# EDGAR Filing Document

**Accession Number:** 0000225322
**File Stem:** 0000225322-26-000069
**Filing Date:** 2026-3
**Character Count:** 129298
**Document Hash:** c37968fe9e0b3f98ff8d4a97cda44dfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000225322-26-000069.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000225322-26-000069

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02737
- **FILM NUMBER:** 26789059

**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, Massachusetts 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;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Series Sustainable U.S. Market Fund<br> **Fidelity® Series Sustainable U.S. Market Fund : FSUMX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Sustainable U.S. Market Fund for the period February 1, 2025 to January 31, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **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%

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Dow Jones U.S. Total Stock Market Index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picking in communication services, primarily within the media & entertainment industry, and financials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Alphabet (+66%). The company was among our biggest holdings. The second-largest relative contributor was an overweight in GE Vernova (+96%). Not owning Meta Platforms, a benchmark component that gained about 4%, was another notable relative contributor.

• In contrast, the biggest detractors from performance versus the benchmark were picks and an underweight in information technology, primarily within the software & services industry. Also hurting our result was stock picking in consumer staples, primarily within the food, beverage & tobacco industry, and consumer discretionary.

• The biggest individual relative detractor was an overweight in Marvell Technology (-29%). This period we increased our position in Marvell Technology. A second notable relative detractor was an underweight in Johnson & Johnson (+54%). An overweight in Lululemon Athletica (-58%) also hurt.

• Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to communication services.

*Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.*

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 11, 2023 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fidelity® Series Sustainable U.S. Market Fund<br>| $10000 | $11866<br>| $14911<br>| $17496<br>|
| MSCI USA IMI ESG Focus Dynamic Weighted Index<br>| $10000 | $11801<br>| $14826<br>| $17048<br>|
| Dow Jones U.S. Total Stock Market Index℠<br>| $10000 | $11868<br>| $14987<br>| $17287<br>|
|  | 2023 | 2024 | 2025 | 2026 |

---

![](img125427_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Series Sustainable U.S. Market Fund | 17.34% | 22.75% |
| MSCI USA IMI ESG Focus Dynamic Weighted Index | 14.99%<br>| 21.59% |
| Dow Jones U.S. Total Stock Market Index℠ | 15.34%<br>| 22.21% |

---

**A** From May 11, 2023

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $54171882<br>|
| Number of Holdings | 697<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 28%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.4 |
| Financials | 13.4 |
| Industrials | 10.7 |
| Consumer Discretionary | 9.5 |
| Health Care | 9.1 |
| Communication Services | 8.8 |
| Energy | 4.5 |
| Consumer Staples | 3.7 |
| Materials | 2.1 |
| Real Estate | 1.8 |
| Utilities | 1.6 |

---

Common Stocks 95.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7319_20260131_AA.jpg) <br>|

---

Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 4.4 <br>

---

| | |
|:---|:---|
| United States | 96.4 |
| Canada | 1.1 |
| United Kingdom | 0.5 |
| Taiwan | 0.4 |
| Netherlands | 0.2 |
| Belgium | 0.2 |
| Zambia | 0.2 |
| Israel | 0.1 |
| China | 0.1 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7319_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;Zambia - 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;Israel - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.3<br>|
| Apple Inc | 4.5<br>|
| Microsoft Corp | 3.9<br>|
| Alphabet Inc Class C | 3.8<br>|
| Amazon.com Inc | 3.8<br>|
| Alphabet Inc Class A | 2.7<br>|
| Exxon Mobil Corp | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Eli Lilly & Co | 1.3<br>|
| Wells Fargo & Co | 1.3<br>|
|  | 32.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7319_20260131_2.jpg)<br>| ![](img125427_3.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> 1.9912678.101 7319-TSRA-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, January 31, 2026, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Series Sustainable U.S. Market Fund (the "Fund"):

**<u>Services Billed by PwC</u>**

**<u>January 31, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Series Sustainable U.S. Market Fund | &nbsp;&nbsp;$31200 | &nbsp;&nbsp;$1200 | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;$400 |

---

**<u>January 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Series Sustainable U.S. Market Fund | &nbsp;&nbsp;$31200 | &nbsp;&nbsp;$2600 | &nbsp;&nbsp;$6600 | &nbsp;&nbsp;$900 |

---

<sup>A</sup> Amounts may reflect rounding.

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

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$7975400 | &nbsp;&nbsp;$10640500 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000 | &nbsp;&nbsp;$1000 |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$35000 |

---

<sup>A</sup> Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13261000 | &nbsp;&nbsp;$15868100 |

---

<sup>A</sup> Amounts may reflect rounding.

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

<u>Audit Committee Pre-Approval Policies and Procedures</u>

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

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

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

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

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

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

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<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**

**Annual Report**

**January 31, 2026**

![](img125403_1.jpg)

![](img125403_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SUQ-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Sustainable U.S. Market Fund](#Sub_Sec_Fund_7319_SUQ-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7319_SUQ-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SUQ-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SUQ-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SUQ-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SUQ-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SUQ-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SUQ-ANN)** |

---

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.© 2026 FMR LLC. All rights reserved.

