N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2737

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

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

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

Date of fiscal year end:

September 30

 

 

Date of reporting period:

June 30, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Series Floating Rate High Income Fund

June 30, 2012 

1.924296.100

SFR-QTLY-0812

Investments June 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (f) - 86.6%

 

Principal
Amount

Value

Aerospace - 1.9%

Aeroflex, Inc. Tranche B, term loan 5.75% 5/9/18 (e)

$ 3,426,851

$ 3,315,479

Sequa Corp. term loan 3.72% 12/3/14 (e)

12,575,000

12,323,500

TransDigm Group, Inc. Tranche B2, term loan 4% 2/14/17 (e)

5,522,250

5,522,250

TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (e)

3,790,758

3,790,758

 

24,951,987

Air Transportation - 1.5%

Delta Air Lines, Inc. Tranche B, term loan 5.5% 4/20/17 (e)

3,809,759

3,814,521

Northwest Airlines Corp.:

Tranche A, term loan 2.22% 12/31/18 (e)

1,832,132

1,731,365

Tranche B, term loan 3.97% 12/22/13 (e)

753,709

751,825

United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (e)

2,370,000

2,298,900

US Airways Group, Inc. term loan 2.7453% 3/23/14 (e)

12,807,042

12,166,690

 

20,763,301

Automotive - 2.6%

AM General LLC:

Credit-Linked Deposit 3.2453% 9/30/12 (e)

50,000

46,750

Tranche B, term loan 3.2193% 9/30/13 (e)

736,231

688,376

Chrysler Group LLC Tranche B, term loan 6% 5/24/17 (e)

9,408,482

9,479,046

Delphi Corp. Tranche B, term loan 3.5% 3/31/17 (e)

3,487,000

3,491,359

Federal-Mogul Corp.:

Tranche B, term loan 2.1776% 12/27/14 (e)

14,899,990

14,154,990

Tranche C, term loan 2.1776% 12/27/15 (e)

7,602,198

7,222,088

 

35,082,609

Banks & Thrifts - 0.2%

Ocwen Financial Corp. Tranche B, term loan 7% 9/1/16 (e)

3,184,419

3,192,380

Broadcasting - 4.7%

AMC Networks, Inc. Tranche B, term loan 4% 12/31/18 (e)

2,963,035

2,940,812

Barrington Broadcasting Co., LLC Tranche B, term loan 7.5% 6/14/17 (e)

2,830,050

2,851,275

Clear Channel Capital I LLC Tranche B, term loan 3.8888% 1/29/16 (e)

5,132,935

4,106,348

Clear Channel Communications, Inc. Tranche A, term loan 3.6452% 7/30/14 (e)

8,226,713

7,506,875

Nexstar Broadcasting, Inc. term loan 5% 9/30/16 (e)

3,578,787

3,560,893

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Broadcasting - continued

TWCC Holding Corp. Tranche B, term loan 4.25% 2/11/17 (e)

$ 1,834,605

$ 1,825,432

Univision Communications, Inc. term loan 4.4953% 3/31/17 (e)

31,322,000

29,442,669

VNU, Inc. Tranche C, term loan 3.4908% 5/1/16 (e)

10,957,096

10,888,615

 

63,122,919

Building Materials - 0.7%

Armstrong World Industries, Inc. Tranche B, term loan 4% 3/10/18 (e)

1,332,315

1,324,055

Goodman Global Group, Inc. Tranche 2 LN, term loan 9% 10/28/17 (e)

382,000

388,685

HD Supply, Inc. Tranche B 1LN, term loan 7.25% 10/12/17 (e)

7,815,000

7,873,613

 

9,586,353

Cable TV - 2.6%

Cequel Communications LLC Tranche B, term loan 4% 2/14/19 (e)

11,057,288

10,836,142

CSC Holdings, Inc. Tranche B3, term loan 3.2453% 3/29/16 (e)

7,134,506

7,045,325

Kabel Deutschland GmbH Tranche F, term loan 4.25% 2/1/19 (e)

