# EDGAR Filing Document

**Accession Number:** 0000225322
**File Stem:** 0000225322-25-000304
**Filing Date:** 2025-9
**Character Count:** 114813
**Document Hash:** 49e8cbee6b8b1876d2376eb8dd16cccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000225322-25-000304.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000225322-25-000304

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**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:** 251329032

**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 Series Sustainable U.S. Market Fund (Series ID: S000080314)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000242613 | Fidelity Series Sustainable U.S. Market Fund | FSUMX           |

?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;January 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series Sustainable U.S. Market Fund<br> **Fidelity® Series Sustainable U.S. Market Fund : FSUMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Sustainable U.S. Market Fund for the period February 1, 2025 to July 31, 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.

**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® Series Sustainable U.S. Market Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $41271779<br>|
| Number of Holdings | 738<br>|
| Portfolio Turnover | 29%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.3 |
| Financials | 14.4 |
| Industrials | 10.9 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.8 |
| Communication Services | 8.0 |
| Consumer Staples | 4.5 |
| Energy | 3.6 |
| Materials | 2.0 |
| Real Estate | 1.8 |
| Utilities | 1.6 |

---

Common Stocks 95.7 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7319_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) - 4.3 |

---

---

| | |
|:---|:---|
| United States | 95.6 |
| Canada | 1.0 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| Taiwan | 0.3 |
| Germany | 0.3 |
| Ireland | 0.2 |
| India | 0.2 |
| France | 0.2 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7319_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.6&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;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 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;Germany - 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;Ireland - 0.2&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;India - 0.2&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;France - 0.2&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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.6<br>|
| Microsoft Corp | 5.4<br>|
| Amazon.com Inc | 4.0<br>|
| Apple Inc | 3.8<br>|
| Alphabet Inc Class C | 3.0<br>|
| Broadcom Inc | 1.7<br>|
| Alphabet Inc Class A | 1.3<br>|
| Wells Fargo & Co | 1.3<br>|
| Bank of America Corp | 1.2<br>|
| JPMorgan Chase & Co | 1.2<br>|
|  | 30.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7319_20250731_1.jpg)<br>| ![](img111675_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> 1.9914479.101 7319-TSRS-0925 <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® Series Sustainable U.S. Market Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111960_1.jpg)

![](img111960_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SUQ-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Sustainable U.S. Market Fund](#Sub_Sec_Fund_7319_SUQ-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7319_SUQ-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SUQ-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SUQ-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SUQ-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SUQ-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.

