N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2737

Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

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

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

Date of fiscal year end:	August 31

Date of reporting period:	August 31, 2013

Item 1. Reports to Stockholders

Fidelity®

Export and Multinational

Fund

Annual Report

August 31, 2013

(Fidelity Cover Art)

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

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

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

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

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended August 31, 2013	Past 1 year	Past 5 years	Past 10 years
Fidelity® Export and Multinational Fund	14.06%	4.92%	7.14%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Export and Multinational Fund, a class of the fund, on August 31, 2003. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

exp242050

Annual Report

Management's Discussion of Fund Performance

Market Recap: The bull run in U.S. stocks comfortably settled into a fifth year, as major equity benchmarks ripped through records during the 12 months ending August 31, 2013, despite bouts of volatility at either end of the period. The strong advances were fueled by a generally improving global economy and accommodative monetary policies worldwide. The tone was positive for most of the year, based largely on stronger U.S. economic data. The broad-based S&P 500® Index set a series of new highs and rose 18.70% for the 12 months, while the blue-chip-laden Dow Jones Industrial Average^SM also achieved significant milestones en route to gaining 16.13%. The growth-oriented Nasdaq Composite Index® had a similarly strong run, advancing 18.75%. Early in the period, stocks slipped as investors grew anxious about the U.S. presidential election and federal debt limit. Although equities rebounded in the new year and increased steadily through late May, concern over the U.S. Federal Reserve tapering its monthly bond-buying program prompted a brief, but steep, sell-off in June. Markets quickly recovered when the Fed said no moves were imminent, yet the doubt returned in August - the worst month for the S&P® since May 2012 - as a military strike on Syria loomed. Elsewhere, foreign developed-markets continued their rebound, with the MSCI® EAFE® Index adding 18.80%.

Comments from Heather Carrillo, Portfolio Manager of Fidelity® Export and Multinational Fund: For the year, the fund's Retail Class shares returned 14.06%, lagging the S&P 500®. The two biggest detractors were non-benchmark positions from the materials sector: Canada's Turquoise Hill Resources, which encountered various problems with its copper mine in Mongolia, and gold miner Goldcorp. I aggressively added to the former position, making it the fund's largest holding at period end. On the other hand, after buying Goldcorp earlier in the period, I sold it. Elsewhere, I boosted the fund's exposure to diversified financials, establishing overweighted positions in index components JPMorgan Chase and Bank of America. However, not owning this strong-performing duo for the entire period curbed relative performance. A small cash position detracted as well. Conversely, health care aided relative performance the most, particularly a non-benchmark stake in Valeant Pharmaceuticals. However, the top individual contributor versus the index was U.K.-based Virgin Media, whose share price rallied in February in response to a proposed takeover of the company. Soon after, I sold this non-index stock to nail down profits. Litigation income received during the period added to the fund's return.

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

Annual Report

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2013 to August 31, 2013).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value March 1, 2013	Ending Account Value August 31, 2013	Expenses Paid During Period* March 1, 2013 to August 31, 2013
Export and Multinational	.80%
Actual		$ 1,000.00	$ 1,064.10	$ 4.16
Hypothetical ^A		$ 1,000.00	$ 1,021.17	$ 4.08
Class K	.65%
Actual		$ 1,000.00	$ 1,065.00	$ 3.38
Hypothetical ^A		$ 1,000.00	$ 1,021.93	$ 3.31

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013
	% of fund's net assets	% of fund's net assets 6 months ago
Turquoise Hill Resources Ltd.	3.4	1.2
U.S. Bancorp	2.7	2.4
Pfizer, Inc.	2.6	2.0
Google, Inc. Class A	2.6	2.3
Apple, Inc.	2.4	2.7
Chevron Corp.	2.4	1.9
Wells Fargo & Co.	2.3	0.8
M&T Bank Corp.	2.3	1.1
Fidelity National Information Services, Inc.	2.1	1.3
Dun & Bradstreet Corp.	2.1	0.5
	24.9
Top Five Market Sectors as of August 31, 2013
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	19.0	16.0
Financials	14.9	11.3
Health Care	13.5	13.6
Consumer Staples	12.2	11.7
Consumer Discretionary	9.2	10.2

Asset Allocation (% of fund's net assets)
As of August 31, 2013*			As of February 28, 2013**
	Stocks and Equity Futures 97.2%			Stocks 96.4%
	Bonds 0.1%			Bonds 0.1%
	Convertible Securities 0.2%			Convertible Securities 0.3%
	Short-Term Investments and Net Other Assets (Liabilities) 2.5%			Short-Term Investments and Net Other Assets (Liabilities) 3.2%
* Foreign investments		15.8%	** Foreign investments		13.6%

