Fidelity Summer Street Trust
09/22/2026 | Press release | Distributed by Public on 09/22/2026 08:47
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
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
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Date of fiscal year end: |
July 31 |
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Date of reporting period: |
July 31, 2026 |
Item 1.
Reports to Stockholders
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ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2026
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This report describes changes to the Fund that occurred during the reporting period.
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Fidelity® SAI Real Estate Fund
Fidelity® SAI Real Estate Fund : FSRJX
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This annual shareholder report contains information about Fidelity® SAI Real Estate Fund for the period August 1, 2025 to July 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to [email protected].
What were your Fund costs for the last year?
(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® SAI Real Estate Fund
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$ 55
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0.51%
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What affected the Fund's performance this period?
•U.S. stocks achieved a strong gain for the 12 months ending July 31, 2026, reflecting enthusiasm for artificial intelligence, strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI US IMI Real Estate 25/50 Linked Index for the fiscal year, led by the real estate services industry. An overweight among industrial REITs also boosted relative performance, as did picks in the health care group.
•Not owning Crown Castle, an index component that returned -24%, was the top individual relative contributor. An overweight in Equinix (+33%), one of our biggest holdings, also helped, as did an underweight in CoStar (-70%) where we increased our position this period.
•In contrast, the primary detractor from performance versus the real estate index was stock picking among industrial REITs. Also hurting our result were underweights in the hotel & resort and health care categories.
•The largest individual relative detractor was an overweight in American Tower (-14%), one of our biggest holdings. A stake in Simon Property (+15%), which we established this period, hurt as well. The company was among our biggest holdings at period end. An overweight in Americold Realty Trust (-6%) further detracted.
•Notable changes in positioning include decreased exposure to the other specialized industry and a higher allocation to retail REITs.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
September 4, 2024 through July 31, 2026.
Initial investment of $10,000.
AVERAGE ANNUAL TOTAL RETURNS:
|
1 Year
|
Life of Fund A
|
|
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Fidelity® SAI Real Estate Fund
|
16.22%
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6.40%
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MSCI US IMI Real Estate 25/50 Linked Index
|
15.37%
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6.23%
|
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S&P 500® Index
|
19.56%
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18.85%
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A From September 4, 2024
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Visit www.fidelity.com for more recent performance information.
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|
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
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Key Fund Statistics
(as of July 31, 2026)
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KEY FACTS
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Fund Size
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$3,198,206,899
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|
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Number of Holdings
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46
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Total Advisory Fee
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$12,182,022
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Portfolio Turnover
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31%
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What did the Fund invest in?
(as of July 31, 2026)
(as of July 31, 2026)
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TOP INDUSTRIES
(% of Fund's net assets)
|
||
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Specialized REITs
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32.6
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Retail REITs
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20.7
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Industrial REITs
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14.2
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Residential REITs
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12.6
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Health Care REITs
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12.3
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Real Estate Management & Development
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7.0
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Diversified Telecommunication Services
|
0.2
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ASSET ALLOCATION (% of Fund's net assets)
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|
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Common Stocks - 99.6
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Short-Term Investments and Net Other Assets (Liabilities) - 0.4
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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|
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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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9.9
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Equinix Inc
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9.3
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American Tower Corp
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8.8
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Welltower Inc
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7.7
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Simon Property Group Inc
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5.2
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Digital Realty Trust Inc
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3.9
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CBRE Group Inc Class A
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3.7
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Kimco Realty Corp
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3.7
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UDR Inc
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3.6
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Public Storage
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3.4
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59.2
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How has the Fund changed?
This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 29, 2026 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-3455 or by sending an e-mail to [email protected].
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The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes:
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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
1.9918118.101 7630-TSRA-0926
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Item 2.
Code of Ethics
As of the end of the period, July 31, 2026, 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 Karen B. Peetz is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Peetz 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 SAI Real Estate Fund (the Fund):
Services Billed by Deloitte Entities
July 31, 2026 FeesA
|
Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
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|
Fidelity SAI Real Estate Fund |
$39,000 |
$- |
$9,100 |
$800 |
July 31, 2025 FeesA,B
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Audit Fees |
Audit-Related Fees |
Tax Fees |
All Other Fees |
|
|
Fidelity SAI Real Estate Fund |
$33,800 |
$- |
$8,900 |
$600 |
A Amounts may reflect rounding.