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.© 2025 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® Series Sustainable U.S. Market Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 1121 | 24797 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 273 | 59334 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 26 | 6337 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 1382 | 16888 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 165 | 15099 |
| TOTAL BRAZIL |  | 31987 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd  | 263 | 10825 |
| CANADA - 1.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 174 | 9339 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alimentation Couche-Tard Inc  | 421 | 21876 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| CES Energy Solutions Corp  | 459 | 2402 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Cameco Corp  | 226 | 16968 |
| Imperial Oil Ltd  | 530 | 44191 |
| Parex Resources Inc  | 938 | 11129 |
|  |  | 72288 |
| TOTAL ENERGY |  | 74690 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 225 | 13876 |
| TMX Group Ltd  | 375 | 15248 |
|  |  | 29124 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Xenon Pharmaceuticals Inc (a) | 547 | 16705 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc Class B (a) | 211 | 24604 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (United States) (a) | 297 | 59359 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (a) | 752 | 91922 |
| TOTAL INFORMATION TECHNOLOGY |  | 151281 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd (United States)  | 182 | 10796 |
| Metals & Mining - 0.0% |  |  |
| Franco-Nevada Corp (United States)  | 38 | 6055 |
| OR Royalties Inc  | 145 | 4016 |
|  |  | 10071 |
| TOTAL MATERIALS |  | 20867 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 49 | 7389 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Brookfield Infrastructure Corp (United States)  | 510 | 19910 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 52 | 1905 |
| TOTAL UTILITIES |  | 21815 |
| TOTAL CANADA |  | 377690 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lundin Mining Corp  | 1915 | 19556 |
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Tencent Holdings Ltd  | 886 | 62031 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Novo Nordisk A/S Class B ADR  | 501 | 23582 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (a) | 632 | 23725 |
| FRANCE - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Hermes International SCA  | 6 | 14728 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Airbus SE  | 167 | 33577 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Capgemini SE  | 128 | 19056 |
| TOTAL FRANCE |  | 67361 |
| GERMANY - 0.3%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (a) | 237 | 25477 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| SAP SE ADR  | 298 | 85437 |
| TOTAL GERMANY |  | 110914 |
| INDIA - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (a) | 62 | 5803 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd GDR (b) | 132 | 8316 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 340 | 26101 |
| ICICI Bank Ltd ADR  | 925 | 31173 |
|  |  | 57274 |
| TOTAL INDIA |  | 71393 |
| IRELAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Accenture PLC Class A  | 332 | 88677 |
| ISRAEL - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (a) | 182 | 24758 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nova Ltd (a) | 72 | 18906 |
| Software - 0.0% |  |  |
| Cellebrite DI Ltd (a) | 842 | 11771 |
| TOTAL ISRAEL |  | 55435 |
| ITALY - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Davide Campari-Milano NV  | 686 | 4744 |
| JAPAN - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Nintendo Co Ltd  | 341 | 28500 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 114 | 7581 |
| Allegro MicroSystems Inc (a) | 806 | 25317 |
|  |  | 32898 |
| TOTAL JAPAN |  | 61398 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Coupang Inc Class A (a) | 223 | 6563 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 178 | 16760 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (a) | 20 | 13407 |
| Merus NV (a) | 350 | 23184 |
|  |  | 36591 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 19 | 13199 |
| NXP Semiconductors NV  | 563 | 120353 |
|  |  | 133552 |
| TOTAL NETHERLANDS |  | 170143 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (a) | 1083 | 7733 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| First BanCorp/Puerto Rico  | 903 | 18809 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 179 | 6471 |
| TOTAL FINANCIALS |  | 25280 |
| TOTAL PUERTO RICO |  | 33013 |
| SINGAPORE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Sea Ltd Class A ADR (a) | 52 | 8146 |
| SPAIN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (b)(c) | 144 | 5094 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Silicon Motion Technology Corp ADR  | 14 | 1072 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 489 | 118152 |
| TOTAL TAIWAN |  | 119224 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (a) | 138 | 44675 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (a) | 210 | 63475 |
| Flutter Entertainment PLC (United Kingdom) (a) | 46 | 14033 |
|  |  | 77508 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 322 | 7805 |
| Diageo PLC ADR  | 43 | 4211 |
|  |  | 12016 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 1191 | 43317 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 341 | 18633 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC ADR  | 954 | 69728 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| WNS Holdings Ltd (a) | 50 | 3739 |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 3028 | 42550 |
| TOTAL UNITED KINGDOM |  | 267491 |
| UNITED STATES - 91.3%  |  |  |
| Communication Services - 7.8% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AT&T Inc  | 2821 | 77324 |
| Cogent Communications Holdings Inc  | 219 | 9984 |
| Frontier Communications Parent Inc (a) | 49 | 1800 |
| Iridium Communications Inc  | 103 | 2519 |
| Verizon Communications Inc  | 2121 | 90694 |
|  |  | 182321 |
| Entertainment - 1.8% |  |  |
| Cinemark Holdings Inc  | 594 | 15961 |
| Electronic Arts Inc  | 280 | 42697 |
