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:

December 31

 

 

Date of reporting period:

March 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® New Markets Income Fund

March 31, 2010 

1.799864.106

NMI-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 26.5%

 

Principal Amount (i)

Value

Argentina - 0.2%

City of Buenos Aires 12.5% 4/6/15 (d)

$ 7,865,000

$ 8,159,938

Australia - 0.0%

Leighton Finance International 7.875% 5/16/11

1,570,000

1,589,625

Bahamas (Nassau) - 0.2%

Odebrecht Overseas Ltd. 9.625%

7,634,000

7,748,510

Bermuda - 0.8%

AES China Generating Co. Ltd. 8.25% 6/26/10

3,457,000

3,232,295

Central European Media Enterprises Ltd.:

2.616% 5/15/14 (Reg. S) (e)

EUR

10,725,000

12,023,594

11.625% 9/15/16 (Reg. S)

EUR

3,120,000

4,593,461

Noble Group Ltd.:

6.75% 1/29/20 (d)

3,920,000

4,047,400

8.5% 5/30/13 (Reg. S)

1,570,000

1,758,400

TOTAL BERMUDA

25,655,150

Brazil - 2.5%

Banco Cruzeiro Do Sul SA 8.5% 2/20/15 (d)

7,885,000

8,279,250

Banco do Brasil SA 4.5% 1/22/15 (d)

7,745,000

7,919,263

Banco Nacional de Desenvolvimento Economico e Social 5.5% 7/12/20 (d)

15,490,000

15,373,825

Banco Votorantim SA 7.375% 1/21/20 (d)

5,805,000

6,019,785

BFF International Ltd. 7.25% 1/28/20 (d)

9,295,000

9,387,950

Centrais Eletricas Brasileiras SA (Electrobras) 6.875% 7/30/19 (d)

3,490,000

3,804,100

Net Servicos de Comunicacao SA 7.5% 1/27/20 (d)

26,210,000

27,651,550

Rearden G Holdings Eins GmbH 7.875% 3/30/20 (d)

4,725,000

4,795,875

TOTAL BRAZIL

83,231,598

British Virgin Islands - 0.0%

Road King Infrastructure Finance 2004 Ltd. 6.25% 7/15/11

1,585,000

1,569,150

Cayman Islands - 2.6%

Agile Property Holdings Ltd. 9% 9/22/13 (Reg. S)

1,570,000

1,660,275

Banco Bradesco SA 4.1% 3/23/15 (d)

12,195,000

12,115,733

CSN Islands XI Corp. 6.875% 9/21/19 (d)

15,358,000

16,049,110

Hutchison Whampoa International 09 Ltd. 7.625% 4/9/19 (Reg. S)

3,890,000

4,536,355

Lumena Resources Corp. 12% 10/27/14 (d)

1,570,000

1,413,000

Odebrecht Finance Ltd.:

7% 4/21/20 (d)

10,790,000

11,221,600

9.625% 4/9/14 (d)

6,230,000

7,351,400

Nonconvertible Bonds - continued

 

Principal Amount (i)

Value

Cayman Islands - continued

Petrobras International Finance Co. Ltd. 5.75% 1/20/20

$ 13,205,000

$ 13,528,404

TDIC Finance Ltd. 6.5% 7/2/14 (d)

11,840,000

12,639,200

Voto-Votorantim Overseas Trading Operations V Ltd. 6.625% 9/25/19 (d)

7,015,000

7,015,000

TOTAL CAYMAN ISLANDS

87,530,077

Colombia - 0.2%

Empresas Publicas de Medellin 7.625% 7/29/19 (d)

6,460,000

7,157,680

Dominican Republic - 0.2%

Cerveceria Nacional Dominicana C por A 16% 3/27/12 (d)

6,235,000

5,787,327

Egypt - 0.4%

African Export-Import Bank 8.75% 11/13/14

11,630,000

12,822,075

Indonesia - 0.5%

Adaro Indonesia PT 7.625% 10/22/19 (d)

9,235,000

9,627,488

APP International Finance (Mauritius) Ltd.:

0% 7/5/01 (b)(d)

4,420,000

0

0% 7/5/01 (Reg. S) (b)

1,335,000

0

BLT Finance BV 7.5% 5/15/14 (Reg. S)

1,575,000

1,181,968

Listrindo Capital BV 9.25% 1/29/15 (d)

3,875,000

4,185,000

TOTAL INDONESIA

14,994,456

Ireland - 0.5%

Vimpel Communications 9.125% 4/30/18 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (d)