exp242064

Annual Report

Investments August 31, 2013

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.0%
Automobiles - 0.2%
Tesla Motors, Inc. (a)	20,100		$ 3,397
Diversified Consumer Services - 0.8%
H&R Block, Inc.	551,700		15,398
Media - 1.0%
CBS Corp. Class B	355,800		18,181
Specialty Retail - 3.6%
Ascena Retail Group, Inc. (a)	1,076,400		17,567
Express, Inc. (a)	975,607		20,478
Home Depot, Inc.	115,200		8,581
Staples, Inc.	182,800		2,543
TJX Companies, Inc.	371,000		19,559
			68,728
Textiles, Apparel & Luxury Goods - 3.4%
G-III Apparel Group Ltd. (a)	367,580		16,839
NIKE, Inc. Class B	402,100		25,260
PVH Corp.	77,900		10,030
VF Corp.	71,700		13,423
			65,552
TOTAL CONSUMER DISCRETIONARY			171,256
CONSUMER STAPLES - 12.2%
Beverages - 3.7%
Dr. Pepper Snapple Group, Inc.	822,000		36,793
The Coca-Cola Co.	888,700		33,931
			70,724
Food & Staples Retailing - 2.4%
CVS Caremark Corp.	515,800		29,942
Wal-Mart Stores, Inc.	203,300		14,837
			44,779
Food Products - 2.1%
Archer Daniels Midland Co.	558,200		19,654
Bunge Ltd.	269,100		20,392
			40,046
Household Products - 2.5%
Colgate-Palmolive Co.	259,200		14,974
Energizer Holdings, Inc.	338,900		33,493
			48,467
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 1.5%
British American Tobacco PLC sponsored ADR	175,200		$ 17,795
Lorillard, Inc.	235,500		9,962
			27,757
TOTAL CONSUMER STAPLES			231,773
ENERGY - 8.8%
Energy Equipment & Services - 0.7%
BW Offshore Ltd.	11,645,100		13,815
Oil, Gas & Consumable Fuels - 8.1%
Cabot Oil & Gas Corp.	400,600		15,675
Chevron Corp.	377,700		45,486
Noble Energy, Inc.	313,200		19,240
Northern Oil & Gas, Inc. (a)	690,300		8,891
Range Resources Corp.	139,200		10,437
Suncor Energy, Inc.	942,100		31,752
The Williams Companies, Inc.	577,400		20,925
			152,406
TOTAL ENERGY			166,221
FINANCIALS - 14.9%
Capital Markets - 1.4%
State Street Corp.	400,500		26,721
Commercial Banks - 7.3%
M&T Bank Corp. (d)	380,100		43,081
U.S. Bancorp	1,444,100		52,175
Wells Fargo & Co.	1,069,000		43,915
			139,171
Diversified Financial Services - 5.2%
Bank of America Corp.	1,893,700		26,739
Citigroup, Inc.	797,200		38,529
JPMorgan Chase & Co.	649,100		32,799
			98,067
Real Estate Investment Trusts - 1.0%
American Tower Corp.	258,000		17,928
TOTAL FINANCIALS			281,887
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 13.5%
Biotechnology - 6.2%
Alexion Pharmaceuticals, Inc. (a)	97,600		$ 10,517
Amgen, Inc.	206,400		22,485
Biogen Idec, Inc. (a)	76,000		16,190
BioMarin Pharmaceutical, Inc. (a)	249,200		16,315
Elan Corp. PLC sponsored ADR (a)	348,300		5,308
Gilead Sciences, Inc. (a)	388,400		23,409
Infinity Pharmaceuticals, Inc. (a)	410,945		7,607
Theravance, Inc. (a)(d)	430,900		15,448
			117,279
Health Care Equipment & Supplies - 0.2%
Zimmer Holdings, Inc.	37,900		2,998
Health Care Providers & Services - 0.8%
MEDNAX, Inc. (a)	162,400		15,813
Pharmaceuticals - 6.3%
Actavis, Inc. (a)	105,100		14,207
Cadence Pharmaceuticals, Inc. (a)	1,431,472		7,802
Pfizer, Inc.	1,752,900		49,449
Sanofi SA sponsored ADR	542,300		25,911
Valeant Pharmaceuticals International, Inc. (Canada) (a)	219,400		21,580
			118,949
TOTAL HEALTH CARE			255,039
INDUSTRIALS - 8.8%
Aerospace & Defense - 1.3%
United Technologies Corp.	238,100		23,834
Airlines - 0.7%
Copa Holdings SA Class A	107,900		14,111
Electrical Equipment - 0.8%
AMETEK, Inc.	334,700		14,365
Industrial Conglomerates - 2.4%
Danaher Corp.	525,000		34,398
General Electric Co.	501,500		11,605
			46,003
Professional Services - 2.6%
Dun & Bradstreet Corp.	387,700		38,568
Towers Watson & Co.	122,900		10,109
			48,677
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 1.0%
Canadian Pacific Railway Ltd.	161,100		$ 18,946
TOTAL INDUSTRIALS			165,936
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 1.8%
Cisco Systems, Inc.	1,192,200		27,790
Infinera Corp. (a)(d)	706,000		6,545
			34,335
Computers & Peripherals - 4.0%
Apple, Inc.	93,600		45,588
EMC Corp.	1,130,400		29,142
			74,730
Internet Software & Services - 3.6%
Demandware, Inc. (a)	253,108		10,651
E2open, Inc. (a)	395,838		8,008
Google, Inc. Class A (a)	57,500		48,697
			67,356
IT Services - 5.1%
Accenture PLC Class A	31,300		2,261
Amdocs Ltd.	698,000		25,728
Fidelity National Information Services, Inc.	888,700		39,512
Total System Services, Inc.	983,900		27,225
Virtusa Corp. (a)	91,207		2,401
			97,127
Semiconductors & Semiconductor Equipment - 1.6%
Altera Corp.	320,300		11,265
Broadcom Corp. Class A	493,400		12,463
Micron Technology, Inc. (a)	535,800		7,271
			30,999
Software - 2.8%
Guidewire Software, Inc. (a)	230,600		10,598
Oracle Corp.	1,038,300		33,080
salesforce.com, Inc. (a)	203,700		10,008
Trion World Network, Inc. warrants 8/10/17 (a)(f)	28,652		0*
			53,686
TOTAL INFORMATION TECHNOLOGY			358,233
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 4.6%
Chemicals - 1.2%
Monsanto Co.	244,200		$ 23,905
Metals & Mining - 3.4%
Turquoise Hill Resources Ltd. (a)	12,309,940		64,043
TOTAL MATERIALS			87,948
TELECOMMUNICATION SERVICES - 1.9%
Wireless Telecommunication Services - 1.9%
Vodafone Group PLC sponsored ADR	1,098,200		35,527
UTILITIES - 2.5%
Electric Utilities - 1.2%
Northeast Utilities	560,200		22,951
Multi-Utilities - 1.3%
Sempra Energy	299,600		25,292
TOTAL UTILITIES			48,243
TOTAL COMMON STOCKS (Cost $1,524,509)		1,802,063
Convertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Glam Media, Inc. Series M-1, 8.00% (a)(f)	427,303		2,184
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
Trion World Network, Inc.:
8.00% (a)(f)	76,875		139
Series C, 8.00% (a)(f)	910,747		1,648
Series C-1, 8.00% (a)(f)	71,630		130
			1,917
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,861)		4,101

Nonconvertible Bonds - 0.1%
	Principal Amount (000s)	Value (000s)
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Glam Media, Inc. 9% 12/2/13 (f) (Cost $937)	$ 937	$ 937
U.S. Treasury Obligations - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.03% 10/3/13 (e) (Cost $4,215)	4,215	4,215

Money Market Funds - 7.4%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	83,824,358		83,824
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	56,492,425		56,492
TOTAL MONEY MARKET FUNDS (Cost $140,316)		140,316
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,684,838)			1,951,632
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(56,157)
NET ASSETS - 100%		$ 1,895,475

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
488 CME E-mini S&P 500 Index Contracts	Sept. 2013	$ 39,804	$ 667

The face value of futures purchased as a percentage of net assets is 2.1%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,935,000.