| IMAX Corp (a) | 675 | 17408 |
| Liberty Media Corp-Liberty Live Class A (a) | 11 | 900 |
| Netflix Inc (a) | 345 | 399994 |
| Spotify Technology SA (a) | 76 | 47617 |
| Take-Two Interactive Software Inc (a) | 181 | 40314 |
| Vivid Seats Inc Class A (a) | 1778 | 2756 |
| Walt Disney Co/The  | 1313 | 156391 |
| Warner Bros Discovery Inc (a) | 2385 | 31410 |
|  |  | 755448 |
| Interactive Media & Services - 5.1% |  |  |
| Alphabet Inc Class A  | 2876 | 551904 |
| Alphabet Inc Class C  | 6420 | 1238162 |
| IAC Inc Class A (a) | 757 | 29750 |
| Match Group Inc  | 684 | 23441 |
| Pinterest Inc Class A (a) | 1039 | 40105 |
| Reddit Inc Class A (a) | 211 | 33884 |
| Snap Inc Class A (a) | 12690 | 119667 |
| ZoomInfo Technologies Inc (a) | 3491 | 37808 |
|  |  | 2074721 |
| Media - 0.5% |  |  |
| Comcast Corp Class A  | 4858 | 161431 |
| DoubleVerify Holdings Inc (a) | 462 | 7078 |
| Fox Corp Class B  | 54 | 2762 |
| Magnite Inc (a) | 444 | 10216 |
| News Corp Class B  | 56 | 1872 |
| Paramount Global Class B  | 339 | 4261 |
| Thryv Holdings Inc (a) | 208 | 2737 |
|  |  | 190357 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Gogo Inc (a) | 469 | 7438 |
| TOTAL COMMUNICATION SERVICES |  | 3210285 |
| Consumer Discretionary - 9.4% |  |  |
| Automobile Components - 0.1% |  |  |
| LCI Industries  | 137 | 13015 |
| Modine Manufacturing Co (a) | 185 | 24894 |
|  |  | 37909 |
| Automobiles - 0.9% |  |  |
| Harley-Davidson Inc  | 361 | 8783 |
| Lucid Group Inc Class A (a) | 1135 | 2792 |
| Rivian Automotive Inc Class A (a) | 2223 | 28610 |
| Tesla Inc (a) | 1091 | 336323 |
| Thor Industries Inc  | 58 | 5277 |
|  |  | 381785 |
| Broadline Retail - 4.1% |  |  |
| Amazon.com Inc (a) | 6851 | 1603888 |
| Dillard's Inc Class A  | 4 | 1868 |
| eBay Inc  | 394 | 36150 |
| Macy's Inc  | 392 | 4951 |
|  |  | 1646857 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 176 | 22683 |
| LKQ Corp  | 1039 | 30619 |
|  |  | 53302 |
| Diversified Consumer Services - 0.3% |  |  |
| ADT Inc  | 974 | 8133 |
| Bright Horizons Family Solutions Inc (a) | 75 | 8483 |
| Duolingo Inc Class A (a) | 37 | 12822 |
| Grand Canyon Education Inc (a) | 106 | 17875 |
| H&R Block Inc  | 924 | 50210 |
| Laureate Education Inc (a) | 392 | 8859 |
| Service Corp International/US  | 89 | 6791 |
|  |  | 113173 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Aramark  | 214 | 9108 |
| Booking Holdings Inc  | 19 | 104577 |
| Chipotle Mexican Grill Inc (a) | 1133 | 48583 |
| DoorDash Inc Class A (a) | 141 | 35285 |
| Hilton Worldwide Holdings Inc  | 30 | 8042 |
| Light & Wonder Inc Class A (a) | 61 | 5876 |
| McDonald's Corp  | 361 | 108325 |
| Royal Caribbean Cruises Ltd  | 127 | 40369 |
| Starbucks Corp  | 1217 | 108509 |
| Wingstop Inc  | 10 | 3773 |
|  |  | 472447 |
| Household Durables - 0.6% |  |  |
| Champion Homes Inc (a) | 293 | 17844 |
| Green Brick Partners Inc (a) | 172 | 10654 |
| Installed Building Products Inc  | 128 | 25893 |
| Lovesac Co/The (a) | 92 | 1656 |
| Newell Brands Inc  | 1455 | 8162 |
| PulteGroup Inc  | 305 | 34441 |
| SharkNinja Inc (a) | 732 | 84985 |
| Somnigroup International Inc  | 354 | 25623 |
| Taylor Morrison Home Corp (a) | 175 | 10374 |
| Toll Brothers Inc  | 180 | 21305 |
| TopBuild Corp (a) | 26 | 9631 |
| Whirlpool Corp  | 115 | 9550 |
|  |  | 260118 |
| Leisure Products - 0.1% |  |  |
| Acushnet Holdings Corp  | 46 | 3663 |
| Brunswick Corp/DE  | 193 | 11250 |
| Hasbro Inc  | 63 | 4735 |
| Latham Group Inc (a) | 1213 | 8224 |
| Mattel Inc (a) | 153 | 2603 |
| Peloton Interactive Inc Class A (a) | 1162 | 8297 |
| YETI Holdings Inc (a) | 53 | 1946 |
|  |  | 40718 |
| Specialty Retail - 1.7% |  |  |
| Abercrombie & Fitch Co Class A (a) | 153 | 14691 |
| Academy Sports & Outdoors Inc  | 500 | 25395 |
| America's Car-Mart Inc/TX (a) | 158 | 7116 |
| Best Buy Co Inc  | 340 | 22120 |
| Camping World Holdings Inc Class A  | 605 | 8373 |
| Dick's Sporting Goods Inc  | 3 | 635 |
| Five Below Inc (a) | 146 | 19932 |
| GameStop Corp Class A (a) | 229 | 5141 |
| Gap Inc/The  | 217 | 4223 |
| Group 1 Automotive Inc  | 22 | 9067 |
| Home Depot Inc/The  | 449 | 165012 |
| Lithia Motors Inc Class A  | 18 | 5184 |
| Lowe's Cos Inc  | 920 | 205685 |
| Murphy USA Inc  | 89 | 32261 |
| Restoration Hardware Inc (a) | 144 | 29609 |
| Ross Stores Inc  | 148 | 20208 |
| TJX Cos Inc/The  | 536 | 66748 |
| Tractor Supply Co  | 639 | 36391 |
| Ulta Beauty Inc (a) | 36 | 18540 |
| Williams-Sonoma Inc  | 134 | 25065 |
|  |  | 721396 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Columbia Sportswear Co  | 48 | 2715 |
| Crocs Inc (a) | 148 | 14760 |
| Kontoor Brands Inc  | 86 | 4787 |
| Lululemon Athletica Inc (a) | 356 | 71389 |
| PVH Corp  | 95 | 6975 |
| Samsonite Group SA (b)(c) | 2743 | 5595 |
| Steven Madden Ltd  | 210 | 5041 |
| Tapestry Inc  | 339 | 36622 |
| Under Armour Inc Class A (a) | 882 | 5856 |
|  |  | 153740 |
| TOTAL CONSUMER DISCRETIONARY |  | 3881445 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 1.1% |  |  |
| Brown-Forman Corp Class B  | 808 | 23311 |
| Coca-Cola Co/The  | 3167 | 215008 |
| Keurig Dr Pepper Inc  | 3221 | 105166 |
| Molson Coors Beverage Co Class B  | 726 | 35371 |
| PepsiCo Inc  | 403 | 55582 |
| Primo Brands Corp Class A  | 540 | 14909 |
| Vita Coco Co Inc/The (a) | 65 | 2291 |
|  |  | 451638 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 389 | 41195 |
| Casey's General Stores Inc  | 33 | 17164 |
| Costco Wholesale Corp  | 133 | 124972 |
| Dollar Tree Inc (a) | 62 | 7040 |
| Kroger Co/The  | 373 | 26147 |
| Maplebear Inc (a) | 68 | 3262 |
| Performance Food Group Co (a) | 133 | 13353 |
| Sprouts Farmers Market Inc (a) | 50 | 7577 |
| Target Corp  | 671 | 67436 |
| US Foods Holding Corp (a) | 921 | 76747 |
| Walgreens Boots Alliance Inc  | 992 | 11547 |
| Walmart Inc  | 1919 | 188024 |
|  |  | 584464 |
| Food Products - 1.0% |  |  |
| Archer-Daniels-Midland Co  | 425 | 23027 |
| Bunge Global SA  | 180 | 14357 |
| Conagra Brands Inc  | 1034 | 18881 |
| Darling Ingredients Inc (a) | 393 | 12725 |
| Freshpet Inc (a) | 118 | 8062 |
| General Mills Inc  | 1542 | 75527 |
| Kellanova  | 763 | 60910 |
| Kraft Heinz Co/The  | 2463 | 67634 |
| McCormick & Co Inc/MD  | 265 | 18717 |
