0001379491-18-001596.txt : 20180424 0001379491-18-001596.hdr.sgml : 20180424 20180424104350 ACCESSION NUMBER: 0001379491-18-001596 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20180228 FILED AS OF DATE: 20180424 DATE AS OF CHANGE: 20180424 EFFECTIVENESS DATE: 20180424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SUMMER STREET TRUST CENTRAL INDEX KEY: 0000225322 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02737 FILM NUMBER: 18770482 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY HIGH INCOME FUND DATE OF NAME CHANGE: 19890309 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY AGGRESSIVE INCOME FUND DATE OF NAME CHANGE: 19810205 0000225322 S000017691 Fidelity Export and Multinational Fund C000048887 Fidelity Export and Multinational Fund FEXPX C000064282 Class K FEXKX N-CSRS 1 filing1001.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-2737


Fidelity Summer Street Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, 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:

August 31



Date of reporting period:

February 28, 2018


Item 1.

Reports to Stockholders




Fidelity® Export and Multinational Fund



Semi-Annual Report

February 28, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.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.



Investment Summary (Unaudited)

Top Ten Stocks as of February 28, 2018

 % of fund's net assets 
Berkshire Hathaway, Inc. Class B 4.8 
JPMorgan Chase & Co. 2.9 
Apple, Inc. 2.8 
Exxon Mobil Corp. 2.5 
Wells Fargo & Co. 2.5 
Comcast Corp. Class A 2.1 
Bank of America Corp. 2.0 
Cisco Systems, Inc. 2.0 
Chevron Corp. 2.0 
Verizon Communications, Inc. 1.9 
 25.5 

Top Five Market Sectors as of February 28, 2018

 % of fund's net assets 
Consumer Discretionary 23.3 
Financials 17.3 
Health Care 14.6 
Information Technology 13.3 
Industrials 10.7 

Asset Allocation (% of fund's net assets)

As of February 28, 2018* 
   Stocks 99.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.8% 


