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:

August 31

 

 

Date of reporting period:

November 30, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Export and Multinational Fund
Export and Multinational
Class K

November 30, 2010 

1.810713.106

EXF-QTLY-0111

Investments November 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.8%

Automobiles - 0.2%

General Motors Co.

151,400

$ 5,178

Diversified Consumer Services - 0.1%

Anhanguera Educacional Participacoes SA unit

72,329

1,678

Hotels, Restaurants & Leisure - 2.6%

Las Vegas Sands Corp. (a)

279,000

13,972

McDonald's Corp.

696,400

54,528

 

68,500

Household Durables - 0.3%

Beazer Homes USA, Inc. (a)(d)

1,619,206

6,736

Internet & Catalog Retail - 0.7%

Amazon.com, Inc. (a)

99,900

17,522

Media - 1.9%

The Walt Disney Co.

854,100

31,183

Time Warner, Inc.

601,700

17,744

 

48,927

Multiline Retail - 2.2%

Kohl's Corp. (a)

406,600

22,940

Macy's, Inc.

566,200

14,540

Marisa Lojas SA

84,700

1,290

Target Corp.

337,200

19,200

 

57,970

Specialty Retail - 1.8%

H&M Hennes & Mauritz AB (B Shares)

362,400

12,230

I.T Ltd.

4,230,000

3,895

Inditex SA

178,317

13,437

TJX Companies, Inc.

358,800

16,365

 

45,927

Textiles, Apparel & Luxury Goods - 2.0%

Cia Hering SA

30,800

542

Phillips-Van Heusen Corp.

344,800

23,391

VF Corp.

347,500

28,801

 

52,734

TOTAL CONSUMER DISCRETIONARY

305,172

CONSUMER STAPLES - 11.6%

Beverages - 6.1%

Constellation Brands, Inc. Class A (sub. vtg.) (a)

1,192,583

24,579

Diageo PLC sponsored ADR

88,900

6,371

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

Molson Coors Brewing Co. Class B

657,256

$ 31,318

Silver Base Group Holdings Ltd.

3,056,000

2,590

The Coca-Cola Co.

1,478,500

93,397

 

158,255

Food & Staples Retailing - 0.2%

Drogasil SA

235,200

5,757

Food Products - 0.1%

Shenguan Holdings Group Ltd.

2,058,000

2,846

Household Products - 1.3%

Procter & Gamble Co.

539,200

32,929

Personal Products - 0.9%

Herbalife Ltd.

164,300

11,276

USANA Health Sciences, Inc. (a)

242,427

10,211

 

21,487

Tobacco - 3.0%

Altria Group, Inc.

2,170,000

52,080

British American Tobacco PLC sponsored ADR

356,400

25,982

 

78,062

TOTAL CONSUMER STAPLES

299,336

ENERGY - 12.2%

Energy Equipment & Services - 0.9%

Halliburton Co.

596,900

22,587

Oil, Gas & Consumable Fuels - 11.3%

Anadarko Petroleum Corp.

81,200

5,210

Chevron Corp.

707,800

57,311

Exxon Mobil Corp.

1,745,965

121,449

Marathon Oil Corp.

814,900

27,275

Massey Energy Co.

370,400

18,190

Northern Oil & Gas, Inc. (a)

253,200

5,786

Royal Dutch Shell PLC Class B ADR

141,100

8,510

Sunoco, Inc.

379,877

15,248

Talisman Energy, Inc.

678,500

13,027

Valero Energy Corp.

1,104,372

21,513

 

293,519

TOTAL ENERGY

316,106

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - 13.0%

Capital Markets - 2.3%

Evercore Partners, Inc. Class A

190,758

$ 5,757

Goldman Sachs Group, Inc.

214,000

33,414

Morgan Stanley

819,100

20,035

 

59,206

Commercial Banks - 4.7%

Barclays PLC

2,855,406

11,471

Comerica, Inc.

453,800

16,559

M&T Bank Corp.

136,400

10,497

Marshall & Ilsley Corp.

1,280,600

6,134

Regions Financial Corp.

1,609,400

8,659

SunTrust Banks, Inc.

341,500

7,977

U.S. Bancorp, Delaware

74,000

1,760

Wells Fargo & Co.

2,140,700

58,248

 

121,305

Diversified Financial Services - 3.5%

Bank of America Corp.