| Mondelez International Inc  | 777 | 50264 |
| Simply Good Foods Co/The (a) | 567 | 17271 |
| Smithfield Foods Inc  | 302 | 7284 |
| The Campbell's Company  | 581 | 18546 |
| TreeHouse Foods Inc (a) | 346 | 6649 |
|  |  | 399854 |
| Household Products - 0.9% |  |  |
| Church & Dwight Co Inc  | 376 | 35258 |
| Clorox Co/The  | 246 | 30888 |
| Colgate-Palmolive Co  | 278 | 23310 |
| Energizer Holdings Inc  | 435 | 9796 |
| Kimberly-Clark Corp  | 172 | 21435 |
| Procter & Gamble Co/The  | 1618 | 243460 |
|  |  | 364147 |
| Personal Care Products - 0.0% |  |  |
| Coty Inc Class A (a) | 1262 | 6121 |
| Estee Lauder Cos Inc/The Class A  | 95 | 8867 |
|  |  | 14988 |
| TOTAL CONSUMER STAPLES |  | 1815091 |
| Energy - 3.3% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 2158 | 97218 |
| Cactus Inc Class A  | 588 | 24878 |
| Kodiak Gas Services Inc  | 378 | 12221 |
| NOV Inc  | 647 | 8139 |
| Schlumberger NV  | 2078 | 70236 |
| Solaris Energy Infrastructure Inc Class A  | 521 | 17021 |
| Weatherford International PLC  | 264 | 14929 |
|  |  | 244642 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| Antero Resources Corp (a) | 233 | 8139 |
| Cheniere Energy Inc  | 443 | 104495 |
| ConocoPhillips  | 350 | 33369 |
| DT Midstream Inc  | 79 | 8116 |
| Exxon Mobil Corp  | 2457 | 274299 |
| Gulfport Energy Corp (a) | 106 | 18458 |
| ONEOK Inc  | 2843 | 233439 |
| Phillips 66  | 248 | 30648 |
| Shell PLC ADR  | 2712 | 195834 |
| Targa Resources Corp  | 285 | 47427 |
| Uranium Energy Corp (a) | 1505 | 13048 |
| Valero Energy Corp  | 298 | 40918 |
| Williams Cos Inc/The  | 2071 | 124156 |
|  |  | 1132346 |
| TOTAL ENERGY |  | 1376988 |
| Financials - 13.9% |  |  |
| Banks - 5.6% |  |  |
| Associated Banc-Corp  | 449 | 11108 |
| Bank of America Corp  | 9433 | 445898 |
| Bank OZK  | 112 | 5522 |
| BOK Financial Corp  | 107 | 10864 |
| Byline Bancorp Inc  | 337 | 8863 |
| Cadence Bank  | 589 | 20527 |
| Citigroup Inc  | 1058 | 99135 |
| Comerica Inc  | 53 | 3581 |
| Connectone Bancorp Inc  | 506 | 11653 |
| Cullen/Frost Bankers Inc  | 52 | 6625 |
| CVB Financial Corp  | 419 | 7831 |
| East West Bancorp Inc  | 185 | 18546 |
| Eastern Bankshares Inc  | 1061 | 16392 |
| First Hawaiian Inc  | 390 | 9458 |
| First Horizon Corp  | 291 | 6347 |
| First Interstate BancSystem Inc Class A  | 925 | 26631 |
| FNB Corp/PA  | 1133 | 17358 |
| Glacier Bancorp Inc  | 183 | 8021 |
| Hancock Whitney Corp  | 126 | 7525 |
| Huntington Bancshares Inc/OH  | 1338 | 21983 |
| Independent Bank Corp/MI  | 603 | 18422 |
| JPMorgan Chase & Co  | 1502 | 444952 |
| M&T Bank Corp  | 345 | 65102 |
| Metropolitan Bank Holding Corp  | 40 | 2822 |
| Pathward Financial Inc  | 125 | 9453 |
| Pinnacle Financial Partners Inc  | 61 | 5361 |
| PNC Financial Services Group Inc/The  | 1095 | 208346 |
| SouthState Corp  | 290 | 27309 |
| Synovus Financial Corp  | 367 | 17337 |
| TriCo Bancshares  | 32 | 1315 |
| Truist Financial Corp  | 807 | 35274 |
| United Community Banks Inc/GA  | 211 | 6436 |
| Univest Financial Corp  | 62 | 1787 |
| US Bancorp  | 2380 | 107005 |
| Webster Financial Corp  | 477 | 27499 |
| Wells Fargo & Co  | 6168 | 497326 |
| Western Alliance Bancorp  | 398 | 30869 |
| Wintrust Financial Corp  | 187 | 23932 |
|  |  | 2294415 |
| Capital Markets - 3.3% |  |  |
| Ameriprise Financial Inc  | 28 | 14509 |
| Bank of New York Mellon Corp/The  | 1423 | 144363 |
| Blackrock Inc  | 42 | 46452 |
| Cboe Global Markets Inc  | 201 | 48449 |
| CME Group Inc Class A  | 110 | 30611 |
| Coinbase Global Inc Class A (a) | 94 | 35509 |
| FactSet Research Systems Inc  | 38 | 15310 |
| Goldman Sachs Group Inc/The  | 211 | 152678 |
| Intercontinental Exchange Inc  | 494 | 91306 |
| Invesco Ltd  | 403 | 8467 |
| Janus Henderson Group PLC  | 393 | 17017 |
| KKR & Co Inc Class A  | 633 | 92785 |
| Lazard Inc  | 142 | 7381 |
| Moody's Corp  | 150 | 77360 |
| Morgan Stanley  | 940 | 133912 |
| Nasdaq Inc  | 525 | 50516 |
| Northern Trust Corp  | 695 | 90350 |
| Piper Sandler Cos  | 81 | 25541 |
| PJT Partners Inc Class A  | 108 | 19291 |
| Raymond James Financial Inc  | 275 | 45961 |
| S&P Global Inc  | 259 | 142735 |
| State Street Corp  | 381 | 42577 |
| StepStone Group Inc Class A  | 278 | 16502 |
| Stifel Financial Corp  | 158 | 18031 |
|  |  | 1367613 |
| Consumer Finance - 0.7% |  |  |
| American Express Co  | 422 | 126309 |
| Capital One Financial Corp  | 541 | 116315 |
| OneMain Holdings Inc  | 101 | 5837 |
| SLM Corp  | 283 | 8999 |
| SoFi Technologies Inc Class A (a) | 573 | 12938 |
| Synchrony Financial  | 392 | 27311 |
|  |  | 297709 |
| Financial Services - 2.0% |  |  |
| Affirm Holdings Inc Class A (a) | 323 | 22145 |
| Apollo Global Management Inc  | 49 | 7121 |
| Equitable Holdings Inc  | 431 | 22132 |
| Fidelity National Information Services Inc  | 469 | 37243 |
| HA Sustainable Infrastructure Capital Inc  | 462 | 11998 |
| Mastercard Inc Class A  | 575 | 325720 |
| MGIC Investment Corp  | 261 | 6760 |
| Mr Cooper Group Inc (a) | 55 | 8565 |
| PayPal Holdings Inc (a) | 313 | 21522 |
| Rocket Cos Inc Class A  | 370 | 5465 |
| Toast Inc Class A (a) | 63 | 3076 |
| Visa Inc Class A  | 979 | 338215 |
| Voya Financial Inc  | 74 | 5180 |
| Walker & Dunlop Inc  | 167 | 12527 |
| WEX Inc (a) | 45 | 7636 |
|  |  | 835305 |
| Insurance - 2.2% |  |  |
| AFLAC Inc  | 256 | 25436 |
| Allstate Corp/The  | 203 | 41260 |
| Aon PLC  | 11 | 3913 |
| Arch Capital Group Ltd  | 276 | 23753 |
| Arthur J Gallagher & Co  | 163 | 46822 |
| Axis Capital Holdings Ltd  | 50 | 4692 |
| Baldwin Insurance Group Inc/The Class A (a) | 280 | 10315 |
| CNA Financial Corp  | 183 | 8112 |
| First American Financial Corp  | 105 | 6305 |
| Genworth Financial Inc Class A (a) | 761 | 5981 |
| Hartford Insurance Group Inc/The  | 895 | 111329 |
| Kinsale Capital Group Inc  | 9 | 3966 |
| Lincoln National Corp  | 176 | 6707 |
| Markel Group Inc (a) | 13 | 26108 |
| Marsh & McLennan Cos Inc  | 363 | 72310 |
| MetLife Inc  | 931 | 70709 |
| Primerica Inc  | 54 | 14344 |
| Progressive Corp/The  | 357 | 86408 |
| Prudential Financial Inc  | 1126 | 116632 |
| Reinsurance Group of America Inc  | 29 | 5581 |
| Selective Insurance Group Inc  | 220 | 17153 |
| The Travelers Companies, Inc.  | 456 | 118670 |
| Unum Group  | 210 | 15080 |
