UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | January 31 |
Date of reporting period: | January 31, 2024 |
Item 1.
Reports to Stockholders
Contents
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Sustainable U.S. Market Fund, on May 11, 2023, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Dow Jones U.S. Total Stock Market Index℠ performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 5.5 | |
Apple, Inc. | 4.5 | |
NVIDIA Corp. | 4.2 | |
Amazon.com, Inc. | 3.0 | |
Alphabet, Inc. Class C | 1.8 | |
Alphabet, Inc. Class A | 1.5 | |
General Electric Co. | 1.3 | |
UnitedHealth Group, Inc. | 1.3 | |
JPMorgan Chase & Co. | 1.3 | |
Eli Lilly & Co. | 1.1 | |
25.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 26.1 | |
Financials | 12.4 | |
Health Care | 12.3 | |
Industrials | 10.2 | |
Consumer Discretionary | 9.5 | |
Communication Services | 7.1 | |
Consumer Staples | 5.6 | |
Energy | 5.1 | |
Materials | 2.4 | |
Utilities | 1.8 | |
Real Estate | 1.7 | |
Asset Allocation (% of Fund's net assets) |
Futures - 4.2% |
Common Stocks - 94.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.1% | |||
Diversified Telecommunication Services - 0.6% | |||
AT&T, Inc. | 1,076 | 19,034 | |
Cellnex Telecom SA (a) | 28 | 1,077 | |
Cogent Communications Group, Inc. | 32 | 2,470 | |
Frontier Communications Parent, Inc. (b) | 64 | 1,576 | |
Iridium Communications, Inc. | 22 | 798 | |
Verizon Communications, Inc. | 996 | 42,181 | |
67,136 | |||
Entertainment - 1.4% | |||
Electronic Arts, Inc. | 75 | 10,319 | |
IMAX Corp. (b) | 85 | 1,187 | |
Netflix, Inc. (b) | 129 | 72,770 | |
Roku, Inc. Class A (b) | 15 | 1,321 | |
Spotify Technology SA (b) | 10 | 2,154 | |
The Walt Disney Co. | 696 | 66,851 | |
Universal Music Group NV | 334 | 9,846 | |
Vivid Seats, Inc. Class A (b) | 213 | 1,223 | |
Warner Bros Discovery, Inc. (b) | 529 | 5,301 | |
170,972 | |||
Interactive Media & Services - 4.0% | |||
Alphabet, Inc.: | |||
Class A (b) | 1,224 | 171,482 | |
Class C (b) | 1,498 | 212,416 | |
IAC, Inc. (b) | 126 | 6,326 | |
JOYY, Inc. ADR | 101 | 3,097 | |
Pinterest, Inc. Class A (b) | 116 | 4,347 | |
QuinStreet, Inc. (b) | 116 | 1,470 | |
Snap, Inc. Class A (b) | 3,202 | 50,880 | |
TripAdvisor, Inc. (b) | 146 | 3,154 | |
Ziff Davis, Inc. (b) | 95 | 6,403 | |
Zoominfo Technologies, Inc. (b) | 346 | 5,550 | |
465,125 | |||
Media - 1.1% | |||
Charter Communications, Inc. Class A (b) | 12 | 4,449 | |
Comcast Corp. Class A | 2,196 | 102,202 | |
Interpublic Group of Companies, Inc. | 348 | 11,481 | |
News Corp.: | |||
Class A | 172 | 4,238 | |
Class B | 136 | 3,478 | |
125,848 | |||
TOTAL COMMUNICATION SERVICES | 829,081 | ||
CONSUMER DISCRETIONARY - 9.5% | |||
Automobile Components - 0.2% | |||
Adient PLC (b) | 73 | 2,534 | |
Aptiv PLC (b) | 106 | 8,621 | |
BorgWarner, Inc. | 33 | 1,119 | |
Fox Factory Holding Corp. (b) | 47 | 2,963 | |
LCI Industries | 43 | 4,785 | |
20,022 | |||
Automobiles - 0.8% | |||
Harley-Davidson, Inc. | 56 | 1,817 | |
Rivian Automotive, Inc. (b) | 638 | 9,768 | |
Tesla, Inc. (b) | 429 | 80,347 | |
Thor Industries, Inc. | 14 | 1,582 | |
93,514 | |||
Broadline Retail - 3.1% | |||
Alibaba Group Holding Ltd. sponsored ADR | 164 | 11,836 | |
Amazon.com, Inc. (b) | 2,209 | 342,837 | |
Coupang, Inc. Class A (b) | 97 | 1,358 | |
eBay, Inc. | 7 | 287 | |
Kohl's Corp. | 56 | 1,443 | |
Macy's, Inc. | 72 | 1,317 | |
359,078 | |||
Distributors - 0.2% | |||
LKQ Corp. | 339 | 15,821 | |
Pool Corp. | 16 | 5,940 | |
21,761 | |||
Diversified Consumer Services - 0.3% | |||
ADT, Inc. | 260 | 1,698 | |
Bright Horizons Family Solutions, Inc. (b) | 24 | 2,358 | |
European Wax Center, Inc. (b) | 108 | 1,603 | |
Grand Canyon Education, Inc. (b) | 13 | 1,698 | |
H&R Block, Inc. | 494 | 23,139 | |
Laureate Education, Inc. Class A | 181 | 2,284 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (b) | 77 | 5,903 | |
Service Corp. International | 9 | 604 | |
39,287 | |||
Hotels, Restaurants & Leisure - 1.5% | |||
Airbnb, Inc. Class A (b) | 137 | 19,747 | |
Amadeus IT Holding SA Class A | 71 | 4,992 | |
Aramark | 53 | 1,541 | |
Booking Holdings, Inc. (b) | 12 | 42,090 | |
Chipotle Mexican Grill, Inc. (b) | 6 | 14,453 | |
Doordash, Inc. (b) | 101 | 10,524 | |
Hilton Grand Vacations, Inc. (b) | 95 | 3,962 | |
McDonald's Corp. | 98 | 28,687 | |
Planet Fitness, Inc. (b) | 48 | 3,252 | |
Restaurant Brands International, Inc. | 20 | 1,561 | |
Starbucks Corp. | 242 | 22,513 | |
Travel+Leisure Co. | 31 | 1,253 | |
Vail Resorts, Inc. | 56 | 12,432 | |
Wingstop, Inc. | 7 | 1,968 | |
Wyndham Hotels & Resorts, Inc. | 40 | 3,117 | |
172,092 | |||
Household Durables - 0.5% | |||
D.R. Horton, Inc. | 78 | 11,147 | |
Green Brick Partners, Inc. (b) | 81 | 4,226 | |
M.D.C. Holdings, Inc. | 121 | 7,572 | |
PulteGroup, Inc. | 47 | 4,914 | |
SharkNinja Hong Kong Co. Ltd. | 188 | 8,783 | |
Skyline Champion Corp. (b) | 97 | 6,643 | |
Sony Group Corp. sponsored ADR | 105 | 10,264 | |
Tempur Sealy International, Inc. | 87 | 4,340 | |
TopBuild Corp. (b) | 15 | 5,537 | |
63,426 | |||
Leisure Products - 0.1% | |||
Acushnet Holdings Corp. | 31 | 1,964 | |
Brunswick Corp. | 13 | 1,049 | |
Clarus Corp. | 204 | 1,208 | |
