   | (17,679) 
|Net increase (decrease)       | 163,980     | 437,592  

AFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

10. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 18% of the total outstanding shares of the Fund.

Annual Report

---

# Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Short Duration High Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Short Duration High Income Fund (the Fund), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2015, and the related statement of operations for the year then ended, and the statement of changes in net assets, and the financial highlights for the year then ended and the period from November 5, 2013 (commencement of operations) to April 30, 2014. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Short Duration High Income Fund as of April 30, 2015, the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and the period from November 5, 2013 (commencement of operations) to April 30, 2014, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 19, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2013
Vice President                         
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2013
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

A total of .02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $447,078 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money Management, Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY



(Fidelity Investment logo)(registered trademark)

`ASDHI-UANN-0615
1.969421.101`

Fidelity®

Short Duration High Income

Fund

Annual Report

April 30, 2015(Fidelity Cover Art)

---

# Contents

|Performance                                             | (Click Here) | How the fund has done over time.                                                                             
|------------------------------------------------------- | ------------ | -------------------------------------------------------------------------------------------------------------
|Management's Discussion of Fund Performance             | (Click Here) | The Portfolio Managers' review of fund performance and strategy.                                             
|Shareholder Expense Example                             | (Click Here) | An example of shareholder expenses.                                                                          
|Investment Changes                                      | (Click Here) | A summary of major shifts in the fund's investments over the past six months.                                
|Investments                                             | (Click Here) | A complete list of the fund's investments with their market values.                                          
|Financial Statements                                    | (Click Here) | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
|Notes                                                   | (Click Here) | Notes to the financial statements.                                                                           
|Report of Independent Registered Public Accounting Firm | (Click Here) |                                                                                                              
|Trustees and Officers                                   | (Click Here) |                                                                                                              
|Distributions                                           | (Click Here) |                                                                                                              

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.

Annual Report

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov.A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

---

# Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

|Periods ended April 30, 2015              | Past 1
year | Life of
fundA
|----------------------------------------- | ----------- | -------------
|Fidelity® Short Duration High Income Fund | 1.48%       | 2.60%        

AFrom November 5, 2013.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Short Duration High Income Fund, a class of the fund, on November 5, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the The BofA Merrill LynchSM 1-5 Year BB-B US Cash Pay High Yield Constrained Index performed over the same period.

sdh1859478

Annual Report

---

# Management's Discussion of Fund Performance

Market Recap: U.S. high-yield bonds lagged the rest of the bond market for the 12 months ending April 30, 2015, cooling off following a strong multiyear run. The BofA Merrill LynchSM US High Yield Constrained Index rose 2.58%, held back by a weak energy sector and the specter of higher policy interest rates. In comparison, The Barclays® U.S. Aggregate Bond Index, which tracks the broad investment-grade bond market, returned 4.46%. High-yield investments, which offer potentially higher returns - as well as higher risk - than most bonds, began losing momentum in July. Investors fled the sector at a record pace amid slowing global economic growth, comments by U.S. Federal Reserve Chair Janet Yellen about potentially stretched valuations, and plunging oil prices due to lukewarm demand and a surge in U.S. production. Smaller energy companies that had tapped the high-yield market to finance shale oil-and-gas projects were especially hit hard. The index continued to trend lower throughout the rest of 2014, then rebounded early in 2015, as oil prices stabilized and investors increased their risk appetites. High-yield posted a slightly negative return again in March amid uncertainty about the timing of potential rate hikes, but made up for that and then some in April, as mixed U.S. economic data led to expectations that the Fed may hold off a bit longer on tightening rates.

Comments from Lead Portfolio Manager Matthew Conti and Co-Portfolio Manager Michael Plage: For the year, the fund's share classes lagged the 2.34% advance of The BofA Merrill LynchSM 1-5 Year BB-B US Cash Pay High Yield Constrained Index. (For specific class-level results, please see the performance section of this report.)The fund's underperformance of the benchmark is largely attributable to the first half of the period, when security selection in energy and metals & mining - two of the poorest-performing groups during that time - weighed on the fund's return. Adverse bond picks in energy were partially offset by a substantial underweighting in the sector. Elsewhere, selections in transportation excluding air/rail, as well as banks & thrifts also detracted from performance. The negative impact from banks & thrifts was primarily due to one holding: Ocwen Financial, a mortgage servicing firm. Oilfield services company Basic Energy Services and coal mine operator Peabody Energy also were among the primary individual detractors. On the plus side, a large overweighting in air transportation, along with security selection in diversified financial services, contributed the most versus the benchmark. Top individual contributors included an underweighting in energy exploration & production company Energy XXI and an out-of-benchmark position in department store operator JC Penney. We sold our positions in Ocwen Financial and Energy XXI during the period.

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

Annual Report

---

# Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

Shareholder Expense Example - continued

|                           | Annualized 
Expense RatioB | Beginning
Account Value
November 1, 2014 | Ending
Account Value
April 30, 2015 | Expenses Paid
During Period*November 1, 2014 to April 30, 2015
|-------------------------- | -------------------------- | ---------------------------------------- | ----------------------------------- | --------------------------------------------------------------
|Class A                    | 1.05%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,014.60                          | $	5.24                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,019.59                          | $	5.26                                                        
|Class T                    | 1.05%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,014.60                          | $	5.24                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,019.59                          | $	5.26                                                        
|Class C                    | 1.80%                      |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,010.80                          | $	8.97                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,015.87                          | $	9.00                                                        
|Short Duration High Income | .80%                       |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,015.80                          | $	4.00                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,020.83                          | $	4.01                                                        
|Institutional Class        | .80%                       |                                          |                                     |                                                               
|Actual                     |                            | $	1,000.00                               | $	1,015.80                          | $	4.00                                                        
|HypotheticalA              |                            | $	1,000.00                               | $	1,020.83                          | $	4.01                                                        

A5% return per year before expenses

BAnnualized expense ratio reflects expenses net of applicable fee waivers.

*Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

---

# Investment Changes (Unaudited)

|Top Five Holdings as of April 30, 2015      
|--------------------------------------------
|(by issuer, excluding cash equivalents)     
|Numericable Group SA                        
|ADT Corp.                                   
|Dynegy, Inc.                                
|U.S. Airways Group, Inc.                    
|Tenet Healthcare Corp.                      
|                                            
|Top Five Market Sectors as of April 30, 2015
|                                            
|Telecommunications                          
|Services                                    
|Utilities                                   
|Air Transportation                          
|Diversified Financial Services              

|Quality Diversification (% of fund's net assets)
|------------------------------------------------
|As of April 30, 2015                            
|sdh1859480                                      
|sdh1859484                                      
|sdh1859488                                      
|sdh1859492                                      
|sdh1859496                                      
|sdh1859500                                      
|sdh1859504                                      

sdh1859508

|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.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Duration as of April 30, 2015
|-----------------------------
|                             
|Years                        

|Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Asset Allocation (% of fund's net assets)
|-----------------------------------------
|As of April 30, 2015*                    
|sdh1859510                               
|sdh1859514                               
|sdh1859518                               
|*Foreign investments                     

sdh1859522

Annual Report

---

# Investments April 30, 2015

Showing Percentage of Net Assets

|Nonconvertible Bonds - 83.9%                                                        
|------------------------------------------------------------------------------------
|                                                                                    
|Air Transportation - 7.3%                                                           
|Air Canada 6.625% 5/15/18 (b)                                                       
|Allegiant Travel Co. 5.5% 7/15/19                                                   
|American Airlines Group, Inc.:                                                      
|4.625% 3/1/20 (b)                                                                   
|5.5% 10/1/19 (b)                                                                    
|U.S. Airways Group, Inc. 6.125% 6/1/18                                              
|United Continental Holdings, Inc. 6.375% 6/1/18                                     
|                                                                                    
|Automotive - 0.3%                                                                   
|Ford Motor Credit Co. LLC 2.875% 10/1/18                                            
|Banks & Thrifts - 1.5%                                                              
|Ally Financial, Inc. 4.125% 3/30/20                                                 
|Bank of America Corp.:                                                              
|2% 1/11/18                                                                          
|6% 9/1/17                                                                           
|JPMorgan Chase & Co. 2.35% 1/28/19                                                  
|Regions Bank 7.5% 5/15/18                                                           
|                                                                                    
|Broadcasting - 1.9%                                                                 
|Clear Channel Communications, Inc.:                                                 
|5.5% 12/15/16                                                                       
|6.875% 6/15/18                                                                      
|9% 12/15/19                                                                         
|10% 1/15/18                                                                         
|                                                                                    
|Building Materials - 2.8%                                                           
|Building Materials Holding Corp. 9% 9/15/18 (b)                                     
|CEMEX S.A.B. de CV 6.5% 12/10/19 (b)                                                
|HD Supply, Inc. 11.5% 7/15/20                                                       
|                                                                                    
|Cable/Satellite TV - 0.6%                                                           
|Cablevision Systems Corp. 7.75% 4/15/18                                             
|Time Warner Cable, Inc. 5.85% 5/1/17                                                
|                                                                                    
|Chemicals - 2.8%                                                                    
|LSB Industries, Inc. 7.75% 8/1/19                                                   
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Chemicals - continued                                                               
|Nufarm Australia Ltd. 6.375% 10/15/19 (b)                                           
|Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19        
|                                                                                    
|Containers - 2.3%                                                                   
|Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (b)(c)                        
|Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:                       
|3.2706% 12/15/19 (b)(c)                                                             
|7% 11/15/20 (b)                                                                     
|Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (b)                       
|                                                                                    
|Diversified Financial Services - 7.2%                                               
|Aircastle Ltd. 6.25% 12/1/19                                                        
|Citigroup, Inc. 4.45% 1/10/17                                                       
|Discover Financial Services 6.45% 6/12/17                                           
|Goldman Sachs Group, Inc. 1.3571% 11/15/18 (c)                                      
|Hyundai Capital America 2.55% 2/6/19 (b)                                            
|Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.875% 3/15/19                 
|ILFC E-Capital Trust I 4.09% 12/21/65 (b)(c)                                        
|ILFC E-Capital Trust II 6.25% 12/21/65 (b)(c)                                       
|Morgan Stanley 2.125% 4/25/18                                                       
|Navient Corp. 5.875% 3/25/21                                                        
|NiSource Finance Corp. 5.25% 9/15/17                                                
|SLM Corp.:                                                                          
|4.875% 6/17/19                                                                      
|5.5% 1/15/19                                                                        
|8.45% 6/15/18                                                                       
|                                                                                    
|Diversified Media - 0.1%                                                            
|MDC Partners, Inc. 6.75% 4/1/20 (b)                                                 
|Energy - 6.6%                                                                       
|California Resources Corp. 5% 1/15/20                                               
|Citgo Holding, Inc. 10.75% 2/15/20 (b)                                              
|Consolidated Energy Finance SA 6.75% 10/15/19 (b)                                   
|Everest Acquisition LLC/Everest Acquisition Finance, Inc.:                          
|6.875% 5/1/19                                                                       
|9.375% 5/1/20                                                                       
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Energy - continued                                                                  
|Exterran Holdings, Inc. 7.25% 12/1/18                                               
|Forbes Energy Services Ltd. 9% 6/15/19                                              
|Halcon Resources Corp. 8.625% 2/1/20 (b)                                            
|Holly Energy Partners LP/Holly Finance Corp. 6.5% 3/1/20                            
|LINN Energy LLC/LINN Energy Finance Corp.:                                          
|6.25% 11/1/19                                                                       
|6.5% 5/15/19                                                                        
|Pacific Drilling V Ltd. 7.25% 12/1/17 (b)                                           
|PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20                                 
|Petroleos Mexicanos 3.5% 7/18/18                                                    
|Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.5% 10/15/19 (b)                
|Western Gas Partners LP 2.6% 8/15/18                                                
|Whiting Petroleum Corp. 5% 3/15/19                                                  
|                                                                                    
|Food/Beverage/Tobacco - 1.3%                                                        
|JBS Investments GmbH 7.75% 10/28/20 (b)                                             
|Vector Group Ltd. 7.75% 2/15/21                                                     
|                                                                                    
|Healthcare - 5.6%                                                                   
|Kindred Escrow Corp. II 8% 1/15/20 (b)                                              
|Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875% 4/15/20 (b)        
|Polymer Group, Inc. 6.875% 6/1/19 (b)                                               
|Tenet Healthcare Corp. 5% 3/1/19 (b)                                                
|VRX Escrow Corp. 5.375% 3/15/20 (b)                                                 
|                                                                                    
|Homebuilders/Real Estate - 5.7%                                                     
|Brandywine Operating Partnership LP 4.95% 4/15/18                                   
|DDR Corp. 4.75% 4/15/18                                                             
|Essex Portfolio LP 5.5% 3/15/17                                                     
|Lennar Corp. 4.5% 11/15/19                                                          
|Liberty Property LP 6.625% 10/1/17                                                  
|Mack-Cali Realty LP 2.5% 12/15/17                                                   
|Weyerhaeuser Real Estate Co. 4.375% 6/15/19 (b)                                     
|William Lyon Homes, Inc. 5.75% 4/15/19                                              
|                                                                                    
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Insurance - 0.3%                                                                    
|ING U.S., Inc. 2.9% 2/15/18                                                         
|Leisure - 0.2%                                                                      
|NCL Corp. Ltd. 5% 2/15/18                                                           
|Metals/Mining - 4.3%                                                                
|Anglo American Capital PLC 1.2253% 4/15/16 (b)(c)                                   
|First Quantum Minerals Ltd. 6.75% 2/15/20 (b)                                       
|FMG Resources (August 2006) Pty Ltd. 8.25% 11/1/19 (b)                              
|Freeport-McMoRan, Inc. 2.375% 3/15/18                                               
|Lundin Mining Corp. 7.5% 11/1/20 (b)                                                
|Peabody Energy Corp. 6% 11/15/18                                                    
|Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (b)                                 
|                                                                                    
|Paper - 0.4%                                                                        