B Fidelity SAI Real Estate Fund commenced operations on September 4, 2024.
The following table(s) present(s) fees billed by 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 Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (Fund Service Providers):
Services Billed by Deloitte Entities
|
July 31, 2026A |
July 31, 2025A,B |
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Audit-Related Fees |
$154,800 |
$125,000 |
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Tax Fees |
$- |
$- |
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All Other Fees |
$- |
$2,970,400 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI Real Estate Funds commencement of operations.
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 Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
|
Billed By |
July 31, 2026A |
July 31, 2025A,B |
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Deloitte Entities |
$2,597,100 |
$3,441,700 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI Real Estate Funds commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMRs review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds 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 Committees 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 Chairs absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (De Minimis Exception)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds(s) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® SAI Real Estate Fund
Annual Report
July 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
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report) |
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Fidelity® SAI Real Estate Fund |
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Notes to Financial Statements |
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Report of Independent Registered Public Accounting Firm |
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Distributions |
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
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Item 9: Proxy Disclosures for Open-End Management Investment Companies |
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Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
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 (Annual Report)
Fidelity® SAI Real Estate Fund
Schedule of Investments July 31, 2026
Showing Percentage of Net Assets
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Common Stocks - 99.6%
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|||
|
Shares
|
Value ($)
|
||
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UNITED STATES - 99.6%
|
|||
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Communication Services - 0.2%
|
|||
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Diversified Telecommunication Services - 0.2%
|
|||
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Csquare Inc
|
373,400
|
7,453,064
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Real Estate - 99.4%
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|||
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Health Care REITs - 12.3%
|
|||
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Healthpeak Properties Inc
|
1,936,200
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42,267,246
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|
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National Healthcare Properties Inc Class A (a)
|
467,600
|
7,149,604
|
|
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Ventas Inc
|
1,075,714
|
100,590,016
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Welltower Inc
|
1,034,718
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242,579,288
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|
|
392,586,154
|
|||
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Industrial REITs - 14.2%
|
|||
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Americold Realty Trust Inc
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1,525,314
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21,491,674
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Prologis Inc
|
2,199,507
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318,070,708
|
|
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STAG Industrial Inc Class A
|
2,051,794
|
78,501,638
|
|
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Terreno Realty Corp
|
519,057
|
37,190,434
|
|
|
455,254,454
|
|||
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Real Estate Management & Development - 7.0%
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|||
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CBRE Group Inc Class A (b)
|
813,883
|
119,486,163
|
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Compass Inc Class A (a)(b)
|
2,456,345
|
27,977,770
|
|
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CoStar Group Inc (b)
|
459,316
|
13,209,928
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|
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Jones Lang LaSalle Inc (b)
|
160,100
|
56,840,303
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|
