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)

Eric D. Roiter, 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:

April 30

Date of reporting period:

January 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Capital and Income Fund

January 31, 2005

CAI-QTLY-0305

1.813054.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 76.4%

Principal Amount (000s)

Value
(000s)

Convertible Bonds - 0.2%

Technology - 0.2%

Atmel Corp. 0% 5/23/21

$ 20,230

$ 9,180

Nonconvertible Bonds - 76.2%

Air Transportation - 1.5%

American Airlines, Inc. pass thru trust certificates:

7.377% 5/23/19

10,841

7,155

7.379% 5/23/16

5,236

3,456

AMR Corp.:

9% 9/15/16

4,355

3,092

10.2% 3/15/20

2,750

1,650

Continental Airlines, Inc. pass thru trust certificates:

8.307% 10/2/19

406

337

8.312% 10/2/12

1,686

1,248

8.388% 5/1/22

4,683

3,559

Delta Air Lines, Inc.:

7.9% 12/15/09

12,105

5,931

8.3% 12/15/29

16,350

6,377

10% 8/15/08

3,060

1,775

Delta Air Lines, Inc. pass thru trust certificates:

7.57% 11/18/10

2,000

1,909

7.711% 9/18/11

3,690

2,435

7.779% 11/18/05

5,280

4,330

7.92% 5/18/12

14,780

9,755

Northwest Airlines Corp. 10% 2/1/09

7,670

5,599

Northwest Airlines, Inc.:

7.875% 3/15/08

6,620

4,700

9.875% 3/15/07

2,000

1,640

Northwest Airlines, Inc. pass thru trust certificates:

7.626% 4/1/10

1,082

866

7.691% 4/1/17

1,231

985

7.95% 9/1/16

1,014

831

8.304% 9/1/10

3,120

2,559

9.179% 10/1/11

4,636

3,246

73,435

Automotive - 0.6%

Affinia Group, Inc. 9% 11/30/14 (e)

3,030

3,121

Altra Industrial Motion, Inc. 9% 12/1/11 (e)

4,560

4,560

Intermet Corp. 9.75% 6/15/09 (c)

10,275

5,497

Navistar International Corp. 7.5% 6/15/11

3,250

3,453

Tenneco Automotive, Inc. 8.625% 11/15/14 (e)

5,280

5,478

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Automotive - continued

TRW Automotive Acquisition Corp.:

9.375% 2/15/13

$ 2,781

$ 3,136

11% 2/15/13

4,926

5,800

31,045

Broadcasting - 1.1%

Entercom Radio LLC/Entercom Capital, Inc. 7.625% 3/1/14

10,138

10,898

Radio One, Inc. 8.875% 7/1/11

9,550

10,362

Rainbow National LLC & RNS Co. Corp.:

8.75% 9/1/12 (e)

15,770

17,741

10.375% 9/1/14 (e)

15,655

18,316

57,317

Building Materials - 1.6%

FIMEP SA 10.5% 2/15/13

3,625

4,268

Goodman Global Holdings, Inc.:

5.76% 6/15/12 (e)(g)

3,150

3,229

7.875% 12/15/12 (e)

32,125

31,001

Jacuzzi Brands, Inc. 9.625% 7/1/10

27,395

30,545

Maax Holdings, Inc. 0% 12/15/12 (d)(e)

17,890

11,271

80,314

Cable TV - 7.1%

Cablevision Systems Corp. 8% 4/15/12 (e)

54,790

58,968

CCO Holdings LLC/CCO Holdings Capital Corp. 8.75% 11/15/13

6,000

6,083

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:

0% 5/15/11 (d)

6,755

4,661

0% 1/15/12 (d)

5,000

3,200

10% 4/1/09

690

580

11.75% 1/15/10

4,940

4,347

Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 8% 4/30/12 (e)

11,150

11,262

CSC Holdings, Inc.:

6.75% 4/15/12 (e)

20,160

21,067

7.625% 4/1/11

6,460

7,041

7.625% 7/15/18

41,068

45,175

7.875% 12/15/07

1,000

1,078

7.875% 2/15/18

19,815

22,193

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Cable TV - continued

EchoStar DBS Corp.:

6.375% 10/1/11

$ 15,465

$ 15,736

6.625% 10/1/14 (e)