(f) 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 $5,038,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Glam Media, Inc. Series M-1, 8.00%	3/19/08	$ 7,813
Glam Media, Inc. 9% 12/2/13	12/2/11	$ 937
Trion World Network, Inc. warrants 8/10/17	8/10/10	$ 0*
Trion World Network, Inc. 8.00%	3/20/13	$ 404
Trion World Network, Inc. Series C, 8.00%	8/22/08	$ 5,001
Trion World Network, Inc. Series C-1, 8.00%	8/10/10	$ 393

* Amount represent less than $1,000

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	$ 144
Fidelity Securities Lending Cash Central Fund	135
Total	$ 279

Other Information

The following is a summary of the inputs used, as of August 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 173,440	$ 171,256	$ -	$ 2,184
Consumer Staples	231,773	231,773	-	-
Energy	166,221	166,221	-	-
Financials	281,887	281,887	-	-
Health Care	255,039	255,039	-	-
Industrials	165,936	165,936	-	-
Information Technology	360,150	358,233	-	1,917
Materials	87,948	87,948	-	-
Telecommunication Services	35,527	35,527	-	-
Utilities	48,243	48,243	-	-
Corporate Bonds	937	-	-	937
U.S. Government and Government Agency Obligations	4,215	-	4,215	-
Money Market Funds	140,316	140,316	-	-
Total Investments in Securities:	$ 1,951,632	$ 1,942,379	$ 4,215	$ 5,038
Derivative Instruments:
Assets
Futures Contracts	$ 667	$ 667	$ -	$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type (Amounts in thousands)	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 667	$ -
Total Value of Derivatives	$ 667	$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

United States of America	84.2%
Canada	7.2%
United Kingdom	2.9%
Bermuda	1.8%
France	1.4%
Bailiwick of Guernsey	1.4%
Others (Individually Less Than 1%)	1.1%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	August 31, 2013

Assets
Investment in securities, at value (including securities loaned of $54,868) - See accompanying schedule: Unaffiliated issuers (cost $1,544,522)	$ 1,811,316
Fidelity Central Funds (cost $140,316)	140,316
Total Investments (cost $1,684,838)		$ 1,951,632
Receivable for fund shares sold		518
Dividends receivable		3,051
Interest receivable		147
Distributions receivable from Fidelity Central Funds		18
Receivable from investment adviser for expense reductions		2
Other receivables		5
Total assets		1,955,373

Liabilities
Payable for investments purchased	$ 67
Payable for fund shares redeemed	1,890
Accrued management fee	898
Payable for daily variation margin for derivative instruments	132
Other affiliated payables	342
Other payables and accrued expenses	77
Collateral on securities loaned, at value	56,492
Total liabilities		59,898

Net Assets		$ 1,895,475
Net Assets consist of:
Paid in capital		$ 1,436,854
Undistributed net investment income		11,220
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		179,940
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		267,461
Net Assets		$ 1,895,475

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	August 31, 2013

Export and Multinational: Net Asset Value, offering price and redemption price per share ($1,671,251 ÷ 68,440.9 shares)		$ 24.42

Class K: Net Asset Value, offering price and redemption price per share ($224,224 ÷ 9,183.8 shares)		$ 24.42

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended August 31, 2013

Investment Income
Dividends		$ 31,496
Interest		78
Income from Fidelity Central Funds		279
Total income		31,853

Expenses
Management fee	$ 10,874
Transfer agent fees	3,651
Accounting and security lending fees	603
Custodian fees and expenses	80
Independent trustees' compensation	12
Registration fees	43
Audit	73
Legal	7
Miscellaneous	20
Total expenses before reductions	15,363
Expense reductions	(301)	15,062
Net investment income (loss)		16,791
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	276,444
Foreign currency transactions	28
Futures contracts	5,033
Total net realized gain (loss)		281,505
Change in net unrealized appreciation (depreciation) on: Investment securities	(40,031)
Assets and liabilities in foreign currencies	(3)
Futures contracts	667
Total change in net unrealized appreciation (depreciation)		(39,367)
Net gain (loss)		242,138
Net increase (decrease) in net assets resulting from operations		$ 258,929

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

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Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended August 31, 2013	Year ended August 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 16,791	$ 18,167
Net realized gain (loss)	281,505	98,090
Change in net unrealized appreciation (depreciation)	(39,367)	143,935
Net increase (decrease) in net assets resulting from operations	258,929	260,192
Distributions to shareholders from net investment income	(15,558)	(20,029)
Distributions to shareholders from net realized gain	(162,627)	(13,033)
Total distributions	(178,185)	(33,062)
Share transactions - net increase (decrease)	(178,683)	(473,328)
Redemption fees	8	10
Total increase (decrease) in net assets	(97,931)	(246,188)

Net Assets
Beginning of period	1,993,406	2,239,594
End of period (including undistributed net investment income of $11,220 and undistributed net investment income of $10,843, respectively)	$ 1,895,475	$ 1,993,406

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

Annual Report

Financial Highlights - Export and Multinational

Years ended August 31,	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 23.47	$ 20.99	$ 18.07	$ 17.63	$ 21.92
Income from Investment Operations
Net investment income (loss)^B	.20	.19	.17	.10	.15
Net realized and unrealized gain (loss)	2.86^G	2.60	2.89	.46	(4.27)
Total from investment operations	3.06	2.79	3.06	.56	(4.12)
Distributions from net investment income	(.18)	(.19)	(.14)	(.12)	(.05)
Distributions from net realized gain	(1.93)	(.12)	-	-	(.12)
Total distributions	(2.11)	(.31)	(.14)	(.12)	(.17)
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 24.42	$ 23.47	$ 20.99	$ 18.07	$ 17.63
Total Return^A	14.06%^G	13.60%	16.93%	3.17%	(18.65)%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.80%	.82%	.83%	.86%	.91%
Expenses net of fee waivers, if any	.80%	.82%	.83%	.86%	.91%
Expenses net of all reductions	.79%	.82%	.83%	.84%	.90%
Net investment income (loss)	.84%	.87%	.77%	.54%	.95%
Supplemental Data
Net assets, end of period (in millions)	$ 1,671	$ 1,773	$ 2,045	$ 2,227	$ 2,566
Portfolio turnover rate^D	114%	97%	109%	197%	83%

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

^B Calculated based on average shares outstanding during the period.

^C 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.

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

^E 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.

^F Amount represents less than $.01 per share.

^G 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%.

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

Annual Report

Financial Highlights - Class K

Years ended August 31,	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 23.47	$ 21.00	$ 18.08	$ 17.64	$ 21.94
Income from Investment Operations
Net investment income (loss)^B	.23	.23	.21	.14	.18
Net realized and unrealized gain (loss)	2.87^H	2.60	2.89	.47	(4.28)
Total from investment operations	3.10	2.83	3.10	.61	(4.10)
Distributions from net investment income	(.22)	(.23)	(.18)	(.17)	(.08)
Distributions from net realized gain	(1.93)	(.12)	-	-	(.12)
Total distributions	(2.15)	(.36)^G	(.18)	(.17)	(.20)
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 24.42	$ 23.47	$ 21.00	$ 18.08	$ 17.64
Total Return^A	14.27%^H	13.79%	17.16%	3.39%	(18.51)%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.65%	.65%	.65%	.66%	.67%
Expenses net of fee waivers, if any	.65%	.65%	.65%	.66%	.67%
Expenses net of all reductions	.63%	.65%	.65%	.64%	.66%
Net investment income (loss)	.99%	1.04%	.95%	.74%	1.19%
Supplemental Data
Net assets, end of period (in millions)	$ 224	$ 221	$ 194	$ 162	$ 118
Portfolio turnover rate^D	114%	97%	109%	197%	83%

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

^B Calculated based on average shares outstanding during the period.

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

^F Amount represents less than $.01 per share.

^G Total distributions of $.36 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.124 per share.

^H 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 13.76%.

