N-Q 1 sum.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:

September 30, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® New Markets Income Fund

September 30, 2011 

1.808781.107

NMI-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 23.8%

 

Principal Amount (c)

Value

Bermuda - 0.5%

Qtel International Finance Ltd.:

3.375% 10/14/16 (e)

$ 8,960,000

$ 8,969,677

5% 10/19/25 (e)

10,665,000

10,452,127

TOTAL BERMUDA

19,421,804

Brazil - 0.4%

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

9,590,000

9,877,700

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

5,410,000

6,113,300

TOTAL BRAZIL

15,991,000

Cayman Islands - 1.9%

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

3,890,000

4,622,849

Hutchison Whampoa International 10 Ltd. 6% (e)(f)(g)

32,350,000

30,975,125

Odebrecht Finance Ltd.:

6% 4/5/23 (e)

1,950,000

1,803,750

7% 4/21/20 (e)

2,040,000

2,121,600

7.5% (e)(f)

6,125,000

5,941,250

Petrobras International Finance Co. Ltd.:

5.375% 1/27/21

9,460,000

9,569,263

5.75% 1/20/20

5,735,000

5,952,930

6.875% 1/20/40

9,250,000

10,017,750

8.375% 12/10/18

5,015,000

5,917,700

TOTAL CAYMAN ISLANDS

76,922,217

Chile - 0.2%

Corporacion Nacional del Cobre (Codelco) 6.15% 10/24/36 (e)

7,890,000

9,587,636

Colombia - 0.3%

BanColombia SA:

4.25% 1/12/16 (e)

3,910,000

3,812,250

5.95% 6/3/21 (e)

1,765,000

1,712,050

6.125% 7/26/20

4,085,000

3,982,875

Ecopetrol SA 7.625% 7/23/19

3,445,000

4,030,650

TOTAL COLOMBIA

13,537,825

Georgia - 0.1%

Georgian Railway Ltd. 9.875% 7/22/15

4,625,000

4,509,375

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Indonesia - 1.2%

PT Pertamina Persero:

5.25% 5/23/21 (e)

$ 42,230,000

$ 40,857,525

6.5% 5/27/41 (e)

6,100,000

5,917,000

TOTAL INDONESIA

46,774,525

Ireland - 1.2%

SCF Capital Ltd. 5.375% 10/27/17 (e)

19,235,000

16,542,100

Vnesheconombank Via VEB Finance Ltd.:

5.45% 11/22/17 (e)

13,735,000

13,116,925

6.8% 11/22/25 (e)

17,310,000

16,271,400

TOTAL IRELAND

45,930,425

Kazakhstan - 0.2%

Development Bank of Kazakhstan JSC 5.5% 12/20/15 (e)

6,375,000

6,024,375

Luxembourg - 1.2%

Gaz Capital SA (Luxembourg):

6.51% 3/7/22 (e)

3,830,000

3,772,550

9.25% 4/23/19 (e)

4,770,000

5,557,050

Gazprom International SA 7.201% 2/1/20

5,496,492

5,798,799

OJSC Russian Agricultural Bank:

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

7,330,000

7,238,375

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

5,450,000

5,531,750

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

4,470,000

4,559,400

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

6,775,000

7,113,750

RSHB Capital SA 9% 6/11/14 (e)

5,150,000

5,484,750

TNK-BP Finance SA 7.5% 3/13/13 (e)

2,000,000

2,045,000

VTB Capital SA 6.465% 3/4/15 (e)

1,735,000

1,704,638

TOTAL LUXEMBOURG

48,806,062

Malaysia - 0.4%

Petroliam Nasional Bhd (Petronas) 7.625% 10/15/26 (Reg. S)

11,805,000

15,373,652

Mexico - 2.5%

Petroleos Mexicanos:

5.5% 1/21/21

9,820,000

10,311,000

5.5% 1/21/21 (e)

41,615,000

43,695,750

6% 3/5/20

9,030,000

9,842,700

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Mexico - continued

Petroleos Mexicanos: - continued

6.5% 6/2/41 (e)

$ 19,080,000

$ 19,747,800

6.625% (e)(f)

17,250,000

17,120,625

TOTAL MEXICO

100,717,875

Mongolia - 0.2%

Trade & Development Bank of Mongolia LLC 8.5% 10/25/13 (Reg.S)