|Mercer International, Inc. 7% 12/1/19                                               
|Sappi Papier Holding GmbH 8.375% 6/15/19 (b)                                        
|                                                                                    
|Publishing/Printing - 0.9%                                                          
|MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (b)(c)          
|Services - 7.4%                                                                     
|Abengoa Greenfield SA 6.5% 10/1/19 (b)                                              
|ADT Corp. 4.125% 4/15/19                                                            
|APX Group, Inc.:                                                                    
|6.375% 12/1/19                                                                      
|8.75% 12/1/20                                                                       
|Bankrate, Inc. 6.125% 8/15/18 (b)                                                   
|Blueline Rent Finance Corp./Volvo 7% 2/1/19 (b)                                     
|                                                                                    
|Steel - 0.4%                                                                        
|JMC Steel Group, Inc. 8.25% 3/15/18 (b)                                             
|Super Retail - 1.8%                                                                 
|JC Penney Corp., Inc.:                                                              
|5.75% 2/15/18                                                                       
|8.125% 10/1/19                                                                      
|                                                                                    
|Technology - 0.1%                                                                   
|Viasystems, Inc. 7.875% 5/1/19 (b)                                                  
|Telecommunications - 11.0%                                                          
|Altice Financing SA 7.875% 12/15/19 (b)                                             
|Nonconvertible Bonds - continued                                                    
|                                                                                    
|Telecommunications - continued                                                      
|AT&T, Inc. 1.1709% 11/27/18 (c)                                                     
|Digicel Group Ltd. 8.25% 9/30/20 (b)                                                
|FairPoint Communications, Inc. 8.75% 8/15/19 (b)                                    
|Intelsat Jackson Holdings SA 7.25% 10/15/20                                         
|Numericable Group SA 4.875% 5/15/19 (b)                                             
|Sprint Communications, Inc.:                                                        
|7% 3/1/20 (b)                                                                       
|9% 11/15/18 (b)                                                                     
|T-Mobile U.S.A., Inc.:                                                              
|6.464% 4/28/19                                                                      
|6.542% 4/28/20                                                                      
|Verizon Communications, Inc. 3.65% 9/14/18                                          
|Wind Acquisition Finance SA 4.75% 7/15/20 (b)                                       
|                                                                                    
|Transportation Ex Air/Rail - 3.9%                                                   
|Aguila 3 SA 7.875% 1/31/18 (b)                                                      
|Navios Maritime Holdings, Inc. 8.125% 2/15/19                                       
|                                                                                    
|Utilities - 7.2%                                                                    
|Atlantic Power Corp. 9% 11/15/18                                                    
|DCP Midstream Operating LP 2.5% 12/1/17                                             
|DPL, Inc. 6.75% 10/1/19 (b)                                                         
|Dynegy, Inc. 6.75% 11/1/19 (b)                                                      
|RJS Power Holdings LLC 5.125% 7/15/19 (b)                                           
|                                                                                    
|TOTAL NONCONVERTIBLE BONDS
(Cost $52,086,523)                                       
|Bank Loan Obligations - 12.4%                                                       
|                                                                                    
|Aerospace - 0.3%                                                                    
|TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (c)                               
|Air Transportation - 0.5%                                                           
|American Airlines, Inc. Tranche B, term loan 3.75% 10/10/21 (c)                     
|Broadcasting - 0.6%                                                                 
|Clear Channel Communications, Inc. Tranche D, term loan 6.9343% 1/30/19 (c)         
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Building Materials - 0.2%                                                           
|GYP Holdings III Corp.:                                                             
|Tranche 1LN, term loan 4.75% 4/1/21 (c)                                             
|Tranche 2LN, term loan 7.75% 4/1/22 (c)                                             
|                                                                                    
|Cable/Satellite TV - 0.9%                                                           
|Charter Communications Operating LLC Tranche F, term loan 3% 1/3/21 (c)             
|CSC Holdings LLC Tranche B, term loan 2.6843% 4/17/20 (c)                           
|Numericable LLC:                                                                    
|Tranche B 1LN, term loan 4.5% 5/8/20 (c)                                            
|Tranche B 2LN, term loan 4.5% 5/8/20 (c)                                            
|                                                                                    
|Capital Goods - 0.3%                                                                
|Husky Injection Molding Systems Ltd. Tranche 2LN, term loan 7.25% 6/30/22 (c)       
|Rexnord LLC Tranche B, term loan 4% 8/21/20 (c)                                     
|                                                                                    
|Containers - 0.8%                                                                   
|Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (c)                   
|Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (c)               
|                                                                                    
|Diversified Financial Services - 0.5%                                               
|IBC Capital U.S. LLC:                                                               
|Tranche 2LN, term loan 8% 11/15/22 (c)                                              
|Tranche B 1LN, term loan 4.75% 11/15/21 (c)                                         
|TransUnion LLC Tranche B, term loan 4% 4/9/21 (c)                                   
|                                                                                    
|Energy - 0.4%                                                                       
|Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (c)       
|Crestwood Holdings Partners LLC Tranche B, term loan 7% 6/19/19 (c)                 
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Food & Drug Retail - 0.9%                                                           
|Albertson's LLC Tranche B 3LN, term loan 5% 8/25/19 (c)                             
|SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (c)                               
|                                                                                    
|Gaming - 1.6%                                                                       
|Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (c)         
|Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (c)
|Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (c)     
|Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (c)                         
|Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (c)                      
|                                                                                    
|Healthcare - 0.8%                                                                   
|Community Health Systems, Inc. Tranche F, term loan 3.4343% 12/31/18 (c)            
|Concordia Healthcare Corp. Tranche B, term loan 4.75% 4/21/22 (c)                   
|Endo Luxembourg Finance I Comp Tranche B, term loan 3.25% 2/28/21 (c)               
|Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (c)                      
|Pharmedium Healthcare Corp.:                                                        
|Tranche 2LN, term loan 7.75% 1/28/22 (c)                                            
|Tranche B 1LN, term loan 4.25% 1/28/21 (c)                                          
|                                                                                    
|Leisure - 0.0%                                                                      
|24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (c)              
|Metals/Mining - 0.3%                                                                
|Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (c)                  
|Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (c)                         
|                                                                                    
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Publishing/Printing - 0.8%                                                          
|Springer Science+Business Media Deutschland GmbH:                                   
|Tranche B 3LN, term loan 4.75% 8/14/20 (c)                                          
|Tranche B 9LN, term loan 8/14/20 (d)                                                
|                                                                                    
|Services - 1.2%                                                                     
|Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (c)
|Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (c)                             
|Garda World Security Corp.:                                                         
|term loan 4% 11/8/20 (c)                                                            
|Tranche DD, term loan 4% 11/8/20 (c)                                                
|Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (c)                        
|Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (c)               
|                                                                                    
|Super Retail - 0.9%                                                                 
|Dollar Tree, Inc. Tranche B, term loan 4.25% 3/9/22 (c)                             
|JC Penney Corp., Inc. Tranche B, term loan:                                         
|5% 6/20/19 (c)                                                                      
|6% 5/22/18 (c)                                                                      
|PetSmart, Inc. Tranche B, term loan 5% 3/11/22 (c)                                  
|                                                                                    
|Technology - 0.5%                                                                   
|Dell International LLC Tranche B, term loan 4.5% 4/29/20 (c)                        
|Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (c)                          
|Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (c)                               
|                                                                                    
|Utilities - 0.9%                                                                    
|Calpine Construction Finance Co. LP Tranche B 1LN, term loan 3% 5/3/20 (c)          
|Bank Loan Obligations - continued                                                   
|                                                                                    
|Utilities - continued                                                               
|Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (c)                        
|Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (c)                           
|                                                                                    
|TOTAL BANK LOAN OBLIGATIONS
(Cost $7,702,328)                                       