Hasbro, Inc. | 179 | 8,762 | |
Mattel, Inc. (b) | 118 | 2,111 | |
YETI Holdings, Inc. (b) | 19 | 835 | |
15,929 | |||
Specialty Retail - 2.1% | |||
Abercrombie & Fitch Co. Class A (b) | 131 | 13,349 | |
Academy Sports & Outdoors, Inc. | 180 | 11,291 | |
American Eagle Outfitters, Inc. | 596 | 11,813 | |
AutoNation, Inc. (b) | 9 | 1,257 | |
AutoZone, Inc. (b) | 1 | 2,762 | |
Best Buy Co., Inc. | 181 | 13,121 | |
CarMax, Inc. (b) | 132 | 9,396 | |
Dick's Sporting Goods, Inc. | 38 | 5,665 | |
Five Below, Inc. (b) | 45 | 8,076 | |
Foot Locker, Inc. | 63 | 1,774 | |
GameStop Corp. Class A (b) | 42 | 598 | |
Gap, Inc. | 140 | 2,617 | |
Lowe's Companies, Inc. | 287 | 61,085 | |
Murphy U.S.A., Inc. | 32 | 11,281 | |
Ross Stores, Inc. | 64 | 8,978 | |
The Home Depot, Inc. | 140 | 49,414 | |
TJX Companies, Inc. | 164 | 15,565 | |
Tractor Supply Co. | 30 | 6,738 | |
Ulta Beauty, Inc. (b) | 9 | 4,518 | |
Warby Parker, Inc. (b) | 183 | 2,333 | |
Williams-Sonoma, Inc. | 24 | 4,641 | |
246,272 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
Columbia Sportswear Co. | 22 | 1,744 | |
Compagnie Financiere Richemont SA Series A | 34 | 5,050 | |
Crocs, Inc. (b) | 91 | 9,235 | |
Hermes International SCA | 3 | 6,347 | |
Kontoor Brands, Inc. | 115 | 6,741 | |
LVMH Moet Hennessy Louis Vuitton SE | 11 | 9,153 | |
NIKE, Inc. Class B | 263 | 26,702 | |
PVH Corp. | 67 | 8,057 | |
Ralph Lauren Corp. | 18 | 2,586 | |
Tapestry, Inc. | 76 | 2,948 | |
VF Corp. | 40 | 658 | |
79,221 | |||
TOTAL CONSUMER DISCRETIONARY | 1,110,602 | ||
CONSUMER STAPLES - 5.6% | |||
Beverages - 1.3% | |||
Brown-Forman Corp. Class A | 31 | 1,747 | |
Celsius Holdings, Inc. (b) | 405 | 20,210 | |
Coca-Cola European Partners PLC | 205 | 14,125 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 4 | 980 | |
Molson Coors Beverage Co. Class B | 162 | 10,010 | |
Primo Water Corp. | 230 | 3,353 | |
The Coca-Cola Co. | 1,663 | 98,932 | |
149,357 | |||
Consumer Staples Distribution & Retail - 1.3% | |||
BJ's Wholesale Club Holdings, Inc. (b) | 143 | 9,201 | |
Casey's General Stores, Inc. | 16 | 4,342 | |
Costco Wholesale Corp. | 48 | 33,354 | |
Dollar Tree, Inc. (b) | 118 | 15,413 | |
Kroger Co. | 213 | 9,828 | |
Performance Food Group Co. (b) | 76 | 5,524 | |
Sprouts Farmers Market LLC (b) | 120 | 6,044 | |
Sysco Corp. | 161 | 13,030 | |
Target Corp. | 159 | 22,114 | |
Walmart, Inc. | 228 | 37,677 | |
156,527 | |||
Food Products - 1.5% | |||
Archer Daniels Midland Co. | 149 | 8,281 | |
Bunge Global SA | 139 | 12,245 | |
Campbell Soup Co. | 20 | 893 | |
Conagra Brands, Inc. | 295 | 8,599 | |
Darling Ingredients, Inc. (b) | 120 | 5,196 | |
Flowers Foods, Inc. | 88 | 2,006 | |
Freshpet, Inc. (b) | 18 | 1,550 | |
General Mills, Inc. | 482 | 31,287 | |
Hormel Foods Corp. | 278 | 8,443 | |
Kellanova | 457 | 25,025 | |
McCormick & Co., Inc. (non-vtg.) | 104 | 7,089 | |
Mondelez International, Inc. | 440 | 33,119 | |
Nomad Foods Ltd. | 191 | 3,436 | |
The J.M. Smucker Co. | 11 | 1,447 | |
The Kraft Heinz Co. | 516 | 19,159 | |
The Simply Good Foods Co. (b) | 70 | 2,646 | |
TreeHouse Foods, Inc. (b) | 14 | 589 | |
WK Kellogg Co. | 107 | 1,390 | |
172,400 | |||
Household Products - 1.1% | |||
Church & Dwight Co., Inc. | 149 | 14,878 | |
Kimberly-Clark Corp. | 163 | 19,718 | |
Procter & Gamble Co. | 538 | 84,541 | |
Reckitt Benckiser Group PLC | 15 | 1,085 | |
The Clorox Co. | 80 | 11,620 | |
131,842 | |||
Personal Care Products - 0.4% | |||
BellRing Brands, Inc. (b) | 94 | 5,195 | |
Coty, Inc. Class A (b) | 154 | 1,860 | |
Estee Lauder Companies, Inc. Class A | 45 | 5,940 | |
Haleon PLC | 911 | 3,700 | |
Haleon PLC ADR | 656 | 5,379 | |
Kenvue, Inc. | 1,427 | 29,625 | |
51,699 | |||
TOTAL CONSUMER STAPLES | 661,825 | ||
ENERGY - 5.1% | |||
Energy Equipment & Services - 1.0% | |||
Baker Hughes Co. Class A | 847 | 24,140 | |
Cactus, Inc. | 171 | 7,257 | |
Championx Corp. | 463 | 12,691 | |
NOV, Inc. | 406 | 7,921 | |
Oceaneering International, Inc. (b) | 215 | 4,468 | |
Patterson-UTI Energy, Inc. | 381 | 4,225 | |
Schlumberger Ltd. | 602 | 29,317 | |
TechnipFMC PLC | 841 | 16,265 | |
Valaris Ltd. (b) | 75 | 4,640 | |
110,924 | |||
Oil, Gas & Consumable Fuels - 4.1% | |||
Antero Midstream GP LP | 477 | 5,838 | |
Antero Resources Corp. (b) | 441 | 9,852 | |
Cameco Corp. | 130 | 6,207 | |
Cheniere Energy, Inc. | 165 | 27,058 | |
Chesapeake Energy Corp. | 21 | 1,619 | |
Chord Energy Corp. | 36 | 5,535 | |
ConocoPhillips Co. | 52 | 5,817 | |
Coterra Energy, Inc. | 140 | 3,483 | |
Devon Energy Corp. | 107 | 4,496 | |
Diamondback Energy, Inc. | 107 | 16,450 | |
DT Midstream, Inc. | 110 | 5,906 | |
EOG Resources, Inc. | 121 | 13,769 | |
Equinor ASA sponsored ADR | 644 | 18,463 | |
Hess Corp. | 319 | 44,829 | |
HF Sinclair Corp. | 50 | 2,825 | |
Imperial Oil Ltd. | 489 | 28,206 | |
Kosmos Energy Ltd. (b) | 2,015 | 12,211 | |
Marathon Oil Corp. | 238 | 5,438 | |
Marathon Petroleum Corp. | 109 | 18,050 | |
MEG Energy Corp. (b) | 327 | 6,183 | |
National Energy Services Reunited Corp. (b) | 249 | 1,843 | |
New Fortress Energy, Inc. | 51 | 1,695 | |
Occidental Petroleum Corp. | 365 | 21,013 | |
ONEOK, Inc. | 400 | 27,300 | |
Ovintiv, Inc. | 216 | 9,163 | |
