Form N-CSRS FIDELITY SUMMER STREET For: Jan 31
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, 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: | July 31 |
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| Date of reporting period: | January 31, 2026 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
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(based on hypothetical $10,000 investment)
Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® SAI Real Estate Fund
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$
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(as of January 31, 2026)
KEY FACTS
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Fund Size
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$
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Number of Holdings
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Portfolio Turnover
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What did the Fund invest in?
(as of January 31, 2026)
(as of January 31, 2026)
TOP INDUSTRIES
(% of Fund's net assets)
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Specialized REITs
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Retail REITs
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Industrial REITs
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Health Care REITs
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Residential REITs
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Real Estate Management & Development
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 99.2
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Short-Term Investments and Net Other Assets (Liabilities) - 0.8
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 100.0
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TOP HOLDINGS (% of Fund's net assets) |
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Prologis Inc
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Equinix Inc
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Welltower Inc
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American Tower Corp
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NNN REIT Inc
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Kimco Realty Corp
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Public Storage
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CBRE Group Inc Class A
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Digital Realty Trust Inc
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UDR Inc
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59.7
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918119.101 7630-TSRS-0426
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® SAI Real Estate Fund
Semi-Annual Report
January 31, 2026
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
Contents
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 1-800-544-3455 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. © 2026 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® SAI Real Estate Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2%
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Shares
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Value ($)
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UNITED STATES - 99.2%
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Real Estate - 99.2%
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Health Care REITs - 12.9%
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Healthpeak Properties Inc
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1,316,800
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22,701,632
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Ventas Inc
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936,814
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72,762,343
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Welltower Inc
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1,009,818
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190,209,319
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285,673,294
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Industrial REITs - 15.2%
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Americold Realty Trust Inc
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942,814
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11,700,321
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Prologis Inc
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1,698,507
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221,757,074
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STAG Industrial Inc Class A
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1,982,094
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74,348,346
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Terreno Realty Corp
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491,457
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30,244,264
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338,050,005
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Real Estate Management & Development - 8.4%
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CBRE Group Inc Class A (a)
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502,283
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85,553,863
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Compass Inc Class A (a)
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1,740,745
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21,794,127
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CoStar Group Inc (a)
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621,416
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38,217,084
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Jones Lang LaSalle Inc (a)
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82,300
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29,455,993
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Zillow Group Inc Class C (a)
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180,000
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11,345,400
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186,366,467
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Residential REITs - 11.7%
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American Homes 4 Rent Class A
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1,306,582
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40,922,148
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Camden Property Trust
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269,649
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29,405,223
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Equity Residential
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1,120,366
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69,821,209
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Invitation Homes Inc
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1,113,405
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29,761,316
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Sun Communities Inc
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100,821
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12,847,620
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UDR Inc
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2,056,391
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76,394,926
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259,152,442
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Retail REITs - 17.5%
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Acadia Realty Trust
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472,170
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9,448,122
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Curbline Properties Corp
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264,078
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6,403,891
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FrontView REIT Inc
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500,877
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8,219,392
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InvenTrust Properties Corp
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262,400
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7,711,936
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Kimco Realty Corp
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4,442,361
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93,644,970
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Macerich Co/The
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941,100
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17,815,023
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NNN REIT Inc
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2,306,421
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96,108,563
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Phillips Edison & Co Inc
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553,092
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20,038,523
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Realty Income Corp
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857,400
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52,438,584
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Regency Centers Corp
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340,125
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24,784,909
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Tanger Inc
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500,489
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16,376,000
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Urban Edge Properties
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1,858,979
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36,119,962
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389,109,875
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Specialized REITs - 33.5%
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American Tower Corp
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1,009,410
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180,967,025
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CubeSmart
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520,976
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19,552,229
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Digital Realty Trust Inc
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515,055
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85,473,377
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Equinix Inc
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241,297
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198,087,946
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Extra Space Storage Inc
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97,845
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13,499,675
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Four Corners Property Trust Inc
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851,701
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20,994,430
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Iron Mountain Inc
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620,204
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57,139,395
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Lamar Advertising Co Class A
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84,885
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10,891,594
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Public Storage
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329,135
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90,903,796
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SBA Communications Corp Class A
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210,448
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38,745,581
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Weyerhaeuser Co
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999,200
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25,759,376
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742,014,424
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TOTAL UNITED STATES
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2,200,366,507
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TOTAL COMMON STOCKS
(Cost $2,176,316,770)
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2,200,366,507
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Money Market Funds - 0.7%
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Yield (%)
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Shares
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Value ($)
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Fidelity Cash Central Fund (b)
(Cost $15,012,010)
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3.70
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15,009,008
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15,012,010
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TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $2,191,328,780)
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2,215,378,517
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NET OTHER ASSETS (LIABILITIES) - 0.1%
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2,243,482
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NET ASSETS - 100.0%
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2,217,621,999
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Legend
(a)
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Non-income producing.