|Money Market Funds - 2.8%                              
|-------------------------------------------------------
|                                                       
|Fidelity Cash Central Fund, 0.15% (a)
(Cost $1,752,490)
|TOTAL INVESTMENT PORTFOLIO - 99.1%
(Cost $61,541,341)  
|NET OTHER ASSETS (LIABILITIES) - 0.9%                  
|NET ASSETS - 100%                                      

|Legend                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a)	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.
|(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 $25,061,587 or 40.5% of net assets.                                                                                                                                                                                                                              
|(c)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|(d)	The coupon rate will be determined upon settlement of the loan after period end.                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Affiliated Central Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                  

|Fund                       | Income earned
|-------------------------- | -------------
|Fidelity Cash Central Fund | $	2,952      

|Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

|Valuation Inputs at Reporting Date:
|-----------------------------------
|Description                        
|Investments in Securities:         
|Corporate Bonds                    
|Bank Loan Obligations              
|Money Market Funds                 
|Total Investments in Securities:   

|Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):
|-------------------------------------------------------------------------------------------------------------------------------------

|United States of America           | 70.7% 
|---------------------------------- | ------
|Luxembourg                         | 8.4%  
|Canada                             | 5.6%  
|France                             | 3.4%  
|Mexico                             | 2.8%  
|Bermuda                            | 2.2%  
|Australia                          | 1.7%  
|Austria                            | 1.5%  
|Marshall Islands                   | 1.4%  
|Others (Individually Less Than 1%) | 2.3%  
|                                   | 100.0%