Parex Resources, Inc. | 539 | 8,924 | |
Phillips 66 Co. | 209 | 30,161 | |
Range Resources Corp. | 73 | 2,120 | |
Reliance Industries Ltd. GDR (a) | 117 | 8,120 | |
Shell PLC ADR | 1,045 | 65,741 | |
Targa Resources Corp. | 324 | 27,527 | |
The Williams Companies, Inc. | 502 | 17,399 | |
Valero Energy Corp. | 133 | 18,474 | |
481,715 | |||
TOTAL ENERGY | 592,639 | ||
FINANCIALS - 12.4% | |||
Banks - 4.8% | |||
Bank of America Corp. | 3,664 | 124,613 | |
Bank OZK | 31 | 1,398 | |
Citigroup, Inc. | 609 | 34,208 | |
Citizens Financial Group, Inc. | 7 | 229 | |
Columbia Banking Systems, Inc. | 72 | 1,452 | |
Comerica, Inc. | 95 | 4,995 | |
East West Bancorp, Inc. | 88 | 6,407 | |
Eastern Bankshares, Inc. | 86 | 1,201 | |
Fifth Third Bancorp | 166 | 5,684 | |
First Bancorp, Puerto Rico | 329 | 5,488 | |
First Citizens Bancshares, Inc. | 2 | 3,020 | |
First Hawaiian, Inc. | 150 | 3,254 | |
First Interstate Bancsystem, Inc. | 89 | 2,449 | |
Glacier Bancorp, Inc. | 74 | 2,861 | |
Huntington Bancshares, Inc. | 1,084 | 13,799 | |
JPMorgan Chase & Co. | 879 | 153,262 | |
KeyCorp | 346 | 5,027 | |
M&T Bank Corp. | 98 | 13,534 | |
Nu Holdings Ltd. (b) | 490 | 4,219 | |
Pathward Financial, Inc. | 88 | 4,557 | |
Pinnacle Financial Partners, Inc. | 65 | 5,745 | |
PNC Financial Services Group, Inc. | 410 | 61,996 | |
Regions Financial Corp. | 1,013 | 18,913 | |
Synovus Financial Corp. | 278 | 10,469 | |
Trico Bancshares | 42 | 1,527 | |
Truist Financial Corp. | 584 | 21,643 | |
U.S. Bancorp | 777 | 32,277 | |
United Community Bank, Inc. | 173 | 4,730 | |
Univest Corp. of Pennsylvania | 62 | 1,317 | |
Webster Financial Corp. | 44 | 2,177 | |
Western Alliance Bancorp. | 88 | 5,628 | |
Zions Bancorporation NA | 66 | 2,765 | |
560,844 | |||
Capital Markets - 2.5% | |||
Affiliated Managers Group, Inc. | 39 | 5,805 | |
Bank of New York Mellon Corp. | 447 | 24,791 | |
BlackRock, Inc. Class A | 40 | 30,972 | |
Cboe Global Markets, Inc. | 52 | 9,560 | |
FactSet Research Systems, Inc. | 15 | 7,139 | |
Goldman Sachs Group, Inc. | 67 | 25,729 | |
Houlihan Lokey | 54 | 6,468 | |
Intercontinental Exchange, Inc. | 64 | 8,149 | |
Janus Henderson Group PLC | 170 | 4,889 | |
KKR & Co. LP | 134 | 11,602 | |
LPL Financial | 23 | 5,501 | |
Moody's Corp. | 54 | 21,170 | |
Morgan Stanley | 428 | 37,339 | |
NASDAQ, Inc. | 164 | 9,474 | |
Northern Trust Corp. | 288 | 22,936 | |
S&P Global, Inc. | 113 | 50,664 | |
State Street Corp. | 126 | 9,308 | |
TMX Group Ltd. | 130 | 3,215 | |
294,711 | |||
Consumer Finance - 0.6% | |||
American Express Co. | 191 | 38,341 | |
Capital One Financial Corp. | 71 | 9,608 | |
Discover Financial Services | 126 | 13,296 | |
Synchrony Financial | 256 | 9,951 | |
71,196 | |||
Financial Services - 1.9% | |||
Affirm Holdings, Inc. (b) | 50 | 2,026 | |
Block, Inc. Class A (b) | 65 | 4,226 | |
Edenred SA | 47 | 2,815 | |
Essent Group Ltd. | 140 | 7,722 | |
Fidelity National Information Services, Inc. | 284 | 17,682 | |
Global Payments, Inc. | 4 | 533 | |
MasterCard, Inc. Class A | 181 | 81,311 | |
MGIC Investment Corp. | 102 | 2,024 | |
PayPal Holdings, Inc. (b) | 127 | 7,791 | |
Radian Group, Inc. | 85 | 2,463 | |
The Western Union Co. | 107 | 1,345 | |
Visa, Inc. Class A | 326 | 89,083 | |
Walker & Dunlop, Inc. | 23 | 2,222 | |
WEX, Inc. (b) | 15 | 3,066 | |
224,309 | |||
Insurance - 2.6% | |||
AFLAC, Inc. | 31 | 2,615 | |
Allstate Corp. | 64 | 9,936 | |
American International Group, Inc. | 52 | 3,615 | |
Aon PLC | 21 | 6,267 | |
Arch Capital Group Ltd. (b) | 131 | 10,798 | |
Assurant, Inc. | 64 | 10,749 | |
Assured Guaranty Ltd. | 29 | 2,353 | |
Axis Capital Holdings Ltd. | 47 | 2,797 | |
CNA Financial Corp. | 68 | 2,997 | |
Everest Re Group Ltd. | 4 | 1,540 | |
Genworth Financial, Inc. Class A (b) | 595 | 3,671 | |
Hartford Financial Services Group, Inc. | 136 | 11,827 | |
Kinsale Capital Group, Inc. | 5 | 1,988 | |
Loews Corp. | 64 | 4,663 | |
Marsh & McLennan Companies, Inc. | 77 | 14,926 | |
MetLife, Inc. | 368 | 25,510 | |
Primerica, Inc. | 50 | 11,708 | |
Progressive Corp. | 155 | 27,629 | |
Prudential Financial, Inc. | 474 | 49,737 | |
Reinsurance Group of America, Inc. | 23 | 3,999 | |
RenaissanceRe Holdings Ltd. | 9 | 2,059 | |
Selective Insurance Group, Inc. | 55 | 5,767 | |
The Travelers Companies, Inc. | 288 | 60,872 | |
Unum Group | 64 | 3,094 | |
Willis Towers Watson PLC | 84 | 20,689 | |
301,806 | |||
TOTAL FINANCIALS | 1,452,866 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 1.9% | |||
AbbVie, Inc. | 85 | 13,974 | |
Alnylam Pharmaceuticals, Inc. (b) | 65 | 11,239 | |
Amgen, Inc. | 89 | 27,969 | |
Arcellx, Inc. (b) | 48 | 2,968 | |
Arrowhead Pharmaceuticals, Inc. (b) | 70 | 2,247 | |
Astria Therapeutics, Inc. (b) | 80 | 1,042 | |
Biogen, Inc. (b) | 28 | 6,906 | |
Celldex Therapeutics, Inc. (b) | 33 | 1,162 | |
Cerevel Therapeutics Holdings (b) | 91 | 3,813 | |
Cogent Biosciences, Inc. (b) | 151 | 669 | |
Crinetics Pharmaceuticals, Inc. (b) | 54 | 1,970 | |
Cytokinetics, Inc. (b) | 66 | 5,157 | |
Gilead Sciences, Inc. | 568 | 44,452 | |
Icosavax, Inc. (b) | 99 | 1,516 | |
Insmed, Inc. (b) | 70 | 1,946 | |
Keros Therapeutics, Inc. (b) | 40 | 2,214 | |
