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:

September 30, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® New Markets Income Fund

September 30, 2008 

1.808781.104

NMI-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 15.7%

 

Principal Amount (c)

Value

Bahamas (Nassau) - 0.3%

Odebrecht Overseas Ltd. 9.625% 

$ 5,589,000

$ 5,309,550

Cayman Islands - 0.1%

DASA Finance Corp. 8.75% 5/29/18 (e)

2,735,000

2,188,000

Dominican Republic - 0.1%

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

3,835,000

2,777,307

Germany - 0.5%

JSC Severstal 9.25% 4/19/14 (Issued by Citigroup Global Markets Deutschland AG for JSC Severstal) (e)

9,310,000

7,075,600

Kyivstar GSM 10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM) (e)

3,965,000

3,925,350

TOTAL GERMANY

11,000,950

Indonesia - 0.0%

APP International Finance (Mauritius) Ltd.:

0% 7/5/01 (b)(e)

4,420,000

110,500

0% 7/5/01 (Reg. S) (b)

1,335,000

33,375

TOTAL INDONESIA

143,875

Ireland - 0.4%

Red Arrow International Leasing PLC 8.375% 6/30/12

RUB

234,975,501

8,331,215

Korea (South) - 0.4%

Hanarotelecom, Inc. 7% 2/1/12 (e)

9,570,000

8,804,400

Luxembourg - 4.9%

Evraz Group SA:

8.875% 4/24/13 (e)

9,085,000

6,995,450

9.5% 4/24/18 (e)

2,110,000

1,561,400

Millicom International Cellular SA 10% 12/1/13

8,935,000

9,337,075

Mobile Telesystems Finance SA:

8% 1/28/12 (e)

24,136,000

20,515,600

8.375% 10/14/10 (Reg. S)

9,630,000

8,955,900

OAO Severstal 9.75% 7/29/13 (Issued by Steel Capital SA for OAO Severstal) (e)

8,590,000

6,528,400

OJSC Russian Agricultural Bank:

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

8,180,000

5,807,800

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

2,185,000

1,726,150

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

6,040,000

4,892,400

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Luxembourg - continued

OJSC Russian Agricultural Bank: - continued

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

$ 4,930,000

$ 4,091,900

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

5,475,000

3,942,000

TNK-BP Finance SA 7.5% 3/13/13 (e)

5,945,000

4,577,650

Vimpel Communications:

8.25% 5/23/16 (Issued by UBS Luxembourg SA for Vimpel Communications)

19,320,000

13,717,200

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

5,260,000

4,050,200

TOTAL LUXEMBOURG

96,699,125

Malaysia - 0.9%

Penerbangan Malaysia Bhd 5.625% 3/15/16 (Reg. S)

6,370,000

6,276,361

Petronas Capital Ltd.:

7% 5/22/12

4,635,000

4,896,878

7.875% 5/22/22 (Reg. S)

5,400,000

6,053,940

TOTAL MALAYSIA

17,227,179

Mexico - 0.3%

Cablemas SA de CV 9.375% 11/15/15 (Reg. S)

5,260,000

5,312,600

Netherlands - 2.2%

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

EUR

5,100,000

1,650,763

KazMunaiGaz Finance Sub BV:

8.375% 7/2/13 (e)

7,845,000

6,589,800

9.125% 7/2/18 (e)

7,845,000

6,903,600

Lukoil International Finance BV:

6.356% 6/7/17 (e)

12,220,000

9,226,100

6.656% 6/7/22 (e)

8,145,000

5,457,150

Majapahit Holding BV:

7.75% 10/17/16

3,745,000

3,258,150

7.875% 6/29/37

3,750,000

2,737,500

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

7,430,000

7,244,250

TOTAL NETHERLANDS

43,067,313

Philippines - 0.4%

Development Bank of Philippines 8.375% (f)

3,485,000

3,310,750

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

5,485,000

4,936,500

TOTAL PHILIPPINES

8,247,250

Nonconvertible Bonds - continued

 

Principal Amount (c)

Value

Russia - 0.2%

OAO TMK 8.5% 9/29/09 (Issued by TMK Capital SA for OAO TMK)

$ 4,600,000

$ 4,186,000

Singapore - 0.3%

Empire Capital Resources Pte. Ltd. 9.375% 12/15/11 (e)

5,370,000

5,208,900

United Kingdom - 0.4%

Ex-Im Ukraine 7.65% 9/7/11 (Issued by Credit Suisse London Branch for Ex-Im Ukraine)