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

Annual Report

Notes to Financial Statements

For the period ended August 31, 2013

(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 Fidelity Management & Research Company (FMR) 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 FMR.

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

3. Significant Accounting Policies.

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

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (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 is responsible for approving and reporting to the Board all fair value determinations.

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 restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally 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. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

comparable quality, coupon, maturity and type as well as 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2013 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 may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are

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3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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 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. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2013, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions passive foreign investment companies (PFIC), market discount, deferred trustees compensation and losses deferred due to wash sales.

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

Gross unrealized appreciation	$ 318,374
Gross unrealized depreciation	(58,987)
Net unrealized appreciation (depreciation) on securities and other investments	$ 259,387

Tax Cost	$ 1,692,245

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

Undistributed ordinary income	$ 36,072
Undistributed long-term capital gain	$ 163,163
Net unrealized appreciation (depreciation)	$ 259,387

The tax character of distributions paid was as follows:

	August 31, 2013	August 31, 2012
Ordinary Income	$ 25,572	$ 20,029
Long-term Capital Gains	152,613	13,033
Total	$ 178,185	$ 33,062

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .75% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of

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3. Significant Accounting Policies - continued

Restricted Securities - continued

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.

New Accounting Pronouncement. The Financial Accounting Standards Board issued in December 2011, Accounting Standard Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities, and in January 2013, Accounting Standards Update No. 2013-1 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. These updates create new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management expects that the impact of the update's adoption will be limited to additional financial statement disclosures as applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of activity for the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $5,033 and a change in net unrealized appreciation (depreciation) of $667 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,105,824 and $2,448,557, respectively.

Annual Report

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR 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 .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR, including any mutual funds previously advised by FMR that are currently advised by Fidelity SelectCo, LLC, an affiliate of FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .55% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of FMR, 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 Average Net Assets
Export and Multinational	$ 3,539	.20
Class K	112	.05
	$ 3,651

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, 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 $60 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR 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

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Committed Line of Credit - continued

agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $135, including $2 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom FMR, 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 $292 for the period. Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by one hundred seventeen dollars.

In addition, FMR reimbursed a portion of the Fund's operating expenses during the period in the amount of $9.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended August 31,	2013	2012
From net investment income
Export and Multinational	$ 13,448	$ 17,858
Class K	2,110	2,171
Total	$ 15,558	$ 20,029
From net realized gain
Export and Multinational	$ 144,023	$ 11,876
Class K	18,604	1,157
Total	$ 162,627	$ 13,033

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended August 31,	2013	2012	2013	2012
Export and Multinational
Shares sold	2,921	3,519	$ 68,311	$ 76,602
Reinvestment of distributions	6,759	1,455	151,887	28,547
Shares redeemed	(16,765)	(26,919)	(392,553)	(581,805)
Net increase (decrease)	(7,085)	(21,945)	$ (172,355)	$ (476,656)
Class K
Shares sold	1,651	4,027	$ 38,678	$ 88,645
Reinvestment of distributions	923	170	20,714	3,328
Shares redeemed	(2,799)	(4,034)	(65,720)	(88,645)
Net increase (decrease)	(225)	163	$ (6,328)	$ 3,328

12. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity Export and Multinational Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Export and Multinational Fund (a fund of Fidelity Summer Street Trust) at August 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Export and Multinational Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 15, 2013

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, Ned C. Lautenbach, Ronald P. O'Hanley, and William S. Stavropoulos, each of the Trustees oversees 166 funds. Mr. Curvey oversees 387 funds. Mr. Lautenbach, Mr. O'Hanley, and Mr. Stavropoulos each oversees 230 funds.

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

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

Annual Report

Trustees and Officers - continued

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

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

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

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

Annual Report

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

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
	Year of Election or Appointment 2007 Mr. Curvey is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (1957)
	Year of Election or Appointment: 2011 Mr. O'Hanley serves as a Trustee and Chairman of the Board of Trustees of other Fidelity funds (2013-present), and is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a Member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

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

Annual Report

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present) and serves as a Trustee of other Fidelity funds (2013-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present) and serves as a Trustee of other Fidelity funds (2013-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011). In addition, Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (1969)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present), Deputy Treasurer (2013-present), and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present). Previously, Mr. Robins served as President and Treasurer (2008-2013) and Deputy Treasurer (2005-2008) of certain Fidelity funds, and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (1965)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Vice President of other Fidelity funds (2013-present), Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (1964)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as Vice President of other Fidelity funds (2009-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (1968)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of certain Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (1969)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Assistant Secretary of other Fidelity funds (2009-present), Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Elizabeth Paige Baumann (1968)
	Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Baumann also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2012-present), Chief AML Officer of FMR LLC (2012-present), and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
Christine Reynolds (1958)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Joseph A. Hanlon (1968)
	Year of Election or Appointment: 2012 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Hanlon also serves as Chief Compliance Officer of other Fidelity funds (2012-present). Mr. Hanlon serves as Compliance Officer of FMR, FMR Co., Inc., Fidelity Investments Money Management, Inc. (FIMM), Fidelity Research and Analysis Company (FRAC), and Fidelity Management & Research (Hong Kong) (2009-present), as Senior Vice President of the Fidelity Asset Management Division (2009-present), and is an employee of Fidelity Investments. Previously, Mr. Hanlon served as Compliance Officer of Fidelity Management & Research (Japan) Inc. (2009-2013), Strategic Advisers, Inc. (2009-2013), and Fidelity Management & Research (U.K.) Inc. (2009-2013).
Joseph F. Zambello (1957)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (1967)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as President and Treasurer (2013-present), Vice President (2011-present), and Assistant Treasurer (2010-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Deputy Treasurer of other Fidelity funds (2008-2013), Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephen Sadoski (1971)
	Year of Election or Appointment: 2012 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Sadoski also serves as Deputy Treasurer of other Fidelity funds (2013-present) and is an employee of Fidelity Investments (2012-present). Previously, Mr. Sadoski served as Deputy Treasurer (2012-2013) and Assistant Treasurer (2012-2013) of other Fidelity funds, an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
	Year of Election or Appointment: 2013 Deputy Treasurer of Fidelity's Equity and High Income Funds. Ms. Smith also serves as Assistant Treasurer of other Fidelity funds (2013-present) and is an employee of Fidelity Investments (2009-present). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013) and Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
	Year of Election or Appointment: 2013 Deputy Treasurer of the Fidelity funds. Ms. Stagnone is an employee of Fidelity Investments.
Stephanie J. Dorsey (1969)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as President and Treasurer (2013-present) and Assistant Treasurer (2010-present) of other Fidelity funds, Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2013-present), and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds (2008-2013), Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Chris Maher (1972)
	Year of Election or Appointment: 2013 Assistant Treasurer of the Fidelity funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Gary W. Ryan (1958)
	Year of Election or Appointment: 2005 Assistant Treasurer of certain Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Assistant Treasurer of other Fidelity funds (2005-2013) and Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (1968)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Export and Multinational Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Export and Multinational	10/07/13	10/04/13	$0.143	$2.457

The fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2013, $233,554,414, or, if subsequently determined to be different, the net capital gain of such year.