3,713,000

3,680,511

Liberty Cablevision of Puerto Rico LTC term loan 2.2418% 6/15/14 (e)

770,942

755,524

UPC Broadband Holding BV:

Tranche T, term loan 3.7388% 12/31/16 (e)

234,000

231,660

Tranche X, term loan 3.7388% 12/31/17 (e)

3,351,000

3,254,659

WideOpenWest Finance LLC:

Tranche A, term loan 6.7414% 6/28/14 (e)

335,285

331,932

Tranche B 1LN, term loan 2.7504% 6/27/14 (e)

1,904,328

1,890,045

Zayo Group LLC Tranche B, term loan 7.125% 6/14/19 (e)

7,500,000

7,528,125

 

35,553,923

Capital Goods - 0.5%

Husky Intermediate, Inc. Tranche B, term loan 6.5449% 6/30/18 (e)

5,766,475

5,795,307

Kinetek Industries, Inc. Tranche B 1LN, term loan 2.7453% 11/10/13 (e)

419,578

416,431

 

6,211,738

Chemicals - 2.3%

Arizona Chemical Tranche B, term loan 7.25% 12/22/17 (e)

4,808,727

4,850,804

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Chemicals - continued

Emerald Performance Materials, LLC Tranche B, term loan 6.75% 5/11/18 (e)

$ 5,845,000

$ 5,801,163

INEOS U.S. Finance LLC term loan 6.5% 4/27/18 (e)

8,925,288

8,746,782

PL Propylene LLC Tranche B, term loan 7% 3/27/17 (e)

8,063,550

8,124,027

Taminco Global Chemical Corp. Tranche B 1LN, term loan 5.25% 2/15/19 (e)

1,038,398

1,039,696

Univar NV Tranche B, term loan 5% 6/30/17 (e)

2,041,636

2,005,908

 

30,568,380

Consumer Products - 1.7%

Amscan Holdings, Inc. Tranche B, term loan 6.75% 11/30/17 (e)

3,782,749

3,773,292

Huish Detergents, Inc.:

Tranche 2LN, term loan 4.5% 10/26/14 (e)

2,850,000

2,522,250

Tranche B 1LN, term loan 2.25% 4/26/14 (e)

3,375,236

3,138,969

NBTY, Inc. Tranche B 1LN, term loan 4.25% 10/1/17 (e)

3,410,000

3,401,475

Revlon Consumer Products Corp. term loan 4.7525% 11/19/17 (e)

3,834,633

3,810,667

Reynolds Consumer Products Holdings, Inc. Tranche C, term loan 6.5% 8/9/18 (e)

6,083,021

6,113,436

 

22,760,089

Containers - 0.8%

Anchor Glass Container Corp.:

Tranche 1LN, term loan 6% 3/2/16 (e)

2,628,000

2,628,000

Tranche 2LN, term loan 10% 9/2/16 (e)

2,312,000

2,312,000

BWAY Holding Co. Tranche B, term loan 4.5% 2/23/18 (e)

748,568

742,954

Consolidated Container Co. Tranche B, term loan 5.75% 6/28/19 (e)

3,940,000

3,910,450

Tricorbraun, Inc. Tranche B, term loan 5.5% 4/30/18 (e)

1,570,000

1,573,925

 

11,167,329

Diversified Financial Services - 1.4%

AlixPartners LLP Tranche 2LN, term loan 10.75% 11/15/19 (e)

3,000,000

2,928,750

Delos Aircraft, Inc. Tranche T 2LN, term loan 4.75% 4/12/16 (e)

2,985,000

2,996,343

Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (e)

2,000,000

2,007,600

HarbourVest Partners LLC Tranche B, term loan 6.25% 12/17/16 (e)

7,376,898

7,340,013

LPL Holdings, Inc. Tranche B, term loan 4% 3/29/19 (e)

2,992,500

2,966,465

 