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(b)
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Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
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Value,
beginning
of period ($)
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Purchases ($)
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Sales
Proceeds ($)
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Dividend
Income ($)
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Realized
Gain (loss) ($)
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Change in
Unrealized
appreciation
(depreciation) ($)
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Value,
end
of period ($)
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Shares,
end
of period
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% ownership,
end
of period
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Fidelity Cash Central Fund
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10,104,184
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206,134,829
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201,226,740
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319,121
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(263)
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-
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15,012,010
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15,009,008
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0.0%
|
Fidelity Securities Lending Cash Central Fund
|
-
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62,186,560
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62,186,560
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373
|
-
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-
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-
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-
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0.0%
|
Total
|
10,104,184
|
268,321,389
|
263,413,300
|
319,494
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(263)
|
-
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15,012,010
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Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund 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 income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2026, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
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Description
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Total ($)
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Level 1 ($)
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Level 2 ($)
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Level 3 ($)
|
Investments in Securities:
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Common Stocks
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Real Estate
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2,200,366,507
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2,200,366,507
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-
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-
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Money Market Funds
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15,012,010
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15,012,010
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-
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-
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Total Investments in Securities:
|
2,215,378,517
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2,215,378,517
|
-
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-
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Financial Statements (Unaudited)
Statement of Assets and Liabilities
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As of January 31, 2026 (Unaudited)
|
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Assets
|
||||
Investment in securities, at value - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $2,176,316,770)
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$
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2,200,366,507
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Fidelity Central Funds (cost $15,012,010)
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15,012,010
|
|||
Total Investment in Securities (cost $2,191,328,780)
|
$
|
2,215,378,517
|
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Receivable for investments sold
|
1,089,662
|
|||
Receivable for fund shares sold
|
2,890,808
|
|||
Dividends receivable
|
4,519,139
|
|||
Distributions receivable from Fidelity Central Funds
|
62,352
|
|||
Prepaid expenses
|
1,464
|
|||
Other receivables
|
75,024
|
|||
Total assets
|
2,224,016,966
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
2,909,074
|
||
Payable for fund shares redeemed
|
2,468,493
|
|||
Accrued management fee
|
907,320
|
|||
Other payables and accrued expenses
|
110,080
|
|||
Total liabilities
|
6,394,967
|
|||
Net Assets
|
$
|
2,217,621,999
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Net Assets consist of:
|
||||
Paid in capital
|
$
|
2,249,365,634
|
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Total accumulated earnings (loss)
|
(31,743,635)
|
|||
Net Assets
|
$
|
2,217,621,999
|
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Net Asset Value, offering price and redemption price per share ($2,217,621,999 ÷ 228,430,229 shares)
|
$
|
9.71
|
||
Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
32,418,501
|
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Income from Fidelity Central Funds (including $373 from security lending)
|
319,494
|
|||
Total income
|
32,737,995
|
|||
Expenses
|
||||
Management fee
|
$
|
5,526,945
|
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Custodian fees and expenses
|
7,744
|
|||