Export and Multinational designates 100% and 65% of the dividends distributed in October and December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Export and Multinational designates 100% and 65% of the dividends distributed in October and December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2014 of amounts for use in preparing 2013 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company
Chicago, IL

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

Fidelity Automated Service
Telephone (FAST®) exp242066
1-800-544-5555

Automated line for quickest service

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

EXF-UANN-1013
1.790907.110

Fidelity®

Export and Multinational

Fund -

Class K

Annual Report

August 31, 2013

(Fidelity Cover Art)

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 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.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended August 31, 2013	Past 1 year	Past 5 years	Past 10 years
Class K^A	14.27%	5.12%	7.25%

^AThe initial offering of Class K took place on May 9, 2008. Returns prior to May 9, 2008, are those of Fidelity® Export and Multinational Fund, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Export and Multinational Fund - Class K on August 31, 2003. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. The initial offering of Class K took place on May 9, 2008. See above for additional information regarding the performance of Class K.

exp242079

Annual Report

Management's Discussion of Fund Performance

Comments from Heather Carrillo, Portfolio Manager of Fidelity® Export and Multinational Fund: For the year, the fund's Class K shares returned 14.27%, considerably lagging the S&P 500®. The two biggest detractors were non-benchmark positions from the materials sector: Canada's Turquoise Hill Resources, which encountered various problems with its copper mine in Mongolia, and gold miner Goldcorp. I aggressively added to the former position, making it the fund's largest holding at period end. On the other hand, after buying Goldcorp earlier in the period, I sold it. Elsewhere, I boosted the fund's exposure to diversified financials, establishing overweighted positions in index components JPMorgan Chase and Bank of America. However, not owning this strong-performing duo for the entire period curbed relative performance. A small cash position detracted as well. Conversely, health care aided relative performance the most, particularly a non-benchmark stake in Valeant Pharmaceuticals. However, the top individual contributor versus the index was U.K.-based Virgin Media, whose share price rallied in February in response to a proposed takeover of the company. Soon after, I sold this non-index stock to nail down profits. Litigation income received during the period added to the fund's return.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2013 to August 31, 2013).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value March 1, 2013	Ending Account Value August 31, 2013	Expenses Paid During Period* March 1, 2013 to August 31, 2013
Export and Multinational	.80%
Actual		$ 1,000.00	$ 1,064.10	$ 4.16
Hypothetical ^A		$ 1,000.00	$ 1,021.17	$ 4.08
Class K	.65%
Actual		$ 1,000.00	$ 1,065.00	$ 3.38
Hypothetical ^A		$ 1,000.00	$ 1,021.93	$ 3.31

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013
	% of fund's net assets	% of fund's net assets 6 months ago
Turquoise Hill Resources Ltd.	3.4	1.2
U.S. Bancorp	2.7	2.4
Pfizer, Inc.	2.6	2.0
Google, Inc. Class A	2.6	2.3
Apple, Inc.	2.4	2.7
Chevron Corp.	2.4	1.9
Wells Fargo & Co.	2.3	0.8
M&T Bank Corp.	2.3	1.1
Fidelity National Information Services, Inc.	2.1	1.3
Dun & Bradstreet Corp.	2.1	0.5
	24.9
Top Five Market Sectors as of August 31, 2013
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	19.0	16.0
Financials	14.9	11.3
Health Care	13.5	13.6
Consumer Staples	12.2	11.7
Consumer Discretionary	9.2	10.2

Asset Allocation (% of fund's net assets)
As of August 31, 2013*			As of February 28, 2013**
	Stocks and Equity Futures 97.2%			Stocks 96.4%
	Bonds 0.1%			Bonds 0.1%
	Convertible Securities 0.2%			Convertible Securities 0.3%
	Short-Term Investments and Net Other Assets (Liabilities) 2.5%			Short-Term Investments and Net Other Assets (Liabilities) 3.2%
* Foreign investments		15.8%	** Foreign investments		13.6%