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

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

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

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

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

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

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

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 219 | 20339 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 1121 | 22028 |
| BELGIUM - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 386 | 116857 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 26 | 7324 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 1382 | 24531 |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (a) | 675 | 10894 |
| TOTAL BRAZIL |  | 35425 |
| BURKINA FASO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| IAMGOLD Corp (United States) (a) | 831 | 15108 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd  | 263 | 10675 |
| CANADA - 1.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 517 | 40752 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 421 | 21903 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| CES Energy Solutions Corp  | 459 | 4787 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Cameco Corp  | 226 | 27952 |
| Imperial Oil Ltd  | 944 | 95374 |
| Imperial Oil Ltd (United States)  | 187 | 18934 |
| Parex Resources Inc  | 938 | 13915 |
|  |  | 156175 |
| TOTAL ENERGY |  | 160962 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 225 | 11185 |
| TMX Group Ltd  | 375 | 13844 |
| TOTAL FINANCIALS |  | 25029 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Xenon Pharmaceuticals Inc (a) | 547 | 22432 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc Class B (a) | 211 | 36045 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Celestica Inc (United States) (a) | 297 | 83454 |
| IT Services - 0.1% |  |  |
| Shopify Inc Class A (a) | 571 | 74924 |
| TOTAL INFORMATION TECHNOLOGY |  | 158378 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd (United States)  | 182 | 12538 |
| Metals & Mining - 0.1% |  |  |
| OR Royalties Inc  | 145 | 5717 |
| Triple Flag Precious Metals Corp (United States)  | 626 | 21109 |
|  |  | 26826 |
| TOTAL MATERIALS |  | 39364 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 49 | 6695 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Brookfield Infrastructure Corp (United States)  | 510 | 24404 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 52 | 2165 |
| TOTAL UTILITIES |  | 26569 |
| TOTAL CANADA |  | 538129 |
| CHILE - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Antofagasta PLC  | 337 | 16822 |
| Lundin Mining Corp  | 963 | 24294 |
| TOTAL CHILE |  | 41116 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Tencent Holdings Ltd  | 886 | 68100 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (a) | 632 | 23150 |
| FRANCE - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 45 | 29043 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Airbus SE  | 167 | 38235 |
| TOTAL FRANCE |  | 67278 |
| GERMANY - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| SAP SE ADR  | 298 | 59910 |
| INDIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd GDR (c) | 322 | 19545 |
| ISRAEL - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (a) | 282 | 24489 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Nova Ltd (a) | 72 | 32964 |
| Software - 0.0% |  |  |
| Cellebrite DI Ltd (a) | 842 | 12386 |
| TOTAL ISRAEL |  | 69839 |
| ITALY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Lottomatica Group Spa  | 678 | 16652 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Davide Campari-Milano NV  | 686 | 4866 |
| TOTAL ITALY |  | 21518 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (a) | 806 | 29749 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Southern Copper Corp  | 180 | 34258 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Argenx SE ADR (a) | 20 | 16810 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASML Holding NV depository receipt  | 19 | 27037 |
| BE Semiconductor Industries NV  | 81 | 15794 |
| NXP Semiconductors NV  | 308 | 69651 |
| TOTAL INFORMATION TECHNOLOGY |  | 112482 |
| TOTAL NETHERLANDS |  | 129292 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (a) | 1083 | 8426 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| First BanCorp/Puerto Rico  | 903 | 19974 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 179 | 5372 |
| TOTAL FINANCIALS |  | 25346 |
| TOTAL PUERTO RICO |  | 33772 |
| SPAIN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (c)(d) | 144 | 4453 |
| SWITZERLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 67 | 12489 |
| TAIWAN - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Silicon Motion Technology Corp ADR  | 14 | 1665 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 664 | 219492 |
| TOTAL TAIWAN |  | 221157 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (a) | 138 | 67543 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Diageo PLC  | 1457 | 33526 |
| Diageo PLC ADR  | 215 | 19952 |
| TOTAL CONSUMER STAPLES |  | 53478 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 817 | 45523 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 341 | 15665 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC ADR  | 954 | 88503 |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 3028 | 51444 |
| TOTAL UNITED KINGDOM |  | 254613 |
| UNITED STATES - 92.0%  |  |  |
| Communication Services - 8.7% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 1823 | 47781 |
| Comcast Corp Class A  | 3233 | 96182 |
| Iridium Communications Inc  | 103 | 2051 |
| Verizon Communications Inc  | 3131 | 139392 |
|  |  | 285406 |
| Entertainment - 1.3% |  |  |
| Cinemark Holdings Inc  | 594 | 14066 |
| Electronic Arts Inc  | 280 | 57098 |
| IMAX Corp (a) | 675 | 23564 |
| Netflix Inc (a) | 4006 | 334461 |
| Spotify Technology SA (a) | 76 | 38027 |
| Take-Two Interactive Software Inc (a) | 47 | 10353 |