| White Mountains Insurance Group Ltd  | 6 | 10727 |
| Willis Towers Watson PLC  | 196 | 61899 |
|  |  | 914212 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| AGNC Investment Corp  | 1717 | 16191 |
| Annaly Capital Management Inc  | 473 | 9616 |
|  |  | 25807 |
| TOTAL FINANCIALS |  | 5735061 |
| Health Care - 8.2% |  |  |
| Biotechnology - 1.7% |  |  |
| AbbVie Inc  | 580 | 109632 |
| Alkermes PLC (a) | 376 | 9960 |
| Alnylam Pharmaceuticals Inc (a) | 119 | 46677 |
| Arcellx Inc (a) | 283 | 20203 |
| Astria Therapeutics Inc (a) | 916 | 6339 |
| Blueprint Medicines Corp rights (a)(d) | 93 | 41 |
| Cargo Therapeutics Inc (a) | 220 | 983 |
| Celldex Therapeutics Inc (a) | 629 | 13825 |
| Cogent Biosciences Inc (a) | 1376 | 15714 |
| Crinetics Pharmaceuticals Inc (a) | 323 | 9235 |
| Cytokinetics Inc (a) | 362 | 13626 |
| Day One Biopharmaceuticals Inc (a) | 869 | 5831 |
| Exact Sciences Corp (a) | 389 | 18264 |
| Gilead Sciences Inc  | 1955 | 219527 |
| Immunovant Inc (a) | 572 | 9198 |
| Insmed Inc (a) | 117 | 12552 |
| Mirati Therapeutics Inc rights (a)(d) | 26 | 0 |
| Moderna Inc (a) | 81 | 2394 |
| MoonLake Immunotherapeutics Class A (a) | 220 | 11097 |
| Nurix Therapeutics Inc (a) | 183 | 2061 |
| Nuvalent Inc Class A (a) | 30 | 2351 |
| Perspective Therapeutics Inc (a) | 1323 | 5080 |
| PTC Therapeutics Inc (a) | 117 | 6097 |
| Regeneron Pharmaceuticals Inc  | 48 | 26182 |
| Soleno Therapeutics Inc (a) | 116 | 10031 |
| Spyre Therapeutics Inc (a) | 93 | 1578 |
| Stoke Therapeutics Inc (a) | 841 | 10807 |
| Vaxcyte Inc (a) | 566 | 19216 |
| Vericel Corp (a) | 92 | 3214 |
| Vertex Pharmaceuticals Inc (a) | 137 | 62591 |
| Viking Therapeutics Inc (a) | 255 | 8305 |
| Viridian Therapeutics Inc (a) | 169 | 2961 |
|  |  | 685572 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Abbott Laboratories  | 183 | 23093 |
| Boston Scientific Corp (a) | 1197 | 125590 |
| Dexcom Inc (a) | 157 | 12681 |
| Edwards Lifesciences Corp (a) | 953 | 75583 |
| Glaukos Corp (a) | 243 | 20920 |
| Globus Medical Inc Class A (a) | 91 | 4789 |
| ICU Medical Inc (a) | 120 | 15409 |
| IDEXX Laboratories Inc (a) | 69 | 36867 |
| Inspire Medical Systems Inc (a) | 71 | 8842 |
| Insulet Corp (a) | 107 | 30859 |
| Intuitive Surgical Inc (a) | 134 | 64467 |
| iRhythm Technologies Inc (a) | 111 | 15560 |
| Lantheus Holdings Inc (a) | 78 | 5553 |
| Masimo Corp (a) | 174 | 26759 |
| Merit Medical Systems Inc (a) | 235 | 19942 |
| Penumbra Inc (a) | 35 | 8829 |
| PROCEPT BioRobotics Corp (a) | 61 | 2959 |
| ResMed Inc  | 76 | 20667 |
| Solventum Corp (a) | 47 | 3354 |
| STERIS PLC  | 270 | 61152 |
| Stryker Corp  | 140 | 54982 |
| Zimmer Biomet Holdings Inc  | 237 | 21721 |
|  |  | 660578 |
| Health Care Providers & Services - 2.2% |  |  |
| Acadia Healthcare Co Inc (a) | 83 | 1806 |
| AMN Healthcare Services Inc (a) | 306 | 5612 |
| Cardinal Health Inc  | 680 | 105550 |
| Cencora Inc  | 160 | 45773 |
| Centene Corp (a) | 516 | 13452 |
| Cigna Group/The  | 607 | 162300 |
| CVS Health Corp  | 1148 | 71291 |
| Elevance Health Inc  | 207 | 58598 |
| Encompass Health Corp  | 76 | 8368 |
| Ensign Group Inc/The  | 193 | 28950 |
| HCA Healthcare Inc  | 64 | 22655 |
| HealthEquity Inc (a) | 220 | 21340 |
| Humana Inc  | 192 | 47975 |
| Labcorp Holdings Inc  | 84 | 21847 |
| LifeStance Health Group Inc (a) | 1098 | 4370 |
| McKesson Corp  | 125 | 86693 |
| Privia Health Group Inc (a) | 176 | 3436 |
| Progyny Inc (a) | 528 | 12413 |
| Quest Diagnostics Inc  | 159 | 26618 |
| Surgery Partners Inc (a) | 418 | 9175 |
| Tenet Healthcare Corp (a) | 19 | 3064 |
| UnitedHealth Group Inc  | 602 | 150235 |
|  |  | 911521 |
| Health Care Technology - 0.0% |  |  |
| Doximity Inc Class A (a) | 31 | 1821 |
| Veeva Systems Inc Class A (a) | 61 | 17337 |
| Waystar Holding Corp (a) | 135 | 4992 |
|  |  | 24150 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Agilent Technologies Inc  | 234 | 26866 |
| Bruker Corp  | 147 | 5648 |
| Danaher Corp  | 435 | 85765 |
| IQVIA Holdings Inc (a) | 143 | 26578 |
| Mettler-Toledo International Inc (a) | 23 | 28375 |
| Repligen Corp (a) | 39 | 4565 |
| Thermo Fisher Scientific Inc  | 44 | 20578 |
| Waters Corp (a) | 64 | 18481 |
| West Pharmaceutical Services Inc  | 118 | 28233 |
|  |  | 245089 |
| Pharmaceuticals - 2.1% |  |  |
| Bristol-Myers Squibb Co  | 1348 | 58382 |
| Elanco Animal Health Inc (a) | 2726 | 37292 |
| Eli Lilly & Co  | 519 | 384096 |
| Enliven Therapeutics Inc (a) | 413 | 7769 |
| GSK PLC ADR  | 2188 | 81284 |
| Haleon PLC ADR  | 3190 | 30082 |
| Jazz Pharmaceuticals PLC (a) | 24 | 2751 |
| Merck & Co Inc  | 1716 | 134054 |
| Organon & Co  | 416 | 4035 |
| Perrigo Co PLC  | 67 | 1786 |
| Prestige Consumer Healthcare Inc (a) | 63 | 4659 |
| Royalty Pharma PLC Class A  | 725 | 26680 |
| Viatris Inc  | 534 | 4667 |
| Zoetis Inc Class A  | 491 | 71583 |
|  |  | 849120 |
| TOTAL HEALTH CARE |  | 3376030 |
| Industrials - 10.6% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| ATI Inc (a) | 105 | 8079 |
| Axon Enterprise Inc (a) | 78 | 58928 |
| BWX Technologies Inc  | 2 | 304 |
| Curtiss-Wright Corp  | 31 | 15197 |
| GE Aerospace  | 1611 | 436710 |
| Howmet Aerospace Inc  | 339 | 60942 |
| Kratos Defense & Security Solutions Inc (a) | 570 | 33459 |
| L3Harris Technologies Inc  | 268 | 73652 |
| Leonardo DRS Inc  | 385 | 16016 |
| Lockheed Martin Corp  | 39 | 16418 |
| Northrop Grumman Corp  | 188 | 108403 |
| Rocket Lab Corp  | 348 | 15980 |
| RTX Corp  | 1009 | 158988 |
| Spirit AeroSystems Holdings Inc Class A (a) | 797 | 31402 |
| Textron Inc  | 126 | 9799 |
| V2X Inc (a) | 272 | 12887 |
| Woodward Inc  | 38 | 9769 |
|  |  | 1066933 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 352 | 40593 |
| Expeditors International of Washington Inc  | 447 | 51959 |
| GXO Logistics Inc (a) | 96 | 4772 |
|  |  | 97324 |
| Building Products - 0.7% |  |  |
| AAON Inc  | 82 | 6847 |
| Advanced Drainage Systems Inc  | 36 | 4131 |
| AZZ Inc  | 234 | 25623 |
| Builders FirstSource Inc (a) | 118 | 15001 |
| Carrier Global Corp  | 412 | 28271 |
| Johnson Controls International plc  | 850 | 89250 |
| Lennox International Inc  | 23 | 14007 |
| Simpson Manufacturing Co Inc  | 39 | 6998 |
| Tecnoglass Inc  | 257 | 20054 |
| Trane Technologies PLC  | 202 | 88492 |