18,239,171

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Diversified Media - 0.5%

Advanstar Communications, Inc. Tranche 1LN, term loan 2.72% 5/31/14 (e)

$ 8,985,707

$ 6,918,994

Electric Utilities - 5.9%

Bicent Power LLC Tranche 2LN, term loan 12/31/14 (c)

2,972,630

14,863

BRSP LLC term loan 7.5% 6/24/14 (e)

5,028,569

5,028,569

Calpine Corp. Tranche B, term loan 4.5% 4/1/18 (e)

4,558

4,530

Dynegy, Inc.:

(Coal) Tranche B, term loan 9.25% 8/5/16 (e)

6,655,000

6,821,375

(Gas) Tranche B, term loan 9.25% 8/5/16 (e)

6,576,867

6,807,058

EquiPower Resources Holdings LLC:

Tranche 2LN, term loan 10% 6/21/19 (e)

3,000,000

2,992,500

Tranche B 1LN, term loan 6.5% 12/21/18 (e)

6,500,000

6,483,750

Tempus Public Foundation Generation Holdings LLC Tranche 2LN, term loan 4.7197% 12/15/14 (e)

12,442,778

12,100,602

Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan:

3.7408% 10/10/14 (e)

35,297,000

22,192,989

4.7408% 10/10/17 (e)

27,941,000

16,659,821

 

79,106,057

Energy - 6.7%

Alon USA, Inc. term loan 2.4952% 8/4/13 (e)

12,307,313

11,815,021

ATP Oil & Gas Corp. Tranche B, term loan 8.75% 1/15/15 (e)

2,074,575

1,986,406

CCS, Inc. Tranche B, term loan 3.2453% 11/14/14 (e)

9,570,891

9,211,982

Chesapeake Energy Corp. term loan 8.5% 12/2/17 (e)

13,255,000

13,105,881

Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (e)

18,445,000

18,076,100

Everest Acquisition LLC Tranche B, term loan 6.5% 4/24/18 (e)

7,250,000

7,322,500

FTS International, LLC Tranche B, term loan 6.25% 5/6/16 (e)

1,965,000

1,793,063

LSP Madison Funding LLC Tranche 1LN, term loan 5.5% 6/28/19 (e)

12,000,000

11,820,000

Race Point Power Tranche B, term loan 7.7506% 1/11/18 (e)

4,640,145

4,524,141

Sheridan Production Partners LP term loan 6.5% 4/20/17 (e)

9,868,524

9,868,524

 

89,523,618

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Environmental - 0.0%

Synagro Technologies, Inc. Tranche 1LN, term loan 2.25% 3/30/14 (e)

$ 74,607

$ 64,162

Food & Drug Retail - 2.3%

Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (e)

5,000,000

4,987,500

GNC Corp. Tranche B, term loan 4.25% 3/2/18 (e)

3,537,000

3,510,473

Rite Aid Corp. Tranche ABL, term loan 2% 6/4/14 (e)

7,784,000

7,569,940

Roundy's, Inc. Tranche B, term loan 5.75% 2/13/19 (e)

3,046,365

3,015,901

Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (e)

11,633,817

11,430,225

 

30,514,039

Gaming - 3.8%

Affinity Gaming LLC Tranche B, term loan 5.5% 11/9/17 (e)

3,127,163

3,119,345

Fantasy Springs Resort Casino term loan 8/6/12 (c)

3,222,664

2,513,678

Green Valley Ranch Gaming LLC term loan:

6.25% 6/17/16 (e)

4,597,290

4,562,811

10% 6/17/17 (e)

1,162,000

1,153,285

Gun Lake Tribal Gaming Authority term loan 12% 7/20/15 (e)

8,468,000

8,933,740

Harrah's Entertainment, Inc.:

Tranche B-6, term loan 5.4952% 1/28/18 (e)

6,539,000

5,787,015

Tranche B1, term loan 3.2453% 1/28/15 (e)

2,250,000

2,092,500

Tranche B4, term loan 9.5% 10/31/16 (e)

