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)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Export and Multinational Fund

May 31, 2013 

1.802195.109

EXF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 8.1%

Media - 0.4%

Discovery Communications, Inc. Class C (non-vtg.) (a)

114,400

$ 8,005

Specialty Retail - 4.8%

Ascena Retail Group, Inc. (a)

902,200

18,342

Express, Inc. (a)

1,175,107

25,617

Home Depot, Inc.

350,300

27,555

L Brands, Inc.

139,100

6,956

TJX Companies, Inc.

322,800

16,337

 

94,807

Textiles, Apparel & Luxury Goods - 2.9%

G-III Apparel Group Ltd. (a)

356,017

14,992

NIKE, Inc. Class B

319,400

19,694

PVH Corp.

77,900

8,973

VF Corp.

71,700

13,183

 

56,842

TOTAL CONSUMER DISCRETIONARY

159,654

CONSUMER STAPLES - 11.3%

Beverages - 4.4%

Dr. Pepper Snapple Group, Inc.

971,700

44,679

The Coca-Cola Co.

1,057,600

42,293

 

86,972

Food & Staples Retailing - 3.1%

CVS Caremark Corp.

515,800

29,700

Wal-Mart Stores, Inc.

423,500

31,695

 

61,395

Household Products - 1.9%

Colgate-Palmolive Co.

259,200

14,992

Energizer Holdings, Inc.

240,800

23,047

 

38,039

Tobacco - 1.9%

British American Tobacco PLC sponsored ADR

179,600

19,715

Lorillard, Inc.

392,000

16,636

 

36,351

TOTAL CONSUMER STAPLES

222,757

Common Stocks - continued

Shares

Value (000s)

ENERGY - 6.3%

Energy Equipment & Services - 0.4%

BW Offshore Ltd.

5,303,600

$ 7,076

Oil, Gas & Consumable Fuels - 5.9%

Cabot Oil & Gas Corp.

200,300

14,093

Chevron Corp.

213,000

26,146

Concho Resources, Inc. (a)

26,700

2,234

Noble Energy, Inc.

313,200

18,056

Northern Oil & Gas, Inc. (a)

690,300

9,091

Range Resources Corp.

139,200

10,465

Suncor Energy, Inc.

494,100

14,989

The Williams Companies, Inc.

605,800

21,312

 

116,386

TOTAL ENERGY

123,462

FINANCIALS - 13.0%

Capital Markets - 1.7%

BlackRock, Inc. Class A

23,100

6,450

State Street Corp.

400,500

26,505

 

32,955

Commercial Banks - 5.8%

M&T Bank Corp. (d)

221,100

23,193

U.S. Bancorp

1,363,800

47,815

Wells Fargo & Co.

1,069,000

43,348

 

114,356

Diversified Financial Services - 3.7%

Bank of America Corp.

1,971,400

26,929

Citigroup, Inc.

900,700

46,827

 

73,756

Real Estate Investment Trusts - 1.8%

American Tower Corp.

462,300

35,985

TOTAL FINANCIALS

257,052

HEALTH CARE - 13.5%

Biotechnology - 5.9%

Alexion Pharmaceuticals, Inc. (a)

126,600

12,349

Amgen, Inc.

219,000

22,016

Biogen Idec, Inc. (a)

76,000

18,049

BioMarin Pharmaceutical, Inc. (a)

265,600

16,653

Gilead Sciences, Inc. (a)

388,400

21,160

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Infinity Pharmaceuticals, Inc. (a)

260,100

$ 7,010

MEI Pharma, Inc. (a)

254,200

2,135

Theravance, Inc. (a)(d)

486,000

17,029

 

116,401

Health Care Equipment & Supplies - 0.4%

Cerus Corp. (a)(d)

1,712,176

8,801

Health Care Providers & Services - 1.0%

MEDNAX, Inc. (a)

203,300

18,872

Pharmaceuticals - 6.2%

Actavis, Inc. (a)

105,100

12,958

Cadence Pharmaceuticals, Inc. (a)

1,811,272

12,045

Pfizer, Inc.

1,752,900

47,731

Sanofi SA sponsored ADR

542,300

28,791

Valeant Pharmaceuticals International, Inc. (Canada) (a)

219,400

20,187

 

121,712

TOTAL HEALTH CARE

265,786

INDUSTRIALS - 9.1%

Aerospace & Defense - 1.4%

United Technologies Corp.

290,600

27,578

Airlines - 0.8%

Copa Holdings SA Class A

121,500

15,955

Electrical Equipment - 1.4%

AMETEK, Inc.

381,200

16,449

Roper Industries, Inc.

91,700

11,391

 

27,840

Industrial Conglomerates - 2.9%

3M Co.

36,600

4,036

General Electric Co.

2,237,400

52,177

 

56,213

Professional Services - 1.2%

Dun & Bradstreet Corp. (d)

240,300

23,583

Road & Rail - 1.4%

Canadian Pacific Railway Ltd.

210,000

27,920

TOTAL INDUSTRIALS

179,089

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 21.0%

Communications Equipment - 1.2%

Cisco Systems, Inc.

504,200

$ 12,141

Infinera Corp. (a)

1,020,900

10,750

 

22,891

Computers & Peripherals - 4.0%

Apple, Inc.