Madrigal Pharmaceuticals, Inc. (b) | 10 | 2,167 | |
Mirati Therapeutics, Inc. rights (b)(c) | 26 | 0 | |
Moonlake Immunotherapeutics (b) | 65 | 3,632 | |
Morphic Holding, Inc. (b) | 71 | 2,250 | |
Nuvalent, Inc. Class A (b) | 26 | 1,954 | |
Regeneron Pharmaceuticals, Inc. (b) | 38 | 35,826 | |
Roivant Sciences Ltd. (b) | 164 | 1,640 | |
Tango Therapeutics, Inc. (b) | 234 | 2,750 | |
Tyra Biosciences, Inc. (b) | 150 | 2,010 | |
Vaxcyte, Inc. (b) | 139 | 9,927 | |
Vertex Pharmaceuticals, Inc. (b) | 51 | 22,102 | |
Verve Therapeutics, Inc. (b) | 88 | 952 | |
Xenon Pharmaceuticals, Inc. (b) | 88 | 3,979 | |
Zentalis Pharmaceuticals, Inc. (b) | 119 | 1,410 | |
219,843 | |||
Health Care Equipment & Supplies - 2.1% | |||
Abbott Laboratories | 42 | 4,752 | |
Axonics, Inc. (b) | 62 | 4,209 | |
Becton, Dickinson & Co. | 51 | 12,179 | |
Boston Scientific Corp. (b) | 491 | 31,061 | |
DexCom, Inc. (b) | 148 | 17,960 | |
Edwards Lifesciences Corp. (b) | 311 | 24,404 | |
GE Healthcare Holding LLC | 137 | 10,050 | |
Haemonetics Corp. (b) | 54 | 4,129 | |
Hologic, Inc. (b) | 96 | 7,146 | |
IDEXX Laboratories, Inc. (b) | 49 | 25,239 | |
Inspire Medical Systems, Inc. (b) | 16 | 3,374 | |
Insulet Corp. (b) | 1 | 191 | |
Integer Holdings Corp. (b) | 51 | 5,167 | |
Intuitive Surgical, Inc. (b) | 31 | 11,725 | |
Lantheus Holdings, Inc. (b) | 45 | 2,337 | |
Penumbra, Inc. (b) | 6 | 1,513 | |
Shockwave Medical, Inc. (b) | 24 | 5,430 | |
STERIS PLC | 73 | 15,983 | |
Stryker Corp. | 39 | 13,084 | |
Teleflex, Inc. | 35 | 8,499 | |
The Cooper Companies, Inc. | 38 | 14,175 | |
TransMedics Group, Inc. (b) | 49 | 4,203 | |
Zimmer Biomet Holdings, Inc. | 138 | 17,333 | |
244,143 | |||
Health Care Providers & Services - 4.0% | |||
Acadia Healthcare Co., Inc. (b) | 40 | 3,286 | |
agilon health, Inc. (b) | 164 | 966 | |
Cardinal Health, Inc. | 74 | 8,080 | |
Cencora, Inc. | 76 | 17,684 | |
Centene Corp. (b) | 340 | 25,605 | |
Cigna Group | 267 | 80,354 | |
CVS Health Corp. | 449 | 33,392 | |
Elevance Health, Inc. | 76 | 37,501 | |
Guardant Health, Inc. (b) | 98 | 2,149 | |
HCA Holdings, Inc. | 29 | 8,842 | |
Humana, Inc. | 56 | 21,171 | |
Laboratory Corp. of America Holdings | 33 | 7,336 | |
McKesson Corp. | 79 | 39,491 | |
Molina Healthcare, Inc. (b) | 26 | 9,267 | |
Privia Health Group, Inc. (b) | 66 | 1,331 | |
Quest Diagnostics, Inc. | 51 | 6,550 | |
R1 RCM, Inc. (b) | 233 | 2,386 | |
Surgery Partners, Inc. (b) | 90 | 2,762 | |
Tenet Healthcare Corp. (b) | 27 | 2,234 | |
UnitedHealth Group, Inc. | 302 | 154,545 | |
464,932 | |||
Health Care Technology - 0.1% | |||
Teladoc Health, Inc. (b) | 54 | 1,049 | |
Veeva Systems, Inc. Class A (b) | 39 | 8,089 | |
9,138 | |||
Life Sciences Tools & Services - 1.0% | |||
Agilent Technologies, Inc. | 53 | 6,895 | |
Avantor, Inc. (b) | 321 | 7,380 | |
Azenta, Inc. (b) | 21 | 1,369 | |
Danaher Corp. | 259 | 62,137 | |
Fortrea Holdings, Inc. | 38 | 1,176 | |
ICON PLC (b) | 13 | 3,391 | |
IQVIA Holdings, Inc. (b) | 63 | 13,118 | |
Mettler-Toledo International, Inc. (b) | 3 | 3,592 | |
Thermo Fisher Scientific, Inc. | 21 | 11,319 | |
Waters Corp. (b) | 21 | 6,672 | |
West Pharmaceutical Services, Inc. | 17 | 6,342 | |
123,391 | |||
Pharmaceuticals - 3.2% | |||
AstraZeneca PLC sponsored ADR | 166 | 11,062 | |
Axsome Therapeutics, Inc. (b) | 28 | 2,521 | |
Bristol-Myers Squibb Co. | 1,116 | 54,539 | |
CymaBay Therapeutics, Inc. (b) | 160 | 3,762 | |
Edgewise Therapeutics, Inc. (b) | 111 | 1,979 | |
Eli Lilly & Co. | 205 | 132,350 | |
Enliven Therapeutics, Inc. (b) | 77 | 1,209 | |
GSK PLC sponsored ADR | 145 | 5,719 | |
Merck & Co., Inc. | 388 | 46,863 | |
Novo Nordisk A/S: | |||
Series B | 14 | 1,600 | |
Series B sponsored ADR | 113 | 12,966 | |
Perrigo Co. PLC | 24 | 770 | |
Pfizer, Inc. | 799 | 21,637 | |
Roche Holding AG (participation certificate) | 39 | 11,104 | |
Sanofi SA sponsored ADR | 407 | 20,309 | |
UCB SA | 32 | 3,019 | |
Zoetis, Inc. Class A | 265 | 49,770 | |
381,179 | |||
TOTAL HEALTH CARE | 1,442,626 | ||
INDUSTRIALS - 10.1% | |||
Aerospace & Defense - 1.3% | |||
AerSale Corp. (b) | 88 | 818 | |
Airbus Group NV | 182 | 28,990 | |
Axon Enterprise, Inc. (b) | 58 | 14,445 | |
BAE Systems PLC | 336 | 5,012 | |
BWX Technologies, Inc. | 95 | 7,741 | |
Curtiss-Wright Corp. | 38 | 8,458 | |
HEICO Corp. | 51 | 9,159 | |
HEICO Corp. Class A | 61 | 8,630 | |
Hexcel Corp. | 84 | 5,577 | |
Howmet Aerospace, Inc. | 102 | 5,739 | |
Kratos Defense & Security Solutions, Inc. (b) | 241 | 4,080 | |
Lockheed Martin Corp. | 23 | 9,876 | |
Mercury Systems, Inc. (b) | 88 | 2,610 | |
Northrop Grumman Corp. | 50 | 22,338 | |
Spirit AeroSystems Holdings, Inc. Class A (b) | 57 | 1,565 | |
Textron, Inc. | 78 | 6,607 | |
V2X, Inc. (b) | 57 | 2,217 | |
Woodward, Inc. | 33 | 4,546 | |
148,408 | |||
Air Freight & Logistics - 0.7% | |||
C.H. Robinson Worldwide, Inc. | 134 | 11,268 | |
DHL Group | 101 | 4,859 | |
Expeditors International of Washington, Inc. | 157 | 19,834 | |
FedEx Corp. | 69 | 16,649 | |
GXO Logistics, Inc. (b) | 43 | 2,338 | |
United Parcel Service, Inc. Class B | 206 | 29,231 | |
84,179 | |||
Building Products - 0.9% | |||
Carrier Global Corp. | 288 | 15,756 | |