3,757,730

3,795,307

Kerzner International Ltd.:

term loan 10.5% 9/1/13 (e)

10,472,284

9,739,224

Tranche DD, term loan 10.5% 9/1/13 (e)

5,588,611

5,197,408

Station Casinos LLC Tranche B1, term loan 3.2453% 6/16/18 (e)

1,653,436

1,554,230

Stockbridge SBE Holdings LLC Tranche B, term loan 13% 5/2/17 (e)

2,450,000

2,413,250

 

50,861,793

Healthcare - 6.8%

Bausch & Lomb, Inc. Tranche B, term loan 5.25% 5/18/19 (e)

5,845,000

5,801,163

Community Health Systems, Inc. term loan 3.9667% 1/25/17 (e)

15,285,962

14,903,813

Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (e)

6,809,777

6,418,215

Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (e)

5,105,718

5,061,043

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Healthcare - continued

Grifols, Inc. Tranche B, term loan 4.5% 6/1/17 (e)

$ 3,546,900

$ 3,511,431

HCA, Inc. Tranche B2, term loan 3.7106% 3/31/17 (e)

23,727,000

23,105,353

HCR Healthcare LLC Tranche B, term loan 5% 4/16/18 (e)

4,915,113

4,767,660

HGI Holdings, Inc. Tranche B, term loan 6.75% 10/1/16 (e)

3,412,860

3,412,860

IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (e)

5,676,259

5,576,925

Sheridan Healthcare, Inc.:

Tranche 1LN, term loan 6% 6/29/18 (e)

3,280,000

3,271,800

Tranche 2LN, term loan 9% 6/29/19 (e)

3,280,000

3,284,100

Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (e)

3,975,000

3,895,500

Sun Healthcare Group, Inc. Tranche B, term loan 8.75% 10/18/16 (e)

1,947,000

1,927,530

United Surgical Partners International, Inc. term loan 6% 4/3/19 (e)

3,491,250

3,430,153

VWR Funding, Inc. term loan 2.7452% 6/29/14 (e)

3,148,769

3,113,503

 

91,481,049

Homebuilders/Real Estate - 0.7%

CB Richard Ellis Group, Inc. Tranche B, term loan 3.4938% 11/9/16 (e)

392,005

389,065

CB Richard Ellis Services, Inc. Tranche C, term loan 3.4953% 3/4/18 (e)

1,904,382

1,885,338

Realogy Corp.:

Credit-Linked Deposit 3.2413% 10/10/13 (e)

750,221

701,456

Credit-Linked Deposit 4.4913% 10/10/16 (e)

217,629

205,660

term loan 4.4908% 10/10/16 (e)

2,781,274

2,628,304

Summit Materials LLC Tranche B, term loan 6% 1/30/19 (e)

4,183,515

4,183,515

 

9,993,338

Hotels - 0.1%

Kerzner International Holdings Ltd. term loan 10.5% 9/1/13 (e)

1,175,534

1,175,534

Insurance - 3.7%

AmWINS Group, Inc. Tranche 2LN, term loan 9.25% 12/6/19 (e)

4,030,000

3,959,475

Asurion Corp.:

Tranche 1st LN, term loan 5.5% 5/24/18 (e)

19,157,455

19,086,572

Tranche 2nd LN, term loan 9% 5/24/19 (e)

16,042,000

16,362,840

CNO Financial Group, Inc. Tranche B, term loan 6.25% 9/30/16 (e)

2,297,187

2,297,187

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Insurance - continued

Lonestar Intermediate Super Holdings LLC term loan 11% 9/2/19 (e)

$ 3,370,000

$ 3,521,650

USI Holdings Corp. Tranche B, term loan 2.75% 5/4/14 (e)

4,176,021

4,123,821

 

49,351,545

Leisure - 2.5%

24 Hour Fitness Worldwide, Inc. Tranche B, term loan 7.5% 4/22/16 (e)

12,435,553

12,404,464

Cannery Casino Resorts LLC:

term loan 4.4953% 5/18/13 (e)