13,375,000

15,097,031

Korea (South) - 1.8%

Export-Import Bank of Korea 8.125% 1/21/14

6,795,000

7,833,956

Hyundai Capital Services, Inc. 6% 5/5/15 (d)

7,825,000

8,267,113

Industrial Bank of Korea 7.125% 4/23/14 (d)

6,875,000

7,654,625

Korea Development Bank 4.375% 8/10/15

7,850,000

7,930,855

Korea Expressway Corp. 4.5% 3/23/15 (d)

7,860,000

7,997,550

POSCO 8.75% 3/26/14 (d)

6,660,000

7,836,156

SK Broadband Co., Ltd. 7% 2/1/12 (d)

7,450,000

7,859,750

Woori Bank 7% 2/2/15 (d)

3,565,000

3,944,673

TOTAL KOREA (SOUTH)

59,324,678

Luxembourg - 4.0%

ArcelorMittal SA 9% 2/15/15

3,800,000

4,538,439

Millicom International Cellular SA 10% 12/1/13

10,835,000

11,241,313

Nonconvertible Bonds - continued

 

Principal Amount (i)

Value

Luxembourg - continued

OJSC Russian Agricultural Bank:

6.299% 5/15/17 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (d)

$ 7,330,000

$ 7,604,875

6.97% 9/21/16 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (e)

2,980,000

3,061,950

7.125% 1/14/14 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (d)

5,450,000

5,899,625

7.175% 5/16/13 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (d)

4,470,000

4,844,363

7.75% 5/29/18 (Issued by RSHB Capital SA for OJSC Russian Agricultural Bank) (d)

6,775,000

7,604,938

RSHB Capital SA 9% 6/11/14 (d)

6,650,000

7,664,125

TNK-BP Finance SA:

6.25% 2/2/15 (d)

3,610,000

3,790,500

7.5% 3/13/13 (d)

13,775,000

14,894,219

7.875% 3/13/18 (Reg. S)

13,945,000

15,269,775

Vimpel Communications 8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (d)

15,675,000

16,987,781

VTB Capital SA 6.465% 3/4/15 (d)

30,740,000

31,277,950

TOTAL LUXEMBOURG

134,679,853

Mexico - 1.8%

Alestra SA de RL de CV 11.75% 8/11/14

9,105,000

10,300,031

America Movil SAB de CV:

3.625% 3/30/15 (d)

11,452,000

11,490,857

6.125% 3/30/40 (d)

15,160,000

14,814,200

Grupo Papelero Scribe SA 8.875% 4/7/20 (d)

11,185,000

11,198,981

Petroleos Mexicanos 6% 3/5/20 (d)

9,030,000

9,323,475

Vitro SAB de CV 9.125% 2/1/17 (b)

3,455,000

1,572,025

TOTAL MEXICO

58,699,569

Netherlands - 4.9%

Arcos Dorados BV 7.5% 10/1/19 (d)

3,710,000

3,849,125

Bulgaria Steel Finance BV 12% 5/4/13 unit (b)

EUR

5,100,000

688,857

Indosat Finance Co. BV 7.75% 11/5/10

3,860,000

3,966,150

Intergas Finance BV:

6.375% 5/14/17 (Reg. S)

6,299,000

6,456,475

6.875% 11/4/11 (Reg. S)

4,825,000

5,090,375

Kazakhstan Temir Zholy Finance BV 6.5% 5/11/11

7,745,000

7,899,900

KazMunaiGaz Finance Sub BV:

8.375% 7/2/13 (d)

12,835,000

14,423,331

Nonconvertible Bonds - continued

 

Principal Amount (i)

Value

Netherlands - continued

KazMunaiGaz Finance Sub BV: - continued

9.125% 7/2/18 (d)

$ 18,245,000

$ 22,076,450

11.75% 1/23/15 (d)

15,750,000

20,258,438

Lippo Karawaci Finance BV 8.875% 3/9/11

1,540,000

1,574,650

Majapahit Holding BV:

7.25% 6/28/17 (Reg. S)

7,150,000

7,614,750

7.75% 10/17/16 (Reg. S)

7,125,000

7,811,138

7.75% 1/20/20 (d)

13,965,000

15,152,025

7.875% 6/29/37 (Reg. S)

18,370,000

19,012,950

8% 8/7/19 (d)

6,895,000

7,576,226

Matahari International Finance Co. BV 10.75% 8/7/12

12,335,000

12,797,563

Paiton Energy Funding BV 9.34% 2/15/14 (Reg. S)