34,270

34,572

NTL Cable PLC 8.75% 4/15/14 (e)

47,580

53,052

Rogers Cable, Inc.:

5.5% 3/15/14

5,630

5,306

6.25% 6/15/13

8,320

8,258

6.75% 3/15/15

6,240

6,404

7.875% 5/1/12

3,330

3,638

Telenet Group Holding NV 0% 6/15/14 (d)(e)

56,750

43,130

Videotron Ltee 6.875% 1/15/14

3,630

3,694

359,445

Capital Goods - 0.8%

ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13 (e)

5,860

5,948

Blount, Inc. 8.875% 8/1/12

6,070

6,601

Hexcel Corp.:

6.75% 2/1/15 (e)

10,710

10,737

9.75% 1/15/09

6,000

6,263

Polypore, Inc. 0% 10/1/12 (d)(e)

15,655

9,706

Polypore, Inc. 8.75% 5/15/12

2,920

2,993

42,248

Chemicals - 4.5%

BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (e)

41,515

45,770

Crystal US Holding 3LLC/Crystal US Sub 3Corp.:

Series A, 0% 10/1/14 (d)(e)

10,270

7,138

Series B, 0% 10/1/14 (d)(e)

30,040

20,277

Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11

5,760

6,624

Huntsman Advanced Materials LLC:

10.89% 7/15/08 (e)(g)

9,000

9,653

11% 7/15/10 (e)

7,000

8,208

Huntsman ICI Chemicals LLC 10.125% 7/1/09

12,086

12,690

Huntsman International LLC:

7.375% 1/1/15 (e)

12,470

12,470

9.875% 3/1/09

6,165

6,704

Huntsman LLC:

9.91% 7/15/11 (e)(g)

3,180

3,530

11.625% 10/15/10

3,770

4,411

Innophos, Inc. 8.875% 8/15/14 (e)

2,560

2,752

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Chemicals - continued

Lyondell Chemical Co.:

9.5% 12/15/08

$ 1,250

$ 1,350

11.125% 7/15/12

12,795

15,034

Millennium America, Inc. 9.25% 6/15/08

6,270

6,975

Phibro Animal Health Corp.:

13% 12/1/07 unit (e)

8,600

9,374

13% 12/1/07 unit (e)

1,857

2,024

Philipp Brothers Chemicals, Inc. 9.875% 6/1/08

10,535

10,008

Resolution Performance Products LLC/RPP Capital Corp. 9.5% 4/15/10

3,220

3,502

Rockwood Specialties Group, Inc. 7.5% 11/15/14 (e)

1,720

1,789

Solutia, Inc.:

6.72% 10/15/37 (c)

9,390

7,230

7.375% 10/15/27 (c)

37,815

29,118

226,631

Consumer Products - 0.6%

AAC Group Holding Corp. 0% 10/1/12 (d)(e)

11,590

7,765

Elizabeth Arden, Inc. 7.75% 1/15/14

2,790

2,971

Hines Nurseries, Inc. 10.25% 10/1/11

2,480

2,709

Jostens Holding Corp. 0% 12/1/13 (d)

4,085

2,900

Riddell Bell Holdings, Inc. 8.375% 10/1/12 (e)

3,450

3,571

Tempur-Pedic, Inc./Tempur Production USA, Inc. 10.25% 8/15/10

6,925

7,912

WH Holdings Ltd./WH Capital Corp. 9.5% 4/1/11

1,219

1,342

29,170

Containers - 2.2%

BWAY Corp. 10% 10/15/10

9,210

9,878

Crown Cork & Seal, Inc.:

7.375% 12/15/26

12,479

11,481

8% 4/15/23

8,275

8,068

Crown European Holdings SA:

9.5% 3/1/11

12,310

13,726

10.875% 3/1/13

3,810

4,477

Graham Packaging Co. LP/ GPC Capital Corp.:

8.5% 10/15/12 (e)

9,180

9,501

9.875% 10/15/14 (e)

13,660

14,480

Owens-Brockway Glass Container, Inc.:

6.75% 12/1/14 (e)

8,190

8,231

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Containers - continued

Owens-Brockway Glass Container, Inc.: - continued

7.75% 5/15/11

$ 6,090

$ 6,562

8.25% 5/15/13

21,830

23,904

110,308

Diversified Financial Services - 0.1%

Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12

3,080

3,342

Metris Companies, Inc. 10.125% 7/15/06

2,000

2,055

5,397

Diversified Media - 0.5%

CanWest Media, Inc. 8% 9/15/12 (e)