1,688,253

1,662,929

Tranche B, term loan 4.4953% 5/18/13 (e)

1,939,791

1,910,694

Formula One Holdings Tranche B, term loan 5.75% 4/28/17 (e)

4,937,625

4,931,453

SeaWorld Parks & Entertainment, Inc. term loan 4% 8/17/17 (e)

3,500,971

3,479,265

Town Sports International LLC Tranche B, term loan 7% 5/11/18 (e)

8,814,111

8,858,182

 

33,246,987

Metals/Mining - 1.4%

Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (e)

10,435,000

10,226,300

Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (e)

2,863,000

2,841,528

SunCoke Energy, Inc. Tranche B, term loan 4% 7/26/18 (e)

1,176,062

1,170,181

Walter Energy, Inc. Tranche B, term loan 4% 4/1/18 (e)

4,184,366

4,105,909

 

18,343,918

Publishing/Printing - 1.4%

Getty Images, Inc. Tranche B 1LN, term loan 3.9953% 11/5/15 (e)

4,000,000

4,010,000

Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (e)

1,810,000

1,796,425

Newsday LLC term loan:

6.7167% 8/1/13 (e)

1,584,000

1,580,040

10.5% 8/1/13

1,188,000

1,205,820

Quad/Graphics, Inc. Tranche B, term loan 4% 7/26/18 (e)

1,818,837

1,777,913

Thomson Learning Tranche B, term loan 2.5% 7/5/14 (e)

6,617,264

6,120,969

Tribune Co. Tranche X, term loan 3/17/09 (c)

3,189,000

2,072,850

 

18,564,017

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Restaurants - 1.4%

Burger King Corp. Tranche B, term loan 4.5% 10/19/16 (e)

$ 3,587,091

$ 3,569,155

Dunkin Brands, Inc. Tranche B2, term loan 4.0034% 11/23/17 (e)

1,812,503

1,785,315

Focus Brands, Inc. Tranche B 1LN, term loan 6.2657% 2/21/18 (e)

1,132,841

1,130,008

Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (e)

7,980,000

7,980,000

NPC International, Inc. Tranche B, term loan 5.25% 12/28/18 (e)

3,818,430

3,808,884

 

18,273,362

Services - 2.5%

ARAMARK Corp.:

Credit-Linked Deposit 3.4958% 7/26/16 (e)

130,000

128,213

Tranche B, term loan 3.4953% 7/26/16 (e)

1,972,000

1,944,885

Bakercorp International, Inc. term loan 4.75% 6/1/18 (e)

3,844,317

3,825,095

Brickman Group Holdings, Inc. Tranche B 1LN, term loan 5.5% 10/14/16 (e)

4,335,000

4,335,000

Central Parking Corp.:

Credit-Linked Deposit 2.5% 5/22/14 (e)

1,281,000

1,255,380

Tranche 2LN, term loan 5% 11/22/14 (e)

772,000

737,260

Tranche B 1LN, term loan 2.75% 5/22/14 (e)

1,717,000

1,682,660

KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (e)

3,834,633

3,844,220

Nexeo Solutions LLC Tranche B, term loan 5% 9/9/17 (e)

3,764,937

3,661,401

Sedgwick CMS Holdings, Inc. Tranche B 1LN, term loan 5% 12/31/16 (e)

1,202,266

1,190,244

SymphonyIRI Group, Inc. Tranche B, term loan 5.0025% 12/1/17 (e)

2,890,402

2,861,498

U.S. Foodservice Tranche B, term loan 2.75% 7/3/14 (e)

8,621,121

8,340,935

 

33,806,791

Shipping - 0.7%

Swift Transportation Co. LLC Tranche B-2, term loan 5% 12/21/17 (e)

9,545,772

9,582,045

Specialty Retailing - 0.7%

Claire's Stores, Inc. term loan 3.0616% 5/29/14 (e)

4,135,374

3,938,944

Dave & Buster's Holdings, Inc. Tranche B, term loan 5.5% 6/1/16 (e)

