# EDGAR Filing Document

**Accession Number:** 0000225322
**File Stem:** 0000225322-26-000030
**Filing Date:** 2026-1
**Character Count:** 431823
**Document Hash:** 2593d4f780c0cd654daf7226a958c783
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000225322-26-000030.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000225322-26-000030

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SUMMER STREET TRUST
- **CENTRAL INDEX KEY:** 0000225322

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02737
- **FILM NUMBER:** 26550257

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 19890309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY AGGRESSIVE INCOME FUND
- **DATE OF NAME CHANGE:** 19810205

## Series and Classes Contracts Data

### Fidelity Agricultural Productivity Fund (Series ID: S000067930)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000217772 | Fidelity Agricultural Productivity Fund | FARMX           |

### Fidelity Water Sustainability Fund (Series ID: S000067937)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000217779 | Fidelity Water Sustainability Fund | FLOWX           |

### Fidelity Climate Action Fund (Series ID: S000072128)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000227889 | Fidelity Advisor Climate Action Fund: Class A | FCAJX           |
| C000227890 | Fidelity Advisor Climate Action Fund: Class M | FCAOX           |
| C000227891 | Fidelity Advisor Climate Action Fund: Class C | FCALX           |
| C000227892 | Fidelity Advisor Climate Action Fund: Class I | FCAUX           |
| C000227893 | Fidelity Advisor Climate Action Fund: Class Z | FCLZX           |
| C000227894 | Fidelity Climate Action Fund                  | FCAEX           |

### Fidelity Sustainable U.S. Equity Fund (Series ID: S000072129)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000227895 | Fidelity Advisor Sustainable U.S. Equity Fund: Class A | FSEKX           |
| C000227896 | Fidelity Advisor Sustainable U.S. Equity Fund: Class M | FSEPX           |
| C000227897 | Fidelity Advisor Sustainable U.S. Equity Fund: Class C | FSEOX           |
| C000227898 | Fidelity Advisor Sustainable U.S. Equity Fund: Class I | FSEQX           |
| C000227899 | Fidelity Advisor Sustainable U.S. Equity Fund: Class Z | FSEWX           |
| C000227900 | Fidelity Sustainable U.S. Equity Fund                  | FSEBX           |

### Fidelity SAI Sustainable Sector Fund (Series ID: S000075898)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000235239 | Fidelity SAI Sustainable Sector Fund | FIDJX           |

### Fidelity SAI Sustainable U.S. Equity Fund (Series ID: S000075899)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000235240 | Fidelity SAI Sustainable U.S. Equity Fund | FIDEX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-02737</u>

<u>Fidelity Summer Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; May 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Water Sustainability Fund<br> **Fidelity® Water Sustainability Fund : FLOWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Water Sustainability Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Water Sustainability Fund  | $46  | 0.87% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $146199701<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 57.8 |
| Utilities | 35.4 |
| Materials | 2.0 |
| Information Technology | 0.9 |
| Energy | 0.9 |
| Consumer Discretionary | 0.5 |

---

Common Stocks 97.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6042_20251130_AA.jpg) <br>|

---

Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.5 <br>

---

| | |
|:---|:---|
| United States | 64.3 |
| United Kingdom | 14.8 |
| Brazil | 7.8 |
| Switzerland | 6.7 |
| Japan | 2.7 |
| France | 1.9 |
| Italy | 1.3 |
| Korea (South) | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6042_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 64.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 14.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Severn Trent PLC | 7.0<br>|
| United Utilities Group PLC | 6.7<br>|
| Essential Utilities Inc | 6.0<br>|
| Pentair PLC | 5.9<br>|
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 5.6<br>|
| Watts Water Technologies Inc Class A | 4.9<br>|
| American Water Works Co Inc | 4.9<br>|
| Core & Main Inc Class A | 4.8<br>|
| Advanced Drainage Systems Inc | 4.0<br>|
| Geberit AG | 3.6<br>|
|  | 53.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6042_20251130_1.jpg)<br>| ![](img120989_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915125.101 6042-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Sustainable U.S. Equity Fund<br> **Fidelity® Sustainable U.S. Equity Fund : FSEBX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable U.S. Equity Fund  | $49  | 0.90% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $30631478<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Industrials | 11.0 |
| Financials | 10.7 |
| Communication Services | 9.6 |
| Consumer Staples | 5.3 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6391_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6391_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 7.1<br>|
| Microsoft Corp | 6.2<br>|
| Alphabet Inc Class A | 5.7<br>|
| Amazon.com Inc | 4.8<br>|
| Eli Lilly & Co | 2.5<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.7<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6391_20251130_1.jpg)<br>| ![](img120991_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915134.101 6391-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Sustainable U.S. Equity Fund<br> **Fidelity Advisor® Sustainable U.S. Equity Fund Class Z : FSEWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $41  | 0.75% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $30631478<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Industrials | 11.0 |
| Financials | 10.7 |
| Communication Services | 9.6 |
| Consumer Staples | 5.3 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6391_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6391_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 7.1<br>|
| Microsoft Corp | 6.2<br>|
| Alphabet Inc Class A | 5.7<br>|
| Amazon.com Inc | 4.8<br>|
| Eli Lilly & Co | 2.5<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.7<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6391_20251130_1.jpg)<br>| ![](img120992_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915139.101 6396-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Sustainable U.S. Equity Fund<br> **Fidelity Advisor® Sustainable U.S. Equity Fund Class M : FSEPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $76  | 1.40% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $30631478<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Industrials | 11.0 |
| Financials | 10.7 |
| Communication Services | 9.6 |
| Consumer Staples | 5.3 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6391_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6391_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 7.1<br>|
| Microsoft Corp | 6.2<br>|
| Alphabet Inc Class A | 5.7<br>|
| Amazon.com Inc | 4.8<br>|
| Eli Lilly & Co | 2.5<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.7<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6391_20251130_1.jpg)<br>| ![](img120993_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915137.101 6394-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Sustainable U.S. Equity Fund<br> **Fidelity Advisor® Sustainable U.S. Equity Fund Class I : FSEQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $49  | 0.90% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $30631478<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Industrials | 11.0 |
| Financials | 10.7 |
| Communication Services | 9.6 |
| Consumer Staples | 5.3 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6391_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6391_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 7.1<br>|
| Microsoft Corp | 6.2<br>|
| Alphabet Inc Class A | 5.7<br>|
| Amazon.com Inc | 4.8<br>|
| Eli Lilly & Co | 2.5<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.7<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6391_20251130_1.jpg)<br>| ![](img120994_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915138.101 6395-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Sustainable U.S. Equity Fund<br> **Fidelity Advisor® Sustainable U.S. Equity Fund Class C : FSEOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $103  | 1.90% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $30631478<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Industrials | 11.0 |
| Financials | 10.7 |
| Communication Services | 9.6 |
| Consumer Staples | 5.3 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6391_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6391_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 7.1<br>|
| Microsoft Corp | 6.2<br>|
| Alphabet Inc Class A | 5.7<br>|
| Amazon.com Inc | 4.8<br>|
| Eli Lilly & Co | 2.5<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.7<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6391_20251130_1.jpg)<br>| ![](img120995_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915136.101 6393-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Sustainable U.S. Equity Fund<br> **Fidelity Advisor® Sustainable U.S. Equity Fund Class A : FSEKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $63  | 1.15% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $30631478<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.1 |
| Consumer Discretionary | 12.0 |
| Health Care | 11.9 |
| Industrials | 11.0 |
| Financials | 10.7 |
| Communication Services | 9.6 |
| Consumer Staples | 5.3 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6391_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 91.9 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.8 |
| United Kingdom | 0.8 |
| France | 0.7 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6391_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 7.1<br>|
| Microsoft Corp | 6.2<br>|
| Alphabet Inc Class A | 5.7<br>|
| Amazon.com Inc | 4.8<br>|
| Eli Lilly & Co | 2.5<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.7<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6391_20251130_1.jpg)<br>| ![](img120996_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915135.101 6392-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® SAI Sustainable U.S. Equity Fund<br> **Fidelity® SAI Sustainable U.S. Equity Fund : FIDEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Sustainable U.S. Equity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable U.S. Equity Fund  | $29  | 0.53% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $412549499<br>|
| Number of Holdings | 84<br>|
| Portfolio Turnover | 66%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.1 |
| Consumer Discretionary | 12.2 |
| Health Care | 12.2 |
| Industrials | 11.1 |
| Financials | 10.8 |
| Communication Services | 9.4 |
| Consumer Staples | 5.5 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.0 |
| Utilities | 0.9 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6552_20251130_AA.jpg) <br>|

---

Common Stocks - 98.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 91.8 |
| Taiwan | 1.8 |
| Canada | 1.0 |
| Belgium | 0.9 |
| United Kingdom | 0.9 |
| France | 0.8 |
| Italy | 0.7 |
| Japan | 0.7 |
| India | 0.6 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6552_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.9<br>|
| Apple Inc | 6.8<br>|
| Microsoft Corp | 5.9<br>|
| Alphabet Inc Class A | 5.4<br>|
| Amazon.com Inc | 4.9<br>|
| Eli Lilly & Co | 2.6<br>|
| JPMorgan Chase & Co | 2.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
| Micron Technology Inc | 1.6<br>|
| Mastercard Inc Class A | 1.6<br>|
|  | 40.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6552_20251130_1.jpg)<br>| ![](img120998_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915142.101 6552-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® SAI Sustainable Sector Fund<br> **Fidelity® SAI Sustainable Sector Fund : FIDJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Sustainable Sector Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable Sector Fund  | $23  | 0.43% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $574080684<br>|
| Number of Holdings | 257<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.5 |
| Financials | 12.3 |
| Consumer Discretionary | 10.5 |
| Health Care | 9.8 |
| Communication Services | 9.0 |
| Industrials | 7.6 |
| Consumer Staples | 4.3 |
| Energy | 3.1 |
| Utilities | 2.0 |
| Real Estate | 1.9 |
| Materials | 1.6 |

---

Common Stocks 96.6 <br> Domestic Equity Funds 2.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6551_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 93.8 |
| Taiwan | 1.2 |
| Canada | 1.0 |
| Korea (South) | 0.7 |
| Netherlands | 0.7 |
| Spain | 0.3 |
| France | 0.3 |
| Greece | 0.3 |
| Belgium | 0.3 |
| Others | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6551_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Greece - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.8<br>|
| Apple Inc | 7.3<br>|
| Microsoft Corp | 6.9<br>|
| Alphabet Inc Class A | 6.0<br>|
| Amazon.com Inc | 4.2<br>|
| Broadcom Inc | 2.9<br>|
| iShares ESG MSCI USA Leaders ETF | 2.4<br>|
| Tesla Inc | 1.8<br>|
| Mastercard Inc Class A | 1.4<br>|
| Exxon Mobil Corp | 1.3<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6551_20251130_1.jpg)<br>| ![](img120999_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915141.101 6551-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Climate Action Fund<br> **Fidelity® Climate Action Fund : FCAEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Climate Action Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Climate Action Fund  | $59  | 1.05% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44170955<br>|
| Number of Holdings | 98<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.7 |
| Industrials | 18.0 |
| Health Care | 14.2 |
| Consumer Discretionary | 12.2 |
| Financials | 8.1 |
| Communication Services | 7.7 |
| Materials | 1.4 |
| Energy | 1.0 |
| Consumer Staples | 0.9 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Preferred Securities | 0.0 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6385_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| China | 3.1 |
| Korea (South) | 1.3 |
| United Kingdom | 1.3 |
| Denmark | 1.1 |
| France | 0.9 |
| Germany | 0.8 |
| Canada | 0.6 |
| Italy | 0.6 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6385_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 7.7<br>|
| NVIDIA Corp | 6.1<br>|
| Apple Inc | 5.8<br>|
| Microsoft Corp | 5.2<br>|
| Tesla Inc | 3.6<br>|
| First Solar Inc | 2.5<br>|
| Morgan Stanley | 2.4<br>|
| Gilead Sciences Inc | 1.8<br>|
| Lowe's Cos Inc | 1.7<br>|
| Amazon.com Inc | 1.7<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6385_20251130_1.jpg)<br>| ![](img121007_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915128.101 6385-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Climate Action Fund<br> **Fidelity Advisor® Climate Action Fund Class Z : FCLZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Climate Action Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $51  | 0.91% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44170955<br>|
| Number of Holdings | 98<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.7 |
| Industrials | 18.0 |
| Health Care | 14.2 |
| Consumer Discretionary | 12.2 |
| Financials | 8.1 |
| Communication Services | 7.7 |
| Materials | 1.4 |
| Energy | 1.0 |
| Consumer Staples | 0.9 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Preferred Securities | 0.0 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6385_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| China | 3.1 |
| Korea (South) | 1.3 |
| United Kingdom | 1.3 |
| Denmark | 1.1 |
| France | 0.9 |
| Germany | 0.8 |
| Canada | 0.6 |
| Italy | 0.6 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6385_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 7.7<br>|
| NVIDIA Corp | 6.1<br>|
| Apple Inc | 5.8<br>|
| Microsoft Corp | 5.2<br>|
| Tesla Inc | 3.6<br>|
| First Solar Inc | 2.5<br>|
| Morgan Stanley | 2.4<br>|
| Gilead Sciences Inc | 1.8<br>|
| Lowe's Cos Inc | 1.7<br>|
| Amazon.com Inc | 1.7<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6385_20251130_1.jpg)<br>| ![](img121008_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915133.101 6390-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Climate Action Fund<br> **Fidelity Advisor® Climate Action Fund Class M : FCAOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Climate Action Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $86  | 1.55% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44170955<br>|
| Number of Holdings | 98<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.7 |
| Industrials | 18.0 |
| Health Care | 14.2 |
| Consumer Discretionary | 12.2 |
| Financials | 8.1 |
| Communication Services | 7.7 |
| Materials | 1.4 |
| Energy | 1.0 |
| Consumer Staples | 0.9 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Preferred Securities | 0.0 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6385_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| China | 3.1 |
| Korea (South) | 1.3 |
| United Kingdom | 1.3 |
| Denmark | 1.1 |
| France | 0.9 |
| Germany | 0.8 |
| Canada | 0.6 |
| Italy | 0.6 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6385_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 7.7<br>|
| NVIDIA Corp | 6.1<br>|
| Apple Inc | 5.8<br>|
| Microsoft Corp | 5.2<br>|
| Tesla Inc | 3.6<br>|
| First Solar Inc | 2.5<br>|
| Morgan Stanley | 2.4<br>|
| Gilead Sciences Inc | 1.8<br>|
| Lowe's Cos Inc | 1.7<br>|
| Amazon.com Inc | 1.7<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6385_20251130_1.jpg)<br>| ![](img121009_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915131.101 6388-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Climate Action Fund<br> **Fidelity Advisor® Climate Action Fund Class I : FCAUX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Climate Action Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $58  | 1.05% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44170955<br>|
| Number of Holdings | 98<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.7 |
| Industrials | 18.0 |
| Health Care | 14.2 |
| Consumer Discretionary | 12.2 |
| Financials | 8.1 |
| Communication Services | 7.7 |
| Materials | 1.4 |
| Energy | 1.0 |
| Consumer Staples | 0.9 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Preferred Securities | 0.0 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6385_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| China | 3.1 |
| Korea (South) | 1.3 |
| United Kingdom | 1.3 |
| Denmark | 1.1 |
| France | 0.9 |
| Germany | 0.8 |
| Canada | 0.6 |
| Italy | 0.6 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6385_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 7.7<br>|
| NVIDIA Corp | 6.1<br>|
| Apple Inc | 5.8<br>|
| Microsoft Corp | 5.2<br>|
| Tesla Inc | 3.6<br>|
| First Solar Inc | 2.5<br>|
| Morgan Stanley | 2.4<br>|
| Gilead Sciences Inc | 1.8<br>|
| Lowe's Cos Inc | 1.7<br>|
| Amazon.com Inc | 1.7<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6385_20251130_1.jpg)<br>| ![](img121010_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915132.101 6389-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Climate Action Fund<br> **Fidelity Advisor® Climate Action Fund Class C : FCALX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Climate Action Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $114  | 2.05% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44170955<br>|
| Number of Holdings | 98<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.7 |
| Industrials | 18.0 |
| Health Care | 14.2 |
| Consumer Discretionary | 12.2 |
| Financials | 8.1 |
| Communication Services | 7.7 |
| Materials | 1.4 |
| Energy | 1.0 |
| Consumer Staples | 0.9 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Preferred Securities | 0.0 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6385_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| China | 3.1 |
| Korea (South) | 1.3 |
| United Kingdom | 1.3 |
| Denmark | 1.1 |
| France | 0.9 |
| Germany | 0.8 |
| Canada | 0.6 |
| Italy | 0.6 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6385_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 7.7<br>|
| NVIDIA Corp | 6.1<br>|
| Apple Inc | 5.8<br>|
| Microsoft Corp | 5.2<br>|
| Tesla Inc | 3.6<br>|
| First Solar Inc | 2.5<br>|
| Morgan Stanley | 2.4<br>|
| Gilead Sciences Inc | 1.8<br>|
| Lowe's Cos Inc | 1.7<br>|
| Amazon.com Inc | 1.7<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6385_20251130_1.jpg)<br>| ![](img121011_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915130.101 6387-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Climate Action Fund<br> **Fidelity Advisor® Climate Action Fund Class A : FCAJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Climate Action Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $73  | 1.30% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $44170955<br>|
| Number of Holdings | 98<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 35.7 |
| Industrials | 18.0 |
| Health Care | 14.2 |
| Consumer Discretionary | 12.2 |
| Financials | 8.1 |
| Communication Services | 7.7 |
| Materials | 1.4 |
| Energy | 1.0 |
| Consumer Staples | 0.9 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.7 |
| Preferred Securities | 0.0 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6385_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 88.0 |
| China | 3.1 |
| Korea (South) | 1.3 |
| United Kingdom | 1.3 |
| Denmark | 1.1 |
| France | 0.9 |
| Germany | 0.8 |
| Canada | 0.6 |
| Italy | 0.6 |
| Others | 2.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6385_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 7.7<br>|
| NVIDIA Corp | 6.1<br>|
| Apple Inc | 5.8<br>|
| Microsoft Corp | 5.2<br>|
| Tesla Inc | 3.6<br>|
| First Solar Inc | 2.5<br>|
| Morgan Stanley | 2.4<br>|
| Gilead Sciences Inc | 1.8<br>|
| Lowe's Cos Inc | 1.7<br>|
| Amazon.com Inc | 1.7<br>|
|  | 38.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6385_20251130_1.jpg)<br>| ![](img121012_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915129.101 6386-TSRS-0126 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Agricultural Productivity Fund<br> **Fidelity® Agricultural Productivity Fund : FARMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Agricultural Productivity Fund for the period June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Agricultural Productivity Fund  | $47  | 0.95% |