4,390,000

3,116,900

NJSC Naftogaz of Ukraine 8.125% 9/30/09 (Issued by Standard Bank PLC for NJSC Naftogaz of Ukraine)

5,800,000

4,756,000

TOTAL UNITED KINGDOM

7,872,900

United States of America - 2.7%

Freeport-McMoRan Copper & Gold, Inc.:

5.8825% 4/1/15 (f)

7,730,000

7,246,875

8.25% 4/1/15

10,965,000

10,773,113

Pemex Project Funding Master Trust:

6.625% 6/15/35

15,190,000

13,784,925

6.625% 6/15/35 (e)

2,295,000

2,082,713

8.625% 2/1/22

16,955,000

19,905,170

TOTAL UNITED STATES OF AMERICA

53,792,796

Venezuela - 1.6%

Petroleos de Venezuela SA:

5.25% 4/12/17

28,820,000

15,562,800

5.375% 4/12/27

26,330,000

11,453,550

5.5% 4/12/37

11,565,000

5,030,775

TOTAL VENEZUELA

32,047,125

TOTAL NONCONVERTIBLE BONDS

(Cost $383,126,552)

312,216,485

Government Obligations - 70.6%

 

Argentina - 1.6%

Argentine Republic:

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

28,374,748

16,173,606

par 1.33% 12/31/38 (d)

40,705,000

10,176,250

8.375% 12/20/03 (b)

12,860,000

3,600,800

Government Obligations - continued

 

Principal Amount (c)

Value

Argentina - continued

Argentine Republic: - continued

11% 10/9/06 (b)

$ 3,010,000

$ 842,800

11.75% 4/7/09 (b)

4,145,000

1,160,600

TOTAL ARGENTINA

31,954,056

Belize - 0.1%

Belize Government 4.25% 2/20/29 (d)(e)

4,137,600

2,792,880

Brazil - 9.7%

Brazilian Federative Republic:

6% 1/17/17

5,065,000

4,905,453

7.125% 1/20/37

23,480,000

24,243,100

8% 1/15/18

14,245,000

15,284,885

8.25% 1/20/34

12,615,000

14,286,488

8.75% 2/4/25

25,690,000

30,057,300

8.875% 10/14/19

12,625,000

14,708,125

8.875% 4/15/24

16,615,000

19,647,238

10.125% 5/15/27

7,325,000

9,632,375

11% 8/17/40

16,195,000

20,324,725

12.25% 3/6/30

12,770,000

19,825,425

12.75% 1/15/20

13,455,000

19,711,575

TOTAL BRAZIL

192,626,689

Colombia - 3.0%

Colombian Republic:

7.375% 9/18/37

17,145,000

17,145,000

8.125% 5/21/24

2,665,000

2,918,175

10.375% 1/28/33

3,750,000

5,025,000

10.75% 1/15/13

8,030,000

9,354,950

11.75% 2/25/20

17,851,000

24,500,498

TOTAL COLOMBIA

58,943,623

Congo - 0.4%

Congo Republic 2.5% 6/30/29 (d)

13,984,000

7,271,680

Dominican Republic - 0.2%

Dominican Republic 9.04% 1/23/18 (e)

3,890,998

3,667,265

Ecuador - 1.5%

Ecuador Republic:

9.375% 12/15/15 (e)

4,155,000

3,469,425

Government Obligations - continued

 

Principal Amount (c)

Value

Ecuador - continued

Ecuador Republic: - continued

10% 8/15/30 (Reg. S)

$ 19,745,000

$ 14,216,400

12% 11/15/12 (Reg. S)

13,678,200

12,447,162

TOTAL ECUADOR

30,132,987

Egypt - 0.5%

Arab Republic of Egypt 8.75% 7/18/12 (e)

EGP

70,170,000

10,296,405

El Salvador - 0.5%

El Salvador Republic:

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

5,830,000

5,830,000

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

3,585,000

3,692,550

TOTAL EL SALVADOR

9,522,550

Fiji - 0.3%

Republic of Fiji 6.875% 9/13/11

5,835,000

5,134,800

Gabon - 1.0%

Gabonese Republic 8.2% 12/12/17 (e)

20,920,000

19,455,600

Georgia - 0.3%

Georgia Republic 7.5% 4/15/13

8,075,000

6,823,375

Ghana - 0.8%

Ghana Republic 8.5% 10/4/17 (e)

