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:

May 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Export and Multinational Fund
Export and Multinational
Class K

May 31, 2011 

1.802195.107

EXF-QTLY-0711

Investments May 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.1%

Diversified Consumer Services - 0.6%

Anhanguera Educacional Participacoes SA

193,729

$ 4,152

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

89,400

10,354

 

14,506

Hotels, Restaurants & Leisure - 3.1%

Arcos Dorados Holdings, Inc.

108,000

2,457

McDonald's Corp.

664,900

54,216

Starbucks Corp.

717,400

26,393

 

83,066

Household Durables - 0.1%

SodaStream International Ltd.

25,300

1,470

Media - 3.9%

Comcast Corp. Class A

622,400

15,709

Discovery Communications, Inc. Class C (a)

375,500

14,581

Focus Media Holding Ltd. ADR (a)

143,700

4,491

Sirius XM Radio, Inc. (a)

3,628,000

8,526

The Walt Disney Co.

854,100

35,556

Time Warner, Inc.

674,300

24,565

 

103,428

Multiline Retail - 0.4%

Marisa Lojas SA

245,200

4,167

PPR SA (d)

40,600

7,065

 

11,232

Specialty Retail - 1.5%

Fast Retailing Co. Ltd.

44,400

6,489

TJX Companies, Inc.

639,000

33,880

 

40,369

Textiles, Apparel & Luxury Goods - 1.5%

Phillips-Van Heusen Corp.

231,400

15,265

Vera Bradley, Inc.

52,367

2,589

VF Corp.

211,400

21,070

 

38,924

TOTAL CONSUMER DISCRETIONARY

292,995

CONSUMER STAPLES - 13.1%

Beverages - 6.1%

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

435,200

9,557

Diageo PLC sponsored ADR

373,300

31,764

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

Molson Coors Brewing Co. Class B

430,956

$ 20,104

The Coca-Cola Co.

1,500,500

100,248

 

161,673

Food & Staples Retailing - 0.2%

Drogasil SA

855,091

6,072

Food Products - 0.9%

Green Mountain Coffee Roasters, Inc. (a)

191,100

15,741

Shenguan Holdings Group Ltd.

5,782,000

7,836

 

23,577

Household Products - 2.9%

Colgate-Palmolive Co.

78,700

6,889

Procter & Gamble Co.

770,000

51,590

Spectrum Brands Holdings, Inc. (a)

484,782

17,438

 

75,917

Personal Products - 0.5%

Herbalife Ltd.

243,600

13,710

Tobacco - 2.5%

Altria Group, Inc.

1,249,800

35,069

British American Tobacco PLC sponsored ADR

338,400

30,574

 

65,643

TOTAL CONSUMER STAPLES

346,592

ENERGY - 14.8%

Energy Equipment & Services - 3.3%

Baker Hughes, Inc.

330,200

24,412

Ensco International Ltd. ADR

193,800

10,333

Halliburton Co.

388,100

19,463

Noble Corp.

236,300

9,894

Transocean Ltd. (United States)

331,600

22,983

 

87,085

Oil, Gas & Consumable Fuels - 11.5%

Anadarko Petroleum Corp.

43,000

3,419

Apache Corp.

42,100

5,246

BP PLC sponsored ADR

267,091

12,350

Chevron Corp.

347,700

36,477

Exxon Mobil Corp.

1,386,965

115,770

Holly Corp.

99,100

6,175

Marathon Oil Corp.

538,600

29,176

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Northern Oil & Gas, Inc. (a)(d)

588,150

$ 11,822

OAO Gazprom sponsored ADR

794,400

11,717

Royal Dutch Shell PLC Class B sponsored ADR

373,500

27,012

Suncor Energy, Inc.

172,800

7,214

Talisman Energy, Inc. (d)

503,900

10,640

Tourmaline Oil Corp. (a)

49,000

1,517

Uranium One, Inc.

1,647,600

6,036

Valero Energy Corp.

546,572

15,031

Williams Companies, Inc.

126,800

3,980

 

303,582

TOTAL ENERGY

390,667

FINANCIALS - 10.4%

Capital Markets - 1.7%

Evercore Partners, Inc. Class A

190,758

7,060

Goldman Sachs Group, Inc.

88,500

12,455

Morgan Stanley

1,032,700

24,950

 

44,465

Commercial Banks - 4.5%

Comerica, Inc.

213,800

7,720

M&T Bank Corp.

227,000

20,044

Regions Financial Corp.