| UFP Industries Inc  | 100 | 9800 |
|  |  | 308474 |
| Commercial Services & Supplies - 0.3% |  |  |
| ACV Auctions Inc Class A (a) | 903 | 12832 |
| Brady Corp Class A  | 120 | 8468 |
| BrightView Holdings Inc (a) | 919 | 14658 |
| Copart Inc (a) | 192 | 8703 |
| HNI Corp  | 84 | 4321 |
| Veralto Corp  | 565 | 59229 |
| Vestis Corp  | 811 | 4915 |
| VSE Corp  | 160 | 25046 |
|  |  | 138172 |
| Construction & Engineering - 0.5% |  |  |
| Centuri Holdings Inc (a) | 886 | 19315 |
| Comfort Systems USA Inc  | 31 | 21802 |
| EMCOR Group Inc  | 57 | 35767 |
| Granite Construction Inc  | 76 | 7180 |
| IES Holdings Inc (a) | 160 | 56492 |
| MasTec Inc (a) | 29 | 5487 |
| Primoris Services Corp  | 131 | 12336 |
| Sterling Infrastructure Inc (a) | 163 | 43617 |
| Valmont Industries Inc  | 18 | 6551 |
|  |  | 208547 |
| Electrical Equipment - 1.5% |  |  |
| Acuity Inc  | 29 | 9029 |
| Eaton Corp PLC  | 112 | 43089 |
| Emerson Electric Co  | 143 | 20808 |
| GE Vernova Inc  | 645 | 425888 |
| Hubbell Inc  | 92 | 40248 |
| NEXTracker Inc Class A (a) | 408 | 23770 |
| nVent Electric PLC  | 104 | 8156 |
| Regal Rexnord Corp  | 138 | 21097 |
| Thermon Group Holdings Inc (a) | 241 | 6815 |
| Vertiv Holdings Co Class A  | 164 | 23878 |
|  |  | 622778 |
| Ground Transportation - 0.9% |  |  |
| ArcBest Corp  | 43 | 3145 |
| CSX Corp  | 1656 | 58854 |
| JB Hunt Transport Services Inc  | 137 | 19735 |
| Landstar System Inc  | 59 | 7869 |
| Norfolk Southern Corp  | 80 | 22240 |
| Ryder System Inc  | 101 | 17949 |
| Saia Inc (a) | 21 | 6347 |
| Schneider National Inc Class B  | 123 | 3007 |
| U-Haul Holding Co (a) | 83 | 4802 |
| U-Haul Holding Co Class N  | 116 | 6032 |
| Uber Technologies Inc (a) | 1449 | 127150 |
| Union Pacific Corp  | 435 | 96557 |
|  |  | 373687 |
| Industrial Conglomerates - 0.3% |  |  |
| Honeywell International Inc  | 493 | 109619 |
| Machinery - 2.0% |  |  |
| Atmus Filtration Technologies Inc  | 289 | 11245 |
| Caterpillar Inc  | 237 | 103811 |
| CNH Industrial NV Class A  | 1988 | 25764 |
| Crane Co  | 37 | 7243 |
| Cummins Inc  | 326 | 119844 |
| Deere & Co  | 297 | 155739 |
| Dover Corp  | 34 | 6159 |
| Federal Signal Corp  | 75 | 9493 |
| Fortive Corp  | 393 | 18836 |
| Gates Industrial Corp PLC (a) | 752 | 18650 |
| Kadant Inc  | 7 | 2329 |
| Oshkosh Corp  | 70 | 8857 |
| PACCAR Inc  | 309 | 30517 |
| Parker-Hannifin Corp  | 80 | 58552 |
| Pentair PLC  | 882 | 90140 |
| REV Group Inc  | 558 | 27649 |
| SPX Technologies Inc (a) | 91 | 16597 |
| Terex Corp  | 387 | 19683 |
| Westinghouse Air Brake Technologies Corp  | 111 | 21318 |
| Xylem Inc/NY  | 410 | 59294 |
|  |  | 811720 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 177 | 9417 |
| Professional Services - 0.9% |  |  |
| Automatic Data Processing Inc  | 408 | 126277 |
| Broadridge Financial Solutions Inc  | 222 | 54947 |
| Clarivate PLC (a) | 1047 | 4031 |
| CRA International Inc  | 116 | 20493 |
| ExlService Holdings Inc (a) | 486 | 21107 |
| First Advantage Corp (a) | 459 | 7936 |
| FTI Consulting Inc (a) | 54 | 8983 |
| Jacobs Solutions Inc  | 158 | 22415 |
| KBR Inc  | 177 | 8273 |
| Leidos Holdings Inc  | 246 | 39274 |
| Maximus Inc  | 90 | 6647 |
| Parsons Corp (a) | 58 | 4304 |
| Paychex Inc  | 101 | 14577 |
| TransUnion  | 218 | 20751 |
|  |  | 360015 |
| Trading Companies & Distributors - 0.7% |  |  |
| Air Lease Corp Class A  | 152 | 8421 |
| Applied Industrial Technologies Inc  | 20 | 5430 |
| Ferguson Enterprises Inc  | 314 | 70126 |
| FTAI Aviation Ltd  | 481 | 66190 |
| GMS Inc (a) | 123 | 13486 |
| Herc Holdings Inc  | 105 | 12265 |
| United Rentals Inc  | 35 | 30903 |
| Wesco International Inc  | 38 | 7864 |
| WW Grainger Inc  | 55 | 57175 |
| Xometry Inc Class A (a) | 123 | 3978 |
|  |  | 275838 |
| TOTAL INDUSTRIALS |  | 4382524 |
| Information Technology - 28.6% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc  | 372 | 45838 |
| Ciena Corp (a) | 245 | 22746 |
| Cisco Systems Inc  | 3273 | 222826 |
| F5 Inc (a) | 68 | 21312 |
| Lumentum Holdings Inc (a) | 375 | 41280 |
| Motorola Solutions Inc  | 118 | 51800 |
|  |  | 405802 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Advanced Energy Industries Inc  | 194 | 26950 |
| Avnet Inc  | 100 | 5294 |
| Belden Inc  | 220 | 27203 |
| Coherent Corp (a) | 193 | 20767 |
| Crane NXT Co  | 192 | 11393 |
| ePlus Inc (a) | 106 | 6867 |
| Flex Ltd (a) | 210 | 10473 |
| Insight Enterprises Inc (a) | 86 | 10198 |
| Keysight Technologies Inc (a) | 122 | 19997 |
| PAR Technology Corp (a) | 279 | 16958 |
| Sanmina Corp (a) | 260 | 30170 |
| TD SYNNEX Corp  | 52 | 7508 |
| Trimble Inc (a) | 254 | 21308 |
|  |  | 215086 |
| IT Services - 1.9% |  |  |
| Akamai Technologies Inc (a) | 951 | 72571 |
| Amdocs Ltd  | 427 | 36449 |
| ASGN Inc (a) | 85 | 4262 |
| Cloudflare Inc Class A (a) | 484 | 100517 |
| Cognizant Technology Solutions Corp Class A  | 180 | 12917 |
| DXC Technology Co (a) | 391 | 5322 |
| Gartner Inc (a) | 37 | 12530 |
| Globant SA (a) | 27 | 2274 |
| GoDaddy Inc Class A (a) | 538 | 86930 |
| IBM Corporation  | 552 | 139739 |
| Kyndryl Holdings Inc (a) | 111 | 4191 |
| MongoDB Inc Class A (a) | 313 | 74460 |
| Okta Inc Class A (a) | 645 | 63081 |
| Twilio Inc Class A (a) | 792 | 102168 |
| VeriSign Inc  | 211 | 56732 |
|  |  | 774143 |
| Semiconductors & Semiconductor Equipment - 12.0% |  |  |
| Advanced Micro Devices Inc (a) | 584 | 102965 |
| Analog Devices Inc  | 394 | 88504 |
| Applied Materials Inc  | 732 | 131804 |
| Broadcom Inc  | 2389 | 701650 |
| Cirrus Logic Inc (a) | 141 | 14200 |
| Diodes Inc (a) | 108 | 5332 |
| First Solar Inc (a) | 249 | 43508 |
| GlobalFoundries Inc (a) | 437 | 16339 |
| Intel Corp  | 2490 | 49302 |
| Lam Research Corp  | 724 | 68664 |
| Lattice Semiconductor Corp (a) | 64 | 3189 |
| MACOM Technology Solutions Holdings Inc (a) | 204 | 27977 |
| Marvell Technology Inc  | 3345 | 268838 |
| Micron Technology Inc  | 1031 | 112523 |
| Monolithic Power Systems Inc  | 55 | 39118 |
| NVIDIA Corp  | 17326 | 3081777 |
| Onto Innovation Inc (a) | 140 | 13265 |
| QUALCOMM Inc  | 278 | 40799 |
| Texas Instruments Inc  | 624 | 112981 |
|  |  | 4922735 |
| Software - 9.1% |  |  |
| ACI Worldwide Inc (a) | 215 | 9150 |
| Adobe Inc (a) | 254 | 90853 |