 * Foreign investments - 4.5%


Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 23.3%   
Auto Components - 2.1%   
Adient PLC 12,700 $788 
Aptiv PLC 24,600 2,247 
BorgWarner, Inc. 86,500 4,245 
Cooper Tire & Rubber Co. 50,100 1,571 
Delphi Technologies PLC 11,400 544 
Gentex Corp. 494,400 11,228 
Lear Corp. 41,000 7,649 
Tenneco, Inc. 65,000 3,416 
The Goodyear Tire & Rubber Co. 216,900 6,277 
  37,965 
Automobiles - 0.9%   
General Motors Co. 292,100 11,494 
Thor Industries, Inc. 37,200 4,799 
  16,293 
Distributors - 0.5%   
Genuine Parts Co. 89,400 8,210 
Diversified Consumer Services - 1.0%   
Graham Holdings Co. 9,400 5,453 
H&R Block, Inc. 470,600 11,920 
  17,373 
Household Durables - 0.7%   
Lennar Corp.:   
Class A 102,000 5,771 
Class B 1,750 79 
Tupperware Brands Corp. 120,400 5,906 
  11,756 
Leisure Products - 0.3%   
Brunswick Corp. 97,900 5,600 
Media - 8.2%   
AMC Networks, Inc. Class A (a) 17,000 894 
CBS Corp. Class B 130,600 6,918 
Cinemark Holdings, Inc. 283,700 12,074 
Comcast Corp. Class A 1,018,400 36,876 
Discovery Communications, Inc. Class A (a)(b) 181,500 4,414 
Entercom Communications Corp. Class A 371,600 3,679 
Interpublic Group of Companies, Inc. 353,400 8,270 
Omnicom Group, Inc. 162,200 12,365 
Sinclair Broadcast Group, Inc. Class A (b) 139,400 4,712 
Tegna, Inc. 389,900 5,014 
The Walt Disney Co. 224,800 23,190 
Time Warner, Inc. 106,500 9,900 
Twenty-First Century Fox, Inc. Class A 339,000 12,482 
Viacom, Inc. Class B (non-vtg.) 193,400 6,448 
  147,236 
Multiline Retail - 2.2%   
Dollar General Corp. 158,700 15,011 
Dollar Tree, Inc. (a) 77,200 7,924 
Macy's, Inc. 196,700 5,785 
Target Corp. 150,700 11,364 
  40,084 
Specialty Retail - 6.3%   
American Eagle Outfitters, Inc. 66,000 1,272 
AutoNation, Inc. (a)(b) 86,700 4,353 
AutoZone, Inc. (a) 13,400 8,907 
Bed Bath & Beyond, Inc. 138,300 2,965 
Best Buy Co., Inc. 121,700 8,816 
Dick's Sporting Goods, Inc. 112,900 3,615 
Foot Locker, Inc. 106,700 4,899 
Gap, Inc. 233,900 7,387 
L Brands, Inc. 113,500 5,599 
Lowe's Companies, Inc. 167,200 14,979 
O'Reilly Automotive, Inc. (a) 20,800 5,079 
Ross Stores, Inc. 175,400 13,697 
Sally Beauty Holdings, Inc. (a) 249,700 4,205 
TJX Companies, Inc. 204,700 16,925 
Tractor Supply Co. 42,300 2,747 
Williams-Sonoma, Inc. (b) 125,000 6,470 
  111,915 
Textiles, Apparel & Luxury Goods - 1.1%   
Carter's, Inc. 58,100 6,779 
Hanesbrands, Inc. 62,800 1,218 
Michael Kors Holdings Ltd. (a) 56,300 3,543 
Ralph Lauren Corp. 59,400 6,287 
Tapestry, Inc. 32,600 1,660 
  19,487 
TOTAL CONSUMER DISCRETIONARY  415,919 
CONSUMER STAPLES - 8.1%   
Beverages - 0.3%   
Dr. Pepper Snapple Group, Inc. 42,000 4,883 
Food & Staples Retailing - 2.8%   
CVS Health Corp. 239,800 16,242 
Kroger Co. 323,900 8,784 
Walgreens Boots Alliance, Inc. 177,100 12,200 
Walmart, Inc. 140,400 12,637 
  49,863 
Food Products - 2.0%   
Campbell Soup Co. 148,700 6,402 
ConAgra Foods, Inc. 277,900 10,041 
Ingredion, Inc. 33,900 4,429 
The J.M. Smucker Co. 59,200 7,477 
Tyson Foods, Inc. Class A 110,400 8,212 
  36,561 
Household Products - 1.1%   
Energizer Holdings, Inc. 96,300 5,246 
Kimberly-Clark Corp. 135,000 14,974 
  20,220 
Tobacco - 1.9%   
Altria Group, Inc. 447,900 28,195 
British American Tobacco PLC (United Kingdom) 97,500 5,755 
  33,950 
TOTAL CONSUMER STAPLES  145,477 
ENERGY - 7.2%   
Oil, Gas & Consumable Fuels - 7.2%   
Chevron Corp. 314,900 35,244 
ConocoPhillips Co. 82,100 4,459 
Exxon Mobil Corp. 599,700 45,421 
Phillips 66 Co. 157,700 14,251 
Suncor Energy, Inc. 273,100 8,990 
Total SA sponsored ADR 99,400 5,635 
Valero Energy Corp. 158,500 14,332 
  128,332 
FINANCIALS - 17.3%   
Banks - 8.4%   
Bank of America Corp. 1,136,600 36,485 
JPMorgan Chase & Co. 447,100 51,640 
U.S. Bancorp 320,600 17,428 
Wells Fargo & Co. 768,000 44,859 
  150,412 
Diversified Financial Services - 4.8%   
Berkshire Hathaway, Inc. Class B (a) 412,600 85,489 
Insurance - 4.1%   
Allstate Corp. 143,100 13,202 
Chubb Ltd. 143,558 20,374 
MetLife, Inc. 260,700 12,042 
The Travelers Companies, Inc. 184,000 25,576 
Torchmark Corp. 10,500 896 
  72,090 
TOTAL FINANCIALS  307,991 
HEALTH CARE - 14.6%   
Biotechnology - 3.4%   
Amgen, Inc. 171,200 31,461 
Biogen, Inc. (a) 36,300 10,490 
Gilead Sciences, Inc. 197,100 15,518 
United Therapeutics Corp. (a) 22,100 2,560 
  60,029 
Health Care Providers & Services - 9.6%   
Aetna, Inc. 105,200 18,627 
AmerisourceBergen Corp. 127,400 12,123 
Anthem, Inc. 101,400 23,868 
Cardinal Health, Inc. 150,700 10,430 
Centene Corp. (a) 33,100 3,357 
Cigna Corp. 84,200 16,494 
DaVita HealthCare Partners, Inc. (a) 106,000 7,634 
Express Scripts Holding Co. (a) 99,400 7,500 
Laboratory Corp. of America Holdings (a) 28,000 4,836 
McKesson Corp. 79,500 11,864 
MEDNAX, Inc. (a) 35,000 1,924 
Patterson Companies, Inc. 28,300 894 
Quest Diagnostics, Inc. 142,200 14,654 
UnitedHealth Group, Inc. 125,800 28,451 
Universal Health Services, Inc. Class B 79,000 9,022 
  171,678 
Pharmaceuticals - 1.6%   
GlaxoSmithKline PLC 634,400 11,377 
Pfizer, Inc. 366,600 13,311 
Sanofi SA 41,137 3,248 
  27,936 
TOTAL HEALTH CARE  259,643 
INDUSTRIALS - 10.7%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 20,500 4,560 
Rockwell Collins, Inc. 71,200 9,806 
United Technologies Corp. 213,900 28,821 
  43,187 
Air Freight & Logistics - 0.9%   
United Parcel Service, Inc. Class B 152,300 15,902 
Airlines - 2.0%   
Allegiant Travel Co. 21,800 3,625 
American Airlines Group, Inc. 180,500 9,792 
Delta Air Lines, Inc. 255,400 13,766 
Southwest Airlines Co. 146,600 8,479 
  35,662 
Commercial Services & Supplies - 0.6%   
Deluxe Corp. 149,400 10,607 
Pitney Bowes, Inc. 43,100 534 
  11,141 
Construction & Engineering - 0.2%   
Fluor Corp. 54,000 3,073 
Electrical Equipment - 0.5%   
Acuity Brands, Inc. 61,700 8,797 
Industrial Conglomerates - 0.5%   
Honeywell International, Inc. 53,400 8,069 
Machinery - 1.0%   
Allison Transmission Holdings, Inc. 77,900 3,087 
Crane Co. 50,800 4,689 
Cummins, Inc. 4,300 723 
PACCAR, Inc. 12,700 909 
Snap-On, Inc. 55,500 8,837 
  18,245 
Professional Services - 0.7%   
Dun & Bradstreet Corp. 61,100 7,640 
Korn/Ferry International 30,700 1,287 
Manpower, Inc. 29,000 3,435 
  12,362 
Road & Rail - 1.9%   
Norfolk Southern Corp. 68,800 9,569 
Union Pacific Corp. 193,100 25,151 
  34,720 
TOTAL INDUSTRIALS  191,158 
INFORMATION TECHNOLOGY - 13.3%   
Communications Equipment - 2.9%   
Cisco Systems, Inc. 803,100 35,963 
F5 Networks, Inc. (a) 30,800 4,574 
InterDigital, Inc. 13,800 991 
Juniper Networks, Inc. 407,600 10,459 
  51,987 
Electronic Equipment & Components - 0.2%   
Avnet, Inc. 87,600 3,741 
Jabil, Inc. 20,200 547 
  4,288 
IT Services - 1.7%   
Amdocs Ltd. 20,500 1,349 
Cognizant Technology Solutions Corp. Class A 107,099 8,784 
CSRA, Inc. 223,800 9,071 
Leidos Holdings, Inc. 38,200 2,418 
The Western Union Co. 406,600 8,059 
  29,681 
Semiconductors & Semiconductor Equipment - 1.5%   
Cirrus Logic, Inc. (a) 33,400 1,480 
Intel Corp. 214,500 10,573 
KLA-Tencor Corp. 9,800 1,110 
Qualcomm, Inc. 203,700 13,241 
  26,404 
Software - 2.2%   
CA Technologies, Inc. 423,500 14,865 
Oracle Corp. 480,000 24,322 
Trion World, Inc. (a)(c)(d) 1,062,359 
Trion World, Inc. warrants 10/3/18 (a)(c)(d) 42,310 
  39,187 
Technology Hardware, Storage & Peripherals - 4.8%   
Apple, Inc. 281,900 50,212 
Hewlett Packard Enterprise Co. 485,200 9,020 
HP, Inc. 627,600 14,680 
NetApp, Inc. 29,900 1,810 
Seagate Technology LLC 76,900 4,106 
Xerox Corp. 197,400 5,985 
  85,813 
TOTAL INFORMATION TECHNOLOGY  237,360 
MATERIALS - 2.3%   
Chemicals - 1.0%   
Huntsman Corp. 44,000 1,420 
LyondellBasell Industries NV Class A 119,300 12,911 
The Chemours Co. LLC 82,800 3,934 
  18,265 
Containers & Packaging - 0.2%   
Crown Holdings, Inc. (a) 72,700 3,623 
Metals & Mining - 1.1%   
Nucor Corp. 137,800 9,012 
Steel Dynamics, Inc. 203,100 9,393 
  18,405 
TOTAL MATERIALS  40,293 
TELECOMMUNICATION SERVICES - 1.9%   
Diversified Telecommunication Services - 1.9%   
Verizon Communications, Inc. 723,000 34,516 
UTILITIES - 0.5%   
Electric Utilities - 0.5%   
Southern Co. 199,100 8,573 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 51,500 560 
TOTAL UTILITIES  9,133 
TOTAL COMMON STOCKS   
(Cost $1,528,732)  1,769,822 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind(c)(d)(e)   
(Cost $450) 451 155 
 Shares Value (000s) 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund, 1.41% (f) 8,883,838 8,886 
Fidelity Securities Lending Cash Central Fund 1.42% (f)(g) 15,454,956 15,457 
TOTAL MONEY MARKET FUNDS   
(Cost $24,343)  24,343 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $1,553,525)  1,794,320 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (11,278) 
NET ASSETS - 100%  $1,783,042 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $155,000 or 0.0% of net assets.