| Walt Disney Co/The  | 1597 | 180142 |
| Warner Bros Discovery Inc (a) | 1419 | 39079 |
|  |  | 696790 |
| Interactive Media & Services - 6.9% |  |  |
| Alphabet Inc Class A  | 4279 | 1446302 |
| Alphabet Inc Class C  | 6109 | 2068080 |
| IAC Inc Class A (a) | 757 | 27971 |
| Match Group Inc  | 1279 | 39841 |
| Pinterest Inc Class A (a) | 1584 | 35054 |
| Reddit Inc Class A (a) | 108 | 19469 |
| Snap Inc Class A (a) | 9616 | 66639 |
| ZoomInfo Technologies Inc (a) | 3491 | 28103 |
|  |  | 3731459 |
| Media - 0.0% |  |  |
| DoubleVerify Holdings Inc (a) | 462 | 4999 |
| TOTAL COMMUNICATION SERVICES |  | 4718654 |
| Consumer Discretionary - 9.4% |  |  |
| Automobile Components - 0.0% |  |  |
| LCI Industries  | 137 | 20097 |
| Automobiles - 1.2% |  |  |
| General Motors Co  | 642 | 53928 |
| Harley-Davidson Inc  | 361 | 7148 |
| Lucid Group Inc (a) | 113 | 1251 |
| Rivian Automotive Inc Class A (a) | 2223 | 32789 |
| Tesla Inc (a) | 1327 | 571154 |
| Thor Industries Inc  | 58 | 6488 |
|  |  | 672758 |
| Broadline Retail - 3.9% |  |  |
| Amazon.com Inc (a) | 8522 | 2039315 |
| Dillard's Inc Class A  | 4 | 2430 |
| eBay Inc  | 394 | 35941 |
| Macy's Inc  | 392 | 7848 |
|  |  | 2085534 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 176 | 24462 |
| LKQ Corp  | 267 | 8771 |
|  |  | 33233 |
| Diversified Consumer Services - 0.2% |  |  |
| ADT Inc  | 974 | 7792 |
| Bright Horizons Family Solutions Inc (a) | 75 | 6947 |
| Duolingo Inc Class A (a) | 37 | 4960 |
| Grand Canyon Education Inc (a) | 106 | 18427 |
| H&R Block Inc  | 924 | 36452 |
| Laureate Education Inc (a) | 1334 | 45757 |
| Service Corp International/US  | 89 | 7158 |
|  |  | 127493 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Aramark  | 214 | 8236 |
| Booking Holdings Inc  | 19 | 95035 |
| Chipotle Mexican Grill Inc (a) | 1610 | 62581 |
| DoorDash Inc Class A (a) | 196 | 40106 |
| Flutter Entertainment PLC (a) | 210 | 34682 |
| Flutter Entertainment PLC (United Kingdom) (a) | 46 | 7531 |
| Las Vegas Sands Corp  | 529 | 27894 |
| Royal Caribbean Cruises Ltd  | 82 | 26621 |
| Starbucks Corp  | 1349 | 124041 |
| Wingstop Inc  | 71 | 18845 |
| Yum! Brands Inc  | 140 | 21770 |
|  |  | 467342 |
| Household Durables - 0.5% |  |  |
| Champion Homes Inc (a) | 293 | 22965 |
| Green Brick Partners Inc (a) | 172 | 11935 |
| Installed Building Products Inc  | 72 | 20746 |
| Lennar Corp Class A  | 100 | 10935 |
| Lennar Corp Class B  | 94 | 9518 |
| Lovesac Co/The (a) | 92 | 1225 |
| Meritage Homes Corp  | 208 | 14458 |
| Newell Brands Inc  | 1455 | 6184 |
| SharkNinja Inc (a) | 842 | 99525 |
| Somnigroup International Inc  | 576 | 50602 |
| Taylor Morrison Home Corp (a) | 175 | 10666 |
| Toll Brothers Inc  | 87 | 12571 |
| TopBuild Corp (a) | 26 | 12169 |
| Whirlpool Corp  | 115 | 9199 |
|  |  | 292698 |
| Leisure Products - 0.1% |  |  |
| Acushnet Holdings Corp  | 46 | 4459 |
| Brunswick Corp/DE  | 193 | 15482 |
| Hasbro Inc  | 63 | 5627 |
| Latham Group Inc (a) | 1213 | 7630 |
| Peloton Interactive Inc Class A (a) | 1162 | 6496 |
| YETI Holdings Inc (a) | 53 | 2422 |
|  |  | 42116 |
| Specialty Retail - 2.1% |  |  |
| Abercrombie & Fitch Co Class A (a) | 153 | 14937 |
| Academy Sports & Outdoors Inc  | 500 | 27505 |
| Best Buy Co Inc  | 340 | 22134 |
| Boot Barn Holdings Inc (a) | 143 | 25523 |
| Dick's Sporting Goods Inc  | 3 | 605 |
| Five Below Inc (a) | 146 | 27979 |
| GameStop Corp Class A (a) | 229 | 5469 |
| Gap Inc/The  | 217 | 6072 |
| Group 1 Automotive Inc  | 22 | 7794 |
| Home Depot Inc/The  | 684 | 256220 |
| Lithia Motors Inc Class A  | 18 | 5822 |
| Lowe's Cos Inc  | 1144 | 305517 |
| Murphy USA Inc  | 122 | 51546 |
| O'Reilly Automotive Inc (a) | 142 | 13974 |
| RealReal Inc/The (a) | 809 | 11868 |
| RH (a) | 215 | 42748 |
| Ross Stores Inc  | 228 | 43012 |
| Signet Jewelers Ltd  | 144 | 13287 |
| TJX Cos Inc/The  | 372 | 55729 |
| Tractor Supply Co  | 837 | 42587 |
| Ulta Beauty Inc (a) | 92 | 59557 |
| Urban Outfitters Inc (a) | 187 | 13249 |
| Williams-Sonoma Inc  | 217 | 44409 |
|  |  | 1097543 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Capri Holdings Ltd (a) | 865 | 19523 |
| Columbia Sportswear Co  | 48 | 2653 |
| Crocs Inc (a) | 148 | 12420 |
| Deckers Outdoor Corp (a) | 511 | 60984 |
| Kontoor Brands Inc  | 86 | 5137 |
| Lululemon Athletica Inc (a) | 256 | 44672 |
| PVH Corp  | 95 | 5924 |
| Samsonite Group SA (c)(d) | 2743 | 6945 |
| Steven Madden Ltd  | 814 | 35718 |
| Tapestry Inc  | 329 | 41753 |
|  |  | 235729 |
| TOTAL CONSUMER DISCRETIONARY |  | 5074543 |
| Consumer Staples - 3.6% |  |  |
| Beverages - 0.8% |  |  |
| Brown-Forman Corp Class B  | 704 | 19268 |
| Coca-Cola Co/The  | 2410 | 180293 |
| Constellation Brands Inc Class A  | 89 | 13946 |
| Keurig Dr Pepper Inc  | 6002 | 164695 |
| Molson Coors Beverage Co Class B  | 204 | 9800 |
| Primo Brands Corp Class A  | 540 | 10228 |
| Vita Coco Co Inc/The (a) | 461 | 24594 |
|  |  | 422824 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 238 | 22001 |
| Casey's General Stores Inc  | 33 | 20015 |
| Costco Wholesale Corp  | 54 | 50774 |
| Dollar General Corp  | 343 | 49196 |
| Dollar Tree Inc (a) | 272 | 31984 |
| Grocery Outlet Holding Corp (a) | 624 | 5947 |
| Kroger Co/The  | 337 | 21180 |
| Maplebear Inc (a) | 68 | 2526 |
| Performance Food Group Co (a) | 133 | 12695 |
| Sprouts Farmers Market Inc (a) | 382 | 27088 |
| Target Corp  | 1027 | 108318 |
| US Foods Holding Corp (a) | 921 | 77014 |
| Walmart Inc  | 1480 | 176327 |
|  |  | 605065 |
| Food Products - 0.6% |  |  |
| Archer-Daniels-Midland Co  | 147 | 9895 |
| Bunge Global SA  | 180 | 20498 |
| Darling Ingredients Inc (a) | 393 | 17944 |
| Freshpet Inc (a) | 118 | 8225 |
| General Mills Inc  | 2094 | 96868 |
| Hormel Foods Corp  | 1335 | 32854 |
| Kraft Heinz Co/The  | 2463 | 58472 |
| McCormick & Co Inc/MD  | 839 | 51875 |
| Simply Good Foods Co/The (a) | 567 | 10643 |
| Smithfield Foods Inc  | 302 | 7218 |
|  |  | 314492 |
| Household Products - 1.1% |  |  |