7,145,000

6,859,200

Netherlands - 3.1%

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

EUR

5,100,000

546,638

Indosat Palapa Co. BV 7.375% 7/29/20 (e)

3,580,000

3,472,600

Intergas Finance BV 6.375% 5/14/17 (Reg. S)

17,209,000

17,553,180

Kazakhstan Temir Zholy Finance BV 6.375% 10/6/20 (e)

8,975,000

8,795,500

KazMunaiGaz Finance Sub BV:

6.375% 4/9/21 (e)

6,820,000

6,649,500

7% 5/5/20 (e)

7,545,000

7,545,000

8.375% 7/2/13 (e)

6,445,000

6,702,800

9.125% 7/2/18 (e)

11,910,000

13,339,200

11.75% 1/23/15 (e)

6,210,000

7,172,550

Lukoil International Finance BV 6.125% 11/9/20 (e)

3,905,000

3,623,410

Majapahit Holding BV:

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

4,680,000

5,007,600

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

7,125,000

7,766,250

7.75% 1/20/20 (e)

10,600,000

11,766,000

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

13,140,000

14,388,300

8% 8/7/19 (e)

6,895,000

7,722,400

TOTAL NETHERLANDS

122,050,928

Philippines - 1.6%

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

13,935,000

15,467,850

Power Sector Assets and Liabilities Management Corp.:

7.25% 5/27/19 (e)

19,185,000

22,014,788

7.39% 12/2/24 (e)

22,865,000

26,351,913

TOTAL PHILIPPINES

63,834,551

Qatar - 0.2%

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

6,565,000

7,142,720

Trinidad & Tobago - 0.2%

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

6,545,000

7,723,100

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Turkey - 0.4%

Turkiye Garanti Bankasi AS 2.7513% 4/20/16 (e)(g)

$ 17,280,000

$ 15,552,000

Ukraine - 0.3%

Naftogaz of Ukraine NJSC 9.5% 9/30/14

12,910,000

12,167,675

United Kingdom - 0.1%

Biz Finance PLC 8.375% 4/27/15 (Reg. S)

6,800,000

5,780,000

United States of America - 2.1%

Drummond Co., Inc.:

7.375% 2/15/16

4,010,000

4,010,000

9% 10/15/14 (e)

3,960,000

4,039,200

Pemex Project Funding Master Trust:

6.625% 6/15/35

37,310,000

40,108,250

8.625% 2/1/22

26,337,000

33,579,675

TOTAL UNITED STATES OF AMERICA

81,737,125

Venezuela - 5.5%

Petroleos de Venezuela SA 144A:

4.9% 10/28/14

16,635,000

11,311,800

5.25% 4/12/17

27,988,000

15,743,250

5.375% 4/12/27

75,585,000

34,580,138

5.5% 4/12/37

104,395,000

46,455,775

8% 11/17/13

6,450,000

5,763,075

8.5% 11/2/17 (e)

105,220,000

68,919,100

12.75% 2/17/22 (e)

46,295,000

33,795,350

TOTAL VENEZUELA

216,568,488

TOTAL NONCONVERTIBLE BONDS

(Cost $962,005,056)


943,012,558

Government Obligations - 66.7%

 

Argentina - 1.7%

Argentine Republic:

discount:

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

32,537,450

22,125,466

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

8,814,611

5,773,570

2.5% 12/31/38 (d)

45,145,000

15,236,438

Government Obligations - continued

 

Principal Amount (c)

Value

Argentina - continued

Argentine Republic: - continued

7% 9/12/13

$ 20,920,000

$ 19,989,641

8.75% 6/2/17

4,850,594

4,232,143

TOTAL ARGENTINA

67,357,258

Bahamas (Nassau) - 0.4%

Bahamian Republic 6.95% 11/20/29 (e)

13,620,000

14,709,600

Barbados - 0.8%

Barbados Government:

7% 8/4/22 (e)

19,426,000

19,231,740

7.25% 12/15/21 (e)

11,815,000

12,110,375

TOTAL BARBADOS

31,342,115

Belarus - 0.6%

Belarus Republic:

8.75% 8/3/15 (Reg. S)

23,310,000

16,783,200

8.95% 1/26/18

7,560,000

5,348,700

TOTAL BELARUS

22,131,900

Belize - 0.0%

Belize Government 6% 2/20/29 (d)(e)

3,492,600

2,130,486

Bermuda - 0.4%

Bermuda Government 5.603% 7/20/20 (e)