1,905,140

1,900,377

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Specialty Retailing - continued

Michaels Stores, Inc.:

Tranche B1, term loan 2.75% 10/31/13 (e)

$ 1,304,000

$ 1,300,740

Tranche B2, term loan 5% 7/31/16 (e)

2,725,000

2,721,594

 

9,861,655

Steel - 0.4%

JMC Steel Group, Inc. term loan 4.75% 4/1/17 (e)

1,955,116

1,950,228

Tube City IMS Corp. Tranche B, term loan 5.75% 3/20/19 (e)

3,000,000

3,000,000

 

4,950,228

Super Retail - 3.6%

Academy Ltd. Tranche B, term loan 6% 8/3/18 (e)

6,698,315

6,723,434

Bass Pro Shops LLC. Tranche B, term loan 5.25% 6/13/17 (e)

3,648,446

3,648,446

BJ's Wholesale Club, Inc.:

Tranche B 1LN, term loan 5.25% 9/30/18 (e)

9,575,940

9,575,940

Tranche M 2LN, term loan 10% 3/30/19 (e)

2,813,000

2,890,358

Burlington Coat Factory Warehouse Corp. Tranche B 1LN, term loan 5.5% 2/23/17 (e)

3,847,699

3,828,460

PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (e)

4,874,000

4,837,445

Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (e)

12,366,455

11,995,461

Toys 'R' Us, Inc.:

term loan 6% 9/1/16 (e)

3,780,759

3,563,366

Tranche B2, term loan 5.25% 5/25/18 (e)

1,829,759

1,655,932

 

48,718,842

Technology - 12.1%

Avaya, Inc.:

term loan 3.2169% 10/27/14 (e)

6,786,134

6,395,932

Tranche B 3LN, term loan 4.9669% 10/26/17 (e)

14,663,641

12,977,323

Ceridian Corp. term loan 3.195% 11/8/14 (e)

5,312,956

5,100,438

First Data Corp.:

term loan 4.2453% 3/24/18 (e)

19,448,000

17,892,160

Tranche D, term loan 5.2452% 3/24/17 (e)

26,046,855

24,809,629

Freescale Semiconductor, Inc. term loan 4.4888% 12/1/16 (e)

17,577,000

16,698,150

GoDaddy.com, Inc. Tranche B 1LN, term loan 5.5% 12/16/18 (e)

9,949,875

9,800,627

Kronos, Inc.:

Tranche 1LN, term loan 6.25% 12/21/17 (e)

3,968,060

3,953,180

Tranche B 1LN, term loan 5.2106% 6/11/17 (e)

3,455,635

3,455,635

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Technology - continued

Kronos, Inc.: - continued

Tranche B 2LN, term loan 10.4606% 6/11/18 (e)

$ 12,835,000

$ 12,835,000

Lawson Software, Inc. Tranche B, term loan 6.25% 4/5/18 (e)

10,000,000

10,050,000

MDA Information Products Tranche B, term loan 7% 1/4/17 (e)

774,771

720,537

NDS Group PLC Tranche B, term loan 3.75% 3/10/18 (e)

4,577,821

4,554,932

NXP BV:

term loan 4.5% 3/4/17 (e)

11,865,919

11,717,595

Tranche A 2LN, term loan 5.5% 3/4/17 (e)

6,290,311

6,306,037

Reynolds & Reynolds Co. Tranche B, term loan 3.75% 4/21/18 (e)

2,351,004

2,339,249

Serena Software, Inc. term loan 4.2408% 3/10/16 (e)

2,742,000

2,673,450

Sunquest Information Systems, Inc.:

Tranche 1 LN, term loan 6.25% 12/16/16 (e)

1,669,568

1,669,568

Tranche 2 LN, term loan 9.75% 6/16/17 (e)

5,776,000

5,891,520

TriZetto Group, Inc. Tranche B, term loan 4.75% 5/2/18 (e)

3,135,166

3,041,111

 