| Church & Dwight Co Inc  | 674 | 64873 |
| Clorox Co/The  | 546 | 61583 |
| Colgate-Palmolive Co  | 1250 | 112863 |
| Kimberly-Clark Corp  | 741 | 74093 |
| Procter & Gamble Co/The  | 1937 | 293978 |
|  |  | 607390 |
| Personal Care Products - 0.0% |  |  |
| Coty Inc Class A (a) | 1262 | 4000 |
| Estee Lauder Cos Inc/The Class A  | 95 | 10952 |
|  |  | 14952 |
| TOTAL CONSUMER STAPLES |  | 1964723 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 2051 | 114938 |
| Cactus Inc Class A  | 588 | 33063 |
| Expro Group Holdings NV (a) | 1376 | 22030 |
| Kodiak Gas Services Inc  | 378 | 15880 |
| SLB Ltd  | 1287 | 62265 |
| Solaris Energy Infrastructure Inc Class A  | 521 | 28754 |
| Weatherford International PLC  | 264 | 24837 |
|  |  | 301767 |
| Oil, Gas & Consumable Fuels - 3.4% |  |  |
| Antero Resources Corp (a) | 233 | 8474 |
| Cheniere Energy Inc  | 615 | 130085 |
| ConocoPhillips  | 552 | 57535 |
| DT Midstream Inc  | 89 | 11216 |
| Exxon Mobil Corp  | 7135 | 1008890 |
| Gulfport Energy Corp (a) | 106 | 21642 |
| ONEOK Inc  | 1666 | 131931 |
| Phillips 66  | 99 | 14212 |
| Shell PLC ADR  | 3214 | 247574 |
| Targa Resources Corp  | 171 | 34368 |
| Uranium Energy Corp (a) | 1505 | 25946 |
| Valero Energy Corp  | 222 | 40277 |
| Williams Cos Inc/The  | 1905 | 128130 |
|  |  | 1860280 |
| TOTAL ENERGY |  | 2162047 |
| Financials - 13.2% |  |  |
| Banks - 5.2% |  |  |
| Ameris Bancorp  | 179 | 14431 |
| Bank of America Corp  | 9818 | 522318 |
| Bank OZK  | 112 | 5327 |
| BOK Financial Corp  | 107 | 13904 |
| Byline Bancorp Inc  | 337 | 10760 |
| Camden National Corp  | 462 | 21977 |
| Citigroup Inc  | 788 | 91179 |
| Comerica Inc  | 53 | 4700 |
| Community Financial System Inc  | 208 | 13000 |
| Connectone Bancorp Inc  | 506 | 13470 |
| CVB Financial Corp  | 1031 | 20321 |
| East West Bancorp Inc  | 185 | 21171 |
| Eastern Bankshares Inc  | 1061 | 21735 |
| First Bancorp/Southern Pines NC  | 338 | 19580 |
| First Hawaiian Inc  | 390 | 10355 |
| First Horizon Corp  | 291 | 7127 |
| First Interstate BancSystem Inc Class A  | 925 | 32810 |
| FNB Corp/PA  | 1133 | 19884 |
| Glacier Bancorp Inc  | 183 | 9274 |
| Hancock Whitney Corp  | 126 | 8669 |
| Independent Bank Corp/MI  | 603 | 21195 |
| JPMorgan Chase & Co  | 1509 | 461588 |
| M&T Bank Corp  | 481 | 106575 |
| Pathward Financial Inc  | 125 | 11286 |
| Pinnacle Financial Partners Inc  | 20 | 1902 |
| PNC Financial Services Group Inc/The  | 1506 | 336290 |
| SOUTHSTATE BANK CORP  | 128 | 13098 |
| TriCo Bancshares  | 32 | 1593 |
| Truist Financial Corp  | 258 | 13266 |
| United Community Bank/SC  | 211 | 7265 |
| Univest Financial Corp  | 488 | 16172 |
| US Bancorp  | 3444 | 193243 |
| Webster Financial Corp  | 477 | 31372 |
| Wells Fargo & Co  | 7034 | 636507 |
| Western Alliance Bancorp  | 398 | 35482 |
| Wintrust Financial Corp  | 187 | 27581 |
|  |  | 2796407 |
| Capital Markets - 3.3% |  |  |
| Bank of New York Mellon Corp/The  | 1493 | 179041 |
| Blackrock Inc  | 39 | 43639 |
| Cboe Global Markets Inc  | 146 | 38699 |
| Charles Schwab Corp/The  | 359 | 37307 |
| CME Group Inc Class A  | 142 | 41047 |
| Coinbase Global Inc Class A (a) | 94 | 18306 |
| FactSet Research Systems Inc  | 38 | 9666 |
| Goldman Sachs Group Inc/The  | 341 | 318975 |
| Intercontinental Exchange Inc  | 756 | 131378 |
| Invesco Ltd  | 403 | 10998 |
| Janus Henderson Group PLC  | 393 | 18915 |
| KKR & Co Inc Class A  | 391 | 44676 |
| Lazard Inc  | 142 | 7628 |
| Moody's Corp  | 197 | 101565 |
| Morgan Stanley  | 1046 | 191209 |
| Nasdaq Inc  | 525 | 50867 |
| Northern Trust Corp  | 695 | 103854 |
| Piper Sandler Cos  | 40 | 13854 |
| PJT Partners Inc Class A  | 108 | 18687 |
| Raymond James Financial Inc  | 170 | 28196 |
| S&P Global Inc  | 342 | 180504 |
| State Street Corp  | 918 | 120129 |
| StepStone Group Inc Class A  | 278 | 19652 |
| Stifel Financial Corp  | 34 | 4191 |
| T Rowe Price Group Inc  | 274 | 28956 |
| WisdomTree Inc  | 1344 | 21773 |
|  |  | 1783712 |
| Consumer Finance - 0.7% |  |  |
| American Express Co  | 374 | 131712 |
| Capital One Financial Corp  | 972 | 212800 |
| OneMain Holdings Inc  | 101 | 6620 |
| SLM Corp  | 283 | 7683 |
|  |  | 358815 |
| Financial Services - 1.7% |  |  |
| Affirm Holdings Inc Class A (a) | 323 | 19477 |
| Apollo Global Management Inc  | 49 | 6592 |
| HA Sustainable Infrastructure Capital Inc  | 462 | 15897 |
| Mastercard Inc Class A  | 600 | 323274 |
| MGIC Investment Corp  | 261 | 7026 |
| PayPal Holdings Inc  | 1114 | 58697 |
| PennyMac Financial Services Inc  | 108 | 10791 |
| Sycamore Partners LLC rights (a)(b) | 992 | 535 |
| Toast Inc Class A (a) | 63 | 1960 |
| Visa Inc Class A  | 1439 | 463113 |
| Voya Financial Inc  | 74 | 5673 |
| Walker & Dunlop Inc  | 167 | 10503 |
| WEX Inc (a) | 45 | 6926 |
|  |  | 930464 |
| Insurance - 2.2% |  |  |
| AFLAC Inc  | 399 | 44269 |
| Arch Capital Group Ltd (a) | 276 | 26507 |
| Axis Capital Holdings Ltd  | 50 | 5159 |
| Baldwin Insurance Group Inc/The Class A (a) | 280 | 6138 |
| Brown & Brown Inc  | 119 | 8580 |
| Fidelity National Financial Inc  | 219 | 11911 |
| First American Financial Corp  | 105 | 6634 |
| Genworth Financial Inc Class A (a) | 761 | 6347 |
| Hartford Insurance Group Inc/The  | 1677 | 226496 |
| Kinsale Capital Group Inc  | 9 | 3562 |
| Lincoln National Corp  | 176 | 7323 |
| Marsh & McLennan Cos Inc  | 517 | 97294 |
| MetLife Inc  | 931 | 73437 |
| Primerica Inc  | 54 | 14204 |
| Principal Financial Group Inc  | 332 | 31447 |
| Progressive Corp/The  | 982 | 204256 |
| Prudential Financial Inc  | 987 | 109666 |
| Reinsurance Group of America Inc  | 29 | 5880 |
| Selective Insurance Group Inc  | 220 | 18498 |
| Travelers Companies Inc/The  | 685 | 194889 |
| Unum Group  | 210 | 15954 |
| White Mountains Insurance Group Ltd  | 6 | 12270 |
| Willis Towers Watson PLC  | 240 | 76193 |
|  |  | 1206914 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| AGNC Investment Corp  | 1717 | 19573 |
| Annaly Capital Management Inc  | 1404 | 32306 |
|  |  | 51879 |
| TOTAL FINANCIALS |  | 7128191 |