| Agilysys Inc (a) | 156 | 17796 |
| Appfolio Inc Class A (a) | 19 | 5080 |
| AppLovin Corp Class A (a) | 369 | 144168 |
| Atlassian Corp Class A (a) | 79 | 15151 |
| Autodesk Inc (a) | 310 | 93964 |
| BILL Holdings Inc (a) | 71 | 3042 |
| Cadence Design Systems Inc (a) | 128 | 46665 |
| Ccc Intelligent Solutions Holdings Inc Class A (a) | 706 | 6827 |
| Commvault Systems Inc (a) | 168 | 31912 |
| Crowdstrike Holdings Inc Class A (a) | 20 | 9091 |
| CyberArk Software Ltd (a) | 31 | 12756 |
| Dropbox Inc Class A (a) | 132 | 3586 |
| Dynatrace Inc (a) | 346 | 18203 |
| Elastic NV (a) | 59 | 4938 |
| Fair Isaac Corp (a) | 8 | 11494 |
| Fortinet Inc (a) | 159 | 15884 |
| Gen Digital Inc  | 1623 | 47862 |
| Gitlab Inc Class A (a) | 68 | 2979 |
| Guidewire Software Inc (a) | 72 | 16288 |
| HubSpot Inc (a) | 30 | 15590 |
| Informatica Inc Class A (a) | 356 | 8793 |
| Intapp Inc (a) | 126 | 5046 |
| Intuit Inc  | 159 | 124836 |
| Microsoft Corp  | 4063 | 2167612 |
| MicroStrategy Inc Class A (a) | 110 | 44205 |
| Monday.com Ltd (a) | 28 | 7344 |
| nCino Inc (a) | 381 | 10639 |
| Olo Inc Class A (a) | 1428 | 14965 |
| Palantir Technologies Inc Class A (a) | 540 | 85509 |
| Palo Alto Networks Inc (a) | 282 | 48955 |
| Pegasystems Inc  | 118 | 6928 |
| Procore Technologies Inc (a) | 93 | 6662 |
| Progress Software Corp  | 184 | 8847 |
| PTC Inc (a) | 125 | 26851 |
| Salesforce Inc  | 751 | 194007 |
| SentinelOne Inc Class A (a) | 253 | 4640 |
| Servicenow Inc (a) | 167 | 157501 |
| SPS Commerce Inc (a) | 133 | 14479 |
| Synopsys Inc (a) | 136 | 86152 |
| Tenable Holdings Inc (a) | 49 | 1534 |
| Varonis Systems Inc (a) | 360 | 20099 |
| Vertex Inc Class A (a) | 378 | 12538 |
| Workday Inc Class A (a) | 130 | 29819 |
| Workiva Inc Class A (a) | 218 | 13915 |
| Zscaler Inc (a) | 92 | 26272 |
|  |  | 3751427 |
| Technology Hardware, Storage & Peripherals - 4.1% |  |  |
| Apple Inc  | 7541 | 1565286 |
| Hewlett Packard Enterprise Co  | 1442 | 29835 |
| HP Inc  | 335 | 8308 |
| NetApp Inc  | 324 | 33738 |
| Western Digital Corp  | 557 | 43830 |
|  |  | 1680997 |
| TOTAL INFORMATION TECHNOLOGY |  | 11750190 |
| Materials - 1.9% |  |  |
| Chemicals - 0.8% |  |  |
| Corteva Inc  | 540 | 38950 |
| Ecolab Inc  | 385 | 100778 |
| Element Solutions Inc  | 615 | 14514 |
| FMC Corp  | 141 | 5505 |
| Linde PLC  | 179 | 82387 |
| Minerals Technologies Inc  | 68 | 3954 |
| Mosaic Co/The  | 729 | 26251 |
| PPG Industries Inc  | 346 | 36503 |
| Sherwin-Williams Co/The  | 33 | 10919 |
|  |  | 319761 |
| Construction Materials - 0.4% |  |  |
| CRH PLC  | 1300 | 124085 |
| James Hardie Industries PLC ADR (a) | 112 | 2905 |
| Martin Marietta Materials Inc  | 54 | 31044 |
|  |  | 158034 |
| Containers & Packaging - 0.3% |  |  |
| AptarGroup Inc  | 49 | 7700 |
| Ball Corp  | 548 | 31379 |
| Crown Holdings Inc  | 509 | 50575 |
| Graphic Packaging Holding CO  | 601 | 13438 |
| International Paper Co  | 252 | 11778 |
| Silgan Holdings Inc  | 46 | 2140 |
|  |  | 117010 |
| Metals & Mining - 0.4% |  |  |
| Carpenter Technology Corp  | 231 | 57609 |
| Commercial Metals Co  | 158 | 8194 |
| Constellium SE (a) | 315 | 4319 |
| Newmont Corp  | 1042 | 64708 |
| Nucor Corp  | 132 | 18885 |
| Royal Gold Inc  | 31 | 4694 |
|  |  | 158409 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 212 | 19166 |
| TOTAL MATERIALS |  | 772380 |
| Real Estate - 1.8% |  |  |
| Health Care REITs - 0.5% |  |  |
| CareTrust REIT Inc  | 546 | 17363 |
| Medical Properties Trust Inc  | 583 | 2402 |
| Omega Healthcare Investors Inc  | 54 | 2101 |
| Welltower Inc  | 860 | 141960 |
|  |  | 163826 |
| Hotel & Resort REITs - 0.0% |  |  |
| Park Hotels & Resorts Inc  | 557 | 5937 |
| Industrial REITs - 0.0% |  |  |
| Prologis Inc  | 188 | 20075 |
| Office REITs - 0.0% |  |  |
| Douglas Emmett Inc  | 299 | 4533 |
| Kilroy Realty Corp  | 286 | 10542 |
|  |  | 15075 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (a) | 230 | 35821 |
| Compass Inc Class A (a) | 2286 | 18151 |
| Cushman & Wakefield PLC (a) | 1613 | 19662 |
| Howard Hughes Holdings Inc (a) | 62 | 4261 |
| Jones Lang LaSalle Inc (a) | 39 | 10544 |
| Zillow Group Inc Class C (a) | 66 | 5250 |
|  |  | 93689 |
| Retail REITs - 0.0% |  |  |
| Tanger Inc  | 357 | 10717 |
| Urban Edge Properties  | 192 | 3786 |
|  |  | 14503 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 406 | 84606 |
| Crown Castle Inc  | 1152 | 121065 |
| Digital Realty Trust Inc  | 444 | 78339 |
| Equinix Inc  | 119 | 93435 |
| Iron Mountain Inc  | 187 | 18206 |
| Outfront Media Inc  | 974 | 17074 |
| SBA Communications Corp Class A  | 50 | 11236 |
|  |  | 423961 |
| TOTAL REAL ESTATE |  | 737066 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 0.7% |  |  |
| Constellation Energy Corp  | 121 | 42089 |
| Edison International  | 557 | 29031 |
| Eversource Energy  | 693 | 45807 |
| Exelon Corp  | 1517 | 68174 |
| NextEra Energy Inc  | 1438 | 102184 |
| PG&E Corp  | 1182 | 16572 |
|  |  | 303857 |
| Gas Utilities - 0.1% |  |  |
| New Jersey Resources Corp  | 202 | 9274 |
| Southwest Gas Holdings Inc  | 214 | 16722 |
| UGI Corp  | 634 | 22938 |
|  |  | 48934 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Clearway Energy Inc Class C  | 93 | 3034 |
| Multi-Utilities - 0.5% |  |  |
| Dominion Energy Inc  | 531 | 31037 |
| NiSource Inc  | 1448 | 61468 |
| Public Service Enterprise Group Inc  | 1129 | 101373 |
| Sempra  | 315 | 25729 |
|  |  | 219607 |
| Water Utilities - 0.1% |  |  |
| Essential Utilities Inc  | 582 | 21417 |
| TOTAL UTILITIES |  | 596849 |
| TOTAL UNITED STATES |  | 37633909 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (a) | 3598 | 60477 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $32,124,403) |  | <br> **39465281** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $18,528)<br>| 501 | **20503** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $1,649,015)<br>| 4.33 | 1648685 | **1649015** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $33,791,946)<br>| <br>**41134799** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **136980** |
| **NET ASSETS - 100.0%** | **41271779** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 4 | Sep 2025 | 1274850 | 18115 | 18115 |
| The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% |