162,882,073

Telecommunications - 8.5%

Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (e)

7,878,410

7,750,780

Digicel International Finance Ltd.:

Tranche D 1LN, term loan 4% 3/31/17 (e)

3,990,000

3,710,700

Tranche D, term loan 4% 3/31/15 (e)

22,567,045

21,664,363

DigitalGlobe, Inc. Tranche B, term loan 5.75% 10/12/18 (e)

2,363,125

2,327,678

FairPoint Communications, Inc. term loan 6.5% 1/24/16 (e)

16,148,850

14,170,616

Genesys SA Tranche B, term loan 6.75% 1/31/19 (e)

3,949,103

3,949,103

Intelsat Jackson Holdings SA:

term loan 3.2408% 2/1/14 (e)

22,931,000

22,243,070

Tranche B, term loan 5.25% 4/2/18 (e)

10,867,557

10,867,557

Level 3 Financing, Inc. term loan 2.6535% 3/13/14 (e)

8,264,000

8,119,380

MetroPCS Wireless, Inc. Tranche B 3LN, term loan 4% 3/17/18 (e)

2,536,891

2,479,811

Telesat Holding, Inc. Tranche B, term loan 4.25% 3/28/19 (e)

3,240,000

3,207,600

Floating Rate Loans (f) - continued

 

Principal
Amount

Value

Telecommunications - continued

Vodafone Americas Finance 2, Inc.:

2nd LN, term loan 6.25% 6/24/16 pay-in-kind

$ 817,000

$ 801,199

term loan 6.875% 8/11/15

12,405,701

12,226,508

 

113,518,365

TOTAL FLOATING RATE LOANS

(Cost $1,164,321,833)


1,161,938,591

Nonconvertible Bonds - 5.7%

 

Air Transportation - 0.0%

United Air Lines, Inc. 9.875% 8/1/13 (d)

622,000

646,880

Banks & Thrifts - 0.9%

Ally Financial, Inc.:

3.6669% 2/11/14 (e)

7,918,000

7,759,640

3.8679% 6/20/14 (e)

2,647,000

2,621,801

GMAC LLC 2.6669% 12/1/14 (e)

2,348,000

2,230,600

 

12,612,041

Containers - 0.1%

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 7.875% 8/15/19 (d)

1,063,000

1,142,725

Diversified Financial Services - 0.7%

Icahn Enterprises LP/Icahn Enterprises Finance Corp.:

7.75% 1/15/16

2,553,000

2,683,841

8% 1/15/18

610,000

648,125

MU Finance PLC 8.375% 2/1/17 (d)

5,802,000

6,287,627

 

9,619,593

Electric Utilities - 0.1%

Energy Future Holdings Corp. 10% 1/15/20

1,300,000

1,397,500

Energy - 0.2%

ATP Oil & Gas Corp. 11.875% 5/1/15

1,676,000

770,960

Expro Finance Luxembourg SCA 8.5% 12/15/16 (d)

2,254,000

2,169,475

 

2,940,435

Gaming - 0.6%

Harrah's Operating Co., Inc. 11.25% 6/1/17

2,801,000

3,039,085

MGM Mirage, Inc.:

10.375% 5/15/14

1,326,000

1,503,419

Nonconvertible Bonds - continued

 

Principal
Amount

Value

Gaming - continued

MGM Mirage, Inc.: - continued

11.125% 11/15/17

$ 1,867,000

$ 2,095,708

13% 11/15/13

1,077,000

1,227,780

 

7,865,992

Homebuilders/Real Estate - 0.1%

Realogy Corp. 7.625% 1/15/20 (d)

1,708,000

1,772,050

Insurance - 0.1%

USI Holdings Corp. 4.3419% 11/15/14 (d)(e)

1,207,000

1,119,493

Paper - 0.1%

Verso Paper Holdings LLC/Verso Paper, Inc. 11.75% 1/15/19 (d)

2,118,000

1,609,680

Publishing/Printing - 0.1%

The Reader's Digest Association, Inc. 9.5% 2/15/17 (e)