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Zillow Group Inc Class C (b)
|
244,200
|
8,317,452
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|
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225,831,616
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Residential REITs - 12.6%
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|||
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American Homes 4 Rent Class A
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1,796,782
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60,048,454
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Camden Property Trust
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367,549
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40,728,104
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Equity Residential
|
1,376,366
|
91,459,521
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Invitation Homes Inc
|
1,580,605
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46,975,581
|
|
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Sun Communities Inc
|
395,321
|
48,814,237
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UDR Inc
|
2,991,591
|
114,159,113
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|
|
402,185,010
|
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Retail REITs - 20.7%
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Acadia Realty Trust
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536,570
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12,056,728
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Curbline Properties Corp (a)
|
287,078
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8,796,070
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FrontView REIT Inc (a)
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660,018
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13,424,766
|
|
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InvenTrust Properties Corp
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286,800
|
10,155,588
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Kimco Realty Corp
|
4,628,261
|
117,928,090
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|
|
Macerich Co/The
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979,000
|
25,297,360
|
|
|
NNN REIT Inc
|
1,727,021
|
82,068,038
|
|
|
Phillips Edison & Co Inc
|
605,292
|
25,718,857
|
|
|
Realty Income Corp
|
1,573,500
|
100,499,445
|
|
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Regency Centers Corp
|
386,325
|
31,018,034
|
|
|
Simon Property Group Inc
|
723,000
|
165,834,510
|
|
|
Tanger Inc
|
639,689
|
26,009,755
|
|
|
Urban Edge Properties
|
1,861,979
|
42,192,444
|
|
|
660,999,685
|
|||
|
Specialized REITs - 32.6%
|
|||
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American Tower Corp
|
1,627,330
|
282,113,929
|
|
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CubeSmart
|
617,376
|
25,596,409
|
|
|
Digital Realty Trust Inc
|
664,955
|
125,357,317
|
|
|
Equinix Inc
|
289,197
|
294,772,718
|
|
|
Extra Space Storage Inc
|
109,745
|
16,246,650
|
|
|
Four Corners Property Trust Inc
|
873,601
|
22,364,186
|
|
|
Iron Mountain Inc
|
536,804
|
65,661,865
|
|
|
Lamar Advertising Co Class A
|
85,485
|
13,674,180
|
|
|
Public Storage
|
334,035
|
108,284,126
|
|
|
SBA Communications Corp Class A
|
272,648
|
49,343,835
|
|
|
Weyerhaeuser Co
|
1,542,700
|
38,613,781
|
|
|
1,042,028,996
|
|||
|
TOTAL REAL ESTATE
|
3,178,885,915
|
||
|
TOTAL UNITED STATES
|
3,186,338,979
|
||
|
TOTAL COMMON STOCKS
(Cost $2,882,062,192)
|
3,186,338,979
|
||
|
Money Market Funds - 0.7%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Cash Central Fund (c)
|
3.69
|
10,851,184
|
10,853,355
|
|
|
Fidelity Securities Lending Cash Central Fund (c)(d)
|
3.72
|
10,281,176
|
10,282,204
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $21,135,135)
|
21,135,559
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $2,903,197,327)
|
3,207,474,538
|
|
NET OTHER ASSETS (LIABILITIES) - (0.3)%
|
(9,267,639)
|
|
NET ASSETS - 100.0%
|
3,198,206,899
|
Legend
|
(a)
|
Security or a portion of the security is on loan at period end.
|
|
(b)
|
Non-income producing.
|
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
|
|
(d)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
|
Fidelity Cash Central Fund
|
10,104,184
|
346,737,336
|
345,986,761
|
620,575
|
(1,828)
|
424
|
10,853,355
|
10,851,184
|
|
Fidelity Securities Lending Cash Central Fund
|
-
|
211,154,550
|
200,872,346
|
23,628
|
-
|
-
|
10,282,204
|
10,281,176
|
|
10,104,184
|
557,891,886
|
546,859,107
|
644,203
|
(1,828)
|
424
|
21,135,559
|
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 included in the purchases and sales proceeds columns may include in-kind transactions, 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.
Investment Valuation
The following is a summary of the inputs used, as of July 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:
|
||||
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
|
Investments in Securities:
|
||||
|
Common Stocks
|
||||
|
Communication Services
|
7,453,064
|
7,453,064
|