19,950,000

16,957,500

Indonesia - 2.4%

Indonesian Republic:

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

8,475,000

8,008,875

6.875% 1/17/18 (e)

11,165,000

10,104,325

7.5% 1/15/16 (e)

5,715,000

5,486,400

7.75% 1/17/38 (e)

15,310,000

13,396,250

8.5% 10/12/35 (e)

12,370,000

11,875,200

TOTAL INDONESIA

48,871,050

Iraq - 0.8%

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

24,040,000

15,385,600

Ivory Coast - 1.4%

Ivory Coast:

FLIRB 4% 3/29/18 (Reg. S) (b)(f)

43,245,000

15,568,200

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

33,283,250

11,981,970

TOTAL IVORY COAST

27,550,170

Lebanon - 2.8%

Lebanese Republic:

6.1088% 11/30/09 (Reg. S) (f)

11,165,000

10,830,050

Government Obligations - continued

 

Principal Amount (c)

Value

Lebanon - continued

Lebanese Republic: - continued

7.125% 3/5/10

$ 9,710,000

$ 9,564,350

7.875% 5/20/11 (Reg. S)

7,665,000

7,569,188

8.5% 1/19/16 (Reg. S)

2,555,000

2,478,350

8.625% 6/20/13 (Reg. S)

2,335,000

2,305,813

10.25% 10/6/09 (Reg. S)

5,015,000

5,115,300

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

16,060,000

18,187,950

TOTAL LEBANON

56,051,001

Malaysia - 0.4%

Malaysian Government:

7.5% 7/15/11

3,860,000

4,138,692

8.75% 6/1/09

3,860,000

3,957,658

TOTAL MALAYSIA

8,096,350

Mexico - 6.3%

United Mexican States:

6.75% 9/27/34

31,920,000

32,079,600

7.5% 4/8/33

10,380,000

11,340,150

8.125% 12/30/19

13,337,000

15,370,893

8.3% 8/15/31

20,450,000

24,182,125

11.375% 9/15/16

10,850,000

14,511,875

11.5% 5/15/26

17,480,000

27,006,600

TOTAL MEXICO

124,491,243

Pakistan - 0.2%

Islamic Republic of Pakistan:

6.875% 6/1/17 (e)

2,855,000

1,284,750

7.125% 3/31/16 (e)

6,185,000

2,845,100

TOTAL PAKISTAN

4,129,850

Panama - 0.9%

Panamanian Republic:

7.125% 1/29/26

5,370,000

5,423,700

7.25% 3/15/15

3,915,000

4,042,238

8.875% 9/30/27

7,220,000

8,447,400

TOTAL PANAMA

17,913,338

Peru - 1.3%

Peruvian Republic:

6.55% 3/14/37

9,430,000

8,675,600

Government Obligations - continued

 

Principal Amount (c)

Value

Peru - continued

Peruvian Republic: - continued

7.35% 7/21/25

$ 11,160,000

$ 11,271,600

9.875% 2/6/15

5,695,000

6,691,625

TOTAL PERU

26,638,825

Philippines - 6.5%

Philippine Republic:

6.375% 1/15/32

2,275,000

2,107,333

7.75% 1/14/31

14,075,000

14,813,938

8.875% 3/17/15

13,520,000

14,939,600

9% 2/15/13

16,640,000

18,137,600

9.375% 1/18/17

12,905,000

14,969,800

9.5% 2/2/30

15,085,000

18,592,263

9.875% 1/15/19

20,625,000

25,162,500

10.625% 3/16/25

15,360,000

20,313,600

TOTAL PHILIPPINES

129,036,634

Russia - 8.6%

Russian Federation:

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

117,744,550

119,958,139

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

14,407,000

19,737,590

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

19,162,000

30,753,094

TOTAL RUSSIA

170,448,823

Serbia - 0.3%

Republic of Serbia 3.75% 11/1/24 (d)(e)

7,545,000

6,450,975

Turkey - 9.2%

Turkish Republic:

6.75% 4/3/18

18,630,000

17,465,625

6.875% 3/17/36

16,310,000

14,292,453

7% 9/26/16

11,100,000

10,767,000

7% 3/11/19

19,940,000

18,893,150

7% 6/5/20

12,275,000

11,599,875

7.25% 3/5/38

7,775,000

7,055,813

7.375% 2/5/25

24,845,000

23,789,088

8% 2/14/34

9,770,000

9,758,276

9.5% 1/15/14

13,950,000

15,398,010

11% 1/14/13

16,660,000

19,117,350

11.5% 1/23/12

12,540,000

14,264,250

11.875% 1/15/30

13,775,000

19,922,783

TOTAL TURKEY

182,323,673

Government Obligations - continued

 