 (d) Level 3 security

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (f) 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.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Trion World, Inc. 8/22/08 - 3/20/13 $5,798 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 10/10/17 $450 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $496 
Fidelity Securities Lending Cash Central Fund 57 
Total $553 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2018, 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $415,919 $415,919 $-- $-- 
Consumer Staples 145,477 139,722 5,755 -- 
Energy 128,332 128,332 -- -- 
Financials 307,991 307,991 -- -- 
Health Care 259,643 245,018 14,625 -- 
Industrials 191,158 191,158 -- -- 
Information Technology 237,360 237,360 -- -- 
Materials 40,293 40,293 -- -- 
Telecommunication Services 34,516 34,516 -- -- 
Utilities 9,133 9,133 -- -- 
Corporate Bonds 155 -- -- 155 
Money Market Funds 24,343 24,343 -- -- 
Total Investments in Securities: $1,794,320 $1,773,785 $20,380 $155 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  February 28, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,765) — See accompanying schedule:
Unaffiliated issuers (cost $1,529,182) 
$1,769,977  
Fidelity Central Funds (cost $24,343) 24,343  
Total Investment in Securities (cost $1,553,525)  $1,794,320 
Cash  236 
Receivable for investments sold  14,893 
Receivable for fund shares sold  649 
Dividends receivable  3,920 
Interest receivable  18 
Distributions receivable from Fidelity Central Funds  76 
Prepaid expenses  
Other receivables  40 
Total assets  1,814,154 
Liabilities   
Payable for investments purchased $12,717  
Payable for fund shares redeemed 1,831  
Accrued management fee 808  
Other affiliated payables 260  
Other payables and accrued expenses 42  
Collateral on securities loaned 15,454  
Total liabilities  31,112 
Net Assets  $1,783,042 
Net Assets consist of:   
Paid in capital  $1,457,183 
Undistributed net investment income  3,322 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  81,733 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  240,804 
Net Assets  $1,783,042 
Export and Multinational:   
Net Asset Value, offering price and redemption price per share ($1,526,645 ÷ 68,573 shares)  $22.26 
Class K:   
Net Asset Value, offering price and redemption price per share ($256,397 ÷ 11,540 shares)  $22.22 

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


Statement of Operations

Amounts in thousands  Six months ended February 28, 2018 (Unaudited) 
Investment Income   
Dividends  $16,438 
Interest  23 
Income from Fidelity Central Funds  553 
Total income  17,014 
Expenses   
Management fee $4,744  
Transfer agent fees 1,281  
Accounting and security lending fees 271  
Custodian fees and expenses 22  
Independent trustees' fees and expenses  
Registration fees 25  
Audit 36  
Legal  
Miscellaneous  
Total expenses before reductions 6,390  
Expense reductions (53) 6,337 
Net investment income (loss)  10,677 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 112,245  
Fidelity Central Funds (1)  
Foreign currency transactions 28  
Total net realized gain (loss)  112,272 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 54,099  
Fidelity Central Funds  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  54,104 
Net gain (loss)  166,376 
Net increase (decrease) in net assets resulting from operations  $177,053 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended February 28, 2018 (Unaudited) Year ended August 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $10,677 $16,596 
Net realized gain (loss) 112,272 209,735 
Change in net unrealized appreciation (depreciation) 54,104 (21,044) 
Net increase (decrease) in net assets resulting from operations 177,053 205,287 
Distributions to shareholders from net investment income (18,230) (21,607) 
Distributions to shareholders from net realized gain (188,551) (83,742) 
Total distributions (206,781) (105,349) 
Share transactions - net increase (decrease) 165,151 (445,527) 
Redemption fees – 
Total increase (decrease) in net assets 135,423 (345,581) 
Net Assets   
Beginning of period 1,647,619 1,993,200 
End of period $1,783,042 $1,647,619 
Other Information   
Undistributed net investment income end of period $3,322 $10,875 