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

Annual Report

---

# Financial Statements

## Statement of Assets and Liabilities

|                                                                                                        | April 30, 2015
|------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                        |               
|Assets                                                                                                  |               
|Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $59,788,851) | $	59,546,330  
|Fidelity Central Funds (cost $1,752,490)                                                                | 1,752,490     
|Total Investments (cost $61,541,341)                                                                    |               
|Cash                                                                                                    |               
|Receivable for investments sold                                                                         |               
|Receivable for fund shares sold                                                                         |               
|Interest receivable                                                                                     |               
|Distributions receivable from Fidelity Central Funds                                                    |               
|Prepaid expenses                                                                                        |               
|Receivable from investment adviser for expense reductions                                               |               
|Total assets                                                                                            |               
|                                                                                                        |               
|Liabilities                                                                                             |               
|Payable for investments purchased                                                                       | $	1,137,549   
|Payable for fund shares redeemed                                                                        | 73,113        
|Distributions payable                                                                                   | 24,822        
|Accrued management fee                                                                                  | 28,673        
|Distribution and service plan fees payable                                                              | 4,456         
|Other affiliated payables                                                                               | 8,236         
|Other payables and accrued expenses                                                                     | 58,107        
|Total liabilities                                                                                       |               
|                                                                                                        |               
|Net Assets                                                                                              |               
|Net Assets consist of:                                                                                  |               
|Paid in capital                                                                                         |               
|Undistributed net investment income                                                                     |               
|Accumulated undistributed net realized gain (loss) on investments                                       |               
|Net unrealized appreciation (depreciation) on investments                                               |               
|Net Assets                                                                                              |               

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

Annual Report

Financial Statements - continued

## Statement of Assets and Liabilities - continued

|                                                                                                                            | April 30, 2015
|--------------------------------------------------------------------------------------------------------------------------- | --------------
|                                                                                                                            |               
|Calculation of Maximum Offering Price
Class A:
Net Asset Valueand redemption price per share
($4,397,576 ÷ 445,979 shares)  |               
|                                                                                                                            |               
|Maximum offering price per share (100/96.00 of $9.86)                                                                       |               
|Class T:
Net Asset Value and redemption price per share ($2,930,217 ÷ 297,160 shares)                                       |               
|                                                                                                                            |               
|Maximum offering price per share (100/96.00 of $9.86)                                                                       |               
|Class C:
Net Asset Value and offering price per share ($3,464,510 ÷ 351,346 shares)A                                        |               
|                                                                                                                            |               
|Short Duration High Income:
Net Asset Value, offering price and redemption price per share ($45,109,140 ÷ 4,574,579 shares) |               
|                                                                                                                            |               
|Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,931,856 ÷ 601,572 shares)           |               

ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Annual Report

## Statement of Operations

|                                                                              | Year ended April 30, 2015
|----------------------------------------------------------------------------- | -------------------------
|                                                                              |                          
|Investment Income                                                             |                          
|Interest                                                                      |                          
|Income from Fidelity Central Funds                                            |                          
|Total income                                                                  |                          
|                                                                              |                          
|Expenses                                                                      |                          
|Management fee                                                                | $	385,986                
|Transfer agent fees                                                           | 81,142                   
|Distribution and service plan fees                                            | 55,480                   
|Accounting fees and expenses                                                  | 28,557                   
|Custodian fees and expenses                                                   | 13,570                   
|Independent trustees' compensation                                            | 283                      
|Registration fees                                                             | 118,740                  
|Audit                                                                         | 66,425                   
|Legal                                                                         | 164                      
|Miscellaneous                                                                 | 349                      
|Total expenses before reductions                                              | 750,696                  
|Expense reductions                                                            | (144,501)                
|Net investment income (loss)                                                  |                          
|Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:              |                          
|Investment securities:                                                        |                          
|Unaffiliated issuers                                                          |                          
|Change in net unrealized appreciation (depreciation) on investment securities |                          
|Net gain (loss)                                                               |                          
|Netincrease (decrease) in net assets resulting from operations                |                          

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

Annual Report

Financial Statements - continued

## Statement of Changes in Net Assets

|                                                                                                                                         | Year ended 
April 30, 
2015 | For the period 
November 5, 2013 (commencement of operations) to
April 30, 2014
|---------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | -------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                                        |                             |                                                                                
|Operations                                                                                                                               |                             |                                                                                
|Net investment income (loss)                                                                                                             | $	2,616,400                 | $	597,190                                                                      
|Net realized gain (loss)                                                                                                                 | (1,395,322)                 | (3,597)                                                                        
|Change in net unrealized appreciation (depreciation)                                                                                     | (679,199)                   | 436,678                                                                        
|Netincrease (decrease) in net assets resulting from operations                                                                           | 541,879                     | 1,030,271                                                                      
|Distributions to shareholders from net investment income                                                                                 | (2,602,102)                 | (589,323)                                                                      
|Share transactions - net increase (decrease)                                                                                             | (4,220,658)                 | 67,622,775                                                                     
|Redemption fees                                                                                                                          | 44,348                      | 6,109                                                                          
|Total increase (decrease) in net assets                                                                                                  | (6,236,533)                 | 68,069,832                                                                     
|                                                                                                                                         |                             |                                                                                
|Net Assets                                                                                                                               |                             |                                                                                
|Beginning of period                                                                                                                      | 68,069,832                  | -                                                                              
|End of period (including undistributed net investment income of $17,564 and undistributed net investment income of $7,490, respectively) | $	61,833,299                | $	68,069,832                                                                   

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

Annual Report

## Financial Highlights - Class A

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .358    | .132   
|Net realized and unrealized gain (loss)   | (.246)  | .091   
|Total from investment operations          | .112    | .223   
|Distributions from net investment income  | (.358)  | (.124) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | 1.22%   | 2.25%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 1.29%   | 1.61%A 
|Expenses net of fee waivers, if any       | 1.05%   | 1.05%A 
|Expenses net of all reductions            | 1.05%   | 1.05%A 
|Net investment income (loss)              | 3.63%   | 2.72%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	4,398 | $	3,043
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Class T

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .360    | .132   
|Net realized and unrealized gain (loss)   | (.247)  | .091   
|Total from investment operations          | .113    | .223   
|Distributions from net investment income  | (.359)  | (.124) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | 1.23%   | 2.25%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 1.31%   | 1.61%A 
|Expenses net of fee waivers, if any       | 1.05%   | 1.05%A 
|Expenses net of all reductions            | 1.05%   | 1.05%A 
|Net investment income (loss)              | 3.63%   | 2.72%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	2,930 | $	2,946
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

DTotal returns do not include the effect of the sales charges.