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36210873<br>|
| Number of Holdings | 24<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Materials | 35.9 |
| Consumer Staples | 33.5 |
| Industrials | 30.2 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6041_20251130_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 74.3 |
| Canada | 9.4 |
| United Kingdom | 4.9 |
| Hong Kong | 3.4 |
| Faroe Islands | 2.7 |
| Saudi Arabia | 2.4 |
| Japan | 1.5 |
| Indonesia | 1.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6041_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 74.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Faroe Islands - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Deere & Co | 22.8<br>|
| Corteva Inc | 17.3<br>|
| Nutrien Ltd | 9.4<br>|
| Cranswick PLC | 4.9<br>|
| Archer-Daniels-Midland Co | 4.9<br>|
| Bunge Global SA | 4.8<br>|
| Mosaic Co/The | 3.6<br>|
| WH Group Ltd | 3.4<br>|
| CF Industries Holdings Inc | 2.9<br>|
| Toro Co/The | 2.9<br>|
|  | 76.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6041_20251130_1.jpg)<br>| ![](img121014_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915124.101 6041-TSRS-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Agricultural Productivity Fund**

**Fidelity® Water Sustainability Fund**

**Semi-Annual Report**

**November 30, 2025**

![](img121127_1.jpg)

![](img121127_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_DAS-DSW-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Agricultural Productivity Fund](#Sub_Sec_Fund_6041_DAS-DSW-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Water Sustainability Fund](#Sub_Sec_Fund_6042_DAS-DSW-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6041_DAS-DSW-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DAS-DSW-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DAS-DSW-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DAS-DSW-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DAS-DSW-SANN)** |

---

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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Agricultural Productivity Fund**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 9.4%  |  |  |
| Materials - 9.4% |  |  |
| Chemicals - 9.4% |  |  |
| Nutrien Ltd  | 58593 | 3408788 |
| FAROE ISLANDS - 2.7%  |  |  |
| Consumer Staples - 2.7% |  |  |
| Food Products - 2.7% |  |  |
| Bakkafrost  | 21035 | 966295 |
| HONG KONG - 3.4%  |  |  |
| Consumer Staples - 3.4% |  |  |
| Food Products - 3.4% |  |  |
| WH Group Ltd (a)(b) | 1183596 | 1237465 |
| INDONESIA - 1.4%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Food Products - 1.4% |  |  |
| First Resources Ltd  | 320911 | 512626 |
| JAPAN - 1.5%  |  |  |
| Consumer Staples - 1.5% |  |  |
| Food Products - 1.5% |  |  |
| Sakata Seed Corp  | 20228 | 538058 |
| SAUDI ARABIA - 2.4%  |  |  |
| Materials - 2.4% |  |  |
| Chemicals - 2.4% |  |  |
| SABIC Agri-Nutrients Co  | 28025 | 870307 |
| UNITED KINGDOM - 4.9%  |  |  |
| Consumer Staples - 4.9% |  |  |
| Food Products - 4.9% |  |  |
| Cranswick PLC  | 26091 | 1782091 |
| UNITED STATES - 73.9%  |  |  |
| Consumer Staples - 19.6% |  |  |
| Beverages - 1.3% |  |  |
| Coca-Cola Co/The  | 6397 | 467748 |
| Food Products - 18.3% |  |  |
| Archer-Daniels-Midland Co  | 28858 | 1752835 |
| Bunge Global SA  | 18141 | 1742806 |
| Darling Ingredients Inc (c) | 28533 | 1044593 |
| Ingredion Inc  | 8896 | 956676 |
| JBS NV Class A  | 45207 | 664091 |
| Lamb Weston Holdings Inc  | 8116 | 479331 |
|  |  | 6640332 |
| TOTAL CONSUMER STAPLES |  | 7108080 |
| Industrials - 30.2% |  |  |
| Machinery - 30.2% |  |  |
| AGCO Corp  | 8529 | 903733 |
| CNH Industrial NV Class A  | 77276 | 728713 |
| Deere & Co  | 17739 | 8239588 |
| Toro Co/The  | 15015 | 1047146 |
|  |  | 10919180 |
| Materials - 24.1% |  |  |
| Chemicals - 24.1% |  |  |
| CF Industries Holdings Inc  | 13533 | 1065047 |
| Corteva Inc  | 92242 | 6223568 |
| FMC Corp (d) | 8825 | 126109 |
| Mosaic Co/The  | 53384 | 1307374 |
|  |  | 8722098 |
| TOTAL UNITED STATES |  | 26749358 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $28,605,792) |  | <br> **36064988** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.02 | 36416 | 36423 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.02 | 125387 | 125400 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $161,823) |  |  | **161823** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $28,767,615)<br>| <br>**36226811** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(15938)** |
| **NET ASSETS - 100.0%** | **36210873** |

---

**Legend**

(a) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,237,465 or 3.4% of net assets.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,237,465 or 3.4% of net assets.

(c) Non-income producing.

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

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 3179621 | 3879807 | 7023007 | 6255 | 2 | - | 36423 | 36416 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 6828205 | 6702805 | 350 | - | - | 125400 | 125387 | 0.0% |
| Total | 3179621 | 10708012 | 13725812 | 6605 | 2 | - | 161823 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Staples | 12144615 | 12144615 | - | - |
| Industrials | 10919180 | 10919180 | - | - |
| Materials | 13001193 | 13001193 | - | - |
|  **Money Market Funds** | 161823 | 161823 | - | - |
| **Total Investments in Securities:** | 36226811 | 36226811 | - | - |

---

**Fidelity® Agricultural Productivity Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $125,752) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $28,605,792) | $36064988 |  |
| Fidelity Central Funds (cost $161,823) | 161823 |  |
| Total Investment in Securities (cost $28,767,615) |  | $36226811 |
| Foreign currency held at value (cost $30,116) |  | 30389 |
| Receivable for investments sold |  | 54616 |
| Receivable for fund shares sold |  | 41157 |
| Dividends receivable |  | 43251 |
| Distributions receivable from Fidelity Central Funds |  | 460 |
| Prepaid expenses |  | 43 |
| Other receivables |  | 388 |
| **Total assets** |  | 36397115 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $5798 |  |
| Accrued management fee | 24854 |  |
| Audit fee payable | 26736 |  |
| Other payables and accrued expenses | 3454 |  |
| Collateral on securities loaned | 125400 |  |
| **Total liabilities** |  | 186242 |
| **Net Assets**  |  | $36210873 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $50751709 |
| Total accumulated earnings (loss) |  | (14540836) |
| **Net Assets** |  | $36210873 |
| **Net Asset Value**, offering price and redemption price per share ($36,210,873 ÷ 1,983,256 shares) |  | $18.26 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $496810 |
| Income from Fidelity Central Funds (including $350 from security lending)  |  | 6605 |
| **Total income** |  | 503415 |
| **Expenses** |  |  |
| Management fee | $170624 |  |
| Custodian fees and expenses | 5005 |  |
| Independent trustees' fees and expenses | 78 |  |
| Registration fees | 5601 |  |
| Audit fees | 22193 |  |
| Legal | 507 |  |
| Miscellaneous | 100 |  |
| Total expenses before reductions | 204108 |  |
| Expense reductions | (4354) |  |
| Total expenses after reductions |  | 199754 |
| **Net Investment income (loss)** |  | 303661 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (396699) |  |
| Fidelity Central Funds | 2 |  |
| Foreign currency transactions | (1102) |  |
| Total net realized gain (loss) |  | (397799) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1346575) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | (389) |  |
| Total change in net unrealized appreciation (depreciation) |  | (1346965) |
| **Net gain (loss)** |  | (1744764) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(1441103) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $303661 | $1189818 |
| &nbsp;&nbsp;Net realized gain (loss) | (397799)<br>| (260147)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (1346965) | 2162049<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1441103)<br>| 3091720<br>|
| Distributions to shareholders | (325120)<br>| (917299)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 7385589 | 11589708 |
| Reinvestment of distributions | 272842<br>| 802045<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (12344125) | (23867985) |
| **Net increase (decrease) in net assets resulting from share transactions** | (4685694)<br>| (11476232)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (6451917)<br>| (9301811)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 42662790 | 51964601<br>|
| &nbsp;&nbsp;End of period | $36210873 | $42662790 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 386589 | 638896 |
| Issued in reinvestment of distributions | 14006<br>| 46826<br>|
| &nbsp;&nbsp;Redeemed | (663993) | (1349418) |
| &nbsp;&nbsp;Net increase (decrease) | (263398) | (663696) |

---

**Financial Highlights** 

**Fidelity® Agricultural Productivity Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.99 | $17.86 | $18.01 | $21.61 | $18.89 | $10.91 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .50 C | .19  | .32  | .16 D | .13 E |
| Net realized and unrealized gain (loss)  | (.73)  | 1.02  | (.10) F | (3.67)  | 2.69  | 7.92  |
| Total from investment operations  | (.59)  | 1.52  | .09  | (3.35)  | 2.85  | 8.05  |
| Distributions from net investment income  | (.14)  | (.39)  | (.24)  | (.25)  | (.09)  | (.07)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.04)  | - G |
| Total distributions  | (.14)  | (.39)  | (.24)  | (.25)  | (.13)  | (.07)  |
| Net asset value, end of period  | $18.26 | $18.99 | $17.86 | $18.01 | $21.61 | $18.89 |
| **Total Return** H,I | (3.15)% <br>| 8.76%  | .48%  | (15.66)%  | 15.24%  | 74.02%  |
| **Ratios to Average Net Assets** B,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .97% L | 1.05%  | 1.07%  | 1.08%  | 1.15%  | 1.59%  |
| Expenses net of fee waivers, if any  | .95% L<br>| .95%  | .95%  | .95%  | .99%  | 1.00%  |
| Expenses net of all reductions, if any  | .95% L | .95%  | .95%  | .95%  | .99%  | .98%  |
| Net investment income (loss)  | 1.45% L | 2.79% C | 1.01%  | 1.57%  | .81% D | .80% E |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $36211 | $42663 | $51965 | $82902 | $166545 | $62894 |
| Portfolio turnover rate M | 30% L<br>| 21%  | 12%  | 44%  | 50%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.17 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.84%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .55%.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .57%.*

F*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

G*Amount represents less than $.005 per share.*

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

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

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Fidelity® Water Sustainability Fund**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 7.8%  |  |  |
| Utilities - 7.8% |  |  |
| Water Utilities - 7.8% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 303462 | 8024516 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR  | 113416 | 2990780 |
| Cia De Sanena Do Parana unit  | 52641 | 360351 |
| TOTAL BRAZIL |  | 11375647 |
| FRANCE - 1.9%  |  |  |
| Utilities - 1.9% |  |  |
| Multi-Utilities - 1.9% |  |  |
| Veolia Environnement SA  | 79674 | 2711498 |
| ITALY - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Machinery - 1.3% |  |  |
| Interpump Group SpA  | 37397 | 1900640 |
| JAPAN - 2.7%  |  |  |
| Industrials - 2.7% |  |  |
| Machinery - 2.7% |  |  |
| Kurita Water Industries Ltd  | 75184 | 2992343 |
| Organo Corp  | 11799 | 1008397 |
| TOTAL JAPAN |  | 4000740 |
| KOREA (SOUTH) - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Household Durables - 0.5% |  |  |
| Coway Co Ltd  | 14997 | 881299 |
| SWITZERLAND - 6.7%  |  |  |
| Industrials - 6.7% |  |  |
| Building Products - 4.4% |  |  |
| Belimo Holding AG  | 1221 | 1194242 |
| Geberit AG  | 6671 | 5196585 |
|  |  | 6390827 |
| Machinery - 2.3% |  |  |
| Georg Fischer AG  | 23262 | 1536607 |
| Sulzer AG  | 10540 | 1840005 |
|  |  | 3376612 |
| TOTAL SWITZERLAND |  | 9767439 |
| UNITED KINGDOM - 14.8%  |  |  |
| Utilities - 14.8% |  |  |
| Water Utilities - 14.8% |  |  |
| Pennon Group PLC  | 229120 | 1672623 |
| Severn Trent PLC  | 271923 | 10143235 |
| United Utilities Group PLC  | 599302 | 9813072 |
| TOTAL UNITED KINGDOM |  | 21628930 |
| UNITED STATES - 61.8%  |  |  |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Select Water Solutions Inc Class A  | 25922 | 261812 |
| TETRA Technologies Inc (a) | 131578 | 1022361 |
| WaterBridge Infrastructure LLC Class A  | 1300 | 29640 |
|  |  | 1313813 |
| Industrials - 47.1% |  |  |
| Building Products - 6.8% |  |  |
| Advanced Drainage Systems Inc  | 37577 | 5725983 |
| Zurn Elkay Water Solutions Corp  | 87116 | 4155433 |
|  |  | 9881416 |
| Commercial Services & Supplies - 4.2% |  |  |
| Montrose Environmental Group Inc (a) | 44390 | 1138604 |
| Tetra Tech Inc  | 7534 | 261731 |
| Veralto Corp  | 47233 | 4780924 |
|  |  | 6181259 |
| Construction & Engineering - 2.6% |  |  |
| Valmont Industries Inc  | 9150 | 3778676 |
| Electrical Equipment - 1.7% |  |  |
| Emerson Electric Co  | 19544 | 2606778 |
| Machinery - 24.0% |  |  |
| Dover Corp  | 9481 | 1756640 |
| Energy Recovery Inc (a) | 12397 | 179137 |
| Flowserve Corp  | 34444 | 2457579 |
| Ingersoll Rand Inc  | 60712 | 4877602 |
| ITT Inc  | 8373 | 1541972 |
| Mueller Water Products Inc Class A1  | 86430 | 2095063 |
| Parker-Hannifin Corp  | 1733 | 1493326 |
| Pentair PLC  | 81405 | 8567062 |
| Watts Water Technologies Inc Class A  | 25889 | 7142257 |
| Xylem Inc/NY  | 35162 | 4946239 |
|  |  | 35056877 |
| Professional Services - 3.0% |  |  |
| KBR Inc  | 95046 | 3917797 |
| Parsons Corp (a) | 4761 | 403161 |
|  |  | 4320958 |
| Trading Companies & Distributors - 4.8% |  |  |
| Core & Main Inc Class A (a) | 145709 | 7043573 |
| TOTAL INDUSTRIALS |  | 68869537 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Badger Meter Inc  | 7369 | 1315661 |
| Materials - 2.0% |  |  |
| Chemicals - 2.0% |  |  |
| Ecolab Inc  | 10560 | 2905690 |
| Utilities - 10.9% |  |  |
| Water Utilities - 10.9% |  |  |
| American Water Works Co Inc  | 54908 | 7141884 |
| Essential Utilities Inc  | 221002 | 8749469 |
|  |  | 15891353 |
| TOTAL UNITED STATES |  | 90296054 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $115,015,542) |  | <br> **142562247** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $3,192,756)<br>| 4.02 | 3192117 | **3192756** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $118,208,298)<br>| <br>**145755003** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **444698** |
| **NET ASSETS - 100.0%** | **146199701** |