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


Financial Highlights

Fidelity Export and Multinational Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.84 $21.52 $21.18 $25.81 $24.42 $23.47 
Income from Investment Operations       
Net investment income (loss)A .13 .21 .29 .21 .44B .20 
Net realized and unrealized gain (loss) 2.13 2.39 1.38C .14 3.96 2.86D 
Total from investment operations 2.26 2.60 1.67 .35 4.40 3.06 
Distributions from net investment income (.24) (.26) (.20) (.42) (.22) (.18) 
Distributions from net realized gain (2.60) (1.02) (1.13) (4.56) (2.79) (1.93) 
Total distributions (2.84) (1.28) (1.33) (4.98) (3.01) (2.11) 
Redemption fees added to paid in capitalA – E E E E E 
Net asset value, end of period $22.26 $22.84 $21.52 $21.18 $25.81 $24.42 
Total ReturnF,G 10.64% 12.85% 8.23%C 2.74% 19.84% 14.06%D 
Ratios to Average Net AssetsH,I       
Expenses before reductions .74%J .76% .77% .77% .78% .80% 
Expenses net of fee waivers, if any .74%J .76% .77% .77% .78% .80% 
Expenses net of all reductions .74%J .75% .76% .76% .77% .79% 
Net investment income (loss) 1.21%J .96% 1.39% .95% 1.82%B .84% 
Supplemental Data       
Net assets, end of period (in millions) $1,527 $1,488 $1,760 $1,474 $1,682 $1,671 
Portfolio turnover rateK 76%J 109% 147% 84% 124% 114% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 8.13%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 13.55%.

 E Amount represents less than $.005 per share.

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

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

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

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

 J Annualized

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


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


Fidelity Export and Multinational Fund Class K

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.81 $21.50 $21.16 $25.79 $24.42 $23.47 
Income from Investment Operations       
Net investment income (loss)A .15 .24 .31 .24 .48B .23 
Net realized and unrealized gain (loss) 2.13 2.38 1.39C .14 3.94 2.87D 
Total from investment operations 2.28 2.62 1.70 .38 4.42 3.10 
Distributions from net investment income (.27) (.29) (.23) (.45) (.25) (.22) 
Distributions from net realized gain (2.60) (1.02) (1.13) (4.56) (2.79) (1.93) 
Total distributions (2.87) (1.31) (1.36) (5.01) (3.05)E (2.15) 
Redemption fees added to paid in capitalA – F F F F F 
Net asset value, end of period $22.22 $22.81 $21.50 $21.16 $25.79 $24.42 
Total ReturnG,H 10.75% 12.96% 8.39%C 2.90% 19.95% 14.27%D 
Ratios to Average Net AssetsI,J       
Expenses before reductions .63%K .64% .64% .64% .64% .65% 
Expenses net of fee waivers, if any .63%K .64% .64% .64% .64% .65% 
Expenses net of all reductions .62%K .63% .63% .63% .64% .63% 
Net investment income (loss) 1.32%K 1.09% 1.52% 1.08% 1.96%B .99% 
Supplemental Data       
Net assets, end of period (in millions) $256 $159 $233 $262 $217 $224 
Portfolio turnover rateL 76%K 109% 147% 84% 124% 114% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.23%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 8.29%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 13.16%.

 E Total distributions of $3.05 per share is comprised of distributions from net investment income of $.254 and distributions from net realized gain of $2.794 per share.

 F Amount represents less than $.005 per share.

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

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

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

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

 K Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Export and Multinational Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Export and Multinational and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 February 28, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, deferred trustees compensation, partnerships 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:

Gross unrealized appreciation $283,306 
Gross unrealized depreciation (43,613) 
Net unrealized appreciation (depreciation) $239,693 
Tax cost $1,554,627 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $636,695 and $636,948, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Export and Multinational $1,232 .16 
Class K 49 .05 
 $1,281  

 (a) Annualized


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

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

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $57, including $1 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $44 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
February 28, 2018 
Year ended
August 31, 2017 
From net investment income   
Export and Multinational $15,936 $18,616 
Class K 2,294 2,991 
Total $18,230 $21,607 
From net realized gain   
Export and Multinational $169,121 $73,007 
Class K 19,430 10,735 
Total $188,551 $83,742 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended February 28, 2018 Year ended August 31, 2017 Six months ended February 28, 2018 Year ended August 31, 2017 
Export and Multinational     
Shares sold 1,047 1,960 $23,356 $42,467 
Reinvestment of distributions 8,143 4,191 173,849 86,243 
Shares redeemed (5,793) (22,752) (129,098) (492,662) 
Net increase (decrease) 3,397 (16,601) $68,107 $(363,952) 
Class K     
Shares sold 4,794 898 $103,256 $19,428 
Reinvestment of distributions 1,018 668 21,724 13,726 
Shares redeemed (1,253) (5,431) (27,936) (114,729) 
Net increase (decrease) 4,559 (3,865) $97,044 $(81,575) 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2017 to February 28, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
September 1, 2017 
Ending
Account Value
February 28, 2018 
Expenses Paid
During Period-B
September 1, 2017
to February 28, 2018 
Export and Multinational .74%    
Actual  $1,000.00 $1,106.40 $3.86 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 
Class K .63%    
Actual  $1,000.00 $1,107.50 $3.29 
Hypothetical-C  $1,000.00 $1,021.67 $3.16 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EXF-SANN-0418
1.701149.120


Fidelity® Export and Multinational Fund
Class K



Semi-Annual Report

February 28, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-800-835-5092 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. © 2018 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.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.