exp242089

Annual Report

Investments August 31, 2013

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.0%
Automobiles - 0.2%
Tesla Motors, Inc. (a)	20,100		$ 3,397
Diversified Consumer Services - 0.8%
H&R Block, Inc.	551,700		15,398
Media - 1.0%
CBS Corp. Class B	355,800		18,181
Specialty Retail - 3.6%
Ascena Retail Group, Inc. (a)	1,076,400		17,567
Express, Inc. (a)	975,607		20,478
Home Depot, Inc.	115,200		8,581
Staples, Inc.	182,800		2,543
TJX Companies, Inc.	371,000		19,559
			68,728
Textiles, Apparel & Luxury Goods - 3.4%
G-III Apparel Group Ltd. (a)	367,580		16,839
NIKE, Inc. Class B	402,100		25,260
PVH Corp.	77,900		10,030
VF Corp.	71,700		13,423
			65,552
TOTAL CONSUMER DISCRETIONARY			171,256
CONSUMER STAPLES - 12.2%
Beverages - 3.7%
Dr. Pepper Snapple Group, Inc.	822,000		36,793
The Coca-Cola Co.	888,700		33,931
			70,724
Food & Staples Retailing - 2.4%
CVS Caremark Corp.	515,800		29,942
Wal-Mart Stores, Inc.	203,300		14,837
			44,779
Food Products - 2.1%
Archer Daniels Midland Co.	558,200		19,654
Bunge Ltd.	269,100		20,392
			40,046
Household Products - 2.5%
Colgate-Palmolive Co.	259,200		14,974
Energizer Holdings, Inc.	338,900		33,493
			48,467
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 1.5%
British American Tobacco PLC sponsored ADR	175,200		$ 17,795
Lorillard, Inc.	235,500		9,962
			27,757
TOTAL CONSUMER STAPLES			231,773
ENERGY - 8.8%
Energy Equipment & Services - 0.7%
BW Offshore Ltd.	11,645,100		13,815
Oil, Gas & Consumable Fuels - 8.1%
Cabot Oil & Gas Corp.	400,600		15,675
Chevron Corp.	377,700		45,486
Noble Energy, Inc.	313,200		19,240
Northern Oil & Gas, Inc. (a)	690,300		8,891
Range Resources Corp.	139,200		10,437
Suncor Energy, Inc.	942,100		31,752
The Williams Companies, Inc.	577,400		20,925
			152,406
TOTAL ENERGY			166,221
FINANCIALS - 14.9%
Capital Markets - 1.4%
State Street Corp.	400,500		26,721
Commercial Banks - 7.3%
M&T Bank Corp. (d)	380,100		43,081
U.S. Bancorp	1,444,100		52,175
Wells Fargo & Co.	1,069,000		43,915
			139,171
Diversified Financial Services - 5.2%
Bank of America Corp.	1,893,700		26,739
Citigroup, Inc.	797,200		38,529
JPMorgan Chase & Co.	649,100		32,799
			98,067
Real Estate Investment Trusts - 1.0%
American Tower Corp.	258,000		17,928
TOTAL FINANCIALS			281,887
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 13.5%
Biotechnology - 6.2%
Alexion Pharmaceuticals, Inc. (a)	97,600		$ 10,517
Amgen, Inc.	206,400		22,485
Biogen Idec, Inc. (a)	76,000		16,190
BioMarin Pharmaceutical, Inc. (a)	249,200		16,315
Elan Corp. PLC sponsored ADR (a)	348,300		5,308
Gilead Sciences, Inc. (a)	388,400		23,409
Infinity Pharmaceuticals, Inc. (a)	410,945		7,607
Theravance, Inc. (a)(d)	430,900		15,448
			117,279
Health Care Equipment & Supplies - 0.2%
Zimmer Holdings, Inc.	37,900		2,998
Health Care Providers & Services - 0.8%
MEDNAX, Inc. (a)	162,400		15,813
Pharmaceuticals - 6.3%
Actavis, Inc. (a)	105,100		14,207
Cadence Pharmaceuticals, Inc. (a)	1,431,472		7,802
Pfizer, Inc.	1,752,900		49,449
Sanofi SA sponsored ADR	542,300		25,911
Valeant Pharmaceuticals International, Inc. (Canada) (a)	219,400		21,580
			118,949
TOTAL HEALTH CARE			255,039
INDUSTRIALS - 8.8%
Aerospace & Defense - 1.3%
United Technologies Corp.	238,100		23,834
Airlines - 0.7%
Copa Holdings SA Class A	107,900		14,111
Electrical Equipment - 0.8%
AMETEK, Inc.	334,700		14,365
Industrial Conglomerates - 2.4%
Danaher Corp.	525,000		34,398
General Electric Co.	501,500		11,605
			46,003
Professional Services - 2.6%
Dun & Bradstreet Corp.	387,700		38,568
Towers Watson & Co.	122,900		10,109
			48,677
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 1.0%
Canadian Pacific Railway Ltd.	161,100		$ 18,946
TOTAL INDUSTRIALS			165,936
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 1.8%
Cisco Systems, Inc.	1,192,200		27,790
Infinera Corp. (a)(d)	706,000		6,545
			34,335
Computers & Peripherals - 4.0%
Apple, Inc.	93,600		45,588
EMC Corp.	1,130,400		29,142
			74,730
Internet Software & Services - 3.6%
Demandware, Inc. (a)	253,108		10,651
E2open, Inc. (a)	395,838		8,008
Google, Inc. Class A (a)	57,500		48,697
			67,356
IT Services - 5.1%
Accenture PLC Class A	31,300		2,261
Amdocs Ltd.	698,000		25,728
Fidelity National Information Services, Inc.	888,700		39,512
Total System Services, Inc.	983,900		27,225
Virtusa Corp. (a)	91,207		2,401
			97,127
Semiconductors & Semiconductor Equipment - 1.6%
Altera Corp.	320,300		11,265
Broadcom Corp. Class A	493,400		12,463
Micron Technology, Inc. (a)	535,800		7,271
			30,999
Software - 2.8%
Guidewire Software, Inc. (a)	230,600		10,598
Oracle Corp.	1,038,300		33,080
salesforce.com, Inc. (a)	203,700		10,008
Trion World Network, Inc. warrants 8/10/17 (a)(f)	28,652		0*
			53,686
TOTAL INFORMATION TECHNOLOGY			358,233
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 4.6%
Chemicals - 1.2%
Monsanto Co.	244,200		$ 23,905
Metals & Mining - 3.4%
Turquoise Hill Resources Ltd. (a)	12,309,940		64,043
TOTAL MATERIALS			87,948
TELECOMMUNICATION SERVICES - 1.9%
Wireless Telecommunication Services - 1.9%
Vodafone Group PLC sponsored ADR	1,098,200		35,527
UTILITIES - 2.5%
Electric Utilities - 1.2%
Northeast Utilities	560,200		22,951
Multi-Utilities - 1.3%
Sempra Energy	299,600		25,292
TOTAL UTILITIES			48,243
TOTAL COMMON STOCKS (Cost $1,524,509)		1,802,063
Convertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Glam Media, Inc. Series M-1, 8.00% (a)(f)	427,303		2,184
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
Trion World Network, Inc.:
8.00% (a)(f)	76,875		139
Series C, 8.00% (a)(f)	910,747		1,648
Series C-1, 8.00% (a)(f)	71,630		130
			1,917
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,861)		4,101

Nonconvertible Bonds - 0.1%
	Principal Amount (000s)	Value (000s)
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Glam Media, Inc. 9% 12/2/13 (f) (Cost $937)	$ 937	$ 937
U.S. Treasury Obligations - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.03% 10/3/13 (e) (Cost $4,215)	4,215	4,215

Money Market Funds - 7.4%
	Shares
Fidelity Cash Central Fund, 0.10% (b)	83,824,358		83,824
Fidelity Securities Lending Cash Central Fund, 0.10% (b)(c)	56,492,425		56,492
TOTAL MONEY MARKET FUNDS (Cost $140,316)		140,316
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $1,684,838)			1,951,632
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(56,157)
NET ASSETS - 100%		$ 1,895,475

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
488 CME E-mini S&P 500 Index Contracts	Sept. 2013	$ 39,804	$ 667

The face value of futures purchased as a percentage of net assets is 2.1%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,935,000.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Glam Media, Inc. Series M-1, 8.00%	3/19/08	$ 7,813
Glam Media, Inc. 9% 12/2/13	12/2/11	$ 937
Trion World Network, Inc. warrants 8/10/17	8/10/10	$ 0*
Trion World Network, Inc. 8.00%	3/20/13	$ 404
Trion World Network, Inc. Series C, 8.00%	8/22/08	$ 5,001
Trion World Network, Inc. Series C-1, 8.00%	8/10/10	$ 393

* Amount represent less than $1,000

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	$ 144
Fidelity Securities Lending Cash Central Fund	135
Total	$ 279

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 173,440	$ 171,256	$ -	$ 2,184
Consumer Staples	231,773	231,773	-	-
Energy	166,221	166,221	-	-
Financials	281,887	281,887	-	-
Health Care	255,039	255,039	-	-
Industrials	165,936	165,936	-	-
Information Technology	360,150	358,233	-	1,917
Materials	87,948	87,948	-	-
Telecommunication Services	35,527	35,527	-	-
Utilities	48,243	48,243	-	-
Corporate Bonds	937	-	-	937
U.S. Government and Government Agency Obligations	4,215	-	4,215	-
Money Market Funds	140,316	140,316	-	-
Total Investments in Securities:	$ 1,951,632	$ 1,942,379	$ 4,215	$ 5,038
Derivative Instruments:
Assets
Futures Contracts	$ 667	$ 667	$ -	$ -