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Class C

|Years ended April 30,                     | 2015    | 2014H  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)E             | .285    | .096   
|Net realized and unrealized gain (loss)   | (.247)  | .090   
|Total from investment operations          | .038    | .186   
|Distributions from net investment income  | (.284)  | (.087) 
|Redemption fees added to paid in capitalE | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C, D                       | .47%    | 1.88%  
|Ratios to Average Net AssetsF, I          |         |        
|Expenses before reductions                | 2.08%   | 2.37%A 
|Expenses net of fee waivers, if any       | 1.80%   | 1.80%A 
|Expenses net of all reductions            | 1.80%   | 1.80%A 
|Net investment income (loss)              | 2.88%   | 1.97%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	3,465 | $	3,114
|Portfolio turnover rateG                  | 84%     | 20%J   

AAnnualized

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

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

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

ECalculated based on average shares outstanding during the period.

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

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

HFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

JAmount not annualized.

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

Annual Report

## Financial Highlights - Short Duration High Income

|Years ended April 30,                     | 2015     | 2014G   
|----------------------------------------- | -------- | --------
|Selected Per-Share Data                   |          |         
|Net asset value, beginning of period      | $	10.10  | $	10.00 
|Income from Investment Operations         |          |         
|Net investment income (loss)D             | .385     | .142    
|Net realized and unrealized gain (loss)   | (.248)   | .093    
|Total from investment operations          | .137     | .235    
|Distributions from net investment income  | (.383)   | (.136)  
|Redemption fees added to paid in capitalD | .006     | .001    
|Net asset value, end of period            | $	9.86   | $	10.10 
|Total ReturnB, C                          | 1.48%    | 2.37%   
|Ratios to Average Net AssetsE, H          |          |         
|Expenses before reductions                | 1.00%    | 1.24%A  
|Expenses net of fee waivers, if any       | .80%     | .80%A   
|Expenses net of all reductions            | .80%     | .80%A   
|Net investment income (loss)              | 3.88%    | 2.96%A  
|Supplemental Data                         |          |         
|Net assets, end of period (000 omitted)   | $	45,109 | $	54,547
|Portfolio turnover rateF                  | 84%      | 20%I    

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

IAmount not annualized.

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

Annual Report

## Financial Highlights - Institutional Class

|Years ended April 30,                     | 2015    | 2014G  
|----------------------------------------- | ------- | -------
|Selected Per-Share Data                   |         |        
|Net asset value, beginning of period      | $	10.10 | $	10.00
|Income from Investment Operations         |         |        
|Net investment income (loss)D             | .383    | .143   
|Net realized and unrealized gain (loss)   | (.246)  | .091   
|Total from investment operations          | .137    | .234   
|Distributions from net investment income  | (.383)  | (.135) 
|Redemption fees added to paid in capitalD | .006    | .001   
|Net asset value, end of period            | $	9.86  | $	10.10
|Total ReturnB, C                          | 1.48%   | 2.37%  
|Ratios to Average Net AssetsE, H          |         |        
|Expenses before reductions                | 1.04%   | 1.34%A 
|Expenses net of fee waivers, if any       | .80%    | .80%A  
|Expenses net of all reductions            | .80%    | .80%A  
|Net investment income (loss)              | 3.88%   | 2.97%A 
|Supplemental Data                         |         |        
|Net assets, end of period (000 omitted)   | $	5,932 | $	4,419
|Portfolio turnover rateF                  | 84%     | 20%I   

AAnnualized

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

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

DCalculated based on average shares outstanding during the period.

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

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

GFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

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

IAmount not annualized.

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

Annual Report

---

# Notes to Financial Statements

For the period ended April 30, 2015

1. Organization.

Fidelity Short Duration High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Short Duration High Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation.Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income.For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Class Allocations andExpenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2015, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

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

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

|Gross unrealized appreciation                            | $	735,404   
|-------------------------------------------------------- | ------------
|Gross unrealized depreciation                            | (949,781)   
|Net unrealized appreciation (depreciation) on securities | $	(214,377) 
|                                                         |             
|Tax Cost                                                 | $	61,513,197

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

|Net unrealized appreciation (depreciation) on securities and other investments | $	(214,377)
|------------------------------------------------------------------------------ | -----------

The Fund intends to elect to defer to its next fiscal year $1,396,000 of capital losses recognized during the period November 1, 2014 to April 30, 2015.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

|                | April 30, 2015 | April 30, 2014
|--------------- | -------------- | --------------
|Ordinary Income | $	2,602,102    | $	589,323     

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

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

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement.In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $55,170,719 and $58,978,497, respectively.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

|        | Distribution
Fee | Service
Fee | Total
Fees | Retained
by FDC
|------- | ---------------- | ----------- | ---------- | ---------------
|Class A | -%               | .25%        | $	10,398   | $	10,398       
|Class T | -%               | .25%        | 7,823      | 7,823          
|Class C | .75%             | .25%        | 37,259     | 37,259         
|        |                  |             | $	55,480   | $	55,480       

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T and Class C redemptions. The deferred sales charges range from 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

|         | Retained
by FDC
|-------- | ---------------
|Class A  | $	2,729        
|Class T  | 448            
|Class C* | 161            
|         | $	3,338        

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

Annual Report

5. Fees and Other Transactions with Affiliates - continued

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

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

|                           | Amount   | % of
Class-Level Average
Net Assets
|-------------------------- | -------- | -----------------------------------
|Class A                    | $	6,674  | .16                                
|Class T                    | 5,190    | .17                                
|Class C                    | 7,039    | .19                                
|Short Duration High Income | 52,509   | .10                                
|Institutional Class        | 9,730    | .15                                
|                           | $	81,142 |                                    