Investment Summary (Unaudited)

Top Ten Stocks as of February 28, 2018

 % of fund's net assets 
Berkshire Hathaway, Inc. Class B 4.8 
JPMorgan Chase & Co. 2.9 
Apple, Inc. 2.8 
Exxon Mobil Corp. 2.5 
Wells Fargo & Co. 2.5 
Comcast Corp. Class A 2.1 
Bank of America Corp. 2.0 
Cisco Systems, Inc. 2.0 
Chevron Corp. 2.0 
Verizon Communications, Inc. 1.9 
 25.5 

Top Five Market Sectors as of February 28, 2018

 % of fund's net assets 
Consumer Discretionary 23.3 
Financials 17.3 
Health Care 14.6 
Information Technology 13.3 
Industrials 10.7 

Asset Allocation (% of fund's net assets)

As of February 28, 2018* 
   Stocks 99.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.8% 


 * Foreign investments - 4.5%


Schedule of Investments February 28, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 23.3%   
Auto Components - 2.1%   
Adient PLC 12,700 $788 
Aptiv PLC 24,600 2,247 
BorgWarner, Inc. 86,500 4,245 
Cooper Tire & Rubber Co. 50,100 1,571 
Delphi Technologies PLC 11,400 544 
Gentex Corp. 494,400 11,228 
Lear Corp. 41,000 7,649 
Tenneco, Inc. 65,000 3,416 
The Goodyear Tire & Rubber Co. 216,900 6,277 
  37,965 
Automobiles - 0.9%   
General Motors Co. 292,100 11,494 
Thor Industries, Inc. 37,200 4,799 
  16,293 
Distributors - 0.5%   
Genuine Parts Co. 89,400 8,210 
Diversified Consumer Services - 1.0%   
Graham Holdings Co. 9,400 5,453 
H&R Block, Inc. 470,600 11,920 
  17,373 
Household Durables - 0.7%   
Lennar Corp.:   
Class A 102,000 5,771 
Class B 1,750 79 
Tupperware Brands Corp. 120,400 5,906 
  11,756 
Leisure Products - 0.3%   
Brunswick Corp. 97,900 5,600 
Media - 8.2%   
AMC Networks, Inc. Class A (a) 17,000 894 
CBS Corp. Class B 130,600 6,918 
Cinemark Holdings, Inc. 283,700 12,074 
Comcast Corp. Class A 1,018,400 36,876 
Discovery Communications, Inc. Class A (a)(b) 181,500 4,414 
Entercom Communications Corp. Class A 371,600 3,679 
Interpublic Group of Companies, Inc. 353,400 8,270 
Omnicom Group, Inc. 162,200 12,365 
Sinclair Broadcast Group, Inc. Class A (b) 139,400 4,712 
Tegna, Inc. 389,900 5,014 
The Walt Disney Co. 224,800 23,190 
Time Warner, Inc. 106,500 9,900 
Twenty-First Century Fox, Inc. Class A 339,000 12,482 
Viacom, Inc. Class B (non-vtg.) 193,400 6,448 
  147,236 
Multiline Retail - 2.2%   
Dollar General Corp. 158,700 15,011 
Dollar Tree, Inc. (a) 77,200 7,924 
Macy's, Inc. 196,700 5,785 
Target Corp. 150,700 11,364 
  40,084 
Specialty Retail - 6.3%   
American Eagle Outfitters, Inc. 66,000 1,272 
AutoNation, Inc. (a)(b) 86,700 4,353 
AutoZone, Inc. (a) 13,400 8,907 
Bed Bath & Beyond, Inc. 138,300 2,965 
Best Buy Co., Inc. 121,700 8,816 
Dick's Sporting Goods, Inc. 112,900 3,615 
Foot Locker, Inc. 106,700 4,899 
Gap, Inc. 233,900 7,387 
L Brands, Inc. 113,500 5,599 
Lowe's Companies, Inc. 167,200 14,979 
O'Reilly Automotive, Inc. (a) 20,800 5,079 
Ross Stores, Inc. 175,400 13,697 
Sally Beauty Holdings, Inc. (a) 249,700 4,205 
TJX Companies, Inc. 204,700 16,925 
Tractor Supply Co. 42,300 2,747 
Williams-Sonoma, Inc. (b) 125,000 6,470 
  111,915 
Textiles, Apparel & Luxury Goods - 1.1%   
Carter's, Inc. 58,100 6,779 
Hanesbrands, Inc. 62,800 1,218 
Michael Kors Holdings Ltd. (a) 56,300 3,543 
Ralph Lauren Corp. 59,400 6,287 
Tapestry, Inc. 32,600 1,660 
  19,487 
TOTAL CONSUMER DISCRETIONARY  415,919 
CONSUMER STAPLES - 8.1%   
Beverages - 0.3%   
Dr. Pepper Snapple Group, Inc. 42,000 4,883 
Food & Staples Retailing - 2.8%   
CVS Health Corp. 239,800 16,242 
Kroger Co. 323,900 8,784 
Walgreens Boots Alliance, Inc. 177,100 12,200 
Walmart, Inc. 140,400 12,637 
  49,863 
Food Products - 2.0%   
Campbell Soup Co. 148,700 6,402 
ConAgra Foods, Inc. 277,900 10,041 
Ingredion, Inc. 33,900 4,429 
The J.M. Smucker Co. 59,200 7,477 
Tyson Foods, Inc. Class A 110,400 8,212 
  36,561 
Household Products - 1.1%   
Energizer Holdings, Inc. 96,300 5,246 
Kimberly-Clark Corp. 135,000 14,974 
  20,220 
Tobacco - 1.9%   
Altria Group, Inc. 447,900 28,195 
British American Tobacco PLC (United Kingdom) 97,500 5,755 
  33,950 
TOTAL CONSUMER STAPLES  145,477 
ENERGY - 7.2%   
Oil, Gas & Consumable Fuels - 7.2%   
Chevron Corp. 314,900 35,244 
ConocoPhillips Co. 82,100 4,459 
Exxon Mobil Corp. 599,700 45,421 
Phillips 66 Co. 157,700 14,251 
Suncor Energy, Inc. 273,100 8,990 
Total SA sponsored ADR 99,400 5,635 
Valero Energy Corp. 158,500 14,332 
  128,332 
FINANCIALS - 17.3%   
Banks - 8.4%   
Bank of America Corp. 1,136,600 36,485 
JPMorgan Chase & Co. 447,100 51,640 
U.S. Bancorp 320,600 17,428 
Wells Fargo & Co. 768,000 44,859 
  150,412 
Diversified Financial Services - 4.8%   
Berkshire Hathaway, Inc. Class B (a) 412,600 85,489 
Insurance - 4.1%   
Allstate Corp. 143,100 13,202 
Chubb Ltd. 143,558 20,374 
MetLife, Inc. 260,700 12,042 
The Travelers Companies, Inc. 184,000 25,576 
Torchmark Corp. 10,500 896 
  72,090 