1,519,000

1,568,368

PT Indosat International Finance Co. BV 7.125% 6/22/12 (d)

6,080,000

6,277,600

TOTAL NETHERLANDS

164,094,371

Peru - 0.1%

CFG Investment SAC 9.25% 12/19/13 (Reg. S)

1,575,000

1,641,938

Philippines - 0.9%

National Power Corp. 6.875% 11/2/16 (d)

13,935,000

15,119,475

Power Sector Assets and Liabilities Management Corp. 7.39% 12/2/24 (d)

14,705,000

15,513,775

TOTAL PHILIPPINES

30,633,250

Qatar - 0.2%

Qtel International Finance Ltd. 6.5% 6/10/14 (d)

6,565,000

7,168,980

Singapore - 0.2%

Ciliandra Perkasa Finance Co. Pte. Ltd. 10.75% 12/8/11 (Reg. S)

7,460,000

7,693,498

Trinidad & Tobago - 0.3%

Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (d)

8,035,000

9,212,128

Ukraine - 0.5%

Naftogaz of Ukraine NJSC 9.5% 9/30/14

17,615,000

18,319,600

United Arab Emirates - 0.5%

Dolphin Energy Ltd. 5.888% 6/15/19 (d)

14,998,500

15,448,455

United Kingdom - 0.5%

EXIM of Ukraine 7.65% 9/7/11 (Issued by Credit Suisse London Branch for EXIM Ukraine)

17,486,000

17,376,713

United States of America - 1.8%

Drummond Co., Inc. 9% 10/15/14 (d)

4,225,000

4,394,000

Nonconvertible Bonds - continued

 

Principal Amount (i)

Value

United States of America - continued

Gerdau Holdings, Inc. 7% 1/20/20 (d)

$ 7,805,000

$ 8,222,568

NII Capital Corp.:

8.875% 12/15/19 (d)

7,765,000

8,056,188

10% 8/15/16 (d)

7,840,000

8,584,800

Pemex Project Funding Master Trust 8.625% 2/1/22

26,332,000

31,203,420

TOTAL UNITED STATES OF AMERICA

60,460,976

Venezuela - 0.9%

Petroleos de Venezuela SA:

5.25% 4/12/17

25,973,000

16,298,058

5.375% 4/12/27

27,885,000

14,360,775

TOTAL VENEZUELA

30,658,833

TOTAL NONCONVERTIBLE BONDS

(Cost $847,350,679)

886,755,459

Government Obligations - 69.5%

 

Argentina - 3.8%

Argentine Republic:

discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

38,803,679

29,102,759

par 2.5% 12/31/38 (c)

46,240,000

16,600,160

7% 9/12/13

52,885,000

47,095,562

8.375% 12/20/03 (b)

16,900,000

7,943,000

11% 10/9/06 (b)

10,945,000

5,253,600

11% 12/4/05 (b)

10,960,000

5,260,800

11.75% 4/7/09 (b)

5,175,000

2,484,000

Gross Domestic Product Linked Security 12/15/35 (a)(f)

169,500,000

12,966,750

TOTAL ARGENTINA

126,706,631

Bahamas (Nassau) - 0.5%

Bahamian Republic 6.95% 11/20/29 (d)

15,550,000

15,550,000

Barbados - 0.2%

Barbados Government 7.25% 12/15/21 (d)

7,745,000

7,938,625

Belize - 0.2%

Belize Government 6% 2/20/29 (c)(d)

10,417,600

7,188,144

Bosnia & Herzegovina - 0.4%

Bosnia & Herzegovina Series A, 1.7913% 12/11/17 (e)

DEM

23,818,540

12,501,875

Government Obligations - continued

 

Principal Amount (i)

Value

Brazil - 5.5%

Brazilian Federative Republic:

5.625% 1/7/41

$ 3,370,000

$ 3,172,855

5.875% 1/15/19

19,930,000

21,374,925

6% 9/15/13

3,850,000

3,994,375

7.125% 1/20/37

12,485,000

14,201,688

8% 1/15/18

6,831,111

7,958,244

8.25% 1/20/34

11,090,000

14,112,025

8.875% 4/15/24

11,150,000

14,718,000

10% 1/1/17

BRL

63,360,000

31,893,172

10.125% 5/15/27

14,965,000

21,923,725

11% 8/17/40

21,805,000

29,175,090

12.25% 3/6/30

8,440,000

14,685,600

12.75% 1/15/20

4,350,000

6,916,500

TOTAL BRAZIL

184,126,199

Cayman Islands - 0.5%

Cayman Island Government 5.95% 11/24/19 (d)