-
|
-
|
|
Real Estate
|
3,178,885,915
|
3,178,885,915
|
-
|
-
|
|
Money Market Funds
|
21,135,559
|
21,135,559
|
-
|
-
|
|
Total Investments in Securities:
|
3,207,474,538
|
3,207,474,538
|
-
|
-
|
Financial Statements
|
Statement of Assets and Liabilities
|
||
|
As of July 31, 2026
|
||
|
Assets
|
||
|
Investments in securities, at value - unaffiliated issuers
|
$
|
3,186,338,979
|
|
Investments in securities, at value - affiliated issuers
|
21,135,559
|
|
|
Receivable for investments sold
|
3,610,989
|
|
|
Receivable for fund shares sold
|
4,483,555
|
|
|
Dividends receivable
|
1,878,667
|
|
|
Distributions receivable from affiliated funds
|
70,350
|
|
|
Prepaid expenses
|
406
|
|
|
Other receivables
|
75,024
|
|
|
Total assets
|
3,217,593,529
|
|
|
Liabilities
|
||
|
Payable for investments purchased
|
2,729,576
|
|
|
Payable for fund shares redeemed
|
4,909,000
|
|
|
Accrued management fee
|
1,320,271
|
|
|
Other payables and accrued expenses
|
145,579
|
|
|
Collateral on securities loaned
|
10,282,204
|
|
|
Total liabilities
|
19,386,630
|
|
|
Net Assets
|
$
|
3,198,206,899
|
|
Net assets consist of:
|
||
|
Paid in capital
|
2,952,087,700
|
|
|
Total accumulated earnings (loss)
|
246,119,199
|
|
|
Net Assets
|
$
|
3,198,206,899
|
|
Net Asset Value and Maximum Offering
|
||
|
Net Asset Value, offering price and redemption price per share ($3,198,206,899/295,528,981 shares)
|
$
|
10.82
|
|
Other Information
|
||
|
Unaffiliated issuers, cost
|
2,882,062,192
|
|
|
Affiliated issuers, cost
|
21,135,135
|
|
|
Securities loaned, market value
|
17,588,251
|
|
|
Statement of Operations
|
||
|
Year ended July 31, 2026
|
||
|
Investment Income
|
||
|
Dividends - unaffiliated issuers
|
$
|
72,010,950
|
|
Dividends - affiliated issuers
|
644,203
|
|
|
Security lending income - unaffiliated issuers
|
518
|
|
|
Total investment income
|
72,655,671
|
|
|
Expenses
|
||
|
Management fee
|
12,182,022
|
|
|
Custodian fees and expenses
|
13,426
|
|
|
Independent trustees' fees and expenses
|
7,934
|
|
|
Registration fees
|
149,466
|
|
|
Audit
|
54,760
|
|
|
Legal
|
1,731
|
|
|
Commitment fee
|
3,280
|
|
|
Miscellaneous
|
4,657
|
|
|
Total expenses
|
12,417,276
|
|
|
Expense reimbursements and reductions
|
(2,032)
|
|
|
Total expenses after reductions
|
12,415,244
|
|
|
Net investment income (loss)
|
60,240,427
|
|
|
Net realized gain (loss)
|
||
|
Investments - unaffiliated issuers
|
(66,517,309)
|
|
|
Investments - affiliated issuers
|
(1,828)
|
|
|
Net realized gain (loss)
|
(66,519,137)
|
|
|
Change in net unrealized appreciation (depreciation)
|
||
|
Investments - unaffiliated issuers
|
384,877,843
|
|
|
Investments - affiliated issuers
|
424
|
|
|
Total change in net unrealized appreciation (depreciation)
|
384,878,267
|
|
|
Net gain (loss)
|
318,359,130
|
|
|
Net increase (decrease) in net assets resulting from operations
|
$
|
378,599,557
|
|
Other Information
|
||
|
Income from securities lending - Affiliated Issuers
|
23,628
|
|
|
Statement of Changes in Net Assets
|
||||
|
Year ended
July 31, 2026
|
For the period September 4, 2024 (commencement of operations) through July 31, 2025
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
60,240,427
|
$
|
35,232,347
|
|
Net realized gain (loss)
|
(66,519,137)
|
(10,440,678)
|
||
|
Change in net unrealized appreciation (depreciation)
|
384,878,267
|
(80,601,056)
|
||
|
Net increase (decrease) in net assets resulting from operations
|
378,599,557
|
(55,809,387)
|
||
|
Distributions to shareholders
|
||||
|
Distributions to shareholders
|
(53,207,083)
|
(23,758,812)
|
||
|
Total distributions
|
(53,207,083)
|
(23,758,812)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
704,018,974
|
2,248,363,650
|
||
|
Total increase (decrease) in net assets
|
1,029,411,448
|
2,168,795,451
|
||
|
Net Assets
|
||||
|
Beginning of period
|
2,168,795,451
|
-
|
||
|
End of period
|
$
|
3,198,206,899
|
$
|
2,168,795,451
|
Financial Highlights
|
Fidelity® SAI Real Estate Fund
|
|
Years ended July 31,
|
2026
|
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
|
.25
|
.23
|
||
|
Net realized and unrealized gain (loss)
|
1.27
|
(.54)
|
||
|
Total from investment operations
|
1.52
|
(.31)
|
||
|
Distributions
|
||||
|
Distributions from net investment income
|
(.23)
|
(.14)
|
||
|
Distributions from net realized gain
|
-
|
(.01)
|
||
|
Total distributions
|
(.23)
|
(.16) D
|
||
|
Net asset value, end of period
|
$
|
10.82
|
$
|
9.53
|
|
Total Return E, F
|
16.22%
|
(3.17)%
|
||
|
Ratios and Supplemental Data C, G, H
|
||||
|
Ratio of expenses to average net assets before reductions
|
.51%
|
.56% I, J
|
||
|
Ratio of expenses to average net assets net of fee waivers, if any
|
.51%
|
.56% I, J
|
||
|
Ratio of expenses to average net assets net of all reductions, if any
|
.51%
|
.56% I, J
|
||
|
Ratio of net investment income (loss) to average net assets
|
2.46%
|
2.65% I, J
|
||
|
Net assets, end of period
|
$
|
3,198,206,899
|
$
|
2,168,795,451
|
|
Portfolio turnover rate K
|
31%
|
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 would have been lower if certain expenses had not been reduced during the applicable periods shown.