TOTAL FINANCIALS  307,991 
HEALTH CARE - 14.6%   
Biotechnology - 3.4%   
Amgen, Inc. 171,200 31,461 
Biogen, Inc. (a) 36,300 10,490 
Gilead Sciences, Inc. 197,100 15,518 
United Therapeutics Corp. (a) 22,100 2,560 
  60,029 
Health Care Providers & Services - 9.6%   
Aetna, Inc. 105,200 18,627 
AmerisourceBergen Corp. 127,400 12,123 
Anthem, Inc. 101,400 23,868 
Cardinal Health, Inc. 150,700 10,430 
Centene Corp. (a) 33,100 3,357 
Cigna Corp. 84,200 16,494 
DaVita HealthCare Partners, Inc. (a) 106,000 7,634 
Express Scripts Holding Co. (a) 99,400 7,500 
Laboratory Corp. of America Holdings (a) 28,000 4,836 
McKesson Corp. 79,500 11,864 
MEDNAX, Inc. (a) 35,000 1,924 
Patterson Companies, Inc. 28,300 894 
Quest Diagnostics, Inc. 142,200 14,654 
UnitedHealth Group, Inc. 125,800 28,451 
Universal Health Services, Inc. Class B 79,000 9,022 
  171,678 
Pharmaceuticals - 1.6%   
GlaxoSmithKline PLC 634,400 11,377 
Pfizer, Inc. 366,600 13,311 
Sanofi SA 41,137 3,248 
  27,936 
TOTAL HEALTH CARE  259,643 
INDUSTRIALS - 10.7%   
Aerospace & Defense - 2.4%   
General Dynamics Corp. 20,500 4,560 
Rockwell Collins, Inc. 71,200 9,806 
United Technologies Corp. 213,900 28,821 
  43,187 
Air Freight & Logistics - 0.9%   
United Parcel Service, Inc. Class B 152,300 15,902 
Airlines - 2.0%   
Allegiant Travel Co. 21,800 3,625 
American Airlines Group, Inc. 180,500 9,792 
Delta Air Lines, Inc. 255,400 13,766 
Southwest Airlines Co. 146,600 8,479 
  35,662 
Commercial Services & Supplies - 0.6%   
Deluxe Corp. 149,400 10,607 
Pitney Bowes, Inc. 43,100 534 
  11,141 
Construction & Engineering - 0.2%   
Fluor Corp. 54,000 3,073 
Electrical Equipment - 0.5%   
Acuity Brands, Inc. 61,700 8,797 
Industrial Conglomerates - 0.5%   
Honeywell International, Inc. 53,400 8,069 
Machinery - 1.0%   
Allison Transmission Holdings, Inc. 77,900 3,087 
Crane Co. 50,800 4,689 
Cummins, Inc. 4,300 723 
PACCAR, Inc. 12,700 909 
Snap-On, Inc. 55,500 8,837 
  18,245 
Professional Services - 0.7%   
Dun & Bradstreet Corp. 61,100 7,640 
Korn/Ferry International 30,700 1,287 
Manpower, Inc. 29,000 3,435 
  12,362 
Road & Rail - 1.9%   
Norfolk Southern Corp. 68,800 9,569 
Union Pacific Corp. 193,100 25,151 
  34,720 
TOTAL INDUSTRIALS  191,158 
INFORMATION TECHNOLOGY - 13.3%   
Communications Equipment - 2.9%   
Cisco Systems, Inc. 803,100 35,963 
F5 Networks, Inc. (a) 30,800 4,574 
InterDigital, Inc. 13,800 991 
Juniper Networks, Inc. 407,600 10,459 
  51,987 
Electronic Equipment & Components - 0.2%   
Avnet, Inc. 87,600 3,741 
Jabil, Inc. 20,200 547 
  4,288 
IT Services - 1.7%   
Amdocs Ltd. 20,500 1,349 
Cognizant Technology Solutions Corp. Class A 107,099 8,784 
CSRA, Inc. 223,800 9,071 
Leidos Holdings, Inc. 38,200 2,418 
The Western Union Co. 406,600 8,059 
  29,681 
Semiconductors & Semiconductor Equipment - 1.5%   
Cirrus Logic, Inc. (a) 33,400 1,480 
Intel Corp. 214,500 10,573 
KLA-Tencor Corp. 9,800 1,110 
Qualcomm, Inc. 203,700 13,241 
  26,404 
Software - 2.2%   
CA Technologies, Inc. 423,500 14,865 
Oracle Corp. 480,000 24,322 
Trion World, Inc. (a)(c)(d) 1,062,359 
Trion World, Inc. warrants 10/3/18 (a)(c)(d) 42,310 
  39,187 
Technology Hardware, Storage & Peripherals - 4.8%   
Apple, Inc. 281,900 50,212 
Hewlett Packard Enterprise Co. 485,200 9,020 
HP, Inc. 627,600 14,680 
NetApp, Inc. 29,900 1,810 
Seagate Technology LLC 76,900 4,106 
Xerox Corp. 197,400 5,985 
  85,813 
TOTAL INFORMATION TECHNOLOGY  237,360 
MATERIALS - 2.3%   
Chemicals - 1.0%   
Huntsman Corp. 44,000 1,420 
LyondellBasell Industries NV Class A 119,300 12,911 
The Chemours Co. LLC 82,800 3,934 
  18,265 
Containers & Packaging - 0.2%   
Crown Holdings, Inc. (a) 72,700 3,623 
Metals & Mining - 1.1%   
Nucor Corp. 137,800 9,012 
Steel Dynamics, Inc. 203,100 9,393 
  18,405 
TOTAL MATERIALS  40,293 
TELECOMMUNICATION SERVICES - 1.9%   
Diversified Telecommunication Services - 1.9%   
Verizon Communications, Inc. 723,000 34,516 
UTILITIES - 0.5%   
Electric Utilities - 0.5%   
Southern Co. 199,100 8,573 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 51,500 560 
TOTAL UTILITIES  9,133 
TOTAL COMMON STOCKS   
(Cost $1,528,732)  1,769,822 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
INFORMATION TECHNOLOGY - 0.0%   
Software - 0.0%   
Trion World, Inc. 10% 10/10/19 pay-in-kind(c)(d)(e)   
(Cost $450) 451 155 
 Shares Value (000s) 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund, 1.41% (f) 8,883,838 8,886 
Fidelity Securities Lending Cash Central Fund 1.42% (f)(g) 15,454,956 15,457 
TOTAL MONEY MARKET FUNDS   
(Cost $24,343)  24,343 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $1,553,525)  1,794,320 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (11,278) 
NET ASSETS - 100%  $1,783,042 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $155,000 or 0.0% of net assets.