782,100

8,564

Citigroup, Inc. (a)

12,533,400

52,640

JPMorgan Chase & Co.

800,400

29,919

 

91,123

Insurance - 2.1%

Berkshire Hathaway, Inc. Class B (a)

690,100

54,987

Real Estate Investment Trusts - 0.4%

U-Store-It Trust

1,083,500

8,961

TOTAL FINANCIALS

335,582

HEALTH CARE - 11.6%

Biotechnology - 0.9%

BioMarin Pharmaceutical, Inc. (a)

819,700

22,197

Health Care Equipment & Supplies - 0.6%

C. R. Bard, Inc.

176,200

14,951

Health Care Providers & Services - 2.9%

Express Scripts, Inc. (a)

150,000

7,814

McKesson Corp.

313,600

20,039

Medco Health Solutions, Inc. (a)

444,800

27,275

Quest Diagnostics, Inc.

425,500

20,986

 

76,114

Health Care Technology - 0.3%

Allscripts-Misys Healthcare Solutions, Inc. (a)

404,300

7,095

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - 0.5%

PerkinElmer, Inc.

573,000

$ 13,351

Pharmaceuticals - 6.4%

Aspen Pharmacare Holdings Ltd.

939,900

12,324

Johnson & Johnson

1,127,100

69,373

Merck & Co., Inc.

1,403,700

48,386

Perrigo Co.

218,400

13,156

Valeant Pharmaceuticals International, Inc.

887,701

23,010

 

166,249

TOTAL HEALTH CARE

299,957

INDUSTRIALS - 12.1%

Aerospace & Defense - 2.6%

Precision Castparts Corp.

126,900

17,521

United Technologies Corp.

672,700

50,634

 

68,155

Construction & Engineering - 0.1%

Larsen & Toubro Ltd.

64,846

2,761

Electrical Equipment - 0.9%

Emerson Electric Co.

418,100

23,025

Industrial Conglomerates - 2.8%

General Electric Co.

3,578,600

56,649

Textron, Inc.

742,100

16,593

 

73,242

Machinery - 4.1%

Caterpillar, Inc.

355,900

30,109

Commercial Vehicle Group, Inc. (a)

616,200

8,732

Cummins, Inc.

338,100

32,836

Ingersoll-Rand Co. Ltd.

400,700

16,429

PACCAR, Inc.

325,500

17,531

 

105,637

Road & Rail - 1.5%

Union Pacific Corp.

421,200

37,954

Transportation Infrastructure - 0.1%

Companhia de Concessoes Rodoviarias

49,400

1,347

TOTAL INDUSTRIALS

312,121

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 19.1%

Communications Equipment - 4.2%

Adtran, Inc.

415,602

$ 12,942

Calix Networks, Inc. (a)(d)

1,030,045

13,154

Cisco Systems, Inc. (a)

1,918,900

36,766

Juniper Networks, Inc. (a)

114,200

3,885

QUALCOMM, Inc.

918,700

42,940

 

109,687

Computers & Peripherals - 5.0%

Apple, Inc. (a)

282,400

87,869

Hewlett-Packard Co.

648,500

27,192

Western Digital Corp. (a)

400,400

13,413

 

128,474

Electronic Equipment & Components - 1.6%

Agilent Technologies, Inc. (a)

470,500

16,477

Avnet, Inc. (a)

389,300

11,932

Universal Display Corp. (a)(d)

556,357

13,775

 

42,184

Internet Software & Services - 2.9%

eBay, Inc. (a)

398,800

11,617

Google, Inc. Class A (a)

82,575

45,888

Mail.ru Group Ltd. GDR unit (a)(e)

41,200

1,689

Rackspace Hosting, Inc. (a)

550,600

16,061

 

75,255

IT Services - 1.8%

Accenture PLC Class A

474,800

20,568

Virtusa Corp. (a)

215,366

2,938

Visa, Inc. Class A

300,000

22,155

 

45,661

Semiconductors & Semiconductor Equipment - 1.1%

Linear Technology Corp.

338,700

11,042

Marvell Technology Group Ltd. (a)

612,200

11,809

Micron Technology, Inc. (a)

715,200

5,192

 

28,043

Software - 2.5%

Oracle Corp.