---

**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 $19,005 or 0.0% 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 $10,689 or 0.0% of net assets.

(d) Level 3 security

(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.

**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 | 1063042 | 8963442 | 8377469 | 29499 | - | - | 1649015 | 1648685 | 0.0% |
| Total | 1063042 | 8963442 | 8377469 | 29499 | - | - | 1649015 |  |  |

---

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 July 31, 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 | 3321789 | 3231258 | 90531 | - |
| Consumer Discretionary | 4043908 | 4038313 | 5595 | - |
| Consumer Staples | 1853727 | 1845922 | 7805 | - |
| Energy | 1514136 | 1514136 | - | - |
| Financials | 5888597 | 5869964 | 18633 | - |
| Health Care | 3607447 | 3607406 | - | 41 |
| Industrials | 4444444 | 4410867 | 33577 | - |
| Information Technology | 12480425 | 12453788 | 26637 | - |
| Materials | 905139 | 905139 | - | - |
| Real Estate | 744455 | 744455 | - | - |
| Utilities | 661214 | 618664 | 42550 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 20503 | - | 20503 | - |
|  **Money Market Funds** | 1649015 | 1649015 | - | - |
| **Total Investments in Securities:** | 41134799 | 40888927 | 245831 | 41 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 18115 | 18115 | - | - |
| Total Assets | 18115 | 18115 | - | - |
| **Total Derivative Instruments:** | 18115 | 18115 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 18115 | 0 |
| **Total Equity Risk**  | 18115 | 0 |
| **Total Value of Derivatives** | 18115 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $32,142,931) | $39485784 |  |
| Fidelity Central Funds (cost $1,649,015) | 1649015 |  |
| Total Investment in Securities (cost $33,791,946) |  | $41134799 |
| Segregated cash with brokers for derivative instruments |  | 85278 |
| Cash |  | 5335 |
| Receivable for fund shares sold |  | 54236 |
| Dividends receivable |  | 19519 |
| Distributions receivable from Fidelity Central Funds |  | 5680 |
| Receivable from investment adviser for expense reductions |  | 2984 |
| **Total assets** |  | 41307831 |
| **Liabilities** |  |  |
| Payable to custodian bank | $8 |  |
| Payable for fund shares redeemed | 26720 |  |
| Payable for daily variation margin on futures contracts | 4400 |  |
| Custody fee payable | 4924 |  |
| **Total liabilities** |  | 36052 |
| **Net Assets**  |  | $41271779 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $33848065 |
| Total accumulated earnings (loss) |  | 7423714 |
| **Net Assets** |  | $41271779 |
| **Net Asset Value**, offering price and redemption price per share ($41,271,779 ÷ 2,745,071 shares) |  | $15.03 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $205740 |
| Interest  |  | 1274 |
| Income from Fidelity Central Funds  |  | 29499 |
| **Total income** |  | 236513 |
| **Expenses** |  |  |
| Custodian fees and expenses | $5902 |  |
| Independent trustees' fees and expenses | 55 |  |
| Total expenses before reductions | 5957 |  |
| Expense reductions | (5632) |  |
| Total expenses after reductions |  | 325 |
| **Net Investment income (loss)** |  | 236188 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (160900) |  |
| Foreign currency transactions | 179 |  |
| Futures contracts | 36818 |  |
| Total net realized gain (loss) |  | (123903) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1944808 |  |
| Assets and liabilities in foreign currencies | (4) |  |
| Futures contracts | 18063 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1962867 |
| **Net gain (loss)** |  | 1838964 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2075152 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $236188 | $312905 |
| &nbsp;&nbsp;Net realized gain (loss) | (123903)<br>| 242370<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1962867 | 3894752<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2075152<br>| 4450027<br>|
| Distributions to shareholders | (74500)<br>| (514411)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 13280863 | 15915908 |
| Reinvestment of distributions | 74500<br>| 514411<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2575652) | (3599236) |
| **Net increase (decrease) in net assets resulting from share transactions** | 10779711<br>| 12831083<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12780363<br>| 16766699<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 28491416 | 11724717<br>|
| &nbsp;&nbsp;End of period | $41271779 | $28491416 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 958960 | 1193192 |
| Issued in reinvestment of distributions | 5486<br>| 35756<br>|
| &nbsp;&nbsp;Redeemed | (189464) | (257925) |
| &nbsp;&nbsp;Net increase (decrease) | 774982 | 971023 |

---

**Financial Highlights** 

**Fidelity® Series Sustainable U.S. Market Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $14.46 | $11.74 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .10  | .20  | .14  |
| Net realized and unrealized gain (loss)  | .51  | 2.81  | 1.72  |
| Total from investment operations  | .61  | 3.01  | 1.86  |
| Distributions from net investment income  | (.01)  | (.17)  | (.12)  |
| Distributions from net realized gain  | (.03)  | (.12)  | (.01)  |
| Total distributions  | (.04)  | (.29)  | (.12) D |
| Net asset value, end of period  | $15.03 | $14.46 | $11.74 |
| **Total Return** E,F | 4.21% <br>| 25.66%  | 18.66%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .04% I | .07%  | .10% I |
| Expenses net of fee waivers, if any J | -% I<br>| -%  | -% I |
| Expenses net of all reductions, if any J | -% I | -%  | -% I |
| Net investment income (loss)  | 1.42% I | 1.47%  | 1.75% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $41272 | $28491 | $11725 |
| Portfolio turnover rate K | 29% I<br>| 27%  | 28% I |

---

A*For the period May 11, 2023 (commencement of operations) through January 31, 2024.*

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 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 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 July 31, 2025

**1. Organization.**

Fidelity Series Sustainable U.S. Market 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 only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 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.

**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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), 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** | $8697905 |
| **Gross unrealized depreciation** | <u>(1417696)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$7280209</u> |
| **Tax cost** | <u>$33872705</u> |

---

**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 Series Sustainable U.S. Market Fund** | 14928931 | 4639418 |

---

**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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 Series Sustainable U.S. Market Fund** | 123 |

---

**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 Series Sustainable U.S. Market Fund** | 120243 | 56440 | (6477) |

---

**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 borne by the investment adviser.

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.

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through May 31, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $5,403.

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 $229.

**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.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Series Sustainable U.S. Market Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, 529 plans and collective investment trusts that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through May 31, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111960_4.jpg)<br>

1.9908960.102 SUQ-SANN-0925

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; September 22, 2025 |

---

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; September 22, 2025 |

---

---

| | |
|:---|:---|
| &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; September 22, 2025 |

---

## 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:

September 22, 2025

---

| |
|:---|
| &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:

September 22, 2025

---

| |
|:---|
| &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: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

---

| |
|:---|
| &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>