---

**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 are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 1579571 | 22092900 | 20479719 | 60308 | 4 | - | 3192756 | 3192117 | 0.0% |
| Total | 1579571 | 22092900 | 20479719 | 60308 | 4 | - | 3192756 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 881299 | - | 881299 | - |
| Energy | 1313813 | 1313813 | - | - |
| Industrials | 84538356 | 84538356 | - | - |
| Information Technology | 1315661 | 1315661 | - | - |
| Materials | 2905690 | 2905690 | - | - |
| Utilities | 51607428 | 48895930 | 2711498 | - |
|  **Money Market Funds** | 3192756 | 3192756 | - | - |
| **Total Investments in Securities:** | 145755003 | 142162206 | 3592797 | - |

---

**Fidelity® Water Sustainability Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $115,015,542) | $142562247 |  |
| Fidelity Central Funds (cost $3,192,756) | 3192756 |  |
| Total Investment in Securities (cost $118,208,298) |  | $145755003 |
| Receivable for fund shares sold |  | 134889 |
| Dividends receivable |  | 375472 |
| Reclaims receivable |  | 152610 |
| Distributions receivable from Fidelity Central Funds |  | 8066 |
| Prepaid expenses |  | 118 |
| Other receivables |  | 1023 |
| **Total assets** |  | 146427181 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $98846 |  |
| Accrued management fee | 96429 |  |
| Audit fee payable | 29998 |  |
| Other payables and accrued expenses | 2207 |  |
| **Total liabilities** |  | 227480 |
| **Net Assets**  |  | $146199701 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $115670597 |
| Total accumulated earnings (loss) |  | 30529104 |
| **Net Assets** |  | $146199701 |
| **Net Asset Value**, offering price and redemption price per share ($146,199,701 ÷ 7,377,330 shares) |  | $19.82 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $965487 |
| Income from Fidelity Central Funds  |  | 60308 |
| **Total income** |  | 1025795 |
| **Expenses** |  |  |
| Management fee | $541392 |  |
| Custodian fees and expenses | 1784 |  |
| Independent trustees' fees and expenses | 231 |  |
| Registration fees | 11451 |  |
| Audit fees | 25735 |  |
| Legal | 1420 |  |
| Miscellaneous | 207 |  |
| Total expenses before reductions | 582220 |  |
| Expense reductions | (62) |  |
| Total expenses after reductions |  | 582158 |
| **Net Investment income (loss)** |  | 443637 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2597867 |  |
| Fidelity Central Funds | 4 |  |
| Foreign currency transactions | (13681) |  |
| Total net realized gain (loss) |  | 2584190 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6793309 |  |
| Assets and liabilities in foreign currencies | 1446 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6794755 |
| **Net gain (loss)** |  | 9378945 |
| **Net increase (decrease) in net assets resulting from operations** |  | $9822582 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $443637 | $1232245 |
| &nbsp;&nbsp;Net realized gain (loss) | 2584190<br>| 7249312<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6794755 | 1026823<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 9822582<br>| 9508380<br>|
| Distributions to shareholders | (2178583)<br>| (2560798)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 35509797 | 34915394 |
| Reinvestment of distributions | 1950392<br>| 2279640<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (15316629) | (29308227) |
| **Net increase (decrease) in net assets resulting from share transactions** | 22143560<br>| 7886807<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 29787559<br>| 14834389<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 116412142 | 101577753<br>|
| &nbsp;&nbsp;End of period | $146199701 | $116412142 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1840165 | 1974169 |
| Issued in reinvestment of distributions | 103196<br>| 132848<br>|
| &nbsp;&nbsp;Redeemed | (793721) | (1675984) |
| &nbsp;&nbsp;Net increase (decrease) | 1149640 | 431033 |

---

**Financial Highlights** 

**Fidelity® Water Sustainability Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.69 | $17.52 | $13.93 | $13.54 | $14.84 | $10.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .21  | .09  | .06  | (.04)  | .01  |
| Net realized and unrealized gain (loss)  | 1.41  | 1.39  | 3.57  | .34  | (1.02)  | 4.28  |
| Total from investment operations  | 1.47  | 1.60  | 3.66  | .40  | (1.06)  | 4.29  |
| Distributions from net investment income  | (.12)  | (.13)  | (.07)  | (.01)  | - C | (.02)  |
| Distributions from net realized gain  | (.21)  | (.30)  | -  | -  | (.24)  | (.18)  |
| Total distributions  | (.34) D | (.43)  | (.07)  | (.01)  | (.24)  | (.20)  |
| Net asset value, end of period  | $19.82 | $18.69 | $17.52 | $13.93 | $13.54 | $14.84 |
| **Total Return** E,F | 7.93% <br>| 9.34%  | 26.32%  | 2.96%  | (7.44)%  | 40.20%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .87% I | .92%  | 1.02%  | 1.09%  | 1.11%  | 1.44%  |
| Expenses net of fee waivers, if any  | .87% I<br>| .92%  | .95%  | .95%  | 1.00%  | 1.00%  |
| Expenses net of all reductions, if any  | .87% I | .92%  | .95%  | .95%  | 1.00%  | .98%  |
| Net investment income (loss)  | .67% I | 1.17%  | .61%  | .41%  | (.29)%  | .11%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $146200 | $116412 | $101578 | $84385 | $94233 | $55774 |
| Portfolio turnover rate J | 19% I<br>| 37%  | 52%  | 54%  | 55%  | 95%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Agricultural Productivity Fund and Fidelity Water Sustainability Fund (the Funds) are non-diversified funds of Fidelity Summer Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds 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 Funds' 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 for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 each 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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Agricultural Productivity Fund** | 28908815 | 9777891 | (2459895) | 7317996 |
| **Fidelity Water Sustainability Fund** | 118251262 | 30263845 | (2760104) | 27503741 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Agricultural Productivity Fund** | (19443367) | (2410136) | (21853503) |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Agricultural Productivity Fund** | 6117293 | 10565480 |
| **Fidelity Water Sustainability Fund** | 31579838 | 12624813 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.

Any reference to "class" in this note shall mean each "Fund" as each Fund currently offers only one class of shares. Each Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Agricultural Productivity Fund** | .88 |
| **Fidelity Water Sustainability Fund** | .88 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Agricultural Productivity Fund** | .81 |
| **Fidelity Water Sustainability Fund** | .81 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Agricultural Productivity Fund** | 161 |
| **Fidelity Water Sustainability Fund** | 452 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Agricultural Productivity Fund** | 136585 | 504463 | (3950) |
| **Fidelity Water Sustainability Fund** | 355998 | - | - |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Agricultural Productivity Fund** | 25 |
| **Fidelity Water Sustainability Fund** | 70 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Agricultural Productivity Fund** | 33 | - | - |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through September 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

Fidelity Agricultural Productivity Fund was in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Fidelity Agricultural Productivity Fund** | .95% | 4354 |

---

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Water Sustainability Fund** | 62 |

---

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img121127_4.jpg)<br>

1.9897394.105 DAS-DSW-SANN-0126

**Fidelity® Climate Action Fund**

**Semi-Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img121129_1.jpg)

![](img121129_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CLA-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Climate Action Fund](#Sub_Sec_Fund_6385_CLA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6385_CLA-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CLA-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CLA-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CLA-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CLA-SANN)** |

---

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 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Climate Action Fund**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| MercadoLibre Inc (b) | 113 | 234111 |
| CANADA - 0.6%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Cameco Corp (United States) (b) | 3154 | 279161 |
| CHINA - 3.1%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.7% |  |  |
| BYD Co Ltd A Shares (China)  | 24600 | 330884 |
| Industrials - 2.4% |  |  |
| Electrical Equipment - 1.7% |  |  |
| Sungrow Power Supply Co Ltd A Shares (China)  | 27460 | 709830 |
| Machinery - 0.7% |  |  |
| UBTech Robotics Corp Ltd H Shares (b) | 14134 | 205140 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 17000 | 103265 |
|  |  | 308405 |
| TOTAL INDUSTRIALS |  | 1018235 |
| TOTAL CHINA |  | 1349119 |
| DENMARK - 1.1%  |  |  |
| Industrials - 1.1% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 464 | 105971 |
| Electrical Equipment - 0.9% |  |  |
| Vestas Wind Systems A/S  | 16114 | 383062 |
| TOTAL DENMARK |  | 489033 |
| FRANCE - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.9% |  |  |
| EssilorLuxottica SA  | 1141 | 408706 |
| GERMANY - 0.8%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| BioNTech SE ADR (b) | 2188 | 225692 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG  | 2541 | 107269 |
| TOTAL GERMANY |  | 332961 |
| HONG KONG - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Machinery - 0.6% |  |  |
| Techtronic Industries Co Ltd  | 20819 | 243603 |
| ISRAEL - 0.2%  |  |  |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Energix-Renewable Energies Ltd  | 4834 | 21107 |
| Enlight Renewable Energy Ltd (b) | 2012 | 79267 |
| TOTAL ISRAEL |  | 100374 |
| ITALY - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.6% |  |  |
| Prysmian SpA  | 2699 | 270273 |
| JAPAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Allegro MicroSystems Inc (b) | 9303 | 248297 |
| KOREA (SOUTH) - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| SK Hynix Inc  | 1582 | 574237 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 426 | 83044 |
| SOUTH AFRICA - 0.3%  |  |  |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Scatec ASA (b)(c)(d) | 13032 | 128155 |
| UNITED KINGDOM - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Electrical Equipment - 0.8% |  |  |
| Ceres Power Holdings PLC (b) | 46716 | 229296 |
| Itm Power PLC (b) | 96425 | 95090 |
|  |  | 324386 |
| Professional Services - 0.5% |  |  |
| RELX PLC  | 6000 | 240623 |
| TOTAL UNITED KINGDOM |  | 565009 |
| UNITED STATES - 87.7%  |  |  |
| Communication Services - 7.7% |  |  |
| Interactive Media & Services - 7.7% |  |  |
| Alphabet Inc Class A  | 10636 | 3405434 |
| Consumer Discretionary - 11.0% |  |  |
| Automobiles - 4.0% |  |  |
| Lucid Group Inc (b) | 915 | 12471 |
| Rivian Automotive Inc Class A (b) | 10164 | 171365 |
| Tesla Inc (b) | 3680 | 1583026 |
|  |  | 1766862 |
| Broadline Retail - 2.2% |  |  |
| Amazon.com Inc (b) | 3278 | 764496 |
| Etsy Inc (b) | 3802 | 206144 |
|  |  | 970640 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Starbucks Corp  | 1575 | 137197 |
| Household Durables - 1.2% |  |  |
| TopBuild Corp (b) | 1205 | 545263 |
| Specialty Retail - 2.7% |  |  |
| Lowe's Cos Inc  | 3171 | 768904 |
| Williams-Sonoma Inc  | 2361 | 425004 |
|  |  | 1193908 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| NIKE Inc Class B  | 3958 | 255806 |
| TOTAL CONSUMER DISCRETIONARY |  | 4869676 |
| Consumer Staples - 0.9% |  |  |
| Personal Care Products - 0.9% |  |  |
| Kenvue Inc  | 22024 | 382116 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Centrus Energy Corp Class A (b) | 622 | 161285 |
| Financials - 8.1% |  |  |
| Capital Markets - 4.5% |  |  |
| Intercontinental Exchange Inc  | 2600 | 408980 |
| Moody's Corp  | 1099 | 539367 |
| Morgan Stanley  | 5893 | 999807 |
|  |  | 1948154 |
| Consumer Finance - 2.2% |  |  |
| American Express Co  | 1314 | 479965 |
| Capital One Financial Corp  | 2276 | 498603 |
|  |  | 978568 |
| Financial Services - 0.9% |  |  |
| Visa Inc Class A  | 1241 | 415040 |
| Insurance - 0.5% |  |  |
| Marsh & McLennan Cos Inc  | 1183 | 217021 |
| TOTAL FINANCIALS |  | 3558783 |
| Health Care - 12.7% |  |  |
| Biotechnology - 1.8% |  |  |
| Gilead Sciences Inc  | 6316 | 794805 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Intuitive Surgical Inc (b) | 469 | 268962 |
| Health Care Providers & Services - 1.6% |  |  |
| Cencora Inc  | 933 | 344212 |
| Elevance Health Inc  | 1084 | 366674 |
|  |  | 710886 |
| Life Sciences Tools & Services - 5.0% |  |  |
| Agilent Technologies Inc  | 2259 | 346757 |
| Bruker Corp  | 5539 | 270359 |
| Danaher Corp  | 1671 | 378949 |
| Mettler-Toledo International Inc (b) | 168 | 248089 |
| Repligen Corp (b) | 1520 | 259950 |
| Thermo Fisher Scientific Inc  | 1174 | 693635 |
|  |  | 2197739 |
| Pharmaceuticals - 3.7% |  |  |
| Haleon PLC  | 124802 | 613762 |
| Johnson & Johnson  | 3291 | 680974 |
| Ligand Pharmaceuticals Inc (b) | 805 | 163560 |
| Roche Holding AG non-voting shares  | 477 | 182740 |
|  |  | 1641036 |
| TOTAL HEALTH CARE |  | 5613428 |
| Industrials - 12.0% |  |  |
| Building Products - 1.4% |  |  |
| Resideo Technologies Inc (b) | 2470 | 81485 |
| Trane Technologies PLC  | 1232 | 519264 |
|  |  | 600749 |
| Commercial Services & Supplies - 1.1% |  |  |
| Clean Harbors Inc (b) | 876 | 199342 |
| Veralto Corp  | 2613 | 264488 |
|  |  | 463830 |
| Construction & Engineering - 1.3% |  |  |
| Fluor Corp (b) | 4496 | 193013 |
| Quanta Services Inc  | 861 | 400262 |
|  |  | 593275 |
| Electrical Equipment - 3.0% |  |  |
| Acuity Inc  | 1323 | 484774 |
| Eaton Corp PLC  | 943 | 326174 |
| Nextpower Inc Class A (b) | 5648 | 517470 |
|  |  | 1328418 |
| Industrial Conglomerates - 0.6% |  |  |
| 3M Co  | 1778 | 305905 |
| Machinery - 2.6% |  |  |
| Deere & Co  | 1607 | 746435 |
| Ingersoll Rand Inc  | 3267 | 262471 |
| Proto Labs Inc (b) | 2405 | 122222 |
|  |  | 1131128 |
| Professional Services - 2.0% |  |  |
| KBR Inc  | 5521 | 227575 |
| UL Solutions Inc Class A  | 4579 | 417651 |
| Verisk Analytics Inc  | 1060 | 238574 |
|  |  | 883800 |
| TOTAL INDUSTRIALS |  | 5307105 |
| Information Technology - 33.5% |  |  |
| Communications Equipment - 3.8% |  |  |
| Ciena Corp (b) | 2985 | 609567 |
| Lumentum Holdings Inc (b) | 2167 | 704622 |
| Motorola Solutions Inc  | 969 | 358219 |
|  |  | 1672408 |
| Electronic Equipment, Instruments & Components - 2.8% |  |  |
| Amphenol Corp Class A  | 3711 | 522880 |
| Flex Ltd (b) | 3833 | 226568 |
| Keysight Technologies Inc (b) | 2442 | 483394 |
|  |  | 1232842 |
| IT Services - 1.6% |  |  |
| IBM Corporation  | 2323 | 716831 |
| Semiconductors & Semiconductor Equipment - 11.2% |  |  |
| Applied Materials Inc  | 1600 | 403600 |
| Enphase Energy Inc (b) | 2517 | 72615 |
| First Solar Inc (b) | 4007 | 1093591 |
| Monolithic Power Systems Inc  | 216 | 200485 |
| NVIDIA Corp  | 15340 | 2715181 |
| QUALCOMM Inc  | 1503 | 252639 |
| SolarEdge Technologies Inc (b) | 5836 | 213189 |
|  |  | 4951300 |
| Software - 8.3% |  |  |
| CyberArk Software Ltd (b) | 1210 | 554894 |
| Microsoft Corp  | 4654 | 2289815 |
| Samsara Inc Class A (b) | 3888 | 147861 |
| Synopsys Inc (b) | 671 | 280485 |
| Zoom Communications Inc Class A (b) | 4668 | 396593 |
|  |  | 3669648 |
| Technology Hardware, Storage & Peripherals - 5.8% |  |  |
| Apple Inc  | 9143 | 2549526 |
| TOTAL INFORMATION TECHNOLOGY |  | 14792555 |
| Materials - 1.4% |  |  |
| Chemicals - 0.9% |  |  |
| Linde PLC  | 828 | 339745 |
| PureCycle Technologies Inc (b) | 6042 | 53170 |
|  |  | 392915 |
| Metals & Mining - 0.5% |  |  |
| MP Materials Corp (b) | 3916 | 242596 |
| TOTAL MATERIALS |  | 635511 |
| TOTAL UNITED STATES |  | 38725893 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $28,897,623) |  | <br> **44031976** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cellink Corp Series D (b)(e)(f)<br>(Cost $8,329)<br>| 400 | **1312** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (e)(f)(g)<br>(Cost $12,000)<br>| 12000 | **15212** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $74,233)<br>| 4.02 | 74218 | **74233** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $28,992,185)<br>| <br>**44122733** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **48222** |
| **NET ASSETS - 100.0%** | **44170955** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $128,155 or 0.3% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $128,155 or 0.3% of net assets.

(e) Level 3 security.