| Health Care - 8.7% |  |  |
| Biotechnology - 2.0% |  |  |
| AbbVie Inc  | 1044 | 232822 |
| Alkermes PLC (a) | 376 | 12743 |
| Alnylam Pharmaceuticals Inc (a) | 152 | 51385 |
| Amgen Inc  | 93 | 31795 |
| Arcellx Inc (a) | 283 | 19332 |
| Biogen Inc (a) | 348 | 62602 |
| Blueprint Medicines Corp rights (a)(b) | 93 | 0 |
| Celldex Therapeutics Inc (a) | 629 | 15473 |
| Cogent Biosciences Inc (a) | 494 | 17740 |
| Cytokinetics Inc (a) | 362 | 22875 |
| Day One Biopharmaceuticals Inc (a) | 869 | 9698 |
| Exact Sciences Corp (a) | 152 | 15556 |
| Gilead Sciences Inc  | 2516 | 357146 |
| Kymera Therapeutics Inc (a) | 174 | 12648 |
| Madrigal Pharmaceuticals Inc (a) | 41 | 20062 |
| Mirati Therapeutics Inc rights (a)(b) | 26 | 0 |
| Moderna Inc (a) | 351 | 15469 |
| Nuvalent Inc Class A (a) | 30 | 3087 |
| PTC Therapeutics Inc (a) | 117 | 8837 |
| Regeneron Pharmaceuticals Inc  | 48 | 35590 |
| Rhythm Pharmaceuticals Inc (a) | 129 | 13225 |
| Soleno Therapeutics Inc (a) | 116 | 4473 |
| Spyre Therapeutics Inc (a) | 93 | 2974 |
| Stoke Therapeutics Inc (a) | 426 | 12925 |
| Vaxcyte Inc (a) | 566 | 30321 |
| Vericel Corp (a) | 92 | 3310 |
| Vertex Pharmaceuticals Inc (a) | 137 | 64376 |
| Viking Therapeutics Inc (a) | 255 | 7405 |
| Viridian Therapeutics Inc (a) | 169 | 5577 |
|  |  | 1089446 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Abbott Laboratories  | 428 | 46780 |
| Baxter International Inc  | 1525 | 30607 |
| Boston Scientific Corp (a) | 1163 | 108776 |
| Cooper Cos Inc/The (a) | 841 | 68441 |
| Edwards Lifesciences Corp (a) | 953 | 77536 |
| Globus Medical Inc Class A (a) | 91 | 8252 |
| Hologic Inc (a) | 366 | 27424 |
| ICU Medical Inc (a) | 120 | 17988 |
| IDEXX Laboratories Inc (a) | 116 | 77773 |
| Inspire Medical Systems Inc (a) | 71 | 5380 |
| Insulet Corp (a) | 23 | 5884 |
| Intuitive Surgical Inc (a) | 25 | 12606 |
| iRhythm Technologies Inc (a) | 111 | 17151 |
| Masimo Corp (a) | 174 | 23895 |
| Merit Medical Systems Inc (a) | 235 | 19056 |
| Penumbra Inc (a) | 35 | 12536 |
| STERIS PLC  | 414 | 108716 |
| Stryker Corp  | 140 | 51738 |
|  |  | 720539 |
| Health Care Providers & Services - 1.9% |  |  |
| Acadia Healthcare Co Inc (a) | 83 | 1116 |
| BrightSpring Health Services Inc (a) | 435 | 17082 |
| Cardinal Health Inc  | 568 | 122052 |
| Cencora Inc  | 300 | 107766 |
| Cigna Group/The  | 670 | 183655 |
| CVS Health Corp  | 749 | 55815 |
| Elevance Health Inc  | 207 | 71568 |
| Encompass Health Corp  | 76 | 7184 |
| Ensign Group Inc/The  | 193 | 33130 |
| HealthEquity Inc (a) | 67 | 5740 |
| Humana Inc  | 192 | 37478 |
| Labcorp Holdings Inc  | 84 | 22808 |
| LifeStance Health Group Inc (a) | 1098 | 7763 |
| McKesson Corp  | 150 | 124682 |
| Option Care Health Inc (a) | 497 | 16898 |
| Privia Health Group Inc (a) | 176 | 4087 |
| Progyny Inc (a) | 528 | 12603 |
| Surgery Partners Inc (a) | 418 | 6211 |
| Tenet Healthcare Corp (a) | 19 | 3596 |
| UnitedHealth Group Inc  | 607 | 174167 |
|  |  | 1015401 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (a) | 31 | 1161 |
| Veeva Systems Inc Class A (a) | 174 | 35482 |
| Waystar Holding Corp (a) | 135 | 3586 |
|  |  | 40229 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Agilent Technologies Inc  | 234 | 31321 |
| Bruker Corp  | 594 | 26308 |
| Charles River Laboratories International Inc (a) | 98 | 20627 |
| Danaher Corp  | 533 | 116668 |
| IQVIA Holdings Inc (a) | 231 | 53165 |
| Mettler-Toledo International Inc (a) | 36 | 49437 |
| Repligen Corp (a) | 39 | 5825 |
| Revvity Inc  | 118 | 12838 |
| Thermo Fisher Scientific Inc  | 165 | 95471 |
| Waters Corp (a) | 98 | 36331 |
| West Pharmaceutical Services Inc  | 118 | 27272 |
|  |  | 475263 |
| Pharmaceuticals - 2.5% |  |  |
| Axsome Therapeutics Inc (a) | 85 | 15661 |
| Crinetics Pharmaceuticals Inc (a) | 323 | 16131 |
| Elanco Animal Health Inc (a) | 987 | 23767 |
| Eli Lilly & Co  | 628 | 651330 |
| Enliven Therapeutics Inc (a) | 413 | 10924 |
| GSK PLC ADR  | 3108 | 160373 |
| Haleon PLC ADR  | 4990 | 52245 |
| Jazz Pharmaceuticals PLC (a) | 24 | 3948 |
| Merck & Co Inc  | 2542 | 280306 |
| Organon & Co  | 416 | 3553 |
| Perrigo Co PLC  | 67 | 952 |
| Royalty Pharma PLC Class A  | 725 | 30218 |
| Viatris Inc  | 534 | 6990 |
| Zoetis Inc Class A  | 937 | 116956 |
|  |  | 1373354 |
| TOTAL HEALTH CARE |  | 4714232 |
| Industrials - 10.5% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| ATI Inc (a) | 105 | 12632 |
| Axon Enterprise Inc (a) | 78 | 37719 |
| Carpenter Technology Corp  | 174 | 55302 |
| Curtiss-Wright Corp  | 31 | 20357 |
| GE Aerospace  | 1545 | 473991 |
| Howmet Aerospace Inc  | 339 | 70539 |
| Huntington Ingalls Industries Inc  | 111 | 46677 |
| Karman Holdings Inc (a) | 245 | 25431 |
| Kratos Defense & Security Solutions Inc (a) | 258 | 26577 |
| L3Harris Technologies Inc  | 533 | 182739 |
| Leonardo DRS Inc  | 385 | 15808 |
| Lockheed Martin Corp  | 39 | 24735 |
| Northrop Grumman Corp  | 188 | 130145 |
| Rocket Lab Corp  | 652 | 52206 |
| RTX Corp  | 709 | 142459 |
| Textron Inc  | 390 | 34343 |
| V2X Inc (a) | 272 | 18722 |
| VSE Corp  | 88 | 19234 |
| Woodward Inc  | 38 | 12078 |
|  |  | 1401694 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 537 | 104688 |
| Expeditors International of Washington Inc  | 482 | 77380 |
| FedEx Corp  | 137 | 44148 |
| GXO Logistics Inc (a) | 96 | 5433 |
|  |  | 231649 |
| Building Products - 0.6% |  |  |
| AAON Inc  | 82 | 7467 |
| Advanced Drainage Systems Inc  | 36 | 5473 |
| AZZ Inc  | 234 | 29084 |
| CSW Industrials Inc  | 48 | 12959 |
| Johnson Controls International plc  | 481 | 57364 |
| Lennox International Inc  | 55 | 27229 |
| Modine Manufacturing Co (a) | 185 | 34162 |
| Simpson Manufacturing Co Inc  | 39 | 6894 |
| Tecnoglass Inc  | 257 | 12570 |
| Trane Technologies PLC  | 321 | 135007 |
| UFP Industries Inc  | 100 | 10328 |
|  |  | 338537 |
| Commercial Services & Supplies - 0.3% |  |  |
| Brady Corp Class A  | 120 | 10376 |
| BrightView Holdings Inc (a) | 919 | 12278 |
| Brink's Co/The  | 229 | 29092 |