Fortune Brands Innovations, Inc. | 140 | 10,863 | |
Johnson Controls International PLC | 203 | 10,696 | |
Lennox International, Inc. | 27 | 11,560 | |
Owens Corning | 60 | 9,092 | |
Simpson Manufacturing Co. Ltd. | 47 | 8,507 | |
The AZEK Co., Inc. (b) | 58 | 2,236 | |
Trane Technologies PLC | 120 | 30,246 | |
Trex Co., Inc. (b) | 18 | 1,467 | |
100,423 | |||
Commercial Services & Supplies - 0.3% | |||
ACV Auctions, Inc. Class A (b) | 273 | 3,541 | |
Copart, Inc. | 108 | 5,188 | |
Veralto Corp. | 276 | 21,166 | |
Vestis Corp. | 74 | 1,584 | |
31,479 | |||
Construction & Engineering - 0.5% | |||
Comfort Systems U.S.A., Inc. | 46 | 10,004 | |
Dycom Industries, Inc. (b) | 20 | 2,234 | |
EMCOR Group, Inc. | 48 | 10,949 | |
Granite Construction, Inc. | 151 | 6,812 | |
IES Holdings, Inc. (b) | 99 | 8,114 | |
MasTec, Inc. (b) | 10 | 657 | |
Quanta Services, Inc. | 63 | 12,225 | |
Sterling Construction Co., Inc. (b) | 53 | 3,980 | |
Willscot Mobile Mini Holdings (b) | 50 | 2,365 | |
57,340 | |||
Electrical Equipment - 0.6% | |||
Acuity Brands, Inc. | 26 | 6,192 | |
Atkore, Inc. | 58 | 8,847 | |
Eaton Corp. PLC | 93 | 22,885 | |
Fluence Energy, Inc. (b) | 43 | 854 | |
Hubbell, Inc. Class B | 11 | 3,691 | |
nVent Electric PLC | 35 | 2,101 | |
Regal Rexnord Corp. | 56 | 7,474 | |
Rockwell Automation, Inc. | 11 | 2,786 | |
Sunrun, Inc. (b) | 62 | 898 | |
Thermon Group Holdings, Inc. (b) | 125 | 4,098 | |
Vertiv Holdings Co. | 281 | 15,829 | |
75,655 | |||
Ground Transportation - 1.1% | |||
Avis Budget Group, Inc. | 9 | 1,473 | |
Canadian Pacific Kansas City Ltd. | 26 | 2,092 | |
CSX Corp. | 228 | 8,140 | |
J.B. Hunt Transport Services, Inc. | 49 | 9,848 | |
Landstar System, Inc. | 24 | 4,601 | |
Ryder System, Inc. | 33 | 3,748 | |
Schneider National, Inc. Class B | 44 | 1,079 | |
U-Haul Holding Co. (b) | 23 | 1,524 | |
U-Haul Holding Co. (non-vtg.) | 18 | 1,150 | |
Uber Technologies, Inc. (b) | 1,248 | 81,457 | |
Union Pacific Corp. | 68 | 16,587 | |
131,699 | |||
Industrial Conglomerates - 1.7% | |||
General Electric Co. | 1,177 | 155,858 | |
Honeywell International, Inc. | 182 | 36,811 | |
Siemens AG | 55 | 9,846 | |
202,515 | |||
Machinery - 1.6% | |||
AGCO Corp. | 8 | 979 | |
Astec Industries, Inc. | 45 | 1,602 | |
Caterpillar, Inc. | 45 | 13,514 | |
Chart Industries, Inc. (b) | 17 | 1,984 | |
CNH Industrial NV | 992 | 11,904 | |
Crane Co. | 13 | 1,613 | |
Cummins, Inc. | 80 | 19,144 | |
Deere & Co. | 67 | 26,370 | |
Dover Corp. | 41 | 6,141 | |
Federal Signal Corp. | 102 | 7,852 | |
Flowserve Corp. | 10 | 399 | |
Fortive Corp. | 150 | 11,727 | |
IDEX Corp. | 25 | 5,288 | |
Ingersoll Rand, Inc. | 116 | 9,264 | |
ITT, Inc. | 14 | 1,691 | |
Kadant, Inc. | 8 | 2,288 | |
Oshkosh Corp. | 46 | 5,065 | |
Parker Hannifin Corp. | 8 | 3,716 | |
Pentair PLC | 475 | 34,756 | |
SPX Technologies, Inc. (b) | 87 | 8,756 | |
Terex Corp. | 97 | 5,959 | |
Xylem, Inc. | 105 | 11,806 | |
191,818 | |||
Passenger Airlines - 0.0% | |||
Copa Holdings SA Class A | 12 | 1,153 | |
Professional Services - 0.9% | |||
ASGN, Inc. (b) | 44 | 4,084 | |
Automatic Data Processing, Inc. | 194 | 47,681 | |
Broadridge Financial Solutions, Inc. | 71 | 14,498 | |
Dayforce, Inc. (b) | 95 | 6,604 | |
ExlService Holdings, Inc. (b) | 205 | 6,412 | |
FTI Consulting, Inc. (b) | 20 | 3,832 | |
KBR, Inc. | 79 | 4,117 | |
Maximus, Inc. | 65 | 5,273 | |
Paychex, Inc. | 38 | 4,626 | |
Paylocity Holding Corp. (b) | 38 | 6,020 | |
WNS Holdings Ltd. sponsored ADR (b) | 26 | 1,803 | |
104,950 | |||
Trading Companies & Distributors - 0.5% | |||
Air Lease Corp. Class A | 38 | 1,589 | |
Applied Industrial Technologies, Inc. | 10 | 1,765 | |
Ferguson PLC | 121 | 22,731 | |
Finning International, Inc. | 42 | 1,216 | |
GMS, Inc. (b) | 36 | 3,030 | |
SiteOne Landscape Supply, Inc. (b) | 13 | 2,009 | |
United Rentals, Inc. | 19 | 11,883 | |
W.W. Grainger, Inc. | 14 | 12,539 | |
WESCO International, Inc. | 18 | 3,123 | |
59,885 | |||
TOTAL INDUSTRIALS | 1,189,504 | ||
INFORMATION TECHNOLOGY - 26.0% | |||
Communications Equipment - 0.7% | |||
Arista Networks, Inc. (b) | 37 | 9,571 | |
Cisco Systems, Inc. | 1,349 | 67,693 | |
Extreme Networks, Inc. (b) | 127 | 1,716 | |
Motorola Solutions, Inc. | 19 | 6,071 | |
85,051 | |||
Electronic Equipment, Instruments & Components - 0.5% | |||
Advanced Energy Industries, Inc. | 77 | 8,022 | |
Avnet, Inc. | 16 | 725 | |
Crane Nxt Co. | 18 | 1,049 | |
Fabrinet (b) | 30 | 6,405 | |
Insight Enterprises, Inc. (b) | 66 | 12,193 | |
Keysight Technologies, Inc. (b) | 107 | 16,399 | |
TD SYNNEX Corp. | 42 | 4,199 | |
Trimble, Inc. (b) | 162 | 8,239 | |
57,231 | |||
IT Services - 2.0% | |||
Accenture PLC Class A | 72 | 26,199 | |
Akamai Technologies, Inc. (b) | 125 | 15,404 | |
Amdocs Ltd. | 136 | 12,468 | |
Capgemini SA | 11 | 2,463 | |
Cloudflare, Inc. (b) | 55 | 4,348 | |
Cognizant Technology Solutions Corp. Class A | 57 | 4,396 | |
Digitalocean Holdings, Inc. (b) | 101 | 3,406 | |
DXC Technology Co. (b) | 82 | 1,788 | |
Endava PLC ADR (b) | 26 | 1,840 | |
Fastly, Inc. Class A (b) | 331 | 6,660 | |
Gartner, Inc. (b) | 23 | 10,521 | |
GoDaddy, Inc. (b) | 102 | 10,879 | |
IBM Corp. | 284 | 52,159 | |