1,861,200

13,140

Synovus Financial Corp. (d)

2,161,600

5,145

U.S. Bancorp, Delaware

797,000

20,403

Wells Fargo & Co.

1,802,500

51,137

 

117,589

Diversified Financial Services - 3.0%

Citigroup, Inc.

991,420

40,797

JPMorgan Chase & Co.

908,000

39,262

 

80,059

Real Estate Investment Trusts - 0.6%

SL Green Realty Corp.

94,600

8,515

U-Store-It Trust

537,900

6,062

 

14,577

Real Estate Management & Development - 0.4%

The St. Joe Co. (a)

495,700

10,772

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.2%

BankUnited, Inc.

225,459

$ 6,394

TOTAL FINANCIALS

273,856

HEALTH CARE - 12.7%

Biotechnology - 2.8%

Amgen, Inc. (a)

213,200

12,907

BioMarin Pharmaceutical, Inc. (a)

819,700

23,140

Gilead Sciences, Inc. (a)

666,900

27,836

Vertex Pharmaceuticals, Inc. (a)

192,300

10,382

 

74,265

Health Care Equipment & Supplies - 2.6%

Baxter International, Inc.

132,700

7,898

Boston Scientific Corp. (a)

892,100

6,405

C. R. Bard, Inc.

202,400

22,624

Covidien PLC

600,000

33,000

 

69,927

Health Care Providers & Services - 1.9%

HCA Holdings, Inc.

155,400

5,422

McKesson Corp.

313,600

26,847

Medco Health Solutions, Inc. (a)

287,800

17,228

 

49,497

Life Sciences Tools & Services - 1.2%

Agilent Technologies, Inc. (a)

154,900

7,725

Illumina, Inc. (a)

192,200

13,854

QIAGEN NV (a)

190,200

3,753

Thermo Fisher Scientific, Inc. (a)

96,900

6,342

 

31,674

Pharmaceuticals - 4.2%

Cadence Pharmaceuticals, Inc. (a)(d)

1,234,700

11,903

GlaxoSmithKline PLC sponsored ADR

124,200

5,398

Johnson & Johnson

629,800

42,379

Merck & Co., Inc.

139,400

5,123

Perrigo Co.

188,500

16,128

Valeant Pharmaceuticals International, Inc. (Canada)

561,801

29,448

 

110,379

TOTAL HEALTH CARE

335,742

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 11.1%

Aerospace & Defense - 3.5%

Precision Castparts Corp.

126,900

$ 19,936

Textron, Inc.

701,900

16,059

United Technologies Corp.

656,200

57,595

 

93,590

Airlines - 0.4%

Ryanair Holdings PLC sponsored ADR

394,400

11,595

Construction & Engineering - 0.2%

Larsen & Toubro Ltd.

140,615

5,126

Electrical Equipment - 1.2%

Emerson Electric Co.

427,700

23,331

GrafTech International Ltd. (a)

385,900

8,158

 

31,489

Industrial Conglomerates - 1.9%

General Electric Co.

2,540,800

49,901

Machinery - 1.5%

Caterpillar, Inc.

50,100

5,301

Cummins, Inc.

126,700

13,334

Ingersoll-Rand Co. Ltd.

400,700

19,995

 

38,630

Professional Services - 0.5%

IHS, Inc. Class A (a)

165,400

14,509

Road & Rail - 1.7%

Union Pacific Corp.

424,500

44,560

Transportation Infrastructure - 0.2%

Companhia de Concessoes Rodoviarias

149,600

4,685

TOTAL INDUSTRIALS

294,085

INFORMATION TECHNOLOGY - 17.4%

Communications Equipment - 3.6%

Alcatel-Lucent SA sponsored ADR (a)

1,816,900

10,302

Aruba Networks, Inc. (a)

217,936

6,194

Calix Networks, Inc. (a)

1,256,351

27,099

Infinera Corp. (a)

348,800

2,476

Juniper Networks, Inc. (a)

321,900

11,785

QUALCOMM, Inc.

619,700

36,308

 

94,164

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 3.5%

Apple, Inc. (a)

247,900

$ 86,227

STEC, Inc. (a)(d)

356,900

6,392

 

92,619

Electronic Equipment & Components - 0.4%

Universal Display Corp. (a)(d)

226,472

10,807

Internet Software & Services - 3.5%

Baidu.com, Inc. sponsored ADR (a)

38,400

5,211

eBay, Inc. (a)

1,250,500

38,978

Facebook, Inc. Class B (e)

117,366

2,934

Google, Inc. Class A (a)

42,975

22,735

Rackspace Hosting, Inc. (a)

399,300

17,569

Support.com, Inc. (a)

1,019,900

4,896

 

92,323

IT Services - 3.0%

Accenture PLC Class A

482,600

27,696

Cognizant Technology Solutions Corp. Class A (a)

362,700

27,580

Fidelity National Information Services, Inc.