| HNI Corp  | 84 | 4014 |
| Veralto Corp  | 823 | 81461 |
| Vestis Corp  | 811 | 5296 |
|  |  | 142517 |
| Construction & Engineering - 0.5% |  |  |
| Comfort Systems USA Inc  | 31 | 35405 |
| EMCOR Group Inc  | 57 | 41082 |
| Granite Construction Inc  | 246 | 29702 |
| IES Holdings Inc (a) | 160 | 60846 |
| Limbach Holdings Inc (a) | 121 | 10404 |
| MasTec Inc (a) | 29 | 6973 |
| Primoris Services Corp  | 131 | 19421 |
| Sterling Infrastructure Inc (a) | 105 | 37581 |
| Valmont Industries Inc  | 18 | 8020 |
|  |  | 249434 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 29 | 8968 |
| Eaton Corp PLC  | 153 | 53767 |
| Emerson Electric Co  | 40 | 5878 |
| GE Vernova Inc  | 702 | 509912 |
| Hubbell Inc  | 4 | 1952 |
| Nextpower Inc Class A (a) | 553 | 64751 |
| nVent Electric PLC  | 104 | 11675 |
| Regal Rexnord Corp  | 138 | 22287 |
| Rockwell Automation Inc  | 61 | 25721 |
| Thermon Group Holdings Inc (a) | 241 | 10905 |
| Vertiv Holdings Co Class A  | 35 | 6516 |
|  |  | 722332 |
| Ground Transportation - 0.8% |  |  |
| ArcBest Corp  | 43 | 3879 |
| CSX Corp  | 1656 | 62531 |
| JB Hunt Transport Services Inc  | 23 | 4663 |
| Landstar System Inc  | 151 | 22553 |
| Lyft Inc Class A (a) | 1020 | 17207 |
| Ryder System Inc  | 101 | 19319 |
| Saia Inc (a) | 21 | 7032 |
| Schneider National Inc Class B  | 123 | 3301 |
| U-Haul Holding Co (a) | 336 | 19001 |
| U-Haul Holding Co Class N  | 388 | 19908 |
| Uber Technologies Inc (a) | 1637 | 131043 |
| Union Pacific Corp  | 509 | 119666 |
|  |  | 430103 |
| Industrial Conglomerates - 0.4% |  |  |
| Honeywell International Inc  | 1055 | 240034 |
| Machinery - 2.2% |  |  |
| Atmus Filtration Technologies Inc  | 289 | 16753 |
| Caterpillar Inc  | 309 | 203124 |
| CNH Industrial NV Class A  | 3191 | 34335 |
| Crane Co  | 37 | 6758 |
| Cummins Inc  | 457 | 264522 |
| Deere & Co  | 348 | 183744 |
| Dover Corp  | 98 | 19746 |
| Federal Signal Corp  | 75 | 8107 |
| Gates Industrial Corp PLC (a) | 752 | 17311 |
| Kadant Inc  | 7 | 2247 |
| Oshkosh Corp  | 70 | 10067 |
| PACCAR Inc  | 62 | 7620 |
| Parker-Hannifin Corp  | 52 | 48664 |
| Pentair PLC  | 1358 | 143092 |
| REV Group Inc  | 558 | 35656 |
| SPX Technologies Inc (a) | 91 | 18965 |
| Terex Corp  | 272 | 15504 |
| Wabash National Corp  | 1181 | 11964 |
| Westinghouse Air Brake Technologies Corp  | 233 | 53623 |
| Xylem Inc/NY  | 540 | 74450 |
|  |  | 1176252 |
| Passenger Airlines - 0.0% |  |  |
| Alaska Air Group Inc (a) | 381 | 19366 |
| Professional Services - 0.7% |  |  |
| Automatic Data Processing Inc  | 607 | 149820 |
| Broadridge Financial Solutions Inc  | 142 | 27990 |
| Clarivate PLC (a) | 1047 | 2774 |
| CRA International Inc  | 116 | 21917 |
| ExlService Holdings Inc (a) | 1095 | 42869 |
| First Advantage Corp (a) | 459 | 6197 |
| Jacobs Solutions Inc  | 476 | 64384 |
| KBR Inc  | 177 | 7577 |
| Leidos Holdings Inc  | 92 | 17322 |
| Maximus Inc  | 90 | 8500 |
| Parsons Corp (a) | 58 | 4062 |
| Paychex Inc  | 235 | 24236 |
|  |  | 377648 |
| Trading Companies & Distributors - 0.6% |  |  |
| Air Lease Corp Class A  | 152 | 9824 |
| Applied Industrial Technologies Inc  | 20 | 5208 |
| Ferguson Enterprises Inc  | 211 | 53269 |
| FTAI Aviation Ltd  | 357 | 97218 |
| Herc Holdings Inc  | 243 | 34832 |
| United Rentals Inc  | 35 | 27372 |
| Wesco International Inc  | 38 | 10998 |
| WW Grainger Inc  | 84 | 90715 |
| Xometry Inc Class A (a) | 123 | 7027 |
|  |  | 336463 |
| TOTAL INDUSTRIALS |  | 5666029 |
| Information Technology - 29.0% |  |  |
| Communications Equipment - 1.1% |  |  |
| Arista Networks Inc (a) | 536 | 75973 |
| Ciena Corp (a) | 245 | 61693 |
| Cisco Systems Inc  | 3380 | 264722 |
| F5 Inc (a) | 174 | 47956 |
| Lumentum Holdings Inc (a) | 270 | 105797 |
| Motorola Solutions Inc  | 147 | 59173 |
|  |  | 615314 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Advanced Energy Industries Inc  | 194 | 49540 |
| Avnet Inc  | 100 | 6239 |
| Belden Inc  | 220 | 25852 |
| Coherent Corp (a) | 193 | 40951 |
| Crane NXT Co  | 192 | 9700 |
| ePlus Inc  | 106 | 9096 |
| Insight Enterprises Inc (a) | 86 | 7226 |
| Keysight Technologies Inc (a) | 218 | 47160 |
| Mirion Technologies Inc Class A (a) | 656 | 16295 |
| OSI Systems Inc (a) | 60 | 15008 |
| Sanmina Corp (a) | 260 | 36837 |
| TD SYNNEX Corp  | 135 | 21420 |
| TTM Technologies Inc (a) | 397 | 38985 |
|  |  | 324309 |
| IT Services - 1.6% |  |  |
| Accenture PLC Class A  | 556 | 146584 |
| Akamai Technologies Inc (a) | 454 | 44106 |
| Cloudflare Inc Class A (a) | 673 | 119357 |
| DXC Technology Co (a) | 391 | 5642 |
| Gartner Inc (a) | 110 | 23057 |
| Globant SA (a) | 27 | 1805 |
| GoDaddy Inc Class A (a) | 548 | 55085 |
| IBM Corporation  | 598 | 183407 |
| Kyndryl Holdings Inc (a) | 111 | 2553 |
| MongoDB Inc Class A (a) | 156 | 57927 |
| Okta Inc Class A (a) | 645 | 54490 |
| Twilio Inc Class A (a) | 676 | 81431 |
| VeriSign Inc  | 295 | 72048 |
|  |  | 847492 |
| Semiconductors & Semiconductor Equipment - 13.4% |  |  |
| Advanced Micro Devices Inc (a) | 966 | 228681 |
| Analog Devices Inc  | 444 | 138031 |
| Applied Materials Inc  | 805 | 259468 |
| Astera Labs Inc (a) | 323 | 48650 |
| Broadcom Inc  | 3133 | 1037963 |
| Cirrus Logic Inc (a) | 141 | 18378 |
| Diodes Inc (a) | 108 | 6393 |
| First Solar Inc (a) | 163 | 36760 |
| GlobalFoundries Inc (a) | 49 | 2068 |
| Intel Corp (a) | 3194 | 148425 |
| Lam Research Corp  | 917 | 214083 |
| Lattice Semiconductor Corp (a) | 64 | 5153 |
| MACOM Technology Solutions Holdings Inc (a) | 204 | 44688 |
| Marvell Technology Inc  | 3801 | 299975 |
| Micron Technology Inc  | 1149 | 476697 |
| Monolithic Power Systems Inc  | 87 | 97801 |
| NVIDIA Corp  | 20776 | 3970917 |
| Onto Innovation Inc (a) | 140 | 28287 |
| QUALCOMM Inc  | 472 | 71550 |
| Texas Instruments Inc  | 393 | 84711 |
|  |  | 7218679 |
| Software - 7.0% |  |  |
| Adobe Inc (a) | 327 | 95893 |
| Agilysys Inc (a) | 156 | 13533 |
| Appfolio Inc Class A (a) | 19 | 3608 |
| AppLovin Corp Class A (a) | 381 | 180255 |