MongoDB, Inc. Class A (b) | 46 | 18,424 | |
Okta, Inc. (b) | 131 | 10,827 | |
Perficient, Inc. (b) | 21 | 1,431 | |
Shopify, Inc. Class A (b) | 136 | 10,887 | |
Snowflake, Inc. (b) | 74 | 14,477 | |
Twilio, Inc. Class A (b) | 240 | 16,879 | |
VeriSign, Inc. (b) | 39 | 7,756 | |
233,212 | |||
Semiconductors & Semiconductor Equipment - 8.5% | |||
Advanced Micro Devices, Inc. (b) | 330 | 55,338 | |
Analog Devices, Inc. | 44 | 8,464 | |
Applied Materials, Inc. | 264 | 43,375 | |
ASML Holding NV (depository receipt) | 2 | 1,740 | |
Cirrus Logic, Inc. (b) | 57 | 4,400 | |
Diodes, Inc. (b) | 70 | 4,712 | |
Enphase Energy, Inc. (b) | 41 | 4,269 | |
First Solar, Inc. (b) | 51 | 7,461 | |
GlobalFoundries, Inc. (b) | 332 | 18,253 | |
Intel Corp. | 1,080 | 46,526 | |
Lam Research Corp. | 42 | 34,657 | |
Lattice Semiconductor Corp. (b) | 40 | 2,434 | |
Micron Technology, Inc. | 216 | 18,522 | |
Monolithic Power Systems, Inc. | 10 | 6,027 | |
NVIDIA Corp. | 808 | 497,138 | |
NXP Semiconductors NV | 346 | 72,857 | |
ON Semiconductor Corp. (b) | 379 | 26,958 | |
Onto Innovation, Inc. (b) | 54 | 8,721 | |
Qorvo, Inc. (b) | 41 | 4,089 | |
Qualcomm, Inc. | 139 | 20,643 | |
Skyworks Solutions, Inc. | 55 | 5,745 | |
SMART Global Holdings, Inc. (b) | 190 | 3,734 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 270 | 30,499 | |
Teradyne, Inc. | 25 | 2,415 | |
Texas Instruments, Inc. | 393 | 62,927 | |
Universal Display Corp. | 32 | 5,433 | |
997,337 | |||
Software - 9.4% | |||
Adobe, Inc. (b) | 93 | 57,454 | |
ANSYS, Inc. (b) | 21 | 6,884 | |
AppLovin Corp. (b) | 47 | 1,933 | |
Atlassian Corp. PLC (b) | 29 | 7,243 | |
Autodesk, Inc. (b) | 120 | 30,457 | |
Bill Holdings, Inc. (b) | 20 | 1,561 | |
Cadence Design Systems, Inc. (b) | 57 | 16,442 | |
Dolby Laboratories, Inc. Class A | 35 | 2,911 | |
DoubleVerify Holdings, Inc. (b) | 58 | 2,321 | |
Elastic NV (b) | 50 | 5,853 | |
Fair Isaac Corp. (b) | 4 | 4,795 | |
Five9, Inc. (b) | 23 | 1,745 | |
Gen Digital, Inc. | 654 | 15,356 | |
Guidewire Software, Inc. (b) | 29 | 3,239 | |
HubSpot, Inc. (b) | 27 | 16,497 | |
Intapp, Inc. (b) | 92 | 3,963 | |
Intuit, Inc. | 73 | 46,087 | |
Microsoft Corp. | 1,617 | 642,884 | |
Open Text Corp. | 70 | 3,053 | |
Oracle Corp. | 222 | 24,797 | |
Palo Alto Networks, Inc. (b) | 39 | 13,202 | |
Progress Software Corp. | 29 | 1,647 | |
PROS Holdings, Inc. (b) | 117 | 4,027 | |
PTC, Inc. (b) | 54 | 9,755 | |
Qualys, Inc. (b) | 8 | 1,513 | |
Salesforce, Inc. (b) | 251 | 70,554 | |
SAP SE sponsored ADR | 85 | 14,714 | |
ServiceNow, Inc. (b) | 33 | 25,258 | |
Splunk, Inc. (b) | 59 | 9,049 | |
SPS Commerce, Inc. (b) | 40 | 7,352 | |
Synopsys, Inc. (b) | 34 | 18,134 | |
Tenable Holdings, Inc. (b) | 127 | 5,982 | |
Workday, Inc. Class A (b) | 66 | 19,211 | |
Zoom Video Communications, Inc. Class A (b) | 22 | 1,421 | |
1,097,294 | |||
Technology Hardware, Storage & Peripherals - 4.9% | |||
Apple, Inc. | 2,865 | 528,306 | |
Dell Technologies, Inc. | 139 | 11,520 | |
Hewlett Packard Enterprise Co. | 996 | 15,229 | |
HP, Inc. | 242 | 6,948 | |
Samsung Electronics Co. Ltd. | 74 | 4,021 | |
Western Digital Corp. (b) | 185 | 10,591 | |
576,615 | |||
TOTAL INFORMATION TECHNOLOGY | 3,046,740 | ||
MATERIALS - 2.4% | |||
Chemicals - 1.3% | |||
Axalta Coating Systems Ltd. (b) | 59 | 1,913 | |
Corteva, Inc. | 74 | 3,366 | |
Dow, Inc. | 212 | 11,363 | |
DuPont de Nemours, Inc. | 231 | 14,276 | |
Ecolab, Inc. | 173 | 34,292 | |
Element Solutions, Inc. | 193 | 4,290 | |
Ginkgo Bioworks Holdings, Inc. Class A (b) | 873 | 1,056 | |
International Flavors & Fragrances, Inc. | 143 | 11,537 | |
Linde PLC | 73 | 29,553 | |
LyondellBasell Industries NV Class A | 130 | 12,236 | |
Nutrien Ltd. | 102 | 5,087 | |
PPG Industries, Inc. | 107 | 15,091 | |
Sherwin-Williams Co. | 25 | 7,610 | |
151,670 | |||
Construction Materials - 0.1% | |||
Martin Marietta Materials, Inc. | 18 | 9,152 | |
Containers & Packaging - 0.2% | |||
Aptargroup, Inc. | 29 | 3,767 | |
Avery Dennison Corp. | 39 | 7,779 | |
Ball Corp. | 121 | 6,709 | |
Crown Holdings, Inc. | 65 | 5,753 | |
International Paper Co. | 164 | 5,876 | |
29,884 | |||
Metals & Mining - 0.8% | |||
ATI, Inc. (b) | 34 | 1,390 | |
Carpenter Technology Corp. | 28 | 1,725 | |
Commercial Metals Co. | 173 | 9,034 | |
Constellium NV (b) | 315 | 5,906 | |
First Quantum Minerals Ltd. | 636 | 5,771 | |
Freeport-McMoRan, Inc. | 745 | 29,569 | |
Ivanhoe Mines Ltd. (b) | 198 | 2,078 | |
Lundin Mining Corp. | 596 | 4,867 | |
Newmont Corp. | 265 | 9,145 | |
Nucor Corp. | 59 | 11,029 | |
Reliance Steel & Aluminum Co. | 1 | 285 | |
Royal Gold, Inc. | 2 | 229 | |
Southern Copper Corp. | 41 | 3,366 | |
Steel Dynamics, Inc. | 60 | 7,241 | |
91,635 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 46 | 3,061 | |
Sylvamo Corp. | 30 | 1,393 | |
4,454 | |||
TOTAL MATERIALS | 286,795 | ||
REAL ESTATE - 1.7% | |||
Equity Real Estate Investment Trusts (REITs) - 1.4% | |||
American Tower Corp. | 104 | 20,348 | |
AvalonBay Communities, Inc. | 20 | 3,580 | |
Crown Castle, Inc. | 389 | 42,109 | |
Digital Realty Trust, Inc. | 94 | 13,203 | |
Equinix, Inc. | 39 | 32,361 | |
Essential Properties Realty Trust, Inc. | 55 | 1,370 | |