16,190,000

15,850,010

Colombia - 1.8%

Colombian Republic:

6.125% 1/18/41

7,685,000

7,358,388

7.375% 3/18/19

6,375,000

7,347,188

10.375% 1/28/33

16,250,000

23,318,750

11.75% 2/25/20

14,931,000

21,911,243

TOTAL COLOMBIA

59,935,569

Congo - 0.7%

Congo Republic 3% 6/30/29 (c)

37,558,250

21,595,994

Croatia - 0.7%

Croatia Republic 6.75% 11/5/19 (d)

20,310,000

22,234,169

Dominican Republic - 0.4%

Dominican Republic 9.04% 1/23/18 (d)

13,225,020

14,547,522

Ecuador - 0.4%

Ecuador Republic 9.375% 12/15/15 (d)

15,019,000

13,967,670

Egypt - 0.2%

Arab Republic of Egypt 9.8793% 8/3/10

EGP

44,075,000

7,744,184

El Salvador - 1.0%

El Salvador Republic:

7.375% 12/1/19 (d)

14,225,000

15,505,250

7.65% 6/15/35 (Reg. S)

6,740,000

7,093,850

Government Obligations - continued

 

Principal
Amount (i)

Value

El Salvador - continued

El Salvador Republic: - continued

7.75% 1/24/23 (Reg. S)

$ 5,830,000

$ 6,442,150

8.25% 4/10/32 (Reg. S)

2,585,000

2,856,425

TOTAL EL SALVADOR

31,897,675

Gabon - 0.9%

Gabonese Republic 8.2% 12/12/17 (d)

28,260,000

31,015,350

Georgia - 0.8%

Georgia Republic 7.5% 4/15/13

25,148,000

26,216,790

Ghana - 1.1%

Ghana Republic:

8.5% 10/4/17 (d)

28,650,000

31,658,250

14.99% 3/11/13

GHS

6,890,000

4,903,381

TOTAL GHANA

36,561,631

Hungary - 0.3%

Hungarian Republic 6.25% 1/29/20

7,835,000

8,305,100

Indonesia - 8.6%

Indonesian Republic:

5.875% 3/13/20 (d)

15,475,000

16,016,625

6.625% 2/17/37 (d)

2,665,000

2,718,300

6.75% 3/10/14 (Reg. S)

10,725,000

11,824,313

6.875% 3/9/17 (d)

10,950,000

12,181,875

6.875% 1/17/18 (d)

18,535,000

20,573,850

7.25% 4/20/15 (d)

9,960,000

11,279,700

7.5% 1/15/16 (d)

27,320,000

31,486,300

7.75% 1/17/38 (d)

11,595,000

13,421,213

8.5% 10/12/35 (d)

23,025,000

28,608,563

9.5% 6/15/15

IDR

401,994,000,000

46,280,167

10.375% 5/4/14 (d)

9,925,000

12,307,000

11.625% 3/4/19 (d)

19,455,000

27,917,925

12% 9/15/11

IDR

306,547,000,000

35,814,402

Perusahaan Penerbit SBSN Indonesia 8.8% 4/23/14 (d)

13,040,000

15,191,600

TOTAL INDONESIA

285,621,833

Iraq - 0.9%

Republic of Iraq 5.8% 1/15/28 (Reg. S)

36,880,000

29,872,800

Government Obligations - continued

 

Principal Amount (i)

Value

Ivory Coast - 1.7%

Ivory Coast:

FLIRB 5% 3/29/18 (Reg. S) (b)(e)

$ 55,785,000

$ 36,818,100

past due interest 3% 3/30/18 (Reg. S) (b)(e)

33,283,250

20,302,783

TOTAL IVORY COAST

57,120,883

Jamaica - 0.2%

Jamaican Government 8% 3/15/39

6,815,000

6,337,950

Lebanon - 1.8%

Lebanese Republic:

4% 12/31/17

23,272,000

22,282,940

9% 3/20/17

12,790,000

15,124,175

11.625% 5/11/16 (Reg. S)

16,865,000

21,798,013

TOTAL LEBANON

59,205,128

Lithuania - 1.3%

Lithuanian Republic:

6.75% 1/15/15 (d)

21,555,000

23,494,950

7.375% 2/11/20 (d)

19,370,000

21,113,300

TOTAL LITHUANIA

44,608,250

Mexico - 4.6%

United Mexican States:

5.125% 1/15/20

7,670,000

7,746,700

5.625% 1/15/17

41,194,000

44,077,580

8.5% 12/13/18

MXN

716,260,000

61,494,847

11.375% 9/15/16

8,350,000

11,731,750

11.5% 5/15/26

17,510,000

29,241,700

TOTAL MEXICO

154,292,577

Pakistan - 1.4%

Islamic Republic of Pakistan:

6.875% 6/1/17 (d)

36,880,000

34,298,400

7.125% 3/31/16 (d)

14,070,000

13,296,150

TOTAL PAKISTAN

47,594,550

Panama - 0.5%

Panamanian Republic 5.2% 1/30/20

15,610,000

15,703,660

Peru - 0.4%

Peruvian Republic 7.35% 7/21/25

12,205,000

14,188,313

Government Obligations - continued

 

Principal Amount (i)

Value

Philippines - 1.9%

Philippine Republic:

6.375% 10/23/34

$ 19,185,000

$ 18,801,300

6.5% 1/20/20

26,820,000

28,866,366

10.625% 3/16/25

10,335,000

14,804,888

TOTAL PHILIPPINES

62,472,554

Poland - 0.7%

Polish Government 6.375% 7/15/19

19,760,000

21,656,960

Qatar - 0.9%

State of Qatar:

4% 1/20/15 (d)

22,300,000

22,523,000

6.4% 1/20/40 (d)

7,805,000

8,156,225

TOTAL QATAR

30,679,225

Romania - 0.3%

Romanian Republic:

6.5% 6/18/18

EUR

3,915,000

5,658,150

8.5% 5/8/12 (Reg. S)

EUR

3,915,000

5,816,790

TOTAL ROMANIA

11,474,940

Russia - 6.8%

Russian Federation:

7.5% 3/31/30 (Reg. S)

164,415,500

189,283,324

12.75% 6/24/28 (Reg. S)

22,017,000

39,025,133

TOTAL RUSSIA

228,308,457

Serbia - 0.7%

Republic of Serbia 6.75% 11/1/24 (d)

22,706,000

22,592,470

South Africa - 0.2%

South African Republic 5.5% 3/9/20

7,675,000

7,732,563

Sri Lanka - 0.7%

Democratic Socialist Republic of Sri Lanka:

7.4% 1/22/15 (d)

14,245,000

14,814,800

8.25% 10/24/12 (d)

7,322,000

7,862,364

TOTAL SRI LANKA

22,677,164

Turkey - 4.9%

Turkish Republic:

6.75% 4/3/18

6,790,000

7,409,927

6.75% 5/30/40

15,495,000

15,262,575

6.875% 3/17/36

18,420,000

18,567,360

Government Obligations - continued

 

Principal Amount (i)

Value

Turkey - continued

Turkish Republic: - continued

7% 9/26/16

$ 6,665,000

$ 7,406,815

7% 3/11/19

6,670,000

7,362,346

7% 6/5/20

6,765,000

7,529,445

7.25% 3/15/15

6,460,000

7,267,500

7.25% 3/5/38

8,885,000

9,320,365

7.375% 2/5/25

13,220,000

14,713,860

7.5% 7/14/17

10,170,000

11,588,715

7.5% 11/7/19

6,595,000

7,511,705

9.5% 1/15/14

12,030,000

14,345,775

11% 1/14/13

11,690,000

14,013,972

11.875% 1/15/30

13,600,000

21,709,680

TOTAL TURKEY

164,010,040

Ukraine - 0.9%

Ukraine Cabinet of Ministers:

6.58% 11/21/16 (d)

8,320,000

7,924,800

6.875% 3/4/11 (Reg. S)

6,220,000

6,243,325

Ukraine Government:

6.385% 6/26/12 (d)

3,945,000

3,915,413

6.75% 11/14/17 (d)

5,680,000

5,417,300

7.65% 6/11/13 (Reg. S)

7,890,000

7,988,625

TOTAL UKRAINE

31,489,463

United States of America - 3.7%

U.S. Treasury Bonds:

4.5% 8/15/39

23,415,000

22,613,762

4.625% 2/15/40

104,005,000

102,509,928

TOTAL UNITED STATES OF AMERICA

125,123,690

Uruguay - 0.5%

Uruguay Republic 8% 11/18/22

15,320,000

18,230,800

Venezuela - 5.8%

Venezuelan Republic:

oil recovery rights 4/15/20 (h)

171,700

4,635,900

1.2489% 4/20/11 (Reg. S) (e)

26,439,000

24,654,368

5.375% 8/7/10 (Reg. S)

7,885,000

7,845,575

5.75% 2/26/16 (Reg S.)