Accounting Fees.Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $102 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through June 30, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

Annual Report

Notes to Financial Statements - continued

7. Expense Reductions - continued

The following classes were in reimbursement during the period:

|                           | Expense
Limitations | Reimbursement
|-------------------------- | ------------------- | -------------
|Class A                    | 1.05%               | $	10,117     
|Class T                    | 1.05%               | 8,034        
|Class C                    | 1.80%               | 10,234       
|Short Duration High Income | .80%                | 100,903      
|Institutional Class        | .80%                | 15,162       
|                           |                     | $	144,450    

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $51.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

|Years ended April 30,      | 2015        | 2014A    
|-------------------------- | ----------- | ---------
|From net investment income |             |          
|Class A                    | $	151,548   | $	32,624 
|Class T                    | 112,975     | 33,201   
|Class C                    | 107,591     | 24,151   
|Short Duration High Income | 1,984,086   | 455,094  
|Institutional Class        | 245,902     | 44,253   
|Total                      | $	2,602,102 | $	589,323

AFor the period November 5, 2013 (commencement of operations) to April 30, 2015.

9. Share Transactions.

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

|                              | Shares    | Dollars
|----------------------------- | --------- | -------
|Years ended April 30,         | 2015      | 2014A  
|Class A                       |           |        
|Shares sold                   | 299,268   | 298,414
|Reinvestment of distributions | 14,874    | 3,242  
|Shares redeemed               | (169,511) | (308)  
|Net increase (decrease)       | 144,631   | 301,348

Annual Report

9. Share Transactions - continued

|                              | Shares      | Dollars  
|----------------------------- | ----------- | ---------
|Years ended April 30,         | 2015        | 2014A    
|Class T                       |             |          
|Shares sold                   | 106,602     | 289,499  
|Reinvestment of distributions | 11,282      | 3,300    
|Shares redeemed               | (112,433)   | (1,090)  
|Net increase (decrease)       | 5,451       | 291,709  
|Class C                       |             |          
|Shares sold                   | 183,881     | 305,988  
|Reinvestment of distributions | 10,436      | 2,399    
|Shares redeemed               | (151,335)   | (23)     
|Net increase (decrease)       | 42,982      | 308,364  
|Short Duration High Income    |             |          
|Shares sold                   | 3,237,652   | 5,525,954
|Reinvestment of distributions | 179,994     | 41,070   
|Shares redeemed               | (4,244,145) | (165,946)
|Net increase (decrease)       | (826,499)   | 5,401,078
|Institutional Class           |             |          
|Shares sold                   | 500,722     | 450,882  
|Reinvestment of distributions | 21,974      | 4,389    
|Shares redeemed               | (358,716)   | (17,679) 
|Net increase (decrease)       | 163,980     | 437,592  

AFor the period November 5, 2013 (commencement of operations) to April 30, 2014.

10. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 18% of the total outstanding shares of the Fund.

Annual Report

---

# Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Short Duration High Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Short Duration High Income Fund (the Fund), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of April 30, 2015, and the related statement of operations for the year then ended, and the statement of changes in net assets, and the financial highlights for the year then ended and the period from November 5, 2013 (commencement of operations) to April 30, 2014. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Short Duration High Income Fund as of April 30, 2015, the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and the period from November 5, 2013 (commencement of operations) to April 30, 2014, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

June 19, 2015

Annual Report

---

# Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 171 funds.

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

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

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

Annual Report

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

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

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+      
|-------------------------------------------------------------------------------
|James C. Curvey (1935)                                                         
|Year of Election or Appointment: 2007
Trustee
Chairman of the Board of Trustees
|                                                                               
|Charles S. Morrison (1960)                                                     
|Year of Election or Appointment: 2014
Trustee                                  
|                                                                               

*	Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

|Name, Year of Birth; Principal Occupations and Other Relevant Experience+              
|---------------------------------------------------------------------------------------
|Dennis J. Dirks (1948)                                                                 
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|Alan J. Lacy (1953)                                                                    
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Ned C. Lautenbach (1944)                                                               
|Year of Election or Appointment: 2000
Trustee
Chairman of the Independent Trustees     
|                                                                                       
|Joseph Mauriello (1944)                                                                
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       
|Robert W. Selander (1950)                                                              
|Year of Election or Appointment: 2011
Trustee                                          
|                                                                                       
|Cornelia M. Small (1944)                                                               
|Year of Election or Appointment: 2005
Trustee                                          
|                                                                                       
|William S. Stavropoulos (1939)                                                         
|Year of Election or Appointment: 2001
Trustee
Vice Chairman of the Independent Trustees
|                                                                                       
|David M. Thomas (1949)                                                                 
|Year of Election or Appointment: 2008
Trustee                                          
|                                                                                       

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

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

|Name, Year of Birth; Principal Occupation                                    
|-----------------------------------------------------------------------------
|Peter S. Lynch (1944)                                                        
|Year of Election or Appointment: 2003
Member of the Advisory Board           
|                                                                             
|Elizabeth Paige Baumann (1968)                                               
|Year of Election or Appointment: 2012
Anti-Money Laundering (AML) Officer    
|                                                                             
|William C. Coffey (1969)                                                     
|Year of Election or Appointment: 2009
Assistant Secretary                    
|                                                                             
|Jonathan Davis (1968)                                                        
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Adrien E. Deberghes (1967)                                                   
|Year of Election or Appointment: 2008
Deputy Treasurer                       
|                                                                             
|Stephanie J. Dorsey (1969)                                                   
|Year of Election or Appointment: 2010
Assistant Treasurer                    
|                                                                             
|Howard J. Galligan III (1966)                                                
|Year of Election or Appointment: 2014
Chief Financial Officer                
|                                                                             
|Scott C. Goebel (1968)                                                       
|Year of Election or Appointment: 2008
Secretary and Chief Legal Officer (CLO)
|                                                                             
|Thomas C. Hense (1964)                                                       
|Year of Election or Appointment: 2013
Vice President                         
|                                                                             
|Brian B. Hogan (1964)                                                        
|Year of Election or Appointment: 2013
Vice President                         
|                                                                             
|Chris Maher (1972)                                                           
|Year of Election or Appointment: 2013
Assistant Treasurer                    
|                                                                             
|Kenneth B. Robins (1969)                                                     
|Year of Election or Appointment: 2008
President and Treasurer                
|                                                                             
|Stephen Sadoski (1971)                                                       
|Year of Election or Appointment: 2012
Deputy Treasurer                       
|                                                                             
|Stacie M. Smith (1974)                                                       
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Renee Stagnone (1975)                                                        
|Year of Election or Appointment: 2013
Deputy Treasurer                       
|                                                                             
|Linda J. Wondrack (1964)                                                     
|Year of Election or Appointment: 2014
Chief Compliance Officer               
|                                                                             
|Joseph F. Zambello (1957)                                                    
|Year of Election or Appointment: 2011
Deputy Treasurer                       
|                                                                             