(f) Restricted securities (including private placements) - 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 $16,524 or 0.0% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Cellink Corp Series D | 1/20/2022 | 8329 |
| Illuminated Holdings Inc 15% | 9/27/2023 | 12000 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 189361 | 2807600 | 2922728 | 6155 | - | - | 74233 | 74218 | 0.0% |
| Total | 189361 | 2807600 | 2922728 | 6155 | - | - | 74233 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3405434 | 3405434 | - | - |
| Consumer Discretionary | 5434671 | 5434671 | - | - |
| Consumer Staples | 382116 | 382116 | - | - |
| Energy | 440446 | 440446 | - | - |
| Financials | 3558783 | 3558783 | - | - |
| Health Care | 6247826 | 5451324 | 796502 | - |
| Industrials | 7893258 | 7163602 | 729656 | - |
| Information Technology | 15805402 | 15123896 | 681506 | - |
| Materials | 635511 | 635511 | - | - |
| Utilities | 228529 | 228529 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 1312 | - | - | 1312 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 15212 | - | - | 15212 |
|  **Money Market Funds** | 74233 | 74233 | - | - |
| **Total Investments in Securities:** | 44122733 | 41898545 | 2207664 | 16524 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $28,917,952) | $44048500 |  |
| Fidelity Central Funds (cost $74,233) | 74233 |  |
| Total Investment in Securities (cost $28,992,185) |  | $44122733 |
| Cash |  | 9562 |
| Receivable for fund shares sold |  | 73715 |
| Dividends receivable |  | 36931 |
| Distributions receivable from Fidelity Central Funds |  | 1029 |
| Prepaid expenses |  | 36 |
| Other receivables |  | 301 |
| **Total assets** |  | 44244307 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8754 |  |
| Payable for fund shares redeemed | 9 |  |
| Accrued management fee | 32397 |  |
| Distribution and service plan fees payable | 760 |  |
| Audit fee payable | 30567 |  |
| Other payables and accrued expenses | 865 |  |
| **Total liabilities** |  | 73352 |
| **Net Assets**  |  | $44170955 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $31533568 |
| Total accumulated earnings (loss) |  | 12637387 |
| **Net Assets** |  | $44170955 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,144,262 ÷ 77,549 shares)(a) |  | $14.76 |
| Maximum offering price per share (100/94.25 of $14.76) |  | $15.66 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($755,580 ÷ 51,781 shares)(a) |  | $14.59 |
| Maximum offering price per share (100/96.50 of $14.59) |  | $15.12 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($265,770 ÷ 18,627 shares)(a) |  | $14.27 |
| **Fidelity Climate Action Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($39,966,289 ÷ 2,683,587 shares) |  | $14.89 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($337,431 ÷ 22,656 shares) |  | $14.89 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,701,623 ÷ 113,508 shares) |  | $14.99 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $153923 |
| Income from Fidelity Central Funds  |  | 6155 |
| **Total income** |  | 160078 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $160817 |  |
| Performance adjustment | (9010) |  |
| Distribution and service plan fees | 4106 |  |
| Independent trustees' fees and expenses | 70 |  |
| Registration fees | 29587 |  |
| Audit fees | 26351 |  |
| Legal | 760 |  |
| Miscellaneous | 88 |  |
| Total expenses before reductions | 212769 |  |
| Expense reductions | (741) |  |
| Total expenses after reductions |  | 212028 |
| **Net Investment income (loss)** |  | (51950) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1012524 |  |
| Foreign currency transactions | 467 |  |
| Total net realized gain (loss) |  | 1012991 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6927044 |  |
| Assets and liabilities in foreign currencies | 80 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6927124 |
| **Net gain (loss)** |  | 7940115 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7888165 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(51950) | $(60996) |
| &nbsp;&nbsp;Net realized gain (loss) | 1012991<br>| 1524836<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6927124 | 249408<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7888165<br>| 1713248<br>|
| Share transactions - net increase (decrease) | 273016<br>| 3057470<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8161181<br>| 4770718<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 36009774 | 31239056<br>|
| &nbsp;&nbsp;End of period | $44170955 | $36009774 |

---

**Financial Highlights** 

**Fidelity Advisor® Climate Action Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.10 | $11.45 | $8.85 | $8.88 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.03)  | (.05)  | (.02)  | - D | (.02)  |
| Net realized and unrealized gain (loss)  | 2.69  | .70  | 2.62  | (.03)  | (1.10)  |
| Total from investment operations  | 2.66  | .65  | 2.60  | (.03)  | (1.12)  |
| Net asset value, end of period  | $14.76 | $12.10 | $11.45 | $8.85 | $8.88 |
| **Total Return** E,F,G | 21.98% <br>| 5.68%  | 29.38%  | (.34)%  | (11.20)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.34% J | 1.48%  | 1.74%  | 1.95%  | 2.95% J |
| Expenses net of fee waivers, if any  | 1.30% J<br>| 1.30%  | 1.30%  | 1.30%  | 1.29% J |
| Expenses net of all reductions, if any  | 1.30% J | 1.30%  | 1.30%  | 1.30%  | 1.29% J |
| Net investment income (loss)  | (.50)% J | (.40)%  | (.22)%  | (.05)%  | (.19)% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1144 | $890 | $833 | $449 | $405 |
| Portfolio turnover rate K | 32% J<br>| 39%  | 85%  | 51%  | 57% J |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

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

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

G*Total returns do not include the effect of the sales charges.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Climate Action Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.98 | $11.37 | $8.81 | $8.86 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.05)  | (.08)  | (.05)  | (.03)  | (.04)  |
| Net realized and unrealized gain (loss)  | 2.66  | .69  | 2.61  | (.02)  | (1.10)  |
| Total from investment operations  | 2.61  | .61  | 2.56  | (.05)  | (1.14)  |
| Net asset value, end of period  | $14.59 | $11.98 | $11.37 | $8.81 | $8.86 |
| **Total Return** D,E,F | 21.79% <br>| 5.36%  | 29.06%  | (.56)%  | (11.40)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.58% I | 1.74%  | 1.94%  | 2.04%  | 3.33% I |
| Expenses net of fee waivers, if any  | 1.55% I<br>| 1.55%  | 1.55%  | 1.55%  | 1.55% I |
| Expenses net of all reductions, if any  | 1.55% I | 1.55%  | 1.55%  | 1.55%  | 1.55% I |
| Net investment income (loss)  | (.75)% I | (.65)%  | (.47)%  | (.30)%  | (.45)% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $756 | $618 | $563 | $431 | $132 |
| Portfolio turnover rate J | 32% I<br>| 39%  | 85%  | 51%  | 57% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Climate Action Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.74 | $11.20 | $8.72 | $8.82 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.08)  | (.13)  | (.09)  | (.07)  | (.09)  |
| Net realized and unrealized gain (loss)  | 2.61  | .67  | 2.57  | (.03)  | (1.09)  |
| Total from investment operations  | 2.53  | .54  | 2.48  | (.10)  | (1.18)  |
| Net asset value, end of period  | $14.27 | $11.74 | $11.20 | $8.72 | $8.82 |
| **Total Return** D,E,F | 21.55% <br>| 4.82%  | 28.44%  | (1.13)%  | (11.80)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 2.11% I | 2.22%  | 2.50%  | 2.63%  | 3.55% I |
| Expenses net of fee waivers, if any  | 2.05% I<br>| 2.05%  | 2.05%  | 2.05%  | 2.04% I |
| Expenses net of all reductions, if any  | 2.05% I | 2.05%  | 2.05%  | 2.05%  | 2.04% I |
| Net investment income (loss)  | (1.25)% I | (1.15)%  | (.97)%  | (.80)%  | (.94)% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $266 | $229 | $289 | $199 | $265 |
| Portfolio turnover rate J | 32% I<br>| 39%  | 85%  | 51%  | 57% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Climate Action Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $11.52 | $8.89 | $8.90 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.02)  | (.02)  | - D | .02  | .01  |
| Net realized and unrealized gain (loss)  | 2.72  | .69  | 2.65  | (.03)  | (1.11)  |
| Total from investment operations  | 2.70  | .67  | 2.65  | (.01)  | (1.10)  |
| Distributions from net investment income  | -  | -  | (.02)  | - D | -  |
| Total distributions  | -  | -  | (.02)  | - D | -  |
| Net asset value, end of period  | $14.89 | $12.19 | $11.52 | $8.89 | $8.90 |
| **Total Return** E,F | 22.15% <br>| 5.82%  | 29.79%  | (.08)%  | (11.00)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.05% I | 1.21%  | 1.48%  | 1.68%  | 2.66% I |
| Expenses net of fee waivers, if any  | 1.05% I<br>| 1.05%  | 1.05%  | 1.05%  | 1.05% I |
| Expenses net of all reductions, if any  | 1.05% I | 1.05%  | 1.05%  | 1.05%  | 1.05% I |
| Net investment income (loss)  | (.25)% I | (.15)%  | .03%  | .20%  | .06% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39966 | $32696 | $27766 | $21237 | $19057 |
| Portfolio turnover rate J | 32% I<br>| 39%  | 85%  | 51%  | 57% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Climate Action Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $11.52 | $8.89 | $8.90 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.02)  | (.02)  | - D | .02  | .01  |
| Net realized and unrealized gain (loss)  | 2.72  | .69  | 2.65  | (.03)  | (1.11)  |
| Total from investment operations  | 2.70  | .67  | 2.65  | (.01)  | (1.10)  |
| Distributions from net investment income  | -  | -  | (.02)  | - D | -  |
| Total distributions  | -  | -  | (.02)  | - D | -  |
| Net asset value, end of period  | $14.89 | $12.19 | $11.52 | $8.89 | $8.90 |
| **Total Return** E,F | 22.15% <br>| 5.82%  | 29.79%  | (.08)%  | (11.00)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.05% I | 1.24%  | 1.35%  | 1.55%  | 2.93% I |
| Expenses net of fee waivers, if any  | 1.05% I<br>| 1.05%  | 1.05%  | 1.04%  | 1.04% I |
| Expenses net of all reductions, if any  | 1.04% I | 1.05%  | 1.05%  | 1.04%  | 1.04% I |
| Net investment income (loss)  | (.24)% I | (.15)%  | .03%  | .20%  | .06% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $337 | $265 | $903 | $300 | $192 |
| Portfolio turnover rate J | 32% I<br>| 39%  | 85%  | 51%  | 57% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Climate Action Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.27 | $11.57 | $8.92 | $8.91 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | - D | .02  | .03  | .02  |
| Net realized and unrealized gain (loss)  | 2.73  | .70  | 2.65  | (.02)  | (1.11)  |
| Total from investment operations  | 2.72  | .70  | 2.67  | .01  | (1.09)  |
| Distributions from net investment income  | -  | -  | (.02)  | - D | -  |
| Total distributions  | -  | -  | (.02)  | - D | -  |
| Net asset value, end of period  | $14.99 | $12.27 | $11.57 | $8.92 | $8.91 |
| **Total Return** E,F | 22.17% <br>| 6.05%  | 29.91%  | .15%  | (10.90)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .95% I | 1.09%  | 1.32%  | 1.40%  | 3.00% I |
| Expenses net of fee waivers, if any  | .91% I<br>| .90%  | .90%  | .90%  | .90% I |
| Expenses net of all reductions, if any  | .91% I | .90%  | .90%  | .89%  | .90% I |
| Net investment income (loss)  | (.10)% I | -% J | .18%  | .35%  | .20% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1702 | $1311 | $884 | $270 | $109 |
| Portfolio turnover rate K | 32% I<br>| 39%  | 85%  | 51%  | 57% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount represents less than .005%.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Climate Action 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 Class A, Class M, Class C, Climate Action, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Because the Fund focuses its investments in equity securities of climate aware companies, it will be more susceptible to events or factors affecting these companies. The Fund is particularly exposed to such developments as changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory, and economic developments.

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds 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 include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $16162397 |
| **Gross unrealized depreciation** | <u>(1070203)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$15092194</u> |
| **Tax cost** | <u>$29030539</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(3373660) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(3373660)</u> |

---

The Fund elected to defer to its next fiscal year approximately $34,492 of ordinary losses recognized during the period January 1, 2025 to May 31, 2025.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Climate Action Fund** | 6675314 | 6318788 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .87 |
| **Class M** | .84 |
| **Class C** | .87 |
| **Fidelity Climate Action Fund** | .87 |
| **Class I** | .79 |
| **Class Z** | .71 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .86 |
| **Class M** | .84 |
| **Class C** | .86 |
| **Fidelity Climate Action Fund** | .81 |
| **Class I** | .79 |
| **Class Z** | .71 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Climate Action Fund** | MSCI World Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Climate Action Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.05)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 1251 | 605 |
| **Class M** | .25% | .25% | 1710 | 6 |
| **Class C** | .75% | .25% | <u>1145</u> | <u>733</u> |
|  |  |  | <u>4106</u> | <u>1344</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 1221 |
| **Class M** | 3 |
| **Class C**A | <u>8</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1232</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Climate Action Fund** | 70 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Climate Action Fund** | 70223 | 484377 | 43317 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Climate Action Fund** | 21 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through September 30, 2026. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.30% | 179 |
| **Class M** | 1.55% | 83 |
| **Class C** | 2.05% | 66 |
| **Fidelity Climate Action Fund** | 1.05% | - |
| **Class I** | 1.05% | - |
| **Class Z** | .90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>320</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>648</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $93.

**8. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **November 30, 2025**  | **Year ended**<br> **May 31, 2025** | **Six months ended** <br> **November 30, 2025**  | **Year ended**<br> **May 31, 2025** |
| **Fidelity Climate Action Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 12656 | 30022 | $168232 | $352653 |
| Shares redeemed | <u>(8672)</u> | <u>(29230)</u> | <u>(111277)</u> | <u>(336063)</u> |
| Net increase (decrease) | <u>3984</u> | <u>792</u> | <u>$56955</u> | <u>$16590</u> |
| **Class M** |  |  |  |  |
| Shares sold | 581 | 12366 | $8261 | $150845 |
| Shares redeemed | <u>(415)</u> | <u>(10309)</u> | <u>(5709)</u> | <u>(125208)</u> |
| Net increase (decrease) | <u>166</u> | <u>2057</u> | <u>$2552</u> | <u>$25637</u> |
| **Class C** |  |  |  |  |
| Shares sold | 2568 | 5495 | $36532 | $63506 |
| Shares redeemed | <u>(3452)</u> | <u>(11761)</u> | <u>(43546)</u> | <u>(135780)</u> |
| Net increase (decrease) | <u>(884)</u> | <u>(6266)</u> | <u>$(7014)</u> | <u>$(72274)</u> |
| **Fidelity Climate Action Fund** |  |  |  |  |
| Shares sold | 262908 | 1055647 | $3642041 | $12751165 |
| Shares redeemed | <u>(260520)</u> | <u>(785482)</u> | <u>(3532127)</u> | <u>(9369491)</u> |
| Net increase (decrease) | <u>2388</u> | <u>270165</u> | <u>$109914</u> | <u>$3381674</u> |
| **Class I** |  |  |  |  |
| Shares sold | 10436 | 8010 | $147764 | $95373 |
| Shares redeemed | <u>(9500)</u> | <u>(64717)</u> | <u>(129673)</u> | <u>(751698)</u> |
| Net increase (decrease) | <u>936</u> | <u>(56707)</u> | <u>$18091</u> | <u>$(656325)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 9401 | 63404 | $129159 | $741845 |
| Shares redeemed | <u>(2795)</u> | <u>(32960)</u> | <u>(36641)</u> | <u>(379677)</u> |
| Net increase (decrease) | <u>6606</u> | <u>30444</u> | <u>$92518</u> | <u>$362168</u> |

---

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img121129_4.jpg)<br>

1.9901891.104 CLA-SANN-0126

**Fidelity® Sustainable U.S. Equity Fund**

**Semi-Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img121130_1.jpg)

![](img121130_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SUS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable U.S. Equity Fund](#Sub_Sec_Fund_6391_SUS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6391_SUS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SUS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SUS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SUS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SUS-SANN)** |