Iron Mountain, Inc. | 111 | 7,495 | |
Prologis, Inc. | 96 | 12,162 | |
SBA Communications Corp. Class A | 36 | 8,059 | |
Simon Property Group, Inc. | 2 | 277 | |
Welltower, Inc. | 207 | 17,908 | |
Weyerhaeuser Co. | 244 | 7,996 | |
166,868 | |||
Real Estate Management & Development - 0.3% | |||
CBRE Group, Inc. (b) | 261 | 22,527 | |
Colliers International Group, Inc. | 34 | 3,991 | |
Jones Lang LaSalle, Inc. (b) | 20 | 3,541 | |
30,059 | |||
TOTAL REAL ESTATE | 196,927 | ||
UTILITIES - 1.8% | |||
Electric Utilities - 1.0% | |||
Avangrid, Inc. | 98 | 2,977 | |
Edison International | 182 | 12,281 | |
Eversource Energy | 397 | 21,525 | |
Exelon Corp. | 582 | 20,259 | |
NextEra Energy, Inc. | 550 | 32,247 | |
PG&E Corp. | 1,535 | 25,895 | |
115,184 | |||
Gas Utilities - 0.1% | |||
Brookfield Infrastructure Corp. A Shares | 107 | 3,746 | |
ONE Gas, Inc. | 72 | 4,419 | |
Southwest Gas Holdings, Inc. | 66 | 3,873 | |
UGI Corp. | 142 | 3,144 | |
15,182 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Clearway Energy, Inc. Class C | 55 | 1,333 | |
Multi-Utilities - 0.6% | |||
Consolidated Edison, Inc. | 137 | 12,453 | |
Dominion Energy, Inc. | 89 | 4,069 | |
Public Service Enterprise Group, Inc. | 705 | 40,883 | |
Sempra | 164 | 11,736 | |
69,141 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 54 | 6,697 | |
Essential Utilities, Inc. | 243 | 8,714 | |
15,411 | |||
TOTAL UTILITIES | 216,251 | ||
TOTAL COMMON STOCKS (Cost $9,531,332) | 11,025,856 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
Embraer SA sponsored ADR (b) | 231 | 4,253 | |
INFORMATION TECHNOLOGY - 0.1% | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Samsung Electronics Co. Ltd. | 303 | 13,258 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $16,437) | 17,511 | ||
Money Market Funds - 6.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) (Cost $717,580) | 717,436 | 717,580 | |
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $10,265,349) | 11,760,947 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (36,230) |
NET ASSETS - 100.0% | 11,724,717 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME Micro E-mini S&P 500 Index Contracts (United States) | 2 | Mar 2024 | 487,050 | 7,752 | 7,752 |
The notional amount of futures purchased as a percentage of Net Assets is 4.2% |
(a) | 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 $9,197 or 0.1% of net assets. |
(b) | Non-income producing |
(c) | Level 3 security |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | - | 11,028,479 | 10,310,899 | 18,994 | - | - | 717,580 | 0.0% |
Total | - | 11,028,479 | 10,310,899 | 18,994 | - | - | 717,580 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 829,081 | 818,158 | 10,923 | - |
Consumer Discretionary | 1,110,602 | 1,096,399 | 14,203 | - |
Consumer Staples | 661,825 | 657,040 | 4,785 | - |
Energy | 592,639 | 592,639 | - | - |
Financials | 1,452,866 | 1,452,866 | - | - |
Health Care | 1,442,626 | 1,429,922 | 12,704 | - |
Industrials | 1,193,757 | 1,154,921 | 38,836 | - |
Information Technology | 3,059,998 | 3,042,719 | 17,279 | - |
Materials | 286,795 | 286,795 | - | - |
Real Estate | 196,927 | 196,927 | - | - |
Utilities | 216,251 | 216,251 | - | - |
Money Market Funds | 717,580 | 717,580 | - | - |
Total Investments in Securities: | 11,760,947 | 11,662,217 | 98,730 | - |
Derivative Instruments: Assets | ||||
Futures Contracts | 7,752 | 7,752 | - | - |
Total Assets | 7,752 | 7,752 | - | - |
Total Derivative Instruments: | 7,752 | 7,752 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 7,752 | 0 |
Total Equity Risk | 7,752 | 0 |
Total Value of Derivatives | 7,752 | 0 |
Statement of Assets and Liabilities | ||||
January 31, 2024 | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $9,547,769) | $ | 11,043,367 | ||
Fidelity Central Funds (cost $717,580) | 717,580 | |||
Total Investment in Securities (cost $10,265,349) | $ | 11,760,947 | ||
Segregated cash with brokers for derivative instruments | 35,400 | |||
Cash | 32,152 | |||
Foreign currency held at value (cost $6) | 6 | |||
Receivable for fund shares sold | 2,077 | |||
Dividends receivable | 7,929 | |||
Distributions receivable from Fidelity Central Funds | 2,160 | |||
Receivable from investment adviser for expense reductions | 1,687 | |||
Total assets | 11,842,358 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 102,324 | ||
Payable for daily variation margin on futures contracts | 12,102 | |||
Other payables and accrued expenses | 3,215 | |||
Total Liabilities | 117,641 | |||
Net Assets | $ | 11,724,717 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 10,198,774 | ||
Total accumulated earnings (loss) | 1,525,943 | |||
Net Assets | $ | 11,724,717 | ||
Net Asset Value, offering price and redemption price per share ($11,724,717 ÷ 999,066 shares) | $ | 11.74 |
Statement of Operations | ||||
For the period May 11, 2023 (commencement of operations) through January 31, 2024 | ||||
Investment Income | ||||
Dividends | $ | 102,904 | ||
Income from Fidelity Central Funds | 18,994 | |||
Total Income | 121,898 | |||
Expenses | ||||
Custodian fees and expenses | $ | 6,877 | ||
Independent trustees' fees and expenses | 30 | |||