| Autodesk Inc (a) | 363 | 91792 |
| BILL Holdings Inc (a) | 71 | 3065 |
| Cadence Design Systems Inc (a) | 214 | 63421 |
| Ccc Intelligent Solutions Holdings Inc Class A (a) | 706 | 5351 |
| Commvault Systems Inc (a) | 168 | 14398 |
| Crowdstrike Holdings Inc Class A (a) | 86 | 37961 |
| Dynatrace Inc (a) | 641 | 24416 |
| Elastic NV (a) | 59 | 3890 |
| Fair Isaac Corp (a) | 10 | 14632 |
| Fortinet Inc (a) | 377 | 30635 |
| Gen Digital Inc  | 2151 | 51602 |
| Gitlab Inc Class A (a) | 68 | 2378 |
| Guidewire Software Inc (a) | 72 | 10135 |
| HubSpot Inc (a) | 62 | 17360 |
| Intapp Inc (a) | 126 | 4278 |
| Intuit Inc  | 180 | 89806 |
| Microsoft Corp  | 4743 | 2040865 |
| nCino Inc (a) | 381 | 8134 |
| Nutanix Inc Class A (a) | 383 | 15063 |
| Oracle Corp  | 1012 | 166555 |
| Palantir Technologies Inc Class A (a) | 866 | 126947 |
| Palo Alto Networks Inc (a) | 556 | 98395 |
| PAR Technology Corp (a) | 279 | 7313 |
| Pegasystems Inc  | 118 | 5155 |
| Procore Technologies Inc (a) | 93 | 5254 |
| PTC Inc (a) | 183 | 28572 |
| Salesforce Inc  | 891 | 189150 |
| SentinelOne Inc Class A (a) | 253 | 3537 |
| Servicenow Inc (a) | 1130 | 132221 |
| SPS Commerce Inc (a) | 133 | 11872 |
| Strategy Inc Class A (a) | 146 | 21858 |
| Synopsys Inc (a) | 209 | 97209 |
| Tyler Technologies Inc (a) | 60 | 22164 |
| Varonis Systems Inc (a) | 360 | 10742 |
| Workday Inc Class A (a) | 130 | 22832 |
| Workiva Inc Class A (a) | 218 | 16790 |
| Zscaler Inc (a) | 92 | 18401 |
|  |  | 3807438 |
| Technology Hardware, Storage & Peripherals - 5.3% |  |  |
| Apple Inc  | 9471 | 2457535 |
| Dell Technologies Inc Class C  | 246 | 28152 |
| GPGI Inc Class A (a) | 2228 | 52514 |
| Hewlett Packard Enterprise Co  | 1442 | 31032 |
| NetApp Inc  | 324 | 31217 |
| Sandisk Corp/DE  | 143 | 82404 |
| Seagate Technology Holdings PLC  | 26 | 10600 |
| Western Digital Corp  | 707 | 176913 |
|  |  | 2870367 |
| TOTAL INFORMATION TECHNOLOGY |  | 15683599 |
| Materials - 1.6% |  |  |
| Chemicals - 0.6% |  |  |
| Corteva Inc  | 511 | 37201 |
| Ecolab Inc  | 644 | 181602 |
| Element Solutions Inc  | 615 | 17897 |
| FMC Corp  | 141 | 2227 |
| Linde PLC  | 67 | 30617 |
| PPG Industries Inc  | 346 | 40008 |
| Sherwin-Williams Co/The  | 33 | 11703 |
|  |  | 321255 |
| Construction Materials - 0.4% |  |  |
| CRH PLC  | 1424 | 174312 |
| James Hardie Industries PLC (a) | 739 | 16990 |
| Martin Marietta Materials Inc  | 54 | 35205 |
|  |  | 226507 |
| Containers & Packaging - 0.2% |  |  |
| AptarGroup Inc  | 49 | 6122 |
| Ball Corp  | 548 | 31165 |
| Crown Holdings Inc  | 357 | 37371 |
| International Paper Co  | 252 | 10161 |
|  |  | 84819 |
| Metals & Mining - 0.4% |  |  |
| Coeur Mining Inc (a) | 670 | 13695 |
| Commercial Metals Co  | 158 | 12145 |
| Constellium SE (a) | 315 | 7078 |
| Newmont Corp  | 1147 | 128865 |
| Nucor Corp  | 132 | 23459 |
| Royal Gold Inc  | 31 | 8163 |
| Steel Dynamics Inc  | 136 | 24422 |
|  |  | 217827 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 212 | 17752 |
| TOTAL MATERIALS |  | 868160 |
| Real Estate - 1.8% |  |  |
| Health Care REITs - 0.4% |  |  |
| CareTrust REIT Inc  | 546 | 20388 |
| Medical Properties Trust Inc  | 583 | 2926 |
| Sabra Health Care REIT Inc  | 623 | 11669 |
| Welltower Inc  | 1047 | 197213 |
|  |  | 232196 |
| Hotel & Resort REITs - 0.0% |  |  |
| Park Hotels & Resorts Inc  | 557 | 6087 |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 614 | 80164 |
| Office REITs - 0.0% |  |  |
| Douglas Emmett Inc  | 299 | 3157 |
| Kilroy Realty Corp  | 286 | 9862 |
|  |  | 13019 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (a) | 373 | 63534 |
| Compass Inc Class A (a) | 4041 | 50593 |
| Cushman & Wakefield Ltd  | 1613 | 26518 |
| Howard Hughes Holdings Inc (a) | 62 | 5063 |
| Jones Lang LaSalle Inc (a) | 39 | 13958 |
|  |  | 159666 |
| Retail REITs - 0.0% |  |  |
| Tanger Inc  | 357 | 11681 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp  | 652 | 116891 |
| Crown Castle Inc  | 1034 | 89762 |
| Digital Realty Trust Inc  | 572 | 94923 |
| Equinix Inc  | 164 | 134633 |
| Iron Mountain Inc  | 187 | 17228 |
| Outfront Media Inc  | 974 | 23688 |
| SBA Communications Corp Class A  | 50 | 9205 |
|  |  | 486330 |
| TOTAL REAL ESTATE |  | 989143 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 158 | 44347 |
| Eversource Energy  | 1539 | 106391 |
| Exelon Corp  | 3121 | 139759 |
| NextEra Energy Inc  | 1438 | 126401 |
| PG&E Corp  | 2232 | 34417 |
|  |  | 451315 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 272 | 45244 |
| New Jersey Resources Corp  | 202 | 9995 |
| Southwest Gas Holdings Inc  | 214 | 17723 |
| UGI Corp  | 1014 | 40672 |
|  |  | 113634 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Clearway Energy Inc Class C  | 93 | 3361 |
| Multi-Utilities - 0.4% |  |  |
| NiSource Inc  | 2019 | 89422 |
| Public Service Enterprise Group Inc  | 649 | 53451 |
| Sempra  | 702 | 61081 |
|  |  | 203954 |
| Water Utilities - 0.0% |  |  |
| Essential Utilities Inc  | 582 | 22576 |
| TOTAL UTILITIES |  | 794840 |
| TOTAL UNITED STATES |  | 49764161 |
| ZAMBIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| First Quantum Minerals Ltd (a) | 3964 | 112051 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $39,821,710) |  | <br> **51799879** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $1,490,588)<br>| 3.70 | 1490290 | **1490588** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.4%**<br> (Cost $41,312,298)<br>| <br>**53290467** |
| **NET OTHER ASSETS (LIABILITIES) - 1.6%**  | **881415** |
| **NET ASSETS - 100.0%** | **54171882** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 5 | 3/2026 | 1741438 | 8449 |
| The notional amount of long futures as a percentage of Net Assets is 3.2%. | The notional amount of long futures as a percentage of Net Assets is 3.2%. | The notional amount of long futures as a percentage of Net Assets is 3.2%. | The notional amount of long futures as a percentage of Net Assets is 3.2%. | The notional amount of long futures as a percentage of Net Assets is 3.2%. |