---

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 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Sustainable U.S. Equity Fund**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 933 | 260367 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Wheaton Precious Metals Corp  | 1386 | 152400 |
| CANADA - 1.0%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Cameco Corp (United States) (a) | 1765 | 156220 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Franco-Nevada Corp  | 684 | 143697 |
| TOTAL CANADA |  | 299917 |
| FRANCE - 0.7%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| Danone SA  | 2553 | 228103 |
| INDIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| HDFC Bank Ltd ADR  | 4986 | 183585 |
| ITALY - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Brunello Cucinelli SpA  | 2062 | 219310 |
| JAPAN - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| Hitachi Ltd  | 6327 | 201226 |
| NETHERLANDS - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| NXP Semiconductors NV  | 715 | 139381 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1911 | 557076 |
| UNITED KINGDOM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| Astrazeneca PLC  | 1384 | 256606 |
| UNITED STATES - 90.1%  |  |  |
| Communication Services - 9.6% |  |  |
| Entertainment - 2.6% |  |  |
| Netflix Inc (a) | 4350 | 467973 |
| Spotify Technology SA (a) | 203 | 121570 |
| Walt Disney Co/The  | 2053 | 214477 |
|  |  | 804020 |
| Interactive Media & Services - 7.0% |  |  |
| Alphabet Inc Class A  | 5412 | 1732815 |
| Meta Platforms Inc Class A  | 632 | 409504 |
|  |  | 2142319 |
| TOTAL COMMUNICATION SERVICES |  | 2946339 |
| Consumer Discretionary - 11.3% |  |  |
| Automobiles - 0.8% |  |  |
| Tesla Inc (a) | 586 | 252080 |
| Broadline Retail - 4.8% |  |  |
| Amazon.com Inc (a) | 6186 | 1442699 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Hilton Worldwide Holdings Inc  | 1070 | 304982 |
| Starbucks Corp  | 1769 | 154097 |
| Viking Holdings Ltd (a) | 2525 | 168620 |
|  |  | 627699 |
| Household Durables - 1.5% |  |  |
| DR Horton Inc  | 944 | 150105 |
| PulteGroup Inc  | 1147 | 145887 |
| SharkNinja Inc (a) | 1638 | 159820 |
|  |  | 455812 |
| Specialty Retail - 1.8% |  |  |
| Home Depot Inc/The  | 855 | 305167 |
| TJX Cos Inc/The  | 1656 | 251579 |
|  |  | 556746 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| NIKE Inc Class B  | 1993 | 128807 |
| TOTAL CONSUMER DISCRETIONARY |  | 3463843 |
| Consumer Staples - 4.6% |  |  |
| Beverages - 2.3% |  |  |
| Coca-Cola Co/The  | 6221 | 454880 |
| Keurig Dr Pepper Inc  | 9283 | 258995 |
|  |  | 713875 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Casey's General Stores Inc  | 287 | 163722 |
| Household Products - 1.0% |  |  |
| Procter & Gamble Co/The  | 2018 | 298987 |
| Personal Care Products - 0.8% |  |  |
| Estee Lauder Cos Inc/The Class A  | 2624 | 246840 |
| TOTAL CONSUMER STAPLES |  | 1423424 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Cheniere Energy Inc  | 766 | 159680 |
| Financials - 10.1% |  |  |
| Banks - 4.9% |  |  |
| Bank of America Corp  | 7615 | 408545 |
| JPMorgan Chase & Co  | 2207 | 690968 |
| Wells Fargo & Co  | 4617 | 396369 |
|  |  | 1495882 |
| Capital Markets - 0.9% |  |  |
| Bank of New York Mellon Corp/The  | 2363 | 264892 |
| Financial Services - 2.1% |  |  |
| Apollo Global Management Inc  | 1273 | 167845 |
| Mastercard Inc Class A  | 890 | 489972 |
|  |  | 657817 |
| Insurance - 2.2% |  |  |
| Arthur J Gallagher & Co  | 1315 | 325620 |
| Chubb Ltd  | 1136 | 336461 |
|  |  | 662081 |
| TOTAL FINANCIALS |  | 3080672 |
| Health Care - 10.2% |  |  |
| Biotechnology - 2.0% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 611 | 275701 |
| Gilead Sciences Inc  | 2602 | 327436 |
|  |  | 603137 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Boston Scientific Corp (a) | 4071 | 413532 |
| TransMedics Group Inc (a) | 2316 | 338854 |
|  |  | 752386 |
| Health Care Providers & Services - 0.3% |  |  |
| UnitedHealth Group Inc  | 296 | 97612 |
| Health Care Technology - 0.4% |  |  |
| Veeva Systems Inc Class A (a) | 571 | 137206 |
| Life Sciences Tools & Services - 2.5% |  |  |
| Danaher Corp  | 1362 | 308874 |
| Thermo Fisher Scientific Inc  | 783 | 462620 |
|  |  | 771494 |
| Pharmaceuticals - 2.5% |  |  |
| Eli Lilly & Co  | 723 | 777565 |
| TOTAL HEALTH CARE |  | 3139400 |
| Industrials - 10.3% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| Boeing Co (a) | 1052 | 198828 |
| Howmet Aerospace Inc  | 1288 | 263512 |
| StandardAero Inc (a) | 3845 | 100431 |
|  |  | 562771 |
| Building Products - 1.4% |  |  |
| Builders FirstSource Inc (a) | 626 | 70256 |
| Tecnoglass Inc  | 2040 | 101551 |
| Trane Technologies PLC  | 616 | 259632 |
|  |  | 431439 |
| Construction & Engineering - 1.7% |  |  |
| EMCOR Group Inc  | 300 | 184521 |
| Quanta Services Inc  | 715 | 332389 |
|  |  | 516910 |
| Electrical Equipment - 2.4% |  |  |
| Eaton Corp PLC  | 658 | 227596 |
| GE Vernova Inc  | 530 | 317878 |
| Vertiv Holdings Co Class A  | 1022 | 183684 |
|  |  | 729158 |
| Machinery - 2.6% |  |  |
| Cummins Inc  | 431 | 214629 |
| Parker-Hannifin Corp  | 449 | 386904 |
| Westinghouse Air Brake Technologies Corp  | 827 | 172471 |
|  |  | 774004 |
| Professional Services - 0.4% |  |  |
| KBR Inc  | 3077 | 126834 |
| TOTAL INDUSTRIALS |  | 3141116 |
| Information Technology - 29.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Coherent Corp (a) | 1032 | 169516 |
| Semiconductors & Semiconductor Equipment - 13.5% |  |  |
| Broadcom Inc  | 848 | 341710 |
| First Solar Inc (a) | 695 | 189679 |
| Lam Research Corp  | 1881 | 293436 |
| Marvell Technology Inc  | 3212 | 287153 |
| Micron Technology Inc  | 2098 | 496135 |
| NVIDIA Corp  | 14056 | 2487913 |
|  |  | 4096026 |
| Software - 8.6% |  |  |
| Autodesk Inc (a) | 849 | 257536 |
| Cadence Design Systems Inc (a) | 987 | 307786 |
| Intuit Inc  | 306 | 194028 |
| Microsoft Corp  | 3827 | 1882922 |
|  |  | 2642272 |
| Technology Hardware, Storage & Peripherals - 7.1% |  |  |
| Apple Inc  | 7815 | 2179213 |
| TOTAL INFORMATION TECHNOLOGY |  | 9087027 |
| Materials - 0.9% |  |  |
| Chemicals - 0.6% |  |  |
| Corteva Inc  | 2821 | 190333 |
| Construction Materials - 0.3% |  |  |
| James Hardie Industries PLC (a) | 5076 | 100403 |
| TOTAL MATERIALS |  | 290736 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.7% |  |  |
| Welltower Inc  | 1042 | 216965 |
| Real Estate Management & Development - 0.5% |  |  |
| Cushman & Wakefield Ltd  | 9025 | 151169 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 1125 | 203929 |
| TOTAL REAL ESTATE |  | 572063 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 756 | 275456 |
| TOTAL UNITED STATES |  | 27579756 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $22,177,066) |  | <br> **30077727** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Somatus Inc Series E (a)(b)(c)<br>(Cost $32,287)<br>| 37 | **47477** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $671,089)<br>| 4.02 | 670955 | **671089** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $22,880,442)<br>| <br>**30796293** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(164815)** |
| **NET ASSETS - 100.0%** | **30631478** |

---

**Legend**

(a) Non-income producing.

(b) Restricted securities (including private placements) - 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 $47,477 or 0.2% of net assets.

(c) Level 3 security.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Somatus Inc Series E | 1/31/2022 | 32287 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 269701 | 4042789 | 3641400 | 8527 | (1) | - | 671089 | 670955 | 0.0% |
| Total | 269701 | 4042789 | 3641400 | 8527 | (1) | - | 671089 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2946339 | 2946339 | - | - |
| Consumer Discretionary | 3683153 | 3683153 | - | - |
| Consumer Staples | 1651527 | 1651527 | - | - |
| Energy | 315900 | 315900 | - | - |
| Financials | 3264257 | 3264257 | - | - |
| Health Care | 3656373 | 3399767 | 256606 | - |
| Industrials | 3342342 | 3342342 | - | - |
| Information Technology | 9783484 | 9783484 | - | - |
| Materials | 586833 | 586833 | - | - |
| Real Estate | 572063 | 572063 | - | - |
| Utilities | 275456 | 275456 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 47477 | - | - | 47477 |
|  **Money Market Funds** | 671089 | 671089 | - | - |
| **Total Investments in Securities:** | 30796293 | 30492210 | 256606 | 47477 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $22,209,353) | $30125204 |  |
| Fidelity Central Funds (cost $671,089) | 671089 |  |
| Total Investment in Securities (cost $22,880,442) |  | $30796293 |
| Foreign currency held at value (cost $853) |  | 853 |
| Receivable for investments sold |  | 181693 |
| Receivable for fund shares sold |  | 12643 |
| Dividends receivable |  | 14749 |
| Distributions receivable from Fidelity Central Funds |  | 1790 |
| Prepaid expenses |  | 27 |
| Other receivables |  | 200 |
| **Total assets** |  | 31008248 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $256309 |  |
| Payable for fund shares redeemed | 70514 |  |
| Accrued management fee | 17765 |  |
| Distribution and service plan fees payable | 982 |  |
| Audit fee payable | 30567 |  |
| Other payables and accrued expenses | 633 |  |
| **Total liabilities** |  | 376770 |
| **Net Assets**  |  | $30631478 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $24465393 |
| Total accumulated earnings (loss) |  | 6166085 |
| **Net Assets** |  | $30631478 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,957,064 ÷ 129,317 shares)(a) |  | $15.13 |
| Maximum offering price per share (100/94.25 of $15.13) |  | $16.05 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($466,179 ÷ 30,956 shares)(a) |  | $15.06 |
| Maximum offering price per share (100/96.50 of $15.06) |  | $15.61 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($479,128 ÷ 32,391 shares)(a) |  | $14.79 |
| **Fidelity Sustainable U.S. Equity Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($26,993,518 ÷ 1,777,307 shares) |  | $15.19 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($426,063 ÷ 28,083 shares) |  | $15.17 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($309,526 ÷ 20,270 shares) |  | $15.27 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $104280 |
| Income from Fidelity Central Funds  |  | 8527 |
| **Total income** |  | 112807 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $96851 |  |
| Performance adjustment | (8466) |  |
| Distribution and service plan fees | 5701 |  |
| Custodian fees and expenses | 1272 |  |
| Independent trustees' fees and expenses | 52 |  |
| Registration fees | 29585 |  |
| Audit fees | 26871 |  |
| Legal | 324 |  |
| Miscellaneous | 76 |  |
| Total expenses before reductions | 152266 |  |
| Expense reductions | (15539) |  |
| Total expenses after reductions |  | 136727 |
| **Net Investment income (loss)** |  | (23920) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (130604) |  |
| Fidelity Central Funds | (1) |  |
| Foreign currency transactions | 410 |  |
| Futures contracts | 20972 |  |
| Total net realized gain (loss) |  | (109223) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4813345 |  |
| Assets and liabilities in foreign currencies | 8 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4813353 |
| **Net gain (loss)** |  | 4704130 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4680210 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(23920) | $46873 |
| &nbsp;&nbsp;Net realized gain (loss) | (109223)<br>| 3179184<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4813353 | (1729055)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4680210<br>| 1497002<br>|
| Distributions to shareholders | -<br>| (101629)<br>|
| Share transactions - net increase (decrease) | (1106790)<br>| (1191998)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3573420<br>| 203375<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 27058058 | 26854683<br>|
| &nbsp;&nbsp;End of period | $30631478 | $27058058 |

---

**Financial Highlights** 

**Fidelity Advisor® Sustainable U.S. Equity Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.88 | $12.22 | $9.70 | $9.38 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.03)  | (.01)  | .02  | .05 D | - E |
| Net realized and unrealized gain (loss)  | 2.28  | .69  | 2.53  | .31  | (.58)  |
| Total from investment operations  | 2.25  | .68  | 2.55  | .36  | (.58)  |
| Distributions from net investment income  | -  | (.02)  | (.03)  | (.04)  | -  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.04)  |
| Total distributions  | -  | (.02)  | (.03)  | (.04)  | (.04)  |
| Net asset value, end of period  | $15.13 | $12.88 | $12.22 | $9.70 | $9.38 |
| **Total Return** F,G,H | 17.47% <br>| 5.55%  | 26.27%  | 3.90%  | (5.87)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | 1.29% K | 1.49%  | 1.65%  | 1.97%  | 3.52% K |
| Expenses net of fee waivers, if any  | 1.15% K<br>| 1.15%  | 1.15%  | 1.15%  | 1.14% K |
| Expenses net of all reductions, if any  | 1.15% K | 1.15%  | 1.15%  | 1.15%  | 1.14% K |
| Net investment income (loss)  | (.38)% K | (.04)%  | .22%  | .56% D | -% K,L |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1957 | $1577 | $1163 | $642 | $633 |
| Portfolio turnover rate M | 64% K<br>| 64% N | 45%  | 37%  | 55% K |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.*

E*Amount represents less than $.005 per share.*

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

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

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount represents less than .005%.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

N*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Sustainable U.S. Equity Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.83 | $12.19 | $9.68 | $9.37 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.04)  | (.04)  | - D | .03 E | (.02)  |
| Net realized and unrealized gain (loss)  | 2.27  | .68  | 2.51  | .31  | (.59)  |
| Total from investment operations  | 2.23  | .64  | 2.51  | .34  | (.61)  |
| Distributions from net investment income  | -  | -  | - D | (.03)  | -  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.02)  |
| Total distributions  | -  | -  | - D | (.03)  | (.02)  |
| Net asset value, end of period  | $15.06 | $12.83 | $12.19 | $9.68 | $9.37 |
| **Total Return** F,G,H | 17.38% <br>| 5.25%  | 25.95%  | 3.66%  | (6.10)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |  |  |
| Expenses before reductions  | 1.55% K | 1.71%  | 1.89%  | 2.19%  | 4.05% K |
| Expenses net of fee waivers, if any  | 1.40% K<br>| 1.40%  | 1.40%  | 1.40%  | 1.39% K |
| Expenses net of all reductions, if any  | 1.40% K | 1.40%  | 1.40%  | 1.40%  | 1.39% K |
| Net investment income (loss)  | (.63)% K | (.30)%  | (.03)%  | .31% E | (.26)% K |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $466 | $392 | $424 | $351 | $258 |
| Portfolio turnover rate L | 64% K<br>| 64% M | 45%  | 37%  | 55% K |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .04%.*

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

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

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

M*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Sustainable U.S. Equity Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.64 | $12.06 | $9.62 | $9.34 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.08)  | (.10)  | (.06)  | (.02) D | (.07)  |
| Net realized and unrealized gain (loss)  | 2.23  | .68  | 2.50  | .31  | (.58)  |
| Total from investment operations  | 2.15  | .58  | 2.44  | .29  | (.65)  |
| Distributions from net investment income  | -  | -  | -  | (.01)  | -  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.01)  |
| Total distributions  | -  | -  | -  | (.01)  | (.01)  |
| Net asset value, end of period  | $14.79 | $12.64 | $12.06 | $9.62 | $9.34 |
| **Total Return** E,F,G | 17.01% <br>| 4.81%  | 25.36%  | 3.07%  | (6.53)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | 2.06% J | 2.20%  | 2.38%  | 2.71%  | 4.65% J |
| Expenses net of fee waivers, if any  | 1.90% J<br>| 1.90%  | 1.90%  | 1.90%  | 1.89% J |
| Expenses net of all reductions, if any  | 1.90% J | 1.90%  | 1.90%  | 1.90%  | 1.89% J |
| Net investment income (loss)  | (1.13)% J | (.80)%  | (.53)%  | (.20)% D | (.75)% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $479 | $455 | $506 | $305 | $273 |
| Portfolio turnover rate K | 64% J<br>| 64% L | 45%  | 37%  | 55% J |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.46)%.*