Independent trustees' fees and expenses
|
4,438
|
|||
Registration fees
|
95,967
|
|||
Audit fees
|
25,258
|
|||
Legal
|
1,409
|
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Miscellaneous
|
3,854
|
|||
Total expenses before reductions
|
5,665,615
|
|||
Expense reductions
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(484)
|
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Total expenses after reductions
|
5,665,131
|
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Net Investment income (loss)
|
27,072,864
|
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Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(48,718,208)
|
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Fidelity Central Funds
|
(263)
|
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Total net realized gain (loss)
|
(48,718,471)
|
|||
Change in net unrealized appreciation (depreciation) on investment securities
|
104,650,793
|
|||
Net gain (loss)
|
55,932,322
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
83,005,186
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
For the period September 4, 2024 (commencement of operations) through July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
27,072,864
|
$
|
35,232,347
|
Net realized gain (loss)
|
(48,718,471)
|
(10,440,678)
|
||
Change in net unrealized appreciation (depreciation)
|
104,650,793
|
(80,601,056)
|
||
Net increase (decrease) in net assets resulting from operations
|
83,005,186
|
(55,809,387)
|
||
Distributions to shareholders
|
(41,134,860)
|
(23,758,812)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
556,477,073
|
2,478,701,861
|
||
Reinvestment of distributions
|
26,955,727
|
12,266,169
|
||
Cost of shares redeemed
|
(576,476,578)
|
(242,604,380)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
6,956,222
|
2,248,363,650
|
||
Total increase (decrease) in net assets
|
48,826,548
|
2,168,795,451
|
||
Net Assets
|
||||
Beginning of period
|
2,168,795,451
|
-
|
||
End of period
|
$
|
2,217,621,999
|
$
|
2,168,795,451
|
Other Information
|
||||
Shares
|
||||
Sold
|
58,339,635
|
251,567,262
|
||
Issued in reinvestment of distributions
|
2,841,851
|
1,267,555
|
||
Redeemed
|
(60,384,666)
|
(25,201,408)
|
||
Net increase (decrease)
|
796,820
|
227,633,409
|
||
Financial Highlights
Fidelity® SAI Real Estate Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
9.53
|
$
|
10.00
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
.12
|
.23
|
||
Net realized and unrealized gain (loss)
|
.24
|
(.54)
|
||
Total from investment operations
|
.36
|
(.31)
|
||
Distributions from net investment income
|
(.18)
|
(.14)
|
||
Distributions from net realized gain
|
-
|
(.01)
|
||
Total distributions
|
(.18)
|
(.16) D
|
||
Net asset value, end of period
|
$
|
9.71
|
$
|
9.53
|
Total Return E,F
|
3.85 % |
(3.17)%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.51% I
|
.56% I,J
|
||
Expenses net of fee waivers, if any
|
.51 % I |
.56% I,J
|
||
Expenses net of all reductions, if any
|
.51% I
|
.56% I,J
|
||
Net investment income (loss)
|
2.44% I
|
2.65% I,J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
2,217,622
|
$
|
2,168,795
|
Portfolio turnover rate K
|
43 % I |
15% I
|
AFor the period September 4, 2024 (commencement of operations) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAudit fees are not annualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2026
1. Organization.
Fidelity SAI Real Estate Fund (the Fund) is a non-diversified fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. 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.
Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
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 - unadjusted 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:
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 service 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. 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 January 31, 2026 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. 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.
Distributions 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 the short-term capital gain dividends, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$159,437,562
|
Gross unrealized depreciation
|
(144,863,230)
|
Net unrealized appreciation (depreciation)
|
$14,574,332
|
Tax cost
|
$2,200,804,185
|
The Fund elected to defer to its next fiscal year approximately $6,895,433 of capital losses recognized during the period November 1, 2024 to July 31, 2025.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($)
|
Sales ($)
|
|
Fidelity SAI Real Estate Fund
|
475,217,273
|
485,512,210
|
5.Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .498% of the Fund's average net assets.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount ($)
|
|
Fidelity SAI Real Estate Fund
|
9,716
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity SAI Real Estate Fund
|
29,516,580
|
43,366,032
|
1,187,965
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2026 unless extended or renewed.
Amount ($)
|
|
Fidelity SAI Real Estate Fund
|
1,800
|
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity SAI Real Estate Fund
|
40
|
-
|
-
|
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $484.
9. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 |
1.9912342.101
REF-SANN-0426
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street Trust’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Summer Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
| (a) | (1) | Not applicable. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Summer Street Trust
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | March 25, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | March 25, 2026 |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | March 25, 2026 |
ATTACHMENTS / EXHIBITS
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