 (d) Level 3 security

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (f) 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.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Trion World, Inc. 8/22/08 - 3/20/13 $5,798 
Trion World, Inc. warrants 10/3/18 10/10/13 $0 
Trion World, Inc. 10% 10/10/19 pay-in-kind 10/10/13 - 10/10/17 $450 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $496 
Fidelity Securities Lending Cash Central Fund 57 
Total $553 

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of February 28, 2018, 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $415,919 $415,919 $-- $-- 
Consumer Staples 145,477 139,722 5,755 -- 
Energy 128,332 128,332 -- -- 
Financials 307,991 307,991 -- -- 
Health Care 259,643 245,018 14,625 -- 
Industrials 191,158 191,158 -- -- 
Information Technology 237,360 237,360 -- -- 
Materials 40,293 40,293 -- -- 
Telecommunication Services 34,516 34,516 -- -- 
Utilities 9,133 9,133 -- -- 
Corporate Bonds 155 -- -- 155 
Money Market Funds 24,343 24,343 -- -- 
Total Investments in Securities: $1,794,320 $1,773,785 $20,380 $155 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  February 28, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,765) — See accompanying schedule:
Unaffiliated issuers (cost $1,529,182) 
$1,769,977  
Fidelity Central Funds (cost $24,343) 24,343  
Total Investment in Securities (cost $1,553,525)  $1,794,320 
Cash  236 
Receivable for investments sold  14,893 
Receivable for fund shares sold  649 
Dividends receivable  3,920 
Interest receivable  18 
Distributions receivable from Fidelity Central Funds  76 
Prepaid expenses  
Other receivables  40 
Total assets  1,814,154 
Liabilities   
Payable for investments purchased $12,717  
Payable for fund shares redeemed 1,831  
Accrued management fee 808  
Other affiliated payables 260  
Other payables and accrued expenses 42  
Collateral on securities loaned 15,454  
Total liabilities  31,112 
Net Assets  $1,783,042 
Net Assets consist of:   
Paid in capital  $1,457,183 
Undistributed net investment income  3,322 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  81,733 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  240,804 
Net Assets  $1,783,042 
Export and Multinational:   
Net Asset Value, offering price and redemption price per share ($1,526,645 ÷ 68,573 shares)  $22.26 
Class K:   
Net Asset Value, offering price and redemption price per share ($256,397 ÷ 11,540 shares)  $22.22 

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


Statement of Operations

Amounts in thousands  Six months ended February 28, 2018 (Unaudited) 
Investment Income   
Dividends  $16,438 
Interest  23 
Income from Fidelity Central Funds  553 
Total income  17,014 
Expenses   
Management fee $4,744  
Transfer agent fees 1,281  
Accounting and security lending fees 271  
Custodian fees and expenses 22  
Independent trustees' fees and expenses  
Registration fees 25  
Audit 36  
Legal  
Miscellaneous  
Total expenses before reductions 6,390  
Expense reductions (53) 6,337 
Net investment income (loss)  10,677 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 112,245  
Fidelity Central Funds (1)  
Foreign currency transactions 28  
Total net realized gain (loss)  112,272 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 54,099  
Fidelity Central Funds  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  54,104 
Net gain (loss)  166,376 
Net increase (decrease) in net assets resulting from operations  $177,053 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended February 28, 2018 (Unaudited) Year ended August 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $10,677 $16,596 
Net realized gain (loss) 112,272 209,735 
Change in net unrealized appreciation (depreciation) 54,104 (21,044) 
Net increase (decrease) in net assets resulting from operations 177,053 205,287 
Distributions to shareholders from net investment income (18,230) (21,607) 
Distributions to shareholders from net realized gain (188,551) (83,742) 
Total distributions (206,781) (105,349) 
Share transactions - net increase (decrease) 165,151 (445,527) 
Redemption fees – 
Total increase (decrease) in net assets 135,423 (345,581) 
Net Assets   
Beginning of period 1,647,619 1,993,200 
End of period $1,783,042 $1,647,619 
Other Information   
Undistributed net investment income end of period $3,322 $10,875 