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

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

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Sustainable U.S. Equity Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.91 | $12.25 | $9.72 | $9.40 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | .03  | .05  | .07 D | .02  |
| Net realized and unrealized gain (loss)  | 2.29  | .68  | 2.53  | .31  | (.57)  |
| Total from investment operations  | 2.28  | .71  | 2.58  | .38  | (.55)  |
| Distributions from net investment income  | -  | (.05)  | (.05)  | (.06)  | (.01)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.04)  |
| Total distributions  | -  | (.05)  | (.05)  | (.06)  | (.05)  |
| Net asset value, end of period  | $15.19 | $12.91 | $12.25 | $9.72 | $9.40 |
| **Total Return** E,F | 17.66% <br>| 5.78%  | 26.58%  | 4.14%  | (5.58)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.00% I | 1.16%  | 1.38%  | 1.70%  | 3.21% I |
| Expenses net of fee waivers, if any  | .90% I<br>| .90%  | .90%  | .90%  | .89% I |
| Expenses net of all reductions, if any  | .90% I | .90%  | .90%  | .90%  | .89% I |
| Net investment income (loss)  | (.13)% I | .20%  | .47%  | .80% D | .24% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26994 | $23986 | $24205 | $16265 | $14669 |
| Portfolio turnover rate J | 64% I<br>| 64% K | 45%  | 37%  | 55% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .54%.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Sustainable U.S. Equity Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.90 | $12.25 | $9.72 | $9.40 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | (.01)  | .03  | .05  | .07 D | .02  |
| Net realized and unrealized gain (loss)  | 2.28  | .68  | 2.53  | .31  | (.57)  |
| Total from investment operations  | 2.27  | .71  | 2.58  | .38  | (.55)  |
| Distributions from net investment income  | -  | (.06)  | (.05)  | (.06)  | (.01)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.04)  |
| Total distributions  | -  | (.06)  | (.05)  | (.06)  | (.05)  |
| Net asset value, end of period  | $15.17 | $12.90 | $12.25 | $9.72 | $9.40 |
| **Total Return** E,F | 17.60% <br>| 5.81%  | 26.58%  | 4.14%  | (5.58)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .99% I | 1.17%  | 1.27%  | 1.58%  | 3.76% I |
| Expenses net of fee waivers, if any  | .90% I<br>| .90%  | .90%  | .90%  | .90% I |
| Expenses net of all reductions, if any  | .90% I | .90%  | .90%  | .90%  | .90% I |
| Net investment income (loss)  | (.13)% I | .21%  | .47%  | .80% D | .24% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $426 | $347 | $193 | $124 | $116 |
| Portfolio turnover rate J | 64% I<br>| 64% K | 45%  | 37%  | 55% I |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .54%.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity Advisor® Sustainable U.S. Equity Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.97 | $12.30 | $9.74 | $9.41 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | - D | .05  | .07  | .09 E | .04  |
| Net realized and unrealized gain (loss)  | 2.30  | .68  | 2.54  | .30  | (.58)  |
| Total from investment operations  | 2.30  | .73  | 2.61  | .39  | (.54)  |
| Distributions from net investment income  | -  | (.06)  | (.05)  | (.06)  | (.01)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.04)  |
| Total distributions  | -  | (.06)  | (.05)  | (.06)  | (.05)  |
| Net asset value, end of period  | $15.27 | $12.97 | $12.30 | $9.74 | $9.41 |
| **Total Return** F,G | 17.73% <br>| 5.96%  | 26.83%  | 4.24%  | (5.48)%  |
| **Ratios to Average Net Assets** C,H,I |  |  |  |  |  |
| Expenses before reductions  | .91% J | 1.03%  | 1.21%  | 1.51%  | 3.72% J |
| Expenses net of fee waivers, if any  | .75% J<br>| .75%  | .75%  | .75%  | .75% J |
| Expenses net of all reductions, if any  | .75% J | .75%  | .75%  | .75%  | .75% J |
| Net investment income (loss)  | .02% J | .35%  | .62%  | .96% E | .39% J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $310 | $300 | $364 | $130 | $113 |
| Portfolio turnover rate K | 64% J<br>| 64% L | 45%  | 37%  | 55% J |

---

A*For the period June 15, 2021 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .69%.*

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

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

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Sustainable U.S. Equity 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 Class A, Class M, Class C, Fidelity Sustainable U.S. Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to future contracts, foreign currency transactions, redemptions in-kind, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $8578818 |
| **Gross unrealized depreciation** | <u>(755001)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$7823817</u> |
| **Tax cost** | <u>$22972476</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1490988) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(1490988)</u> |

---

The Fund elected to defer to its next fiscal year approximately $26,645 of ordinary losses recognized during the period January 1, 2025 to May 31, 2025.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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 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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Sustainable U.S. Equity Fund** | 9222276 | 10524522 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Sustainable U.S. Equity Fund** | 902408 | 3798807 | 12200784 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Fidelity Sustainable U.S. Equity Fund** | .72 |
| **Class I** | .65 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Fidelity Sustainable U.S. Equity Fund** | .66 |
| **Class I** | .65 |
| **Class Z** | .56 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Sustainable U.S. Equity Fund** | Russell 3000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable U.S. Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.06)%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 2253 | 1638 |
| **Class M** | .25% | .25% | 1104 | 416 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2344</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1299</u> |
|  |  |  | <u>5701</u> | <u>3353</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 1160 |
| **Class M** | 68 |
| **Class C**A | <u>6</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1234</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable U.S. Equity Fund** | 56 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Sustainable U.S. Equity Fund** | 204794 | 878630 | 76729 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Sustainable U.S. Equity Fund** | 16 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through September 30, 2026. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | 1.15% | 1304 |
| **Class M** | 1.40% | 323 |
| **Class C** | 1.90% | 383 |
| **Fidelity Sustainable U.S. Equity Fund** | .90% | 12996 |
| **Class I** | .90% | 177 |
| **Class Z** | .75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>250</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15433</u> |

---

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $106.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **November 30, 2025** | **Year ended**<br> **May 31, 2025** |
| **Fidelity Sustainable U.S. Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $- | $1882 |
| Fidelity Sustainable U.S. Equity Fund | - | 96395 |
| Class I | - | 1524 |
| Class Z | <u>-</u> | <u>1828</u> |
| Total  | <u>$</u> <u>-</u> | <u>$101629</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **November 30, 2025**  | **Year ended**<br> **May 31, 2025** | **Six months ended** <br> **November 30, 2025**  | **Year ended**<br> **May 31, 2025** |
| **Fidelity Sustainable U.S. Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 14495 | 49443 | $209026 | $649453 |
| Reinvestment of distributions | - | 143 | - | 1882 |
| Shares redeemed | <u>(7626)</u> | <u>(22324)</u> | <u>(111345)</u> | <u>(290958)</u> |
| Net increase (decrease) | <u>6869</u> | <u>27262</u> | <u>$97681</u> | <u>$360377</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1223 | 1291 | $17298 | $16201 |
| Shares redeemed | <u>(814)</u> | <u>(5486)</u> | <u>(12280)</u> | <u>(70699)</u> |
| Net increase (decrease) | <u>409</u> | <u>(4195)</u> | <u>$5018</u> | <u>$(54498)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1968 | 13421 | $27986 | $163043 |
| Shares redeemed | <u>(5611)</u> | <u>(19373)</u> | <u>(77840)</u> | <u>(244664)</u> |
| Net increase (decrease) | <u>(3643)</u> | <u>(5952)</u> | <u>$(49854)</u> | <u>$(81621)</u> |
| **Fidelity Sustainable U.S. Equity Fund** |  |  |  |  |
| Shares sold | 120894 | 1286442 | $1747198 | $17085843 |
| Reinvestment of distributions | - | 6476 | - | 84832 |
| Shares redeemed | <u>(201454)</u> | <u>(1411500)</u> | <u>(2880195)</u> | <u>(18655453)</u> |
| Net increase (decrease) | <u>(80560)</u> | <u>(118582)</u> | <u>$(1132997)</u> | <u>$(1484778)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2305 | 12018 | $31497 | $159900 |
| Reinvestment of distributions | - | 116 | - | 1524 |
| Shares redeemed | <u>(1139)</u> | <u>(973)</u> | <u>(16545)</u> | <u>(11987)</u> |
| Net increase (decrease) | <u>1166</u> | <u>11161</u> | <u>$14952</u> | <u>$149437</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 21 | 785 | $300 | $10036 |
| Reinvestment of distributions | - | 68 | - | 891 |
| Shares redeemed | <u>(2889)</u> | <u>(7305)</u> | <u>(41890)</u> | <u>(91842)</u> |
| Net increase (decrease) | <u>(2868)</u> | <u>(6452)</u> | <u>$(41590)</u> | <u>$(80915)</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img121130_4.jpg)<br>

1.9901905.104 SUS-SANN-0126

**Fidelity® SAI Sustainable U.S. Equity Fund**

**Semi-Annual Report**

**November 30, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img121131_1.jpg)

![](img121131_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EFS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable U.S. Equity Fund](#Sub_Sec_Fund_6552_EFS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6552_EFS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EFS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EFS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EFS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EFS-SANN)** |

---

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

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® SAI Sustainable U.S. Equity Fund**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 12775 | 3565045 |
| BRAZIL - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Wheaton Precious Metals Corp  | 19080 | 2097987 |
| CANADA - 1.0%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Cameco Corp (United States) (a) | 24195 | 2141499 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Franco-Nevada Corp  | 9371 | 1968685 |
| TOTAL CANADA |  | 4110184 |
| FRANCE - 0.8%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| Danone SA  | 34900 | 3118209 |
| INDIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| HDFC Bank Ltd ADR  | 68308 | 2515100 |
| ITALY - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Brunello Cucinelli SpA  | 28223 | 3001733 |
| JAPAN - 0.7%  |  |  |
| Industrials - 0.7% |  |  |
| Industrial Conglomerates - 0.7% |  |  |
| Hitachi Ltd  | 84508 | 2687723 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 9831 | 1916454 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 26147 | 7622112 |
| UNITED KINGDOM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| Astrazeneca PLC  | 18971 | 3517394 |
| UNITED STATES - 89.8%  |  |  |
| Communication Services - 9.4% |  |  |
| Entertainment - 2.7% |  |  |
| Netflix Inc (a) | 59560 | 6407465 |
| Spotify Technology SA (a) | 2808 | 1681627 |
| Walt Disney Co/The  | 28100 | 2935607 |
|  |  | 11024699 |
| Interactive Media & Services - 6.7% |  |  |
| Alphabet Inc Class A  | 69408 | 22223053 |
| Meta Platforms Inc Class A  | 8669 | 5617079 |
|  |  | 27840132 |
| TOTAL COMMUNICATION SERVICES |  | 38864831 |
| Consumer Discretionary - 11.5% |  |  |
| Automobiles - 0.8% |  |  |
| Tesla Inc (a) | 8000 | 3441360 |
| Broadline Retail - 4.9% |  |  |
| Amazon.com Inc (a) | 84663 | 19745105 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Hilton Worldwide Holdings Inc  | 14613 | 4165143 |
| Starbucks Corp  | 24300 | 2116773 |
| Viking Holdings Ltd (a) | 34700 | 2317266 |
|  |  | 8599182 |
| Household Durables - 1.5% |  |  |
| DR Horton Inc  | 13033 | 2072377 |
| PulteGroup Inc  | 15535 | 1975897 |
| SharkNinja Inc (a) | 21600 | 2107512 |
|  |  | 6155786 |
| Specialty Retail - 1.8% |  |  |
| Home Depot Inc/The  | 11700 | 4175964 |
| TJX Cos Inc/The  | 22714 | 3450711 |
|  |  | 7626675 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| NIKE Inc Class B  | 26900 | 1738547 |
| TOTAL CONSUMER DISCRETIONARY |  | 47306655 |
| Consumer Staples - 4.7% |  |  |
| Beverages - 2.4% |  |  |
| Coca-Cola Co/The  | 85203 | 6230043 |
| Keurig Dr Pepper Inc  | 127100 | 3546090 |
|  |  | 9776133 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Casey's General Stores Inc  | 3900 | 2224794 |
| Household Products - 1.0% |  |  |
| Procter & Gamble Co/The  | 27600 | 4089216 |
| Personal Care Products - 0.8% |  |  |
| Estee Lauder Cos Inc/The Class A  | 35900 | 3377113 |
| TOTAL CONSUMER STAPLES |  | 19467256 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Cheniere Energy Inc  | 10468 | 2182159 |
| Financials - 10.2% |  |  |
| Banks - 5.0% |  |  |
| Bank of America Corp  | 104310 | 5596232 |
| JPMorgan Chase & Co  | 30200 | 9455016 |
| Wells Fargo & Co  | 63252 | 5430184 |
|  |  | 20481432 |
| Capital Markets - 0.8% |  |  |
| Bank of New York Mellon Corp/The  | 32400 | 3632040 |
| Financial Services - 2.2% |  |  |
| Apollo Global Management Inc  | 17584 | 2318450 |
| Mastercard Inc Class A  | 12193 | 6712613 |
|  |  | 9031063 |
| Insurance - 2.2% |  |  |
| Arthur J Gallagher & Co  | 17990 | 4454683 |
| Chubb Ltd  | 15576 | 4613300 |
|  |  | 9067983 |
| TOTAL FINANCIALS |  | 42212518 |
| Health Care - 10.4% |  |  |
| Biotechnology - 2.0% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 8315 | 3751977 |
| Gilead Sciences Inc  | 35666 | 4488210 |
|  |  | 8240187 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Boston Scientific Corp (a) | 55782 | 5666336 |
| TransMedics Group Inc (a) | 29705 | 4346138 |
|  |  | 10012474 |
| Health Care Providers & Services - 0.3% |  |  |
| UnitedHealth Group Inc  | 3956 | 1304570 |
| Health Care Technology - 0.5% |  |  |
| Veeva Systems Inc Class A (a) | 7900 | 1898291 |
| Life Sciences Tools & Services - 2.6% |  |  |
| Danaher Corp  | 18684 | 4237157 |
| Thermo Fisher Scientific Inc  | 10755 | 6354377 |
|  |  | 10591534 |
| Pharmaceuticals - 2.6% |  |  |
| Eli Lilly & Co  | 9917 | 10665436 |
| TOTAL HEALTH CARE |  | 42712492 |
| Industrials - 10.4% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Boeing Co (a) | 14469 | 2734641 |
| Howmet Aerospace Inc  | 17601 | 3600989 |
| StandardAero Inc (a) | 52252 | 1364822 |
|  |  | 7700452 |
| Building Products - 1.4% |  |  |
| Builders FirstSource Inc (a) | 8683 | 974493 |
| Tecnoglass Inc  | 26766 | 1332411 |
| Trane Technologies PLC  | 8477 | 3572887 |
|  |  | 5879791 |
| Construction & Engineering - 1.7% |  |  |
| EMCOR Group Inc  | 4071 | 2503950 |
| Quanta Services Inc  | 9825 | 4567446 |
|  |  | 7071396 |
| Electrical Equipment - 2.4% |  |  |
| Eaton Corp PLC  | 9022 | 3120620 |
| GE Vernova Inc  | 7250 | 4348333 |
| Vertiv Holdings Co Class A  | 13954 | 2507952 |
|  |  | 9976905 |
| Machinery - 2.6% |  |  |
| Cummins Inc  | 5900 | 2938082 |
| Parker-Hannifin Corp  | 6160 | 5308072 |
| Westinghouse Air Brake Technologies Corp  | 11313 | 2359326 |
|  |  | 10605480 |
| Professional Services - 0.4% |  |  |
| KBR Inc  | 39136 | 1613185 |
| TOTAL INDUSTRIALS |  | 42847209 |
| Information Technology - 28.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Coherent Corp (a) | 14100 | 2316066 |
| Semiconductors & Semiconductor Equipment - 13.2% |  |  |
| Broadcom Inc  | 11650 | 4694484 |
| First Solar Inc (a) | 9500 | 2592740 |
| Lam Research Corp  | 25767 | 4019652 |
| Marvell Technology Inc  | 43969 | 3930829 |
| Micron Technology Inc  | 28684 | 6783192 |
| NVIDIA Corp  | 182940 | 32380380 |
|  |  | 54401277 |
| Software - 8.4% |  |  |
| Autodesk Inc (a) | 11600 | 3518744 |
| Cadence Design Systems Inc (a) | 13529 | 4218883 |
| Intuit Inc  | 4200 | 2663136 |
| Microsoft Corp  | 49057 | 24136535 |
|  |  | 34537298 |
| Technology Hardware, Storage & Peripherals - 6.8% |  |  |
| Apple Inc  | 100250 | 27954713 |
| TOTAL INFORMATION TECHNOLOGY |  | 119209354 |
| Materials - 1.0% |  |  |
| Chemicals - 0.7% |  |  |
| Corteva Inc  | 38597 | 2604140 |
| Construction Materials - 0.3% |  |  |
| James Hardie Industries PLC (a) | 68473 | 1354396 |
| TOTAL MATERIALS |  | 3958536 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.7% |  |  |
| Welltower Inc  | 14219 | 2960680 |
| Real Estate Management & Development - 0.5% |  |  |
| Cushman & Wakefield Ltd  | 121600 | 2036800 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 15400 | 2791558 |
| TOTAL REAL ESTATE |  | 7789038 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 10372 | 3779142 |
| TOTAL UNITED STATES |  | 370329190 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $328,785,059) |  | <br> **404481131** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** | &nbsp;&nbsp;**Money Market Funds - 3.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $14,832,963)<br>| 4.02 | 14829997 | **14832963** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $343,618,022)<br>| <br>**419314094** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(6764595)** |
| **NET ASSETS - 100.0%** | **412549499** |