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type (Amounts in thousands)	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ 667	$ -
Total Value of Derivatives	$ 667	$ -

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

United States of America	84.2%
Canada	7.2%
United Kingdom	2.9%
Bermuda	1.8%
France	1.4%
Bailiwick of Guernsey	1.4%
Others (Individually Less Than 1%)	1.1%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	August 31, 2013

Assets
Investment in securities, at value (including securities loaned of $54,868) - See accompanying schedule: Unaffiliated issuers (cost $1,544,522)	$ 1,811,316
Fidelity Central Funds (cost $140,316)	140,316
Total Investments (cost $1,684,838)		$ 1,951,632
Receivable for fund shares sold		518
Dividends receivable		3,051
Interest receivable		147
Distributions receivable from Fidelity Central Funds		18
Receivable from investment adviser for expense reductions		2
Other receivables		5
Total assets		1,955,373

Liabilities
Payable for investments purchased	$ 67
Payable for fund shares redeemed	1,890
Accrued management fee	898
Payable for daily variation margin for derivative instruments	132
Other affiliated payables	342
Other payables and accrued expenses	77
Collateral on securities loaned, at value	56,492
Total liabilities		59,898

Net Assets		$ 1,895,475
Net Assets consist of:
Paid in capital		$ 1,436,854
Undistributed net investment income		11,220
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		179,940
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		267,461
Net Assets		$ 1,895,475

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	August 31, 2013

Export and Multinational: Net Asset Value, offering price and redemption price per share ($1,671,251 ÷ 68,440.9 shares)		$ 24.42

Class K: Net Asset Value, offering price and redemption price per share ($224,224 ÷ 9,183.8 shares)		$ 24.42

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended August 31, 2013

Investment Income
Dividends		$ 31,496
Interest		78
Income from Fidelity Central Funds		279
Total income		31,853

Expenses
Management fee	$ 10,874
Transfer agent fees	3,651
Accounting and security lending fees	603
Custodian fees and expenses	80
Independent trustees' compensation	12
Registration fees	43
Audit	73
Legal	7
Miscellaneous	20
Total expenses before reductions	15,363
Expense reductions	(301)	15,062
Net investment income (loss)		16,791
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	276,444
Foreign currency transactions	28
Futures contracts	5,033
Total net realized gain (loss)		281,505
Change in net unrealized appreciation (depreciation) on: Investment securities	(40,031)
Assets and liabilities in foreign currencies	(3)
Futures contracts	667
Total change in net unrealized appreciation (depreciation)		(39,367)
Net gain (loss)		242,138
Net increase (decrease) in net assets resulting from operations		$ 258,929

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended August 31, 2013	Year ended August 31, 2012
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 16,791	$ 18,167
Net realized gain (loss)	281,505	98,090
Change in net unrealized appreciation (depreciation)	(39,367)	143,935
Net increase (decrease) in net assets resulting from operations	258,929	260,192
Distributions to shareholders from net investment income	(15,558)	(20,029)
Distributions to shareholders from net realized gain	(162,627)	(13,033)
Total distributions	(178,185)	(33,062)
Share transactions - net increase (decrease)	(178,683)	(473,328)
Redemption fees	8	10
Total increase (decrease) in net assets	(97,931)	(246,188)

Net Assets
Beginning of period	1,993,406	2,239,594
End of period (including undistributed net investment income of $11,220 and undistributed net investment income of $10,843, respectively)	$ 1,895,475	$ 1,993,406

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

Annual Report

Financial Highlights - Export and Multinational

Years ended August 31,	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 23.47	$ 20.99	$ 18.07	$ 17.63	$ 21.92
Income from Investment Operations
Net investment income (loss)^B	.20	.19	.17	.10	.15
Net realized and unrealized gain (loss)	2.86^G	2.60	2.89	.46	(4.27)
Total from investment operations	3.06	2.79	3.06	.56	(4.12)
Distributions from net investment income	(.18)	(.19)	(.14)	(.12)	(.05)
Distributions from net realized gain	(1.93)	(.12)	-	-	(.12)
Total distributions	(2.11)	(.31)	(.14)	(.12)	(.17)
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 24.42	$ 23.47	$ 20.99	$ 18.07	$ 17.63
Total Return^A	14.06%^G	13.60%	16.93%	3.17%	(18.65)%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.80%	.82%	.83%	.86%	.91%
Expenses net of fee waivers, if any	.80%	.82%	.83%	.86%	.91%
Expenses net of all reductions	.79%	.82%	.83%	.84%	.90%
Net investment income (loss)	.84%	.87%	.77%	.54%	.95%
Supplemental Data
Net assets, end of period (in millions)	$ 1,671	$ 1,773	$ 2,045	$ 2,227	$ 2,566
Portfolio turnover rate^D	114%	97%	109%	197%	83%

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

^B Calculated based on average shares outstanding during the period.

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

^F Amount represents less than $.01 per share.

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

Annual Report

Financial Highlights - Class K

Years ended August 31,	2013	2012	2011	2010	2009
Selected Per-Share Data
Net asset value, beginning of period	$ 23.47	$ 21.00	$ 18.08	$ 17.64	$ 21.94
Income from Investment Operations
Net investment income (loss)^B	.23	.23	.21	.14	.18
Net realized and unrealized gain (loss)	2.87^H	2.60	2.89	.47	(4.28)
Total from investment operations	3.10	2.83	3.10	.61	(4.10)
Distributions from net investment income	(.22)	(.23)	(.18)	(.17)	(.08)
Distributions from net realized gain	(1.93)	(.12)	-	-	(.12)
Total distributions	(2.15)	(.36)^G	(.18)	(.17)	(.20)
Redemption fees added to paid in capital^{B, F}	-	-	-	-	-
Net asset value, end of period	$ 24.42	$ 23.47	$ 21.00	$ 18.08	$ 17.64
Total Return^A	14.27%^H	13.79%	17.16%	3.39%	(18.51)%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.65%	.65%	.65%	.66%	.67%
Expenses net of fee waivers, if any	.65%	.65%	.65%	.66%	.67%
Expenses net of all reductions	.63%	.65%	.65%	.64%	.66%
Net investment income (loss)	.99%	1.04%	.95%	.74%	1.19%
Supplemental Data
Net assets, end of period (in millions)	$ 224	$ 221	$ 194	$ 162	$ 118
Portfolio turnover rate^D	114%	97%	109%	197%	83%

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

^B Calculated based on average shares outstanding during the period.

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

^F Amount represents less than $.01 per share.

^G Total distributions of $.36 per share is comprised of distributions from net investment income of $.231 and distributions from net realized gain of $.124 per share.