---

**Legend**

(a) Non-income producing.

(b) Level 3 security.

(c) 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 $30,943 or 0.1% of net assets.

(d) 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 $11,398 or 0.0% of net assets.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 19016843 | 18589194 | 64768 | (103) | - | 1490588 | 1490290 | 0.0% |
| Total | 1063042 | 19016843 | 18589194 | 64768 | (103) | - | 1490588 |  |  |

---

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 January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 4799633 | 4727080 | 72553 | - |
| Consumer Discretionary | 5206168 | 5177125 | 29043 | - |
| Consumer Staples | 2044970 | 2011444 | 33526 | - |
| Energy | 2398752 | 2398752 | - | - |
| Financials | 7236980 | 7220780 | 15665 | 535 |
| Health Care | 4971323 | 4958834 | 12489 | - |
| Industrials | 5740309 | 5702074 | 38235 | - |
| Information Technology | 16402657 | 16402657 | - | - |
| Materials | 1130396 | 1130396 | - | - |
| Real Estate | 995838 | 995838 | - | - |
| Utilities | 872853 | 821409 | 51444 | - |
|  **Money Market Funds** | 1490588 | 1490588 | - | - |
| **Total Investments in Securities:** | 53290467 | 53036977 | 252955 | 535 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 8449 | 8449 | - | - |
| Total Assets | 8449 | 8449 | - | - |
| **Total Derivative Instruments:** | 8449 | 8449 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. 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)  | 8449 | - |
| **Total Equity Risk**  | 8449 | - |
| **Total Value of Derivatives** | 8449 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $39,821,710) | $51799879 |  |
| Fidelity Central Funds (cost $1,490,588) | 1490588 |  |
| Total Investment in Securities (cost $41,312,298) |  | $53290467 |
| Segregated cash with brokers for derivative instruments |  | 45442 |
| Foreign currency held at value (cost $99) |  | 98 |
| Receivable for fund shares sold |  | 808993 |
| Dividends receivable |  | 26604 |
| Distributions receivable from Fidelity Central Funds |  | 6476 |
| **Total assets** |  | 54178080 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1137 |  |
| Accrued management fee | 152 |  |
| Payable for daily variation margin on futures contracts | 2875 |  |
| Custody fee payable | 2034 |  |
| **Total liabilities** |  | 6198 |
| **Net Assets**  |  | $54171882 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $41660567 |
| Total accumulated earnings (loss) |  | 12511315 |
| **Net Assets** |  | $54171882 |
| **Net Asset Value**, offering price and redemption price per share ($54,171,882 ÷ 3,232,242 shares) |  | $16.76 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $479290 |
| Interest  |  | 2758 |
| Income from Fidelity Central Funds  |  | 64768 |
| **Total income** |  | 546816 |
| **Expenses** |  |  |
| Custodian fees and expenses | $9999 |  |
| Independent trustees' fees and expenses | 144 |  |
| Total expenses before reductions | 10143 |  |
| Expense reductions | (9451) |  |
| Total expenses after reductions |  | 692 |
| **Net Investment income (loss)** |  | 546124 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 407676 |  |
| Fidelity Central Funds | (103) |  |
| Foreign currency transactions | 91 |  |
| Futures contracts | 150862 |  |
| Total net realized gain (loss) |  | 558526 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6580124 |  |
| Assets and liabilities in foreign currencies | (3) |  |
| Futures contracts | 8397 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6588518 |
| **Net gain (loss)** |  | 7147044 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7693168 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $546124 | $312905 |
| &nbsp;&nbsp;Net realized gain (loss) | 558526<br>| 242370<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6588518 | 3894752<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7693168<br>| 4450027<br>|
| Distributions to shareholders | (560180)<br>| (514411)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 26644773 | 15915908 |
| Reinvestment of distributions | 560180<br>| 514411<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (8657475) | (3599236) |
| **Net increase (decrease) in net assets resulting from share transactions** | 18547478<br>| 12831083<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 25680466<br>| 16766699<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 28491416 | 11724717<br>|
| &nbsp;&nbsp;End of period | $54171882 | $28491416 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1788280 | 1193192 |
| Issued in reinvestment of distributions | 34832<br>| 35756<br>|
| &nbsp;&nbsp;Redeemed | (560959) | (257925) |
| &nbsp;&nbsp;Net increase (decrease) | 1262153 | 971023 |

---

**Financial Highlights** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **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 | .20  | .20  | .14  |
| Net realized and unrealized gain (loss)  | 2.30  | 2.81  | 1.72  |
| Total from investment operations  | 2.50  | 3.01  | 1.86  |
| Distributions from net investment income  | (.17)  | (.17)  | (.12)  |
| Distributions from net realized gain  | (.03)  | (.12)  | (.01)  |
| Total distributions  | (.20)  | (.29)  | (.12) D |
| Net asset value, end of period  | $16.76 | $14.46 | $11.74 |
| **Total Return** E,F | 17.34% <br>| 25.66%  | 18.66%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |
| Expenses before reductions  | .02%  | .07%  | .10% I |
| Expenses net of fee waivers, if any  | -% J<br>| -% J | -% I,J |
| Expenses net of all reductions, if any  | -% J | -% J | -% I,J |
| Net investment income (loss)  | 1.34%  | 1.47%  | 1.75% I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $54172 | $28491 | $11725 |
| Portfolio turnover rate K | 28% <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**

For the period ended January 31, 2026

**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 January 31, 2026 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. As of January 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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) and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $13647536 |
| **Gross unrealized depreciation**  | <u>(1742535)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$11905001</u> |
| **Tax Cost**  | <u>$41385466</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$75044</u> |
| **Undistributed long-term capital gain**  | <u>$531271</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$11905000</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Ordinary Income**  | $506966 | $384898 |
| **Long-term Capital Gains**  | <u>53214</u> | <u>129513</u> |
| **Total** | <u>$560180</u> | <u>$514411</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.

**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** | 28282568 | 10783608 |

---

**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** | 175 |

---

**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** | 207125 | 115061 | (1294) |

---

**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, 2029. 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 $8,778.

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 $673.

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Summer Street Trust and Shareholders of Fidelity Series Sustainable U.S. Market Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Sustainable U.S. Market Fund (one of the funds constituting Fidelity Summer Street Trust, referred to hereafter as the "Fund") as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the two years in the period ended January 31, 2026 and for the period May 11, 2023 (commencement of operations) through January 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2026 and the financial highlights for each of the two years in the period ended January 31, 2026 and for the period May 11, 2023 (commencement of operations) through January 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 17, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $532,857, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $64,898 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 92%, and 76% of the dividends distributed in March and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 84.97%, and 83.92% of the dividends distributed in March and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.21%, and 4.55% of the dividends distributed in March and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125403_4.jpg)<br>

1.9908959.102 SUQ-ANN-0426

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

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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; March 25, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; March 25, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; March 25, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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:

March 25, 2026

---

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

---

I, Stephanie Caron, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date:

March 25, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: March 25, 2026

---

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

---

Dated: March 25, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

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

<br>