---

**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 are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5652110 | 81163756 | 71982805 | 139244 | (98) | - | 14832963 | 14829997 | 0.0% |
| Total | 5652110 | 81163756 | 71982805 | 139244 | (98) | - | 14832963 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 38864831 | 38864831 | - | - |
| Consumer Discretionary | 50308388 | 50308388 | - | - |
| Consumer Staples | 22585465 | 22585465 | - | - |
| Energy | 4323658 | 4323658 | - | - |
| Financials | 44727618 | 44727618 | - | - |
| Health Care | 49794931 | 46277537 | 3517394 | - |
| Industrials | 45534932 | 45534932 | - | - |
| Information Technology | 128747920 | 128747920 | - | - |
| Materials | 8025208 | 8025208 | - | - |
| Real Estate | 7789038 | 7789038 | - | - |
| Utilities | 3779142 | 3779142 | - | - |
|  **Money Market Funds** | 14832963 | 14832963 | - | - |
| **Total Investments in Securities:** | 419314094 | 415796700 | 3517394 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $328,785,059) | $404481131 |  |
| Fidelity Central Funds (cost $14,832,963) | 14832963 |  |
| Total Investment in Securities (cost $343,618,022) |  | $419314094 |
| Foreign currency held at value (cost $10,737) |  | 10737 |
| Receivable for investments sold |  | 2444788 |
| Receivable for fund shares sold |  | 741635 |
| Dividends receivable |  | 146811 |
| Distributions receivable from Fidelity Central Funds |  | 31268 |
| Prepaid expenses |  | 293 |
| Receivable from investment adviser for expense reductions |  | 1531 |
| Other receivables |  | 3454 |
| **Total assets** |  | 422694611 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9883815 |  |
| Payable for fund shares redeemed | 78802 |  |
| Accrued management fee | 164601 |  |
| Other payables and accrued expenses | 17894 |  |
| **Total liabilities** |  | 10145112 |
| **Net Assets**  |  | $412549499 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $340509504 |
| Total accumulated earnings (loss) |  | 72039995 |
| **Net Assets** |  | $412549499 |
| **Net Asset Value**, offering price and redemption price per share ($412,549,499 ÷ 28,056,112 shares) |  | $14.70 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1207363 |
| Interest  |  | 14724 |
| Income from Fidelity Central Funds  |  | 139244 |
| **Total income** |  | 1361331 |
| **Expenses** |  |  |
| Management fee | $856612 |  |
| Custodian fees and expenses | 4856 |  |
| Independent trustees' fees and expenses | 579 |  |
| Registration fees | 24672 |  |
| Audit fees | 23530 |  |
| Legal | 3514 |  |
| Total expenses before reductions | 913763 |  |
| Expense reductions | (1609) |  |
| Total expenses after reductions |  | 912154 |
| **Net Investment income (loss)** |  | 449177 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2253853) |  |
| Fidelity Central Funds | (98) |  |
| Foreign currency transactions | 5710 |  |
| Futures contracts | 524735 |  |
| Total net realized gain (loss) |  | (1723506) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 55169077 |  |
| Assets and liabilities in foreign currencies | (462) |  |
| Total change in net unrealized appreciation (depreciation) |  | 55168615 |
| **Net gain (loss)** |  | 53445109 |
| **Net increase (decrease) in net assets resulting from operations** |  | $53894286 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $449177 | $1147240 |
| &nbsp;&nbsp;Net realized gain (loss) | (1723506)<br>| 6988738<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 55168615 | 1649115<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 53894286<br>| 9785093<br>|
| Distributions to shareholders | (4676716)<br>| (2787267)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 107393110 | 240866586 |
| Net asset value of shares issued in exchange for the net assets of the Acquired Fund(s) (see Reorganization Information note) | -<br>| 65007639<br>|
| Reinvestment of distributions | 4044631<br>| 2378564<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (36921587) | (136878790) |
| **Net increase (decrease) in net assets resulting from share transactions** | 74516154<br>| 171373999<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 123733724<br>| 178371825<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 288815775 | 110443950<br>|
| &nbsp;&nbsp;End of period | $412549499 | $288815775 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7717895 | 19312269 |
| Issued in exchange for the shares of the Acquired Fund(s) (see Reorganization Information note) | -<br>| 4970001<br>|
| Issued in reinvestment of distributions | 301388<br>| 186428<br>|
| &nbsp;&nbsp;Redeemed | (2714982) | (10839068) |
| &nbsp;&nbsp;Net increase (decrease) | 5304301 | 13629630 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable U.S. Equity Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.69 | $12.11 | $9.61 | $9.25 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .02  | .07  | .09  | .10 D | .01  |
| Net realized and unrealized gain (loss)  | 2.20  | .70  | 2.46  | .32  | (.76)  |
| Total from investment operations  | 2.22  | .77  | 2.55  | .42  | (.75)  |
| Distributions from net investment income  | (.01)  | (.07)  | (.05)  | (.06)  | -  |
| Distributions from net realized gain  | (.20)  | (.12)  | -  | -  | -  |
| Total distributions  | (.21)  | (.19)  | (.05)  | (.06)  | -  |
| Net asset value, end of period  | $14.70 | $12.69 | $12.11 | $9.61 | $9.25 |
| **Total Return** E,F | 17.63% <br>| 6.32%  | 26.61%  | 4.53%  | (7.50)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .53% I | .56%  | .73%  | 3.03%  | 7.28% I,J |
| Expenses net of fee waivers, if any  | .53% I<br>| .55%  | .59%  | .59%  | .60% I,J |
| Expenses net of all reductions, if any  | .53% I | .55%  | .59%  | .59%  | .60% I,J |
| Net investment income (loss)  | .26% I | .53%  | .82%  | 1.07% D | .73% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $412549 | $288816 | $110444 | $8044 | $928 |
| Portfolio turnover rate K | 66% I<br>| 136% L | 49%  | 35%  | 2% M |

---

A*For the period April 14, 2022 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

L*The portfolio turnover rate does not include the assets acquired in the reorganization.*

M*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended November 30, 2025

**1. Organization.**

Fidelity SAI Sustainable U.S. Equity Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $83190698 |
| **Gross unrealized depreciation** | <u>(9312404)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$73878294</u> |
| **Tax cost** | <u>$345435800</u> |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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. Futures contracts were used to manage 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 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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Sustainable U.S. Equity Fund** | 181414009 | 112192599 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .498% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable U.S. Equity Fund** | 1295 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Sustainable U.S. Equity Fund** | 3294494 | 2607328 | (119657) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable U.S. Equity Fund** | 172 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $78.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,531.

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**11. Prior Fiscal Year Reorganization Information.**

On November 15, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity SAI Sustainable Future Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity SAI Sustainable Future Fund** | 65017133 | 7736152 | 65007639 | 4970001 | .9624541284 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity SAI Sustainable U.S. Equity Fund** | 206893573 | 271901212 |

---

Pro forma results of operations of the combined entity for the entire period ended May 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)**  | $1438069 |
| **Total net realized gain (loss)** | 14395334 |
| **Total change in net unrealized appreciation (depreciation)**  | <u>(999682)</u> |
| **Net increase (decrease) in net assets resulting from operations**  | <u>$14833721</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since November 15, 2024.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img121131_4.jpg)<br>

1.9904863.103 EFS-SANN-0126

**Fidelity® SAI Sustainable Sector Fund**

**Semi-Annual Report**

**November 30, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

![](img121132_1.jpg)

![](img121132_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SES-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable Sector Fund](#Sub_Sec_Fund_6551_SES-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6551_SES-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SES-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SES-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SES-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SES-SANN)** |

---

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

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® SAI Sustainable Sector Fund**