Total expenses before reductions | 6,907 | |||
Expense reductions | (6,832) | |||
Total expenses after reductions | 75 | |||
Net Investment income (loss) | 121,823 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,220 | |||
Foreign currency transactions | (45) | |||
Futures contracts | 15,357 | |||
Total net realized gain (loss) | 16,532 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,495,598 | |||
Assets and liabilities in foreign currencies | (3) | |||
Futures contracts | 7,752 | |||
Total change in net unrealized appreciation (depreciation) | 1,503,347 | |||
Net gain (loss) | 1,519,879 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,641,702 |
Statement of Changes in Net Assets | ||
For the period May 11, 2023 (commencement of operations) through January 31, 2024 | ||
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ | 121,823 |
Net realized gain (loss) | 16,532 | |
Change in net unrealized appreciation (depreciation) | 1,503,347 | |
Net increase (decrease) in net assets resulting from operations | 1,641,702 | |
Distributions to shareholders | (115,759) | |
Share transactions | ||
Proceeds from sales of shares | 11,690,685 | |
Reinvestment of distributions | 115,759 | |
Cost of shares redeemed | (1,607,670) | |
Net increase (decrease) in net assets resulting from share transactions | 10,198,774 | |
Total increase (decrease) in net assets | 11,724,717 | |
Net Assets | ||
Beginning of period | - | |
End of period | $ | 11,724,717 |
Other Information | ||
Shares | ||
Sold | 1,134,619 | |
Issued in reinvestment of distributions | 10,363 | |
Redeemed | (145,916) | |
Net increase (decrease) | 999,066 | |
Fidelity® Series Sustainable U.S. Market Fund |
Years ended January 31, | 2024 A | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ | 10.00 |
Income from Investment Operations | ||
Net investment income (loss) B,C | .14 | |
Net realized and unrealized gain (loss) | 1.72 | |
Total from investment operations | 1.86 | |
Distributions from net investment income | (.12) | |
Distributions from net realized gain | (.01) | |
Total distributions | (.12) D | |
Net asset value, end of period | $ | 11.74 |
Total Return E,F | 18.66% | |
Ratios to Average Net Assets C,G,H | ||
Expenses before reductions | .10% I | |
Expenses net of fee waivers, if any | -% I,J | |
Expenses net of all reductions | -% I,J | |
Net investment income (loss) | 1.75% I | |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ | 11,725 |
Portfolio turnover rate K | 28% I |
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% |
Gross unrealized appreciation | $1,720,723 |
Gross unrealized depreciation | (233,890) |
Net unrealized appreciation (depreciation) | $1,486,833 |
Tax Cost | $10,274,114 |
Undistributed ordinary income | $24,939 |
Undistributed long-term capital gain | $14,174 |
Net unrealized appreciation (depreciation) on securities and other investments | $1,486,830 |
January 31, 2024A | |
Ordinary Income | $115,759 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Series Sustainable U.S. Market Fund | 11,475,351 | 1,915,295 |
Amount | |
Fidelity Series Sustainable U.S. Market Fund | $98 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Sustainable U.S. Market Fund | - | 1,652 | (18) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Series Sustainable U.S. Market Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 1,058.50 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.21 | $-E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Item 2.
Code of Ethics
As of the end of the period, January 31, 2024, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that 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.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Series Sustainable U.S. Market Fund (the “Fund”):
Services Billed by PwC
January 31, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series Sustainable U.S. Market Fund | $26,500 | $1,700 | $6,400 | $600 |
January 31, 2023 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series Sustainable U.S. Market Fund | $- | $- | $- | $- |
A Amounts may reflect rounding.
B Fidelity Series Sustainable U.S. Market Fund commenced operations on May 11, 2023.
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”):
Services Billed by PwC
January 31, 2024A | January 31, 2023A,B | |
Audit-Related Fees | $8,284,200 | $7,884,000 |
Tax Fees | $61,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Series Sustainable U.S. Market Fund’s commencement of operations.
“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:
Billed By | January 31, 2024A | January 31, 2023A,B |
PwC | $13,497,200 | $13,157,600 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Series Sustainable U.S. Market Fund’s commencement of operations.
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.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(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.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Summer Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | March 21, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | March 21, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | March 21, 2024 |