19,625,000

14,277,188

7% 3/31/38

6,820,000

4,040,850

7.75% 10/13/19 (Reg. S)

42,010,000

30,037,150

8.5% 10/8/14

14,785,000

12,899,913

9.25% 9/15/27

33,385,000

26,123,763

Government Obligations - continued

 

Principal Amount (i)

Value

Venezuela - continued

Venezuelan Republic: - continued

9.25% 5/7/28 (Reg. S)

$ 13,130,000

$ 9,670,245

9.375% 1/13/34

11,545,000

8,485,575

10.75% 9/19/13

37,475,000

36,538,125

13.625% 8/15/18

15,533,000

15,649,498

TOTAL VENEZUELA

194,858,150

Vietnam - 0.7%

Vietnamese Socialist Republic:

6.75% 1/29/20 (d)

15,510,000

15,820,200

6.875% 1/15/16 (d)

6,460,000

6,879,900

TOTAL VIETNAM

22,700,100

TOTAL GOVERNMENT OBLIGATIONS

(Cost $2,111,900,718)

2,322,435,658

Supranational Obligations - 0.7%

 

Central American Bank 5.375% 9/24/14 (d)

10,960,000

11,466,900

Corporacion Andina de Fomento 8.125% 6/4/19

6,670,000

7,949,306

Eurasian Development Bank 7.375% 9/29/14 (d)

4,825,000

5,174,813

TOTAL SUPRANATIONAL OBLIGATIONS

(Cost $22,443,328)

24,591,019

Preferred Securities - 1.1%

 

 

 

 

Brazil - 0.8%

Globo Comunicacoes e Participacoes SA 9.375%

22,755,000

23,510,983

Net Servicos de Comunicacao SA 9.25% (d)

2,810,000

2,868,489

TOTAL BRAZIL

26,379,472

United States of America - 0.3%

Pemex Project Funding Master Trust 7.75%

10,664,000

10,670,737

TOTAL PREFERRED SECURITIES

(Cost $36,814,339)

37,050,209

Money Market Funds - 0.8%

Shares

Value

Fidelity Cash Central Fund, 0.19% (g)
(Cost $26,261,523)

26,261,523

$ 26,261,523

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $3,044,770,587)

3,297,093,868

NET OTHER ASSETS - 1.4%

45,207,192

NET ASSETS - 100%

$ 3,342,301,060

Currency Abbreviations

BRL

-

Brazilian real

DEM

-

German deutsche mark

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

GHS

-

Ghana cedi

IDR

-

Indonesian rupiah

MXN

-

Mexican peso

Security Type Abbreviations

FLIRB - Front Loaded Interest Reduction Bond

Legend

(a) Non-income producing

(b) Non-income producing - Issuer is in default.

(c) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(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 $1,172,165,240 or 35.1% of net assets.

(e) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(f) Security is linked to Argentine Republic Gross Domestic Product (GDP). Security does not pay principal over life of security or at expiration. Payments are based on growth of Argentine GDP, subject to certain conditions.

(g) 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.

(h) Quantity represents share amount.

(i) Principal amount is stated in United States dollars unless otherwise noted.

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

$ 43,625

Fidelity Securities Lending Cash Central Fund

2,621

Total

$ 46,246

Other Information

The following is a summary of the inputs used, as of March 31, 2010, involving the Fund's assets and liabilities carried at 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Corporate Bonds

$ 886,755,459

$ -

$ 886,755,459

$ -

Government Obligations

2,322,435,658

-

2,322,435,658

-

Supranational Obligations

24,591,019

-

24,591,019

-

Preferred Securities

37,050,209

-

37,050,209

-

Money Market Funds

26,261,523

26,261,523

-

-

Total Investments in Securities:

$ 3,297,093,868

$ 26,261,523

$ 3,270,832,345

$ -

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

Investments in Securities:

Beginning Balance

$ 4,550,050

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

(4,550,050)

Ending Balance

$ -

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 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 represents 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 March 31, 2010, the cost of investment securities for income tax purposes was $3,031,442,783. Net unrealized appreciation aggregated $265,651,085, of which $295,428,939 related to appreciated investment securities and $29,777,854 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, foreign government and government agency obligations, preferred securities, supranational obligations and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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:

June 1, 2010

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:

June 1, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 1, 2010