113,300

50,949

EMC Corp.

1,130,400

27,989

 

78,938

Internet Software & Services - 3.3%

Demandware, Inc. (a)(d)

298,108

9,125

E2open, Inc.

384,338

5,615

Google, Inc. Class A (a)

58,600

51,006

 

65,746

IT Services - 6.3%

Accenture PLC Class A

201,300

16,529

Amdocs Ltd.

577,800

20,627

Fidelity National Information Services, Inc.

850,400

38,183

MasterCard, Inc. Class A

36,700

20,928

Total System Services, Inc.

867,200

20,388

Virtusa Corp. (a)

345,650

8,109

 

124,764

Semiconductors & Semiconductor Equipment - 3.3%

Altera Corp.

613,700

20,369

ASML Holding NV

129,900

10,557

Broadcom Corp. Class A

553,100

19,862

Micron Technology, Inc. (a)

1,227,000

14,331

 

65,119

Software - 2.9%

Guidewire Software, Inc. (a)

273,000

11,182

Oracle Corp.

1,072,900

36,221

salesforce.com, Inc. (a)

240,400

10,176

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

28,652

0

 

57,579

TOTAL INFORMATION TECHNOLOGY

415,037

MATERIALS - 4.5%

Chemicals - 1.3%

Monsanto Co.

244,200

24,576

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 3.2%

Goldcorp, Inc.

442,700

$ 13,139

Turquoise Hill Resources Ltd. (a)

7,565,940

50,500

 

63,639

TOTAL MATERIALS

88,215

TELECOMMUNICATION SERVICES - 2.0%

Wireless Telecommunication Services - 2.0%

Vodafone Group PLC sponsored ADR

1,365,900

39,543

UTILITIES - 2.6%

Electric Utilities - 1.4%

Northeast Utilities

632,100

26,340

Multi-Utilities - 1.2%

Sempra Energy

299,600

24,357

TOTAL UTILITIES

50,697

TOTAL COMMON STOCKS

(Cost $1,485,389)


1,801,292

Convertible Preferred Stocks - 0.3%

 

 

 

 

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Glam Media, Inc. Series M-1, 8.00% (f)

427,303

2,184

INFORMATION TECHNOLOGY - 0.2%

Software - 0.2%

Trion World Network, Inc.:

8.00% (f)

76,875

329

Series C, 8.00% (f)

910,747

3,898

Series C-1, 8.00% (f)

71,630

307

 

4,534

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $14,861)


6,718

Nonconvertible Bonds - 0.0%

 

Principal
Amount (000s)

Value (000s)

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

Glam Media, Inc. 9% 12/2/13 (f)

(Cost $937)

$ 937

$ 937

U.S. Treasury Obligations - 0.2%

 

U.S. Treasury Bills, yield at date of purchase 0.05% 7/18/13 (e)
(Cost $4,560)

4,560


4,560

Money Market Funds - 9.6%

Shares

 

Fidelity Cash Central Fund, 0.12% (b)

146,241,766

146,242

Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)

41,998,477

41,998

TOTAL MONEY MARKET FUNDS

(Cost $188,240)


188,240

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $1,693,987)

2,001,747

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(30,190)

NET ASSETS - 100%

$ 1,971,557

Futures Contracts

 

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Purchased

Equity Index Contracts

1,237 CME E-mini S&P 500 Index Contracts

June 2013

$ 100,754

$ 2,513

The face value of futures purchased as a percentage of net assets is 5.1%

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $4,560,000.

(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 $7,655,000 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

Glam Media, Inc. Series M-1, 8.00%

3/19/08

$ 7,813

Glam Media, Inc. 9% 12/2/13

12/2/11

$ 937

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

8/10/10

$ 0*

Trion World Network, Inc. 8.00%

3/20/13

$ 404

Trion World Network, Inc. Series C, 8.00%

8/22/08

$ 5,001

Trion World Network, Inc. Series C-1, 8.00%

8/10/10

$ 393

* Amount represents less than $1,000.

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

$ 102

Fidelity Securities Lending Cash Central Fund

102

Total

$ 204

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 161,838

$ 159,654

$ -

$ 2,184

Consumer Staples

222,757

222,757

-

-

Energy

123,462

123,462

-

-

Financials

257,052

257,052

-

-

Health Care

265,786

265,786

-

-

Industrials

179,089

179,089

-

-

Information Technology

419,571

415,037

-

4,534

Materials

88,215

88,215

-

-

Telecommunication Services

39,543

39,543

-

-

Utilities

50,697

50,697

-

-

Corporate Bonds

937

-

-

937

U.S. Government and Government Agency Obligations

4,560

-

4,560

-

Money Market Funds

188,240

188,240

-

-

Total Investments in Securities:

$ 2,001,747

$ 1,989,532

$ 4,560

$ 7,655

Derivative Instruments:

Assets

Futures Contracts

$ 2,513

$ 2,513

$ -

$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,703,413,000. Net unrealized appreciation aggregated $298,334,000, of which $335,571,000 related to appreciated investment securities and $37,237,000 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be 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 these securities are generally categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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 30, 2013

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 30, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

July 30, 2013