Annual Report

---

# Distributions (Unaudited)

A total of .02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $447,078 of distributions paid during the period January 1, 2015 to April 30, 2015 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2016 of amounts for use in preparing 2015 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments Money Management, Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
	Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions 
	and Account Assistance	1-800-544-6666

Product Information	1-800-544-6666

Retirement Accounts	1-800-544-4774 
	(8 a.m. - 9 p.m.)

TDD Service	1-800-544-0118
	for the deaf and hearing impaired
	(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service 
	Telephone (FAST®) sdh1859524	1-800-544-5555

sdh1859526	Automated line for quickest service

(Fidelity Investment logo)(registered trademark)Corporate Headquarters245 Summer St., Boston, MA 02210www.fidelity.com

`SDH-UANN-0615
1.969433.101`

Item 2.		Code of Ethics

As of the end of the period, April 30, 2015, 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 Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.



Item 4.  	Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Series High Income Fund and Fidelity Short Duration High Income Fund  (the "Funds"):

Services Billed by Deloitte Entities

April 30, 2015 FeesA

|                                         | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees
|---------------------------------------- | ---------- | ------------------ | -------- | --------------
|Fidelity Series High Income Fund         | $56,000    | $-                 | $6,100   | $2,400        
|Fidelity Short Duration High Income Fund | $56,000    | $-                 | $5,000   | $600          

April 30, 2014 FeesA,B

|                                         | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees
|---------------------------------------- | ---------- | ------------------ | -------- | --------------
|Fidelity Series High Income Fund         | $53,000    | $-                 | $5,800   | $2,700        
|Fidelity Short Duration High Income Fund | $43,000    | $-                 | $5,800   | $200          

AAmounts may reflect rounding.

BFidelity Short Duration High Income Fund commenced operations on November 5, 2013.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Capital & Income Fund, Fidelity Focused High Income Fund, Fidelity Global High Income Fund and Fidelity High Income Fund (the "Funds"):

Services Billed by PwC

April 30, 2015 FeesA

|                                  | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees
|--------------------------------- | ---------- | ------------------ | -------- | --------------
|Fidelity Capital & Income Fund    | $188,000   | $-                 | $3,400   | $5,200        
|Fidelity Focused High Income Fund | $73,000    | $-                 | $3,400   | $1,800        
|Fidelity Global High Income Fund  | $69,000    | $-                 | $3,600   | $1,700        
|Fidelity High Income Fund         | $158,000   | $-                 | $3,400   | $3,600        

April 30, 2014 FeesA

|                                  | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees
|--------------------------------- | ---------- | ------------------ | -------- | --------------
|Fidelity Capital & Income Fund    | $188,000   | $-                 | $3,300   | $5,000        
|Fidelity Focused High Income Fund | $74,000    | $-                 | $3,300   | $1,800        
|Fidelity Global High Income Fund  | $68,000    | $-                 | $3,300   | $1,600        
|Fidelity High Income Fund         | $157,000   | $-                 | $3,300   | $3,700        

AAmounts may reflect rounding.

The following table presents fees billed by PwC and Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("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 Funds ("Fund Service Providers"):

Services Billed by Deloitte Entities

|                   | April 30, 2015A | April 30, 2014A,B
|------------------ | --------------- | -----------------
|Audit-Related Fees | $-              | $765,000         
|Tax Fees           | $-              | $-               
|All Other Fees     | $220,000        | $695,000         

A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity Short Duration High Income Fund's commencement of operations.

Services Billed by PwC

|                   | April 30, 2015A | April 30, 2014A
|------------------ | --------------- | ---------------
|Audit-Related Fees | $5,900,000      | $4,970,000     
|Tax Fees           | $-              | $-             
|All Other Fees     | $-              | $50,000        

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 and Deloitte Entities for services rendered to the Funds, 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 Funds are as follows:

|Billed By         | April 30, 2015A | April 30, 2014A,B
|----------------- | --------------- | -----------------
|Deloitte Entities | $1,310,000      | $1,590,000       
|PwC               | $8,090,000      | $5,560,000       

A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity Short Duration High Income Fund's commencements of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC and Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of PwC and Deloitte Entities in their  audits of the Funds, taking into account representations from PwC and Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and 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 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 on a periodic basis.

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 Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

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 second fiscal quarter of 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.	Exhibits

|(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.                                                               
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.       
|(a) | (3) | Not applicable.                                                                                                                                               
|(b) |     | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Summer Street Trust

|By:   | /s/Kenneth B. Robins   
|----- | -----------------------
|      | Kenneth B. Robins      
|      | President and Treasurer
|      |                        
|Date: | June 26, 2015          

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/Kenneth B. Robins   
|----- | -----------------------
|      | Kenneth B. Robins      
|      | President and Treasurer
|      |                        
|Date: | June 26, 2015          

|By:   | /s/Howard J. Galligan III
|----- | -------------------------
|      | Howard J. Galligan III   
|      | Chief Financial Officer  
|      |                          
|Date: | June 26, 2015