|
|
FTotal returns for periods of less than one year are not annualized.
|
|
GExpense 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.
|
|
HFees 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.
|
|
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
For the period ended July 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. 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.
Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates.
- 2. 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 portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's 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 any 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 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 period end is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the investment holdings and net asset value (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 for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.
Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.
Certain distributions received represent a return of capital or capital gain. Components of these distributions are determined 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. If actual amounts are not available, the Fund estimates the components of these distributions. When estimates are used, the Fund adjusts the components of these distributions as necessary once the issuers provide information about the actual composition of the distributions.
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.
As of July 31, 2026, 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.
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. These differences may result in distribution reclassifications.
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: capital loss carryforwards, certain corporate actions, losses deferred due to excise tax regulations, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Tax Cost ($)
|
Gross unrealized appreciation ($)
|
Gross unrealized depreciation ($)
|
Net unrealized appreciation (depreciation) ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
2,914,173,266
|
413,399,365
|
(120,098,093)
|
293,301,272
|
The tax-based components of distributable earnings as of period end were as follows:
|
Undistributed ordinary income ($)
|
Capital loss carryforward ($)
|
Net unrealized appreciation (depreciation) on securities and other investments ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
16,233,389
|
(63,415,462)
|
293,301,272
|
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
|
Short-term ($)
|
Long-term ($)
|
Total capital loss carryforward ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
(56,892,483)
|
(6,522,979)
|
(63,415,462)
|
The tax character of distributions paid was as follows:
|
July 31, 2026
|
|||
|
Ordinary Income ($)
|
Long-term Capital Gains ($)
|
Total ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
53,207,083
|
-
|
53,207,083
|
|
July 31, 2025
|
|||
|
Ordinary Income ($)
|
Long-term Capital Gains ($)
|
Total ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
22,127,418
|
1,631,394
|
23,758,812
|
- 3. 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
|
1,479,324,380
|
763,812,179
|
- 4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services.
For these services, the Fund pays a monthly management fee to the investment adviser.
The management fee is based on an annual management fee rate of the Fund's average net assets as presented in the table below.
|
Annual Management Fee Rate (%)
|
|
|
Fidelity® SAI Real Estate Fund
|
0.498
|
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 ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
21,798
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
86,750,757
|
59,189,539
|
1,833,131
|
- 5. 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 presented in the Statement of Operations.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (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 2027 unless extended or renewed.
- 6. 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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations in income from securities lending - affiliated issuers. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending income - unaffiliated issuers. Securities lending income is reduced by any lending agent fees associated with the loan. 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
|
2,564
|
-
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
|
Amount ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
7,745,142
|
- 7. Expense Reductions.
Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.
|
Custodian Credits ($)
|
|
|
Fidelity® SAI Real Estate Fund
|
2,032
|
- 8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Year ended ($)
|
Year ended ($)
|
|||
|
July 31, 2026
|
July 31, 2025
|
|||
|
Fidelity® SAI Real Estate Fund
|
||||
|
Fidelity® SAI Real Estate Fund (Commencement of sale of shares September 4, 2024)
|
53,207,083
|
23,758,812
|
||
|
Total
|
53,207,083
|
23,758,812
|
||
- 9. Share Transactions.
Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:
|
Shares
|
Shares
|
Dollars
|
Dollars
|
||||||
|
Year ended
|
Year ended
|
Year ended ($)
|
Year ended ($)
|
||||||
|
July 31, 2026
|
July 31, 2025
|
July 31, 2026
|
July 31, 2025
|
||||||
|
Fidelity® SAI Real Estate Fund (Commencement of sale of shares September 4, 2024)
|
|||||||||
|
Shares sold
|
148,833,811
|
251,567,262
|
1,495,973,569
|
2,478,701,861
|
|||||
|
Reinvestment of distributions
|
3,622,195
|
1,267,555
|
35,196,115
|
12,266,169
|
|||||
|
Shares redeemed
|
(84,560,434)
|
(25,201,408)
|
(827,150,710)
|
(242,604,380)
|
|||||
|
Net increase (decrease)
|
67,895,572
|
227,633,409
|
704,018,974
|
2,248,363,650
|
- 10. 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.
- 11. 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity SAI Real Estate Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI Real Estate Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of July 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets and financial highlights for the year then ended and for the period from September 4, 2024 (commencement of operations) through July 31, 2025, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2026, and the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period from September 4, 2024 (commencement of operations) through July 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 15, 2026
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
A total of 0.35% 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 $497,554 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 0.29% of the dividend distributed in June, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund designates 96.14%, 100%, and 99.71% of the dividends distributed in September, December and June, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.
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)
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Real Estate Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its July 2026 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and its applicable Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via Fidelity's mobile app and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity using portfolio attributes from Morningstar and combining similar Morningstar Categories that have comparable investment mandates and Morningstar distribution attributes. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or waivers) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are generally similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons of the fund relative to funds and classes in the asset-sized peer group. The total peer group and asset-sized peer group total expense comparisons include fund-paid 12b-1 fees, reimbursements, waivers, and acquired fund fees and expenses, and exclude performance adjustments.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the period ended September 30, 2025. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the period ended September 30, 2025 and below the competitive median of the asset-sized peer group for the period ended September 30, 2025.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of the fund and all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) and their shareholders have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also considered that shareholders benefit from pricing funds at scale from inception. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, including the underperformance of certain funds and strategies, Fidelity's portfolio manager oversight and quarterly fund review processes, and Fidelity's long-term strategies for certain funds; (ii) fund rationalization and merger activity; (iii) the operation of performance fees, the rationale for implementing performance fees on certain categories of funds but not others, and certain additional performance fee data; (iv) Fidelity's pricing philosophy compared to competitors; (v) fund profitability methodology and data; (vi) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, including the treatment of acquired fund fees and expenses in total expense comparisons and peer group methodology changes; (vii) the management fee and expense structures for different funds and classes, including the variable unified fee structure and recent ETF management fee reductions; (viii) revenue and expense components at the fund and discipline level in connection with the profitability methodology; (ix) information regarding other accounts managed by Fidelity; (x) information about the funds' sub-advisory arrangements, including fee structure variances between sub-advisers, sub-adviser profitability data and sub-adviser code of ethics matters; and (xi) oversight of Fidelity's use of artificial intelligence (AI), including governance frameworks, risk controls, and AI-related risk mitigation.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2027.
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1.9912341.101
REF-ANN-0926
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.
Purchase 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 trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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 trusts 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 trusts 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
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(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
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By: |
/s/Stacie M. Smith |
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Stacie M. Smith |
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President and Treasurer (Principal Executive Officer) |
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Date: |
September 22, 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.
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By: |
/s/Stacie M. Smith |
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Stacie M. Smith |
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President and Treasurer (Principal Executive Officer) |
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Date: |
September 22, 2026 |
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By: |
/s/Stephanie Caron |
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Stephanie Caron |
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Chief Financial Officer (Principal Financial Officer) |
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Date: |
September 22, 2026 |
Fidelity Summer Street Trust published this content on September 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 22, 2026 at 14:47 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]