Fidelity SAI High Income Fund
Fidelity Summer Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity SAI High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2026 Q2
Fidelity SAI High Income Fund seeks a high level of current income. Growth of capital may also be considered.
The fund invests primarily in below-investment-grade debt securities, preferred stocks, and convertible securities, using the credit quality distribution of the ICE BofAUS High Yield Constrained Index as a guide for structuring its portfolio. It may also hold non-income-producing securities including defaulted securities and common stocks. The fund applies fundamental analysis of issuers' financial condition and industry position to select investments across domestic and foreign markets. Because the fund's holdings depend on the adviser's selection decisions rather than index replication, its credit quality composition may diverge from the index it uses as a reference.
| Share class | Expense ratio |
|---|---|
| FSHGX | 0.68% |
Portfolio turnover 90.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 84.62% |
| Cash & short-term | 11.45% |
| Loans | 7.30% |
| Stocks | 5.88% |
| Securitized | 0.18% |
Look-through blends 1 underlying fund; 1.427% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, one or more quarters before the direct holdings (2026Q2).
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 40.7% |
| International | 14.2% |
| Cash | 13.9% |
| Energy | 4.2% |
| 12 smaller | 27.0% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: CSC SERVICEWORKS EAST LLC, PR RNO PROPERTY OWNER 1 LLC, HUMANA INC, TULLOW HOLDCO 2 LTD, CORE SCIENTIFIC FINANCE I LLC, DISCOVERY PURCHASER CORPORATION, KOSMOS ENERGY LTD, ADVANCION HOLDINGS LLC
Largest exited: SPIN HOLDCO INC, ECHOSTAR CORP, CONSOLIDATED ENERGY FINANCE SA, X CORP, SOTHEBYS, LIQUID TELECOMMUNICATIONS FINANCING PLC, DISH DBS CORP, ROCKET COMPANIES INC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.1% |
| Floating rate | 14.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 15.2% |
| 3-5y | 33.4% |
| 5-10y | 44.1% |
| 10y+ | 5.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.96 yr |
| Investment grade | +0.66 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.56 yr | 18% |
| 5 yr | 1.76 yr | 58% |
| 10 yr | 0.64 yr | 21% |
| 30 yr | 0.06 yr | 2% |
| 3 mo | 0.50 yr | 14% |
| 1 yr | 1.36 yr | 38% |
| 5 yr | 1.42 yr | 39% |
| 10 yr | 0.28 yr | 8% |
| 30 yr | 0.06 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.05 | +0.46 | $12.0k | $120.0k |
| 1 yr | +0.56 | +0.14 | +1.22 | $36.5k | $320.9k |
| 5 yr | +1.76 | +0.26 | +1.15 | $68.9k | $303.8k |
| 10 yr | +0.64 | +0.17 | +0.10 | $46.0k | $27.4k |
| 30 yr | +0.06 | +0.03 | +0.03 | $9.1k | $6.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 10.02% | — | $263.55M | — |
| — | Fidelity Revere Street Trust | 5.41% | — | $142.22M | — |
| — | UST NOTES4.00% · due 2034-02-15 | 2.06% | — | $54.27M | — |
| — | Fidelity Private Credit Central Fund LLC | 1.60% | $9.37 | $42.22M | 4.5M |
| — | NEW FORTRESS ENERGY INC0.00% floating · due 2028-10-30 | 0.68% | — | $17.76M | — |
| — | 1261229 BC LTD9.90% floating · due 2030-10-08 | 0.66% | — | $17.30M | — |
| — | UNITED PF HOLDINGS LLC7.92% floating · due 2026-12-30 | 0.53% | — | $14.01M | — |
| — | PG and E CORP5.25% · due 2030-07-01 | 0.53% | — | $13.99M | — |
| — | ARTERA SERVICES LLC8.50% · due 2031-02-15 | 0.53% | — | $13.99M | — |
| — | COREWEAVE INC9.00% · due 2031-02-01 | 0.52% | — | $13.76M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 22.54% of net assets, top 25 29.13%, across 385 issuers.
See more of this fund's book
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