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


Financial Highlights

Fidelity Export and Multinational Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.84 $21.52 $21.18 $25.81 $24.42 $23.47 
Income from Investment Operations       
Net investment income (loss)A .13 .21 .29 .21 .44B .20 
Net realized and unrealized gain (loss) 2.13 2.39 1.38C .14 3.96 2.86D 
Total from investment operations 2.26 2.60 1.67 .35 4.40 3.06 
Distributions from net investment income (.24) (.26) (.20) (.42) (.22) (.18) 
Distributions from net realized gain (2.60) (1.02) (1.13) (4.56) (2.79) (1.93) 
Total distributions (2.84) (1.28) (1.33) (4.98) (3.01) (2.11) 
Redemption fees added to paid in capitalA – E E E E E 
Net asset value, end of period $22.26 $22.84 $21.52 $21.18 $25.81 $24.42 
Total ReturnF,G 10.64% 12.85% 8.23%C 2.74% 19.84% 14.06%D 
Ratios to Average Net AssetsH,I       
Expenses before reductions .74%J .76% .77% .77% .78% .80% 
Expenses net of fee waivers, if any .74%J .76% .77% .77% .78% .80% 
Expenses net of all reductions .74%J .75% .76% .76% .77% .79% 
Net investment income (loss) 1.21%J .96% 1.39% .95% 1.82%B .84% 
Supplemental Data       
Net assets, end of period (in millions) $1,527 $1,488 $1,760 $1,474 $1,682 $1,671 
Portfolio turnover rateK 76%J 109% 147% 84% 124% 114% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.09%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 8.13%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 13.55%.

 E Amount represents less than $.005 per share.

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

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

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

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

 J Annualized

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


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


Fidelity Export and Multinational Fund Class K

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.81 $21.50 $21.16 $25.79 $24.42 $23.47 
Income from Investment Operations       
Net investment income (loss)A .15 .24 .31 .24 .48B .23 
Net realized and unrealized gain (loss) 2.13 2.38 1.39C .14 3.94 2.87D 
Total from investment operations 2.28 2.62 1.70 .38 4.42 3.10 
Distributions from net investment income (.27) (.29) (.23) (.45) (.25) (.22) 
Distributions from net realized gain (2.60) (1.02) (1.13) (4.56) (2.79) (1.93) 
Total distributions (2.87) (1.31) (1.36) (5.01) (3.05)E (2.15) 
Redemption fees added to paid in capitalA – F F F F F 
Net asset value, end of period $22.22 $22.81 $21.50 $21.16 $25.79 $24.42 
Total ReturnG,H 10.75% 12.96% 8.39%C 2.90% 19.95% 14.27%D 
Ratios to Average Net AssetsI,J       
Expenses before reductions .63%K .64% .64% .64% .64% .65% 
Expenses net of fee waivers, if any .63%K .64% .64% .64% .64% .65% 
Expenses net of all reductions .62%K .63% .63% .63% .64% .63% 
Net investment income (loss) 1.32%K 1.09% 1.52% 1.08% 1.96%B .99% 
Supplemental Data       
Net assets, end of period (in millions) $256 $159 $233 $262 $217 $224 
Portfolio turnover rateL 76%K 109% 147% 84% 124% 114% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.23%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 8.29%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.12 per share. Excluding these litigation proceeds, the total return would have been 13.16%.

 E Total distributions of $3.05 per share is comprised of distributions from net investment income of $.254 and distributions from net realized gain of $2.794 per share.

 F Amount represents less than $.005 per share.

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

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

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

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

 K Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Export and Multinational Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Export and Multinational and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 February 28, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, deferred trustees compensation, partnerships 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:

Gross unrealized appreciation $283,306 
Gross unrealized depreciation (43,613) 
Net unrealized appreciation (depreciation) $239,693 
Tax cost $1,554,627 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $636,695 and $636,948, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Export and Multinational $1,232 .16 
Class K 49 .05 
 $1,281  

 (a) Annualized


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

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

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $57, including $1 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $44 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $9.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
February 28, 2018 
Year ended
August 31, 2017 
From net investment income   
Export and Multinational $15,936 $18,616 
Class K 2,294 2,991 
Total $18,230 $21,607 
From net realized gain   
Export and Multinational $169,121 $73,007 
Class K 19,430 10,735 
Total $188,551 $83,742 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended February 28, 2018 Year ended August 31, 2017 Six months ended February 28, 2018 Year ended August 31, 2017 
Export and Multinational     
Shares sold 1,047 1,960 $23,356 $42,467 
Reinvestment of distributions 8,143 4,191 173,849 86,243 
Shares redeemed (5,793) (22,752) (129,098) (492,662) 
Net increase (decrease) 3,397 (16,601) $68,107 $(363,952) 
Class K     
Shares sold 4,794 898 $103,256 $19,428 
Reinvestment of distributions 1,018 668 21,724 13,726 
Shares redeemed (1,253) (5,431) (27,936) (114,729) 
Net increase (decrease) 4,559 (3,865) $97,044 $(81,575) 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2017 to February 28, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
September 1, 2017 
Ending
Account Value
February 28, 2018 
Expenses Paid
During Period-B
September 1, 2017
to February 28, 2018 
Export and Multinational .74%    
Actual  $1,000.00 $1,106.40 $3.86 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 
Class K .63%    
Actual  $1,000.00 $1,107.50 $3.29 
Hypothetical-C  $1,000.00 $1,021.67 $3.16 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

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

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EXF-K-SANN-0418
1.863263.109


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.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Summer Street Trusts (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Summer Street Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 24, 2018


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



Date:

April 24, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

April 24, 2018

 





EX-99.CERT 2 ex99.htm EX99.HTM Converted by EDGARwiz

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Summer Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 April 24, 2018

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer





I, Howard J. Galligan III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Summer Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of  the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

April 24, 2018

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer







EX-99.906 CERT 3 ex99_906.htm EX99_906.HTM Converted by EDGARwiz

Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Summer Street Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated:

April 24, 2018



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated:

April 24, 2018



/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.



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