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

Annual Report

Notes to Financial Statements

For the period ended August 31, 2013

(Amounts in thousands except percentages)

1. Organization.

2. Investments in 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 FMR.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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:

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation	$ 318,374
Gross unrealized depreciation	(58,987)
Net unrealized appreciation (depreciation) on securities and other investments	$ 259,387

Tax Cost	$ 1,692,245

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

Undistributed ordinary income	$ 36,072
Undistributed long-term capital gain	$ 163,163
Net unrealized appreciation (depreciation)	$ 259,387

The tax character of distributions paid was as follows:

	August 31, 2013	August 31, 2012
Ordinary Income	$ 25,572	$ 20,029
Long-term Capital Gains	152,613	13,033
Total	$ 178,185	$ 33,062

Annual Report

3. Significant Accounting Policies - continued

Restricted Securities - continued

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,105,824 and $2,448,557, respectively.

Annual Report

6. Fees and Other Transactions with Affiliates.

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

	Amount	% of Average Net Assets
Export and Multinational	$ 3,539	.20
Class K	112	.05
	$ 3,651

7. Committed Line of Credit.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Committed Line of Credit - continued

8. Security Lending.

9. Expense Reductions.

In addition, FMR reimbursed a portion of the Fund's operating expenses during the period in the amount of $9.

Annual Report

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended August 31,	2013	2012
From net investment income
Export and Multinational	$ 13,448	$ 17,858
Class K	2,110	2,171
Total	$ 15,558	$ 20,029
From net realized gain
Export and Multinational	$ 144,023	$ 11,876
Class K	18,604	1,157
Total	$ 162,627	$ 13,033

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended August 31,	2013	2012	2013	2012
Export and Multinational
Shares sold	2,921	3,519	$ 68,311	$ 76,602
Reinvestment of distributions	6,759	1,455	151,887	28,547
Shares redeemed	(16,765)	(26,919)	(392,553)	(581,805)
Net increase (decrease)	(7,085)	(21,945)	$ (172,355)	$ (476,656)
Class K
Shares sold	1,651	4,027	$ 38,678	$ 88,645
Reinvestment of distributions	923	170	20,714	3,328
Shares redeemed	(2,799)	(4,034)	(65,720)	(88,645)
Net increase (decrease)	(225)	163	$ (6,328)	$ 3,328

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity Export and Multinational Fund:

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 15, 2013

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-5092.

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
	Year of Election or Appointment 2007 Mr. Curvey is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (1957)
	Year of Election or Appointment: 2011 Mr. O'Hanley serves as a Trustee and Chairman of the Board of Trustees of other Fidelity funds (2013-present), and is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a Member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

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

Annual Report

Independent Trustees:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present) and serves as a Trustee of other Fidelity funds (2013-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present) and serves as a Trustee of other Fidelity funds (2013-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011). In addition, Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (1969)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present), Deputy Treasurer (2013-present), and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present). Previously, Mr. Robins served as President and Treasurer (2008-2013) and Deputy Treasurer (2005-2008) of certain Fidelity funds, and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (1965)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Vice President of other Fidelity funds (2013-present), Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-present), Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present), Group Chief Investment Officer of FMR, and President of Fidelity Research & Analysis Company (2010-present). Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (1964)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as Vice President of other Fidelity funds (2009-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (1968)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of certain Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (1969)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Assistant Secretary of other Fidelity funds (2009-present), Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Elizabeth Paige Baumann (1968)
	Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Baumann also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2012-present), Chief AML Officer of FMR LLC (2012-present), and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
Christine Reynolds (1958)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Joseph A. Hanlon (1968)
	Year of Election or Appointment: 2012 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Hanlon also serves as Chief Compliance Officer of other Fidelity funds (2012-present). Mr. Hanlon serves as Compliance Officer of FMR, FMR Co., Inc., Fidelity Investments Money Management, Inc. (FIMM), Fidelity Research and Analysis Company (FRAC), and Fidelity Management & Research (Hong Kong) (2009-present), as Senior Vice President of the Fidelity Asset Management Division (2009-present), and is an employee of Fidelity Investments. Previously, Mr. Hanlon served as Compliance Officer of Fidelity Management & Research (Japan) Inc. (2009-2013), Strategic Advisers, Inc. (2009-2013), and Fidelity Management & Research (U.K.) Inc. (2009-2013).
Joseph F. Zambello (1957)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (1967)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as President and Treasurer (2013-present), Vice President (2011-present), and Assistant Treasurer (2010-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Deputy Treasurer of other Fidelity funds (2008-2013), Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephen Sadoski (1971)
	Year of Election or Appointment: 2012 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Sadoski also serves as Deputy Treasurer of other Fidelity funds (2013-present) and is an employee of Fidelity Investments (2012-present). Previously, Mr. Sadoski served as Deputy Treasurer (2012-2013) and Assistant Treasurer (2012-2013) of other Fidelity funds, an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
	Year of Election or Appointment: 2013 Deputy Treasurer of Fidelity's Equity and High Income Funds. Ms. Smith also serves as Assistant Treasurer of other Fidelity funds (2013-present) and is an employee of Fidelity Investments (2009-present). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013) and Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
	Year of Election or Appointment: 2013 Deputy Treasurer of the Fidelity funds. Ms. Stagnone is an employee of Fidelity Investments.
Stephanie J. Dorsey (1969)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as President and Treasurer (2013-present) and Assistant Treasurer (2010-present) of other Fidelity funds, Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2013-present), and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds (2008-2013), Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Chris Maher (1972)
	Year of Election or Appointment: 2013 Assistant Treasurer of the Fidelity funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Gary W. Ryan (1958)
	Year of Election or Appointment: 2005 Assistant Treasurer of certain Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Assistant Treasurer of other Fidelity funds (2005-2013) and Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (1968)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Class K	10/07/13	10/04/13	$0.170	$2.457

Class K designates 95% and 61% of the dividends distributed in October and December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class K designates 96% and 61% of the dividends distributed in October and December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2014 of amounts for use in preparing 2013 income tax returns.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company
Chicago, IL

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

EXF-K-UANN-1013
1.863241.104

Item 2. Code of Ethics

As of the end of the period, August 31, 2013, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Export and Multinational Fund (the "Fund"):

Services Billed by PwC

August 31, 2013 Fees^A

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Export and Multinational Fund

$57,000

$3,300

$2,200

August 31, 2012 Fees^A

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Export and Multinational Fund

$56,000

$3,300

$2,400

^AAmounts may reflect rounding.

The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Fund Service Providers"):

Services Billed by PwC

	August 31, 2013^A	August 31, 2012^A
Audit-Related Fees	$5,335,000	$4,450,000
Tax Fees	$-	$-
All Other Fees	$30,000	$-

^A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Fund, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund are as follows:

Billed By	August 31, 2013^A	August 31, 2012^A
PwC	$6,185,000	$5,655,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Fund, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund and its related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's last two fiscal years relating to services provided to (i) the Fund or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Summer Street Trust

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	October 28, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	October 28, 2013

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	October 28, 2013

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments August 31, 2013

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Export and Multinational

Financial Highlights - Class K

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments August 31, 2013

Financial Statements

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Export and Multinational

Financial Highlights - Class K

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)