**Schedule of Investments November 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.6%** | &nbsp;&nbsp;**Common Stocks - 96.6%** | &nbsp;&nbsp;**Common Stocks - 96.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| UCB SA  | 6607 | 1843777 |
| BRAZIL - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp (United States)  | 5979 | 657989 |
| CANADA - 1.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Restaurant Brands International Inc  | 14539 | 1054024 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alimentation Couche-Tard Inc  | 10318 | 561733 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Cameco Corp (United States) (a) | 7974 | 705779 |
| Imperial Oil Ltd  | 27889 | 2759663 |
|  |  | 3465442 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (a) | 13471 | 602423 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (a) | 859 | 295848 |
| TOTAL CANADA |  | 5979470 |
| CHINA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Prosus NV Class N  | 18965 | 1195629 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA  | 76182 | 1254365 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA  | 7874 | 673059 |
| TOTAL FRANCE |  | 1927424 |
| GERMANY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (a) | 5412 | 558248 |
| GREECE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Eurobank Ergasias Services and Holdings SA ADR  | 357376 | 693309 |
| Piraeus Financial Holdings SA  | 144817 | 1188032 |
| TOTAL GREECE |  | 1881341 |
| INDIA - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd ADR  | 24952 | 918733 |
| IRELAND - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 98903 | 1015645 |
| ISRAEL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Etoro Group Ltd Class A  | 8014 | 336348 |
| JAPAN - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Eisai Co Ltd  | 5105 | 160111 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Disco Corp  | 2324 | 648097 |
| TOTAL JAPAN |  | 808208 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc GDR (Germany) (b) | 11163 | 4093144 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE ADR (a) | 2547 | 2322813 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASM International NV  | 1018 | 560378 |
| NXP Semiconductors NV  | 5787 | 1128118 |
|  |  | 1688496 |
| TOTAL NETHERLANDS |  | 4011309 |
| PORTUGAL - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Galp Energia SGPS SA  | 15963 | 321646 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (b)(c) | 21106 | 633860 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco Santander SA  | 120797 | 1295777 |
| TOTAL SPAIN |  | 1929637 |
| TAIWAN - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 23183 | 6758076 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (a) | 1205 | 553589 |
| UNITED KINGDOM - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Zegona Communications plc (a) | 49306 | 952889 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 3273 | 75230 |
| TOTAL UNITED KINGDOM |  | 1028119 |
| UNITED STATES - 90.4%  |  |  |
| Communication Services - 8.5% |  |  |
| Entertainment - 2.1% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 13974 | 1341225 |
| Live Nation Entertainment Inc (a) | 9734 | 1279534 |
| Netflix Inc (a) | 56290 | 6055678 |
| Spotify Technology SA (a) | 3110 | 1862486 |
| Warner Bros Discovery Inc (a) | 72789 | 1746936 |
|  |  | 12285859 |
| Interactive Media & Services - 6.0% |  |  |
| Alphabet Inc Class A  | 107879 | 34540698 |
| Media - 0.1% |  |  |
| Fox Corp Class A  | 9681 | 634105 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 6967 | 1456173 |
| TOTAL COMMUNICATION SERVICES |  | 48916835 |
| Consumer Discretionary - 10.1% |  |  |
| Automobiles - 1.8% |  |  |
| General Motors Co  | 2367 | 174022 |
| Tesla Inc (a) | 24036 | 10339566 |
|  |  | 10513588 |
| Broadline Retail - 4.2% |  |  |
| Amazon.com Inc (a) | 103469 | 24131041 |
| Etsy Inc (a) | 4396 | 238351 |
|  |  | 24369392 |
| Distributors - 0.1% |  |  |
| LKQ Corp  | 11521 | 342058 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Airbnb Inc Class A (a) | 10205 | 1193883 |
| Booking Holdings Inc  | 257 | 1263075 |
| Chipotle Mexican Grill Inc (a) | 26255 | 906323 |
| Marriott International Inc/MD Class A1  | 7367 | 2245388 |
| Starbucks Corp  | 11605 | 1010912 |
| Wyndham Hotels & Resorts Inc  | 7572 | 554270 |
| Yum! Brands Inc  | 8115 | 1243299 |
|  |  | 8417150 |
| Household Durables - 0.3% |  |  |
| PulteGroup Inc  | 8962 | 1139877 |
| Somnigroup International Inc  | 5602 | 512695 |
|  |  | 1652572 |
| Specialty Retail - 1.9% |  |  |
| Dick's Sporting Goods Inc  | 2939 | 607109 |
| Home Depot Inc/The  | 5518 | 1969485 |
| Lithia Motors Inc Class A  | 1228 | 391536 |
| Lowe's Cos Inc  | 17563 | 4258676 |
| RealReal Inc/The (a) | 7434 | 107644 |
| Ross Stores Inc  | 13675 | 2411723 |
| TJX Cos Inc/The  | 7657 | 1163251 |
|  |  | 10909424 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| NIKE Inc Class B  | 17479 | 1129668 |
| PVH Corp  | 8143 | 690200 |
|  |  | 1819868 |
| TOTAL CONSUMER DISCRETIONARY |  | 58024052 |
| Consumer Staples - 4.2% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 71111 | 5199637 |
| Keurig Dr Pepper Inc  | 33226 | 927005 |
| PepsiCo Inc  | 5343 | 794718 |
|  |  | 6921360 |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 1808 | 161327 |
| Costco Wholesale Corp  | 4705 | 4298441 |
| Dollar Tree Inc (a) | 5965 | 660982 |
| Performance Food Group Co (a) | 6296 | 611153 |
| Walmart Inc  | 57870 | 6395214 |
|  |  | 12127117 |
| Food Products - 0.1% |  |  |
| Simply Good Foods Co/The (a) | 19643 | 386574 |
| Household Products - 0.8% |  |  |
| Procter & Gamble Co/The  | 30469 | 4514287 |
| TOTAL CONSUMER STAPLES |  | 23949338 |
| Energy - 2.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 2195 | 79546 |
| Oil, Gas & Consumable Fuels - 2.4% |  |  |
| ConocoPhillips  | 18031 | 1599169 |
| Exxon Mobil Corp  | 65462 | 7588355 |
| Marathon Petroleum Corp  | 2911 | 563948 |
| Murphy Oil Corp  | 12895 | 413543 |
| Shell PLC ADR  | 28897 | 2131732 |
| Valero Energy Corp  | 7738 | 1367769 |
|  |  | 13664516 |
| TOTAL ENERGY |  | 13744062 |
| Financials - 11.2% |  |  |
| Banks - 4.2% |  |  |
| Bancorp Inc/The (a) | 1284 | 82266 |
| Bank of America Corp  | 118213 | 6342127 |
| Citigroup Inc  | 29218 | 3026985 |
| Comerica Inc  | 9612 | 772613 |
| First Horizon Corp  | 36254 | 809914 |
| JPMorgan Chase & Co  | 9498 | 2973634 |
| KeyCorp  | 32621 | 599574 |
| M&T Bank Corp  | 4408 | 838490 |
| Synovus Financial Corp  | 7654 | 368923 |
| UMB Financial Corp  | 2914 | 323687 |
| US Bancorp  | 62267 | 3054196 |
| Wells Fargo & Co  | 56949 | 4889072 |
|  |  | 24081481 |
| Capital Markets - 2.9% |  |  |
| Bank of New York Mellon Corp/The  | 18105 | 2029571 |
| Blackrock Inc  | 2777 | 2908352 |
| Cboe Global Markets Inc  | 5854 | 1511327 |
| DigitalBridge Group Inc Class A  | 23386 | 227077 |
| Goldman Sachs Group Inc/The  | 2567 | 2120445 |
| Intercontinental Exchange Inc  | 12672 | 1993306 |
| KKR & Co Inc Class A  | 15589 | 1906691 |
| MarketAxess Holdings Inc  | 6495 | 1064466 |
| Northern Trust Corp  | 7838 | 1029443 |
| State Street Corp  | 9553 | 1136998 |
| Tradeweb Markets Inc Class A  | 5556 | 604825 |
|  |  | 16532501 |
| Consumer Finance - 0.1% |  |  |
| SLM Corp  | 12108 | 354764 |
| Financial Services - 2.0% |  |  |
| Apollo Global Management Inc  | 15447 | 2036687 |
| Block Inc Class A (a) | 12501 | 835067 |
| Mastercard Inc Class A  | 14239 | 7838997 |
| Voya Financial Inc  | 10937 | 768871 |
|  |  | 11479622 |
| Insurance - 2.0% |  |  |
| Arthur J Gallagher & Co  | 5421 | 1342348 |
| Brighthouse Financial Inc (a) | 5916 | 387794 |
| Chubb Ltd  | 10607 | 3141582 |
| Hartford Insurance Group Inc/The  | 12481 | 1710271 |
| Marsh & McLennan Cos Inc  | 8658 | 1588310 |
| Travelers Companies Inc/The  | 6115 | 1790839 |
| Unum Group  | 6554 | 497907 |
| Willis Towers Watson PLC  | 3488 | 1119648 |
|  |  | 11578699 |
| TOTAL FINANCIALS |  | 64027067 |
| Health Care - 8.9% |  |  |
| Biotechnology - 2.2% |  |  |
| AbbVie Inc  | 13028 | 2966476 |
| Alnylam Pharmaceuticals Inc (a) | 3364 | 1517938 |
| Biogen Inc (a) | 2246 | 408974 |
| Caris Life Sciences Inc (a) | 5408 | 138066 |
| Cogent Biosciences Inc (a) | 31586 | 1270389 |
| Cytokinetics Inc (a) | 11334 | 772185 |
| Gilead Sciences Inc  | 15062 | 1895402 |
| Janux Therapeutics Inc (a) | 11843 | 403728 |
| Moderna Inc (a) | 18657 | 484709 |
| Ultragenyx Pharmaceutical Inc (a) | 13358 | 464191 |
| Vaxcyte Inc (a) | 16763 | 831612 |
| Veracyte Inc (a) | 15506 | 734054 |
| Zenas Biopharma Inc (a) | 12582 | 488559 |
|  |  | 12376283 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Boston Scientific Corp (a) | 45247 | 4596190 |
| Edwards Lifesciences Corp (a) | 19377 | 1679405 |
| Insulet Corp (a) | 5106 | 1670632 |
| Intuitive Surgical Inc (a) | 2047 | 1173914 |
| Kestra Medical Technologies Ltd  | 15317 | 413252 |
| Masimo Corp (a) | 11474 | 1634242 |
| Penumbra Inc (a) | 8727 | 2558495 |
| Stryker Corp  | 4851 | 1800594 |
|  |  | 15526724 |
| Health Care Providers & Services - 1.2% |  |  |
| BrightSpring Health Services Inc (a) | 30759 | 1112245 |
| Cencora Inc  | 4116 | 1518516 |
| Cigna Group/The  | 1787 | 495499 |
| CVS Health Corp  | 20260 | 1628094 |
| Molina Healthcare Inc (a) | 1241 | 183991 |
| Privia Health Group Inc (a) | 21631 | 527147 |
| UnitedHealth Group Inc  | 4840 | 1596087 |
|  |  | 7061579 |
| Health Care Technology - 0.2% |  |  |
| Phreesia Inc (a) | 11042 | 226251 |
| Veeva Systems Inc Class A (a) | 4015 | 964764 |
| Waystar Holding Corp (a) | 12453 | 459640 |
|  |  | 1650655 |
| Life Sciences Tools & Services - 1.3% |  |  |
| 10X Genomics Inc Class A (a) | 23902 | 449596 |
| Danaher Corp  | 16125 | 3656828 |
| IQVIA Holdings Inc (a) | 3885 | 893589 |
| Repligen Corp (a) | 4252 | 727177 |
| Thermo Fisher Scientific Inc  | 2870 | 1695682 |
|  |  | 7422872 |
| Pharmaceuticals - 1.3% |  |  |
| Crinetics Pharmaceuticals Inc (a) | 9467 | 431317 |
| Eli Lilly & Co  | 4602 | 4949313 |
| Merck & Co Inc  | 6191 | 649003 |
| Royalty Pharma PLC Class A  | 24555 | 982691 |
| WaVe Life Sciences Ltd (a) | 32021 | 248482 |
|  |  | 7260806 |
| TOTAL HEALTH CARE |  | 51298919 |
| Industrials - 7.6% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| GE Aerospace  | 17446 | 5206759 |
| Howmet Aerospace Inc  | 13761 | 2815363 |
| Lockheed Martin Corp  | 3617 | 1656080 |
| Northrop Grumman Corp  | 2479 | 1418608 |
| RTX Corp  | 7170 | 1254104 |
|  |  | 12350914 |
| Building Products - 0.6% |  |  |
| Trane Technologies PLC  | 8485 | 3576258 |
| Commercial Services & Supplies - 0.5% |  |  |
| Cintas Corp  | 7617 | 1416914 |
| Republic Services Inc  | 6330 | 1373990 |
|  |  | 2790904 |
| Construction & Engineering - 0.3% |  |  |
| Argan Inc  | 335 | 132392 |
| Quanta Services Inc  | 3494 | 1624291 |
|  |  | 1756683 |
| Electrical Equipment - 0.9% |  |  |
| Eaton Corp PLC  | 5073 | 1754700 |
| GE Vernova Inc  | 5168 | 3099611 |
| Nextpower Inc Class A (a) | 2008 | 183973 |
|  |  | 5038284 |
| Ground Transportation - 0.7% |  |  |
| CSX Corp  | 20483 | 724279 |
| Old Dominion Freight Line Inc  | 5363 | 725560 |
| Uber Technologies Inc (a) | 24626 | 2155760 |
| Union Pacific Corp  | 2205 | 511185 |
|  |  | 4116784 |
| Machinery - 2.0% |  |  |
| Caterpillar Inc  | 4710 | 2711830 |
| Cummins Inc  | 4170 | 2076577 |
| Dover Corp  | 4876 | 903425 |
| Ingersoll Rand Inc  | 10772 | 865421 |
| Parker-Hannifin Corp  | 4391 | 3783725 |
| Westinghouse Air Brake Technologies Corp  | 5690 | 1186650 |
|  |  | 11527628 |
| Professional Services - 0.2% |  |  |
| Verisk Analytics Inc  | 3875 | 872146 |
| Trading Companies & Distributors - 0.2% |  |  |
| Fastenal Co  | 19218 | 776408 |
| United Rentals Inc  | 702 | 572256 |
|  |  | 1348664 |
| TOTAL INDUSTRIALS |  | 43378265 |
| Information Technology - 32.1% |  |  |
| Communications Equipment - 1.8% |  |  |
| Arista Networks Inc (a) | 31107 | 4065063 |
| Cisco Systems Inc  | 49273 | 3791065 |
| Lumentum Holdings Inc (a) | 3889 | 1264547 |
| Motorola Solutions Inc  | 2546 | 941205 |
|  |  | 10061880 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Amphenol Corp Class A  | 19853 | 2797288 |
| Coherent Corp (a) | 8664 | 1423149 |
| Corning Inc  | 16031 | 1349810 |
|  |  | 5570247 |
| IT Services - 0.2% |  |  |
| Accenture PLC Class A  | 4730 | 1182500 |
| Semiconductors & Semiconductor Equipment - 12.8% |  |  |
| Advanced Micro Devices Inc (a) | 3613 | 785935 |
| Broadcom Inc  | 41511 | 16727273 |
| First Solar Inc (a) | 5418 | 1478681 |
| Lam Research Corp  | 7453 | 1162668 |
| Marvell Technology Inc  | 26222 | 2344247 |
| Micron Technology Inc  | 28152 | 6657385 |
| NVIDIA Corp  | 252011 | 44605947 |
|  |  | 73762136 |
| Software - 9.0% |  |  |
| BitMine Immersion Technologies Inc (a) | 5690 | 188452 |
| Cadence Design Systems Inc (a) | 7219 | 2251173 |
| Datadog Inc Class A (a) | 19194 | 3071232 |
| Figma Inc Class A  | 8845 | 318155 |
| Microsoft Corp  | 80901 | 39804101 |
| Oracle Corp  | 6316 | 1275516 |
| Palantir Technologies Inc Class A (a) | 10905 | 1836947 |
| Servicenow Inc (a) | 1341 | 1089442 |
| Synopsys Inc (a) | 4880 | 2039889 |
|  |  | 51874907 |
| Technology Hardware, Storage & Peripherals - 7.3% |  |  |
| Apple Inc  | 149423 | 41666604 |
| TOTAL INFORMATION TECHNOLOGY |  | 184118274 |
| Materials - 1.5% |  |  |
| Chemicals - 1.0% |  |  |
| Air Products and Chemicals Inc  | 2164 | 564912 |
| Balchem Corp  | 1619 | 252904 |
| Chemours Co/The  | 6704 | 85743 |
| Corteva Inc  | 9466 | 638671 |
| Dow Inc  | 4000 | 95400 |
| Ecolab Inc  | 3824 | 1052212 |
| Linde PLC  | 4361 | 1789406 |
| LyondellBasell Industries NV Class A1  | 3546 | 173719 |
| Mosaic Co/The  | 19395 | 474984 |
| Sherwin-Williams Co/The  | 1374 | 472230 |
| Solstice Advanced Materials Inc  | 8862 | 422540 |
|  |  | 6022721 |
| Construction Materials - 0.1% |  |  |
| Martin Marietta Materials Inc  | 1089 | 678708 |
| Containers & Packaging - 0.1% |  |  |
| International Paper Co  | 9564 | 377587 |
| Metals & Mining - 0.3% |  |  |
| Alcoa Corp  | 7104 | 296521 |
| Newmont Corp  | 8369 | 759319 |
| Nucor Corp  | 3599 | 574005 |
|  |  | 1629845 |
| TOTAL MATERIALS |  | 8708861 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.5% |  |  |
| Ventas Inc  | 8699 | 701400 |
| Welltower Inc  | 10729 | 2233993 |
|  |  | 2935393 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 6642 | 853697 |
| Terreno Realty Corp  | 5794 | 363805 |
|  |  | 1217502 |
| Office REITs - 0.1% |  |  |
| COPT Defense Properties  | 6057 | 186132 |
| Kilroy Realty Corp  | 4041 | 173317 |
|  |  | 359449 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (a) | 6593 | 1066945 |
| CoStar Group Inc (a) | 8487 | 583906 |
|  |  | 1650851 |
| Retail REITs - 0.2% |  |  |
| Macerich Co/The  | 19500 | 338520 |
| NNN REIT Inc  | 3390 | 140176 |
| Tanger Inc  | 11896 | 399468 |
|  |  | 878164 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 6472 | 1173179 |
| CubeSmart  | 6103 | 227214 |
| Digital Realty Trust Inc  | 3671 | 587801 |
| Equinix Inc  | 1150 | 866307 |
| Iron Mountain Inc  | 5190 | 448157 |
| Public Storage Operating Co  | 1528 | 419497 |
|  |  | 3722155 |
| TOTAL REAL ESTATE |  | 10763514 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 1.4% |  |  |
| Constellation Energy Corp  | 3929 | 1431570 |
| Duke Energy Corp  | 7935 | 983464 |
| Entergy Corp  | 5827 | 568249 |
| Evergy Inc  | 3160 | 245374 |
| Exelon Corp  | 12164 | 573168 |
| NextEra Energy Inc  | 22454 | 1937556 |
| NRG Energy Inc  | 4798 | 813213 |
| PG&E Corp  | 24745 | 398889 |
| Southern Co/The  | 4565 | 415963 |
| Xcel Energy Inc  | 7485 | 614593 |
|  |  | 7982039 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 6403 | 90026 |
| Vistra Corp  | 5606 | 1002689 |
|  |  | 1092715 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 5031 | 535047 |
| CenterPoint Energy Inc  | 12756 | 509985 |
| NiSource Inc  | 12296 | 542622 |
| Sempra  | 9712 | 919921 |
|  |  | 2507575 |
| TOTAL UTILITIES |  | 11582329 |
| TOTAL UNITED STATES |  | 518511516 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $443,288,512) |  | <br> **554329848** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 2.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.4%** |
|  | Shares | Value ($)<br>|
| iShares ESG MSCI USA Leaders ETF <br>(Cost $13,514,362)<br>| 113109 | **13621061** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d)<br>(Cost $6,543,584)<br>| 4.02 | 6542275 | **6543584** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $463,346,458)<br>| <br>**574494493** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(413809)** |
| **NET ASSETS - 100.0%** | **574080684** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,727,004 or 0.8% of net assets.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $633,860 or 0.1% of net assets.

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4321033 | 33251944 | 31029307 | 99655 | (86) | - | 6543584 | 6542275 | 0.0% |
| Total | 4321033 | 33251944 | 31029307 | 99655 | (86) | - | 6543584 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 51757949 | 51124089 | 633860 | - |
| Consumer Discretionary | 60273705 | 59078076 | 1195629 | - |
| Consumer Staples | 24586301 | 24511071 | 75230 | - |
| Energy | 17531150 | 17531150 | - | - |
| Financials | 70147970 | 68179134 | 1968836 | - |
| Health Care | 56786291 | 56626180 | 160111 | - |
| Industrials | 43378265 | 43378265 | - | - |
| Information Technology | 198155524 | 197507427 | 648097 | - |
| Materials | 9366850 | 9366850 | - | - |
| Real Estate | 10763514 | 10763514 | - | - |
| Utilities | 11582329 | 11582329 | - | - |
|  **Domestic Equity Funds** | 13621061 | 13621061 | - | - |
|  **Money Market Funds** | 6543584 | 6543584 | - | - |
| **Total Investments in Securities:** | 574494493 | 569812730 | 4681763 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** | <br> **As of November 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $456,802,874) | $567950909 |  |
| Fidelity Central Funds (cost $6,543,584) | 6543584 |  |
| Total Investment in Securities (cost $463,346,458) |  | $574494493 |
| Foreign currency held at value (cost $82) |  | 82 |
| Receivable for fund shares sold |  | 1096594 |
| Dividends receivable |  | 370427 |
| Distributions receivable from Fidelity Central Funds |  | 20503 |
| Prepaid expenses |  | 403 |
| Other receivables |  | 2622 |
| **Total assets** |  | 575985124 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1595113 |  |
| Payable for fund shares redeemed | 85294 |  |
| Accrued management fee | 183377 |  |
| Other payables and accrued expenses | 40656 |  |
| **Total liabilities** |  | 1904440 |
| **Net Assets**  |  | $574080684 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $466986702 |
| Total accumulated earnings (loss) |  | 107093982 |
| **Net Assets** |  | $574080684 |
| **Net Asset Value**, offering price and redemption price per share ($574,080,684 ÷ 35,486,714 shares) |  | $16.18 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** | **Six months ended November 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2376007 |
| Income from Fidelity Central Funds  |  | 99655 |
| **Total income** |  | 2475662 |
| **Expenses** |  |  |
| Management fee | $951461 |  |
| Custodian fees and expenses | 4918 |  |
| Independent trustees' fees and expenses | 802 |  |
| Registration fees | 32290 |  |
| Audit fees | 20978 |  |
| Legal | 6504 |  |
| Miscellaneous | 614 |  |
| Total expenses before reductions | 1017567 |  |
| Expense reductions | (127) |  |
| Total expenses after reductions |  | 1017440 |
| **Net Investment income (loss)** |  | 1458222 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 758490 |  |
| Fidelity Central Funds | (86) |  |
| Foreign currency transactions | (4756) |  |
| Total net realized gain (loss) |  | 753648 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 75419041 |  |
| Assets and liabilities in foreign currencies | (305) |  |
| Total change in net unrealized appreciation (depreciation) |  | 75418736 |
| **Net gain (loss)** |  | 76172384 |
| **Net increase (decrease) in net assets resulting from operations** |  | $77630606 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **May 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1458222 | $1948473 |
| &nbsp;&nbsp;Net realized gain (loss) | 753648<br>| (5067709)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 75418736 | 20795085<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 77630606<br>| 17675849<br>|
| Distributions to shareholders | (1052382)<br>| (2637895)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 146126356 | 349758638 |
| Reinvestment of distributions | 971268<br>| 2342735<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (47006102) | (101114109) |
| **Net increase (decrease) in net assets resulting from share transactions** | 100091522<br>| 250987264<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 176669746<br>| 266025218<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 397410938 | 131385720<br>|
| &nbsp;&nbsp;End of period | $574080684 | $397410938 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9661226 | 26120088 |
| Issued in reinvestment of distributions | 67077<br>| 170261<br>|
| &nbsp;&nbsp;Redeemed | (3172267) | (7707545) |
| &nbsp;&nbsp;Net increase (decrease) | 6556036 | 18582804 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable Sector Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **November 30, 2025**<br> **(Unaudited)**  | **Years ended May 31, 2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.74 | $12.70 | $9.79 | $9.35 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .10  | .09  | .09  | .01  |
| Net realized and unrealized gain (loss)  | 2.43  | 1.10  | 2.88  | .39  | (.66)  |
| Total from investment operations  | 2.48  | 1.20  | 2.97  | .48  | (.65)  |
| Distributions from net investment income  | (.04)  | (.07)  | (.06)  | (.04)  | -  |
| Distributions from net realized gain  | -  | (.09)  | -  | -  | -  |
| Total distributions  | (.04)  | (.16)  | (.06)  | (.04)  | -  |
| Net asset value, end of period  | $16.18 | $13.74 | $12.70 | $9.79 | $9.35 |
| **Total Return** D,E | 18.05% <br>| 9.47%  | 30.43%  | 5.16%  | (6.50)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .43% H | .44%  | .58%  | 1.93%  | 3.86% H,I |
| Expenses net of fee waivers, if any  | .43% H<br>| .44%  | .49%  | .49%  | .50% H,I |
| Expenses net of all reductions, if any  | .43% H | .44%  | .49%  | .49%  | .50% H,I |
| Net investment income (loss)  | .61% H | .71%  | .75%  | .98%  | .81% H,I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $574081 | $397411 | $131386 | $12655 | $1875 |
| Portfolio turnover rate J | 57% H<br>| 94%  | 162%  | 112%  | 3% K |

---

A*For the period April 14, 2022 (commencement of operations) through May 31, 2022.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended November 30, 2025

**1. Organization.**

Fidelity SAI Sustainable Sector Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Exchange-Traded Funds (ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $122113024 |
| **Gross unrealized depreciation** | <u>(12523449)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$109589575</u> |
| **Tax cost** | <u>$464904918</u> |

---

At the prior fiscal period end, the Fund elected to defer to its next fiscal year approximately $4,164,417 of capital losses recognized during the period November 1, 2024 to May 31, 2025.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Sustainable Sector Fund** | 234414544 | 135407184 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .398% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable Sector Fund** | 1017 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Sustainable Sector Fund** | 6002626 | 5712159 | 574963 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Sustainable Sector Fund** | 238 |

---

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $127.

**8. Other.**

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

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img121132_4.jpg)<br>

1.9905646.103 SES-SANN-0126

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

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

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(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.](ex99906cert.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

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

<br>