Principal Amount (c)

Value

Ukraine - 1.2%

Ukraine Government:

6.385% 6/26/12 (e)

$ 8,095,000

$ 6,759,325

6.75% 11/14/17 (e)

7,470,000

5,341,050

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

3,855,000

3,469,500

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

9,285,000

7,776,188

TOTAL UKRAINE

23,346,063

Uruguay - 1.2%

Uruguay Republic:

7.875% 1/15/33 pay-in-kind

8,393,307

7,994,625

8% 11/18/22

12,310,000

12,186,900

9.25% 5/17/17

3,315,000

3,729,375

TOTAL URUGUAY

23,910,900

Venezuela - 6.8%

Venezuelan Republic:

oil recovery rights 4/15/20 (g)

171,700

6,095,350

7% 3/31/38

9,570,000

5,502,750

8.5% 10/8/14

17,235,000

13,874,175

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

14,860,000

10,179,100

9.25% 9/15/27

26,400,000

19,800,000

9.375% 1/13/34

11,545,000

7,850,600

10.75% 9/19/13

56,210,000

51,151,100

13.625% 8/15/18

20,503,000

21,323,120

TOTAL VENEZUELA

135,776,195

Vietnam - 0.4%

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

7,970,000

7,372,250

TOTAL GOVERNMENT OBLIGATIONS

(Cost $1,472,918,195)

1,403,372,350

Supranational Obligations - 0.2%

 

European Bank for Reconstruction and Development 6.5% 12/20/10
(Cost $3,871,566)

RUB

95,000,000

3,648,486

Common Stocks - 0.2%

Shares

 

Hong Kong - 0.1%

China Mobile (Hong Kong) Ltd. sponsored ADR

39,000

1,953,120

Common Stocks - continued

Shares

Value

Korea (South) - 0.1%

Samsung Electronics Co. Ltd. GDR (e)

9,753

$ 2,184,672

TOTAL COMMON STOCKS

(Cost $6,643,491)

4,137,792

Investment Companies - 2.2%

 

 

 

 

United States of America - 2.2%

iShares MSCI Emerging Markets Index ETF
(Cost $48,987,193)

1,287,400

44,453,922

Preferred Securities - 4.1%

Principal Amount (c)

 

Brazil - 1.6%

Globo Comunicacoes e Participacoes SA 9.375%

22,585,000

22,434,638

Net Servicos de Comunicacao SA 9.25% (e)

10,220,000

9,898,542

TOTAL BRAZIL

32,333,180

United States of America - 2.5%

Pemex Project Funding Master Trust 7.75%

50,276,000

49,543,269

TOTAL PREFERRED SECURITIES

(Cost $84,172,604)

81,876,449

Money Market Funds - 5.6%

Shares

 

Fidelity Cash Central Fund, 1.92% (a)
(Cost $111,455,731)

111,455,731

111,455,731

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $2,111,175,332)

1,961,161,215

NET OTHER ASSETS - 1.4%

27,032,819

NET ASSETS - 100%

$ 1,988,194,034

Security Type Abbreviation

ETF - Exchange Traded Fund

FLIRB - Front Loaded Interest
Reduction Bonds

Currency Abbreviations

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

RUB

-

Russian ruble

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.

(b) Non-income producing - Issuer 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 $275,130,884 or 13.8% of net assets.

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

(g) 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

$ 3,834,212

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets 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

$ 1,961,161,215

$ 160,047,445

$ 1,794,874,545

$ 6,239,225

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

 

Investments in Securities

Beginning Balance

$ 12,293,915

Total Realized Gain (Loss)

(418,053)

Total Unrealized Gain (Loss)

442,963

Cost of Purchases

-

Proceeds of Sales

(1,636,000)

Amortization/Accretion

-

Transfer in/out of Level 3

(4,443,600)

Ending Balance

$ 6,239,225

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $2,113,857,035. Net unrealized depreciation aggregated $152,695,820, of which $41,909,347 related to appreciated investment securities and $194,605,167 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. 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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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. Actual prices received at disposition may differ.

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. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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:

December 1, 2008

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:

December 1, 2008

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 1, 2008