15,935,000

17,249,638

Brazil - 7.2%

Brazilian Federative Republic:

5.625% 1/7/41

20,195,000

21,810,600

5.875% 1/15/19

16,180,000

18,647,450

7.125% 1/20/37

27,790,000

35,501,725

8% 1/15/18

5,550,278

6,563,203

8.25% 1/20/34

30,250,000

42,576,875

8.75% 2/4/25

15,397,000

21,832,946

8.875% 4/15/24

8,215,000

11,731,020

10.125% 5/15/27

28,547,000

44,961,525

11% 8/17/40

14,390,000

18,886,875

12.25% 3/6/30

29,710,000

54,072,200

12.75% 1/15/20

4,350,000

6,981,750

TOTAL BRAZIL

283,566,169

Cayman Islands - 0.4%

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

13,730,000

14,073,250

Government Obligations - continued

 

Principal Amount (c)

Value

Chile - 0.1%

Chilean Republic 3.25% 9/14/21

$ 4,485,000

$ 4,395,300

Colombia - 3.8%

Colombian Republic:

4.375% 7/12/21

12,810,000

13,066,200

6.125% 1/18/41

21,225,000

23,984,250

7.375% 3/18/19

10,060,000

12,398,950

7.375% 9/18/37

27,320,000

35,516,000

8.125% 5/21/24

7,850,000

10,342,375

10.375% 1/28/33

19,710,000

31,043,250

11.75% 2/25/20

14,931,000

22,919,085

TOTAL COLOMBIA

149,270,110

Congo - 0.5%

Congo Republic 3% 6/30/29 (d)

33,782,000

21,958,300

Croatia - 1.2%

Croatia Republic:

6.375% 3/24/21 (e)

13,555,000

12,267,275

6.625% 7/14/20 (e)

18,440,000

17,241,400

6.75% 11/5/19 (e)

17,385,000

16,692,034

TOTAL CROATIA

46,200,709

Dominican Republic - 0.3%

Dominican Republic:

7.5% 5/6/21 (e)

5,540,000

5,415,350

9.04% 1/23/18 (e)

5,486,744

5,980,551

TOTAL DOMINICAN REPUBLIC

11,395,901

Ecuador - 0.1%

Ecuador Republic 9.375% 12/15/15 (e)

6,089,000

5,967,220

El Salvador - 0.7%

El Salvador Republic:

7.375% 12/1/19 (e)

5,115,000

5,447,475

7.625% 2/1/41 (e)

5,900,000

5,664,000

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

6,740,000

6,537,800

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

7,275,000

7,711,500

8.25% 4/10/32 (e)

3,535,000

3,729,425

TOTAL EL SALVADOR

29,090,200

Gabon - 0.2%

Gabonese Republic 8.2% 12/12/17 (e)

6,210,000

6,799,950

Government Obligations - continued

 

Principal Amount (c)

Value

Georgia - 0.4%

Georgia Republic 6.875% 4/12/21 (e)

$ 15,715,000

$ 15,086,400

Ghana - 0.2%

Ghana Republic 8.5% 10/4/17 (e)

8,555,000

8,982,750

Hungary - 0.2%

Hungarian Republic 7.625% 3/29/41

9,435,000

9,140,156

Iceland - 0.2%

Republic of Iceland 4.875% 6/16/16 (e)

7,850,000

7,536,000

Indonesia - 4.6%

Indonesian Republic:

5.875% 3/13/20 (e)

12,325,000

13,311,000

6.625% 2/17/37 (e)

13,640,000

15,310,900

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

9,280,000

9,976,000

6.875% 3/9/17 (e)

9,505,000

10,645,600

6.875% 1/17/18 (e)

10,920,000

12,257,700

7.25% 4/20/15 (e)

5,360,000

5,976,400

7.5% 1/15/16 (e)

8,150,000

9,250,250

7.75% 1/17/38 (e)

35,665,000

44,759,575

8.5% 10/12/35 (e)

21,375,000

28,856,250

10.375% 5/4/14 (e)

7,715,000

9,007,263

11.625% 3/4/19 (e)

16,975,000

24,146,938

TOTAL INDONESIA

183,497,876

Iraq - 0.9%

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

43,865,000

34,872,675

Lebanon - 1.1%

Lebanese Republic:

4% 12/31/17

18,372,250

17,958,874

9% 3/20/17

8,280,000

9,811,800

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

11,005,000

14,031,375

TOTAL LEBANON

41,802,049

Lithuania - 1.2%

Lithuanian Republic:

5.125% 9/14/17 (e)

10,020,000

9,894,750

6.125% 3/9/21 (e)

6,900,000

6,900,000

6.75% 1/15/15 (e)

15,620,000

16,401,000

7.375% 2/11/20 (e)

12,020,000

13,011,650

TOTAL LITHUANIA

46,207,400

Government Obligations - continued

 

Principal Amount (c)

Value

Mexico - 7.3%

United Mexican States:

5.125% 1/15/20

$ 34,372,000

$ 37,293,620

5.625% 1/15/17

23,444,000

26,081,450

5.75% 10/12/10

67,480,000

66,805,200

6.05% 1/11/40

62,100,000

70,669,800

6.75% 9/27/34

36,215,000

44,453,913

7.5% 4/8/33

5,495,000

7,267,138

11.375% 9/15/16

8,350,000

11,815,250

11.5% 5/15/26

13,860,000

25,779,600

TOTAL MEXICO

290,165,971

Nigeria - 0.2%

Republic of Nigeria 6.75% 1/28/21 (e)

10,170,000

9,839,475

Peru - 1.2%

Peruvian Republic:

5.625% 11/18/50

7,870,000

7,830,650

6.55% 3/14/37

7,870,000

9,168,550

7.35% 7/21/25

12,205,000

15,134,200

8.75% 11/21/33

10,720,000

15,168,800

TOTAL PERU

47,302,200

Philippines - 6.4%

Philippine Republic:

4% 1/15/21

10,540,000

10,460,950

6.375% 1/15/32

8,265,000

9,370,857

6.375% 10/23/34

44,250,000

50,666,250

6.5% 1/20/20

27,055,000

31,316,163

7.75% 1/14/31

32,840,000

42,159,992

8.375% 6/17/19

10,220,000

12,928,300

9.5% 2/2/30

25,120,000

36,738,000

9.875% 1/15/19

10,215,000

13,688,100

10.625% 3/16/25

30,155,000

45,534,050

TOTAL PHILIPPINES

252,862,662

Qatar - 0.6%

State of Qatar:

4% 1/20/15 (e)

12,070,000

12,681,587

6.4% 1/20/40 (e)

7,805,000

9,460,050

TOTAL QATAR

22,141,637

Government Obligations - continued

 

Principal Amount (c)

Value

Russia - 3.1%

Russian Federation:

3.625% 4/29/15 (e)

$ 18,900,000

$ 18,593,820

5% 4/29/20 (e)

27,600,000

27,186,000

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

13,167,950

14,800,776

11% 7/24/18 (Reg. S)

3,935,000

5,322,088

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

34,592,000

57,699,456

TOTAL RUSSIA

123,602,140

Senegal - 0.1%

Republic of Senegal 8.75% 5/13/21 (e)

4,800,000

4,608,000

Serbia - 0.8%

Republic of Serbia:

6.75% 11/1/24 (e)

8,735,399

8,036,567

7.25% 9/28/21 (e)

23,670,000

22,486,500

TOTAL SERBIA

30,523,067

South Africa - 0.2%

South African Republic 6.25% 3/8/41

7,600,000

8,474,000

Sri Lanka - 0.5%

Democratic Socialist Republic of Sri Lanka:

6.25% 10/4/20 (e)

13,160,000

12,699,400

8.25% 10/24/12 (e)

5,802,000

5,939,798

TOTAL SRI LANKA

18,639,198

Turkey - 7.4%

Turkish Republic:

5.625% 3/30/21

38,300,000

39,449,000

6% 1/14/41

10,000,000

9,475,000

6.75% 4/3/18

6,790,000

7,485,975

6.75% 5/30/40

17,500,000

18,331,250

6.875% 3/17/36

29,710,000

31,641,150

7% 9/26/16

4,165,000

4,633,563

7% 3/11/19

21,185,000

23,780,163

7% 6/5/20

17,155,000

19,299,375

7.25% 3/15/15

6,460,000

7,144,760

7.25% 3/5/38

9,885,000

11,009,913

7.375% 2/5/25

28,990,000

33,121,075

7.5% 7/14/17

7,020,000

8,020,350

7.5% 11/7/19

8,310,000

9,608,853

Government Obligations - continued

 

Principal Amount (c)