1,911,000

1,490,580

Restaurants - 0.2%

Dave & Buster's, Inc. 11% 6/1/18

1,979,000

2,157,110

Services - 0.7%

ARAMARK Corp. 3.9659% 2/1/15 (e)

4,194,000

4,162,545

Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.9668% 5/15/14 (e)

5,137,000

5,053,781

 

9,216,326

Technology - 1.1%

Avaya, Inc. 10.125% 11/1/15 pay-in-kind (e)

4,282,000

3,468,420

Freescale Semiconductor, Inc.:

4.3429% 12/15/14 (e)

7,492,000

7,379,620

10.125% 3/15/18 (d)

1,705,000

1,862,713

Spansion LLC 7.875% 11/15/17

1,561,000

1,514,170

 

14,224,923

Telecommunications - 0.7%

Clearwire Communications LLC/Clearwire Finance, Inc.:

12% 12/1/15 (d)

4,536,000

4,127,760

14.75% 12/1/16 (d)

1,041,000

1,012,373

Clearwire Escrow Corp. 12% 12/1/15 (d)

3,959,000

3,582,895

 

8,723,028

TOTAL NONCONVERTIBLE BONDS

(Cost $77,184,830)


76,538,356

Common Stocks - 1.8%

Shares

Value

Chemicals - 1.6%

LyondellBasell Industries NV Class A

535,700

$ 21,572,639

Hotels - 0.2%

Kerzner International Holdings Ltd.:

warrants 4/27/22 (a)(g)

71,325

1

warrants 4/27/22 (a)(g)

73,268

1

warrants 4/27/22 (a)(g)

57,868

1

Class A (g)

2,172,163

2,096,137

 

2,096,140

Telecommunications - 0.0%

FairPoint Communications, Inc. (a)

34,000

209,100

TOTAL COMMON STOCKS

(Cost $24,906,545)


23,877,879

Money Market Funds - 8.3%

 

 

 

 

Fidelity Cash Central Fund, 0.17% (b)
(Cost $111,576,816)

111,576,816


111,576,816

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $1,377,990,024)

1,373,931,642

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(31,742,108)

NET ASSETS - 100%

$ 1,342,189,534

Legend

(a) Non-income producing

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

(c) Non-income producing - Security is in default.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $25,333,671 or 1.9% of net assets.

(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(f) Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,096,140 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost

Kerzner International Holdings Ltd. warrants 4/27/22

4/27/12

$ -

Kerzner International Holdings Ltd. Class A

4/27/12

$ 783,690

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 49,826

Fidelity Floating Rate Central Fund

16,640,224

Total

$ 16,690,050

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund

Value,
beginning
of period

Purchases

Sales
Proceeds

Value,
end of
period

% ownership,
end of
period

Fidelity Floating Rate Central Fund

$ -

$ 1,162,487,513*

$ 1,201,879,288*

$ -

-

* Includes the value of shares purchased or redeemed through in-kind transactions.

Other Information

The following is a summary of the inputs used, as of June 30, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 2,096,140

$ -

$ -

$ 2,096,140

Materials

21,572,639

21,572,639

-

-

Telecommunication Services

209,100

209,100

-

-

Floating Rate Loans

1,161,938,591

-

1,160,763,057

1,175,534

Corporate Bonds

76,538,356

-

76,538,356

-

Money Market Funds

111,576,816

111,576,816

-

-

Total Investments in Securities:

$ 1,373,931,642

$ 133,358,555

$ 1,237,301,413

$ 3,271,674

Income Tax Information

At June 30, 2012, the cost of investment securities for income tax purposes was $1,372,752,484. Net unrealized appreciation aggregated $1,179,158, of which $11,635,630 related to appreciated investment securities and $10,456,472 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant 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 are used and are categorized as level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

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

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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.

SIGNATURES

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

Fidelity Summer Street Trust

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 29, 2012

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 29, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 29, 2012