363,900

11,710

MasterCard, Inc. Class A

9,500

2,727

ServiceSource International, Inc.

9,700

189

Virtusa Corp. (a)

374,166

7,539

 

77,441

Semiconductors & Semiconductor Equipment - 0.9%

Avago Technologies Ltd.

384,600

12,996

Micron Technology, Inc. (a)

130,800

1,334

NVIDIA Corp. (a)

474,600

9,511

 

23,841

Software - 2.5%

Informatica Corp. (a)

65,600

3,848

Oracle Corp.

1,840,600

62,985

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

28,652

0

 

66,833

TOTAL INFORMATION TECHNOLOGY

458,028

MATERIALS - 3.0%

Chemicals - 1.5%

Dow Chemical Co.

368,200

13,303

Grasim Industries Ltd.

62,029

3,246

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

LyondellBasell Industries NV Class A

327,600

$ 14,352

Uralkali JSC GDR (Reg. S)

183,700

7,859

 

38,760

Metals & Mining - 1.5%

Freeport-McMoRan Copper & Gold, Inc.

203,000

10,483

Mongolian Mining Corp.

4,274,000

5,001

Newmont Mining Corp.

436,400

24,687

 

40,171

TOTAL MATERIALS

78,931

TELECOMMUNICATION SERVICES - 2.6%

Diversified Telecommunication Services - 0.0%

PAETEC Holding Corp. (a)

390,100

1,740

Wireless Telecommunication Services - 2.6%

American Tower Corp. Class A (a)

453,400

25,155

Clearwire Corp. Class A (a)

3,337,800

15,354

Sprint Nextel Corp. (a)

4,702,155

27,508

 

68,017

TOTAL TELECOMMUNICATION SERVICES

69,757

UTILITIES - 0.7%

Electric Utilities - 0.7%

Power Assets Holdings Ltd.

1,055,000

7,536

PPL Corp.

344,200

9,703

 

17,239

TOTAL COMMON STOCKS

(Cost $2,133,923)

2,557,892

Convertible Preferred Stocks - 0.5%

 

 

 

 

FINANCIALS - 0.3%

Diversified Financial Services - 0.3%

Ning, Inc. Series D 8.00% (a)(e)

1,398,601

8,245

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 0.2%

Software - 0.2%

Trion World Network, Inc.:

Series C, 8.00% (a)(e)

910,747

$ 3,898

Series C-1, 8.00% (a)(e)

71,630

307

 

4,205

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $15,394)

12,450

Money Market Funds - 4.1%

 

 

 

 

Fidelity Cash Central Fund, 0.14% (b)

76,585,153

76,585

Fidelity Securities Lending Cash Central Fund, 0.14% (b)(c)

32,899,690

32,900

TOTAL MONEY MARKET FUNDS

(Cost $109,485)

109,485

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $2,258,802)

2,679,827

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(38,645)

NET ASSETS - 100%

$ 2,641,182

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) 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 $15,384,000 or 0.6% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Facebook, Inc. Class B

3/31/11 - 5/19/11

$ 2,935

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

$ 35

Fidelity Securities Lending Cash Central Fund

239

Total

$ 274

Other Information

The following is a summary of the inputs used, as of May 31, 2011, 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

$ 292,995

$ 286,506

$ 6,489

$ -

Consumer Staples

346,592

346,592

-

-

Energy

390,667

390,667

-

-

Financials

282,101

273,856

-

8,245

Health Care

335,742

335,742

-

-

Industrials

294,085

294,085

-

-

Information Technology

462,233

455,094

-

7,139

Materials

78,931

75,685

3,246

-

Telecommunication Services

69,757

69,757

-

-

Utilities

17,239

17,239

-

-

Money Market Funds

109,485

109,485

-

-

Total Investments in Securities:

$ 2,679,827

$ 2,654,708

$ 9,735

$ 15,384

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)

(1)

Cost of Purchases

2,935

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 15,384

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2011

$ (1)

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 May 31, 2011, the cost of investment securities for income tax purposes was $2,265,302,000. Net unrealized appreciation aggregated $414,525,000, of which $450,960,000 related to appreciated investment securities and $36,435,000 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:

July 29, 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:

July 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

July 29, 2011