Value

Turkey - continued

Turkish Republic: - continued

8% 2/14/34

$ 31,850,000

$ 38,299,625

11.875% 1/15/30

18,710,000

30,637,625

TOTAL TURKEY

291,937,677

Ukraine - 1.5%

Ukraine Financing of Infrastructure Projects State Enterprise 8.375% 11/3/17 (e)

9,995,000

9,195,400

Ukraine Government:

6.25% 6/17/16 (e)

9,500,000

8,502,500

6.385% 6/26/12 (e)

5,760,000

5,601,600

6.58% 11/21/16 (e)

7,390,000

6,632,525

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

19,880,000

19,184,200

7.75% 9/23/20 (e)

7,060,000

6,336,350

7.95% 2/23/21 (e)

5,495,000

4,972,975

TOTAL UKRAINE

60,425,550

United States of America - 3.0%

U.S. Treasury Bonds 3.75% 8/15/41

102,523,000

119,823,749

Uruguay - 0.5%

Uruguay Republic:

6.875% 9/28/25

3,935,000

4,623,625

7.625% 3/21/36

12,230,000

15,042,900

TOTAL URUGUAY

19,666,525

Venezuela - 6.6%

Venezuelan Republic:

oil recovery rights 4/15/20 (h)

92,429

2,518,690

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

26,995,000

19,436,400

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

45,125,000

28,767,188

8.25% 10/13/24

22,260,000

13,022,100

8.5% 10/8/14

11,290,000

9,878,750

9% 5/7/23 (Reg. S)

37,000,000

23,217,500

9.25% 9/15/27

32,210,000

20,292,300

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

36,895,000

22,782,663

9.375% 1/13/34

30,460,000

18,961,350

10.75% 9/19/13

28,655,000

28,081,900

11.95% 8/5/31 (Reg. S)

35,490,000

26,156,130

12.75% 8/23/22

60,260,000

47,906,700

TOTAL VENEZUELA

261,021,671

Government Obligations - continued

 

Principal Amount (c)

Value

Vietnam - 0.1%

Vietnamese Socialist Republic 6.875% 1/15/16 (e)

$ 4,990,000

$ 4,890,200

TOTAL GOVERNMENT OBLIGATIONS

(Cost $2,553,326,811)


2,640,687,134

Preferred Securities - 0.2%

 

 

 

 

Brazil - 0.2%

Globo Comunicacoes e Participacoes SA 6.25% (d)(e)(f)
(Cost $6,256,768)

  6,180,000


6,425,521

Money Market Funds - 6.5%

Shares

 

Fidelity Cash Central Fund, 0.12% (a)
(Cost $259,178,130)

  259,178,130


259,178,130

TOTAL INVESTMENT PORTFOLIO - 97.2%

(Cost $3,780,766,765)

3,849,303,343

NET OTHER ASSETS (LIABILITIES) - 2.8%

110,041,720

NET ASSETS - 100%

$ 3,959,345,063

Currency Abbreviations

EUR

-

European Monetary Unit

Legend

(a) 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.

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

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

(d) 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.

(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 $1,191,594,672 or 30.1% of net assets.

(f) Security is perpetual in nature with no stated maturity date.

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

(h) Quantity represents share amount.

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

$ 127,468

Fidelity Securities CLending ash Central Fund

22,531

Total

$ 149,999

Other Information

The following is a summary of the inputs used, as of September 30, 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

Total

Level 1

Level 2

Level 3

Investments in Securities:

Corporate Bonds

$ 943,012,558

$ -

$ 942,465,920

$ 546,638

Government Obligations

2,640,687,134

-

2,640,687,134

-

Preferred Securities

6,425,521

-

6,425,521

-

Money Market Funds

259,178,130

259,178,130

-

-

Total Investments in Securities:

$ 3,849,303,343

$ 259,178,130

$ 3,589,578,575

$ 546,638

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

Investments in Securities:

Beginning Balance

$ -

Total Realized Gain (Loss)

(4,409,687)

Total Unrealized Gain (Loss)

4,274,455

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

681,870

Transfers out of Level 3

-

Ending Balance

$ 546,638

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2011

$ (135,232)

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 September 30, 2011, the cost of investment securities for income tax purposes was $3,754,815,541. Net unrealized appreciation aggregated $94,487,802, of which $200,496,635 related to appreciated investment securities and $106,008,833 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, 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 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, 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.

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. 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.

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:

November 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:

November 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

November 29, 2011