1,838,400

49,710

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

salesforce.com, Inc. (a)

117,300

$ 16,331

Trion World Network, Inc. warrants 8/10/17 (a)(f)

28,652

0

 

66,041

TOTAL INFORMATION TECHNOLOGY

495,345

MATERIALS - 3.8%

Chemicals - 1.1%

Dow Chemical Co.

796,100

24,822

Grasim Industries Ltd.

62,029

3,232

Uralkali JSC GDR (Reg. S)

55,700

1,504

 

29,558

Construction Materials - 0.1%

China Shanshui Cement Group Ltd.

2,386,525

1,942

Metals & Mining - 2.6%

First Quantum Minerals Ltd.

184,700

16,408

Freeport-McMoRan Copper & Gold, Inc.

252,500

25,583

Mongolian Mining Corp.

4,274,000

4,690

Newmont Mining Corp.

366,600

21,567

 

68,248

TOTAL MATERIALS

99,748

TELECOMMUNICATION SERVICES - 3.5%

Diversified Telecommunication Services - 3.0%

AT&T, Inc.

1,529,800

42,513

Qwest Communications International, Inc.

4,899,400

34,296

 

76,809

Wireless Telecommunication Services - 0.5%

Sprint Nextel Corp. (a)

3,670,400

13,874

TOTAL TELECOMMUNICATION SERVICES

90,683

UTILITIES - 0.5%

Electric Utilities - 0.2%

Hong Kong Electric Holdings Ltd.

685,000

4,406

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - 0.3%

Sempra Energy

156,800

$ 7,854

TOTAL UTILITIES

12,260

TOTAL COMMON STOCKS

(Cost $2,310,316)

2,566,310

Convertible Preferred Stocks - 0.5%

 

 

 

 

FINANCIALS - 0.3%

Diversified Financial Services - 0.3%

Ning, Inc. Series D 8.00% (a)(f)

1,398,601

8,245

INFORMATION TECHNOLOGY - 0.2%

Software - 0.2%

Trion World Network, Inc.:

Series C, 8.00% (a)(f)

910,747

3,898

Series C-1, 8.00% (a)(f)

71,630

307

 

4,205

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $15,394)

12,450

Money Market Funds - 0.4%

 

 

 

 

Fidelity Cash Central Fund, 0.24% (b)

7,014,320

7,014

Fidelity Securities Lending Cash Central Fund, 0.25% (b)(c)

4,176,650

4,177

TOTAL MONEY MARKET FUNDS

(Cost $11,191)

11,191

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $2,336,901)

2,589,951

NET OTHER ASSETS (LIABILITIES) - (0.1)%

(2,046)

NET ASSETS - 100%

$ 2,587,905

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,689,000 or 0.1% of net assets.

(f) 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 $12,450,000 or 0.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Ning, Inc. Series D 8.00%

3/19/08

$ 10,000

Trion World Network, Inc. warrants 8/10/17

8/10/10

$ 0

Trion World Network, Inc.: Series C, 8.00%

8/22/08

$ 5,001

Series C-1, 8.00%

8/10/10

$ 393

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
(Amounts in thousands)

Fidelity Cash Central Fund

$ 15

Fidelity Securities Lending Cash Central Fund

129

Total

$ 144

Other Information

The following is a summary of the inputs used, as of November 30, 2010, 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 tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 305,172

$ 305,172

$ -

$ -

Consumer Staples

299,336

299,336

-

-

Energy

316,106

316,106

-

-

Financials

343,827

324,111

11,471

8,245

Health Care

299,957

299,957

-

-

Industrials

312,121

312,121

-

-

Information Technology

499,550

495,345

-

4,205

Materials

99,748

96,516

3,232

-

Telecommunication Services

90,683

90,683

-

-

Utilities

12,260

12,260

-

-

Money Market Funds

11,191

11,191

-

-

Total Investments in Securities:

$ 2,589,951

$ 2,562,798

$ 14,703

$ 12,450

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 12,450

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 12,450

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2010

$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At November 30, 2010, the cost of investment securities for income tax purposes was $2,352,684,000. Net unrealized appreciation aggregated $237,267,000, of which $293,355,000 related to appreciated investment securities and $56,088,000 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. 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.

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 an independent 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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, 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 equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and 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 or annual 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 and annual report.

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:

January 31, 2011

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:

January 31, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

January 31, 2011