4,040

4,282

Corus Entertainment, Inc. 8.75% 3/1/12

7,225

7,821

Entravision Communications Corp. 8.125% 3/15/09

14,455

15,322

PEI Holdings, Inc. 11% 3/15/10

221

256

27,681

Electric Utilities - 1.4%

Calpine Corp.:

8.5% 7/15/10 (e)

8,790

6,900

8.75% 7/15/13 (e)

37,550

28,163

9.875% 12/1/11 (e)

2,500

1,975

Chivor SA E.S.P. 9.75% 12/30/14 (e)

11,230

11,651

MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10

7,510

7,848

Texas Genco LLC/Texas Genco Financing Corp. 6.875% 12/15/14 (e)

11,310

11,678

68,215

Energy - 6.9%

Chesapeake Energy Corp.:

7.5% 9/15/13

2,000

2,170

7.75% 1/15/15

6,000

6,510

El Paso Production Holding Co. 7.75% 6/1/13

10,250

10,660

Energy Partners Ltd. 8.75% 8/1/10

14,470

15,700

Enron Corp.:

6.4% 7/15/06 (c)

3,270

1,006

6.625% 11/15/05 (c)

13,290

4,087

6.725% 11/17/08 (c)

4,095

1,269

6.75% 8/1/09 (c)

3,320

1,021

6.875% 10/15/07 (c)

8,050

2,475

6.95% 7/15/28 (c)

7,270

2,254

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Energy - continued

Enron Corp.: - continued

7.125% 5/15/07 (c)

$ 1,390

$ 427

7.375% 5/15/19 (c)

8,400

2,510

7.875% 6/15/03 (c)

1,390

427

8.375% 5/23/05 (c)

15,020

4,581

9.125% 4/1/03 (c)

285

88

9.875% 6/15/03 (c)

1,268

390

EXCO Resources, Inc. 7.25% 1/15/11

3,410

3,581

Harvest Operations Corp. 7.875% 10/15/11 (e)

5,620

5,648

InterNorth, Inc. 9.625% 3/15/06 (c)

5,575

1,714

Markwest Energy Partners LP/ Markwest Energy Finance Corp. 6.875% 11/1/14 (e)

2,465

2,477

Northwest Pipeline Corp. 8.125% 3/1/10

3,400

3,740

Ocean Rig Norway AS yankee 10.25% 6/1/08

1,685

1,736

Plains Exploration & Production Co.:

7.125% 6/15/14

5,060

5,541

8.75% 7/1/12

5,620

6,210

Range Resources Corp. 7.375% 7/15/13

5,530

5,862

Southern Natural Gas Co.:

7.35% 2/15/31

23,553

24,642

8% 3/1/32

20,945

23,144

8.875% 3/15/10

4,000

4,435

Tennessee Gas Pipeline Co.:

7% 10/15/28

9,810

9,920

7.5% 4/1/17

13,715

15,052

7.625% 4/1/37

7,450

7,888

8.375% 6/15/32

6,100

6,847

The Coastal Corp.:

6.375% 2/1/09

11,027

10,986

7.75% 6/15/10

1,410

1,466

10.75% 10/1/10

1,230

1,285

Venoco, Inc. 8.75% 12/15/11 (e)

6,840

6,891

Williams Companies, Inc.:

7.125% 9/1/11

6,170

6,710

7.625% 7/15/19

33,775

37,153

7.875% 9/1/21

19,475

22,104

8.125% 3/15/12

55,670

63,464

8.75% 3/15/32

10,560

12,566

346,637

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Entertainment/Film - 1.3%

AMC Entertainment, Inc.:

8% 3/1/14

$ 11,270

$ 11,157

8.625% 8/15/12 (e)

6,780

7,441

9.5% 2/1/11

1,378

1,419

Cinemark USA, Inc. 9% 2/1/13

10,300

11,485

Cinemark, Inc. 0% 3/15/14 (d)

16,250

12,269

IMAX Corp. 9.625% 12/1/10

12,330

13,347

Marquee Holdings, Inc. 0% 8/15/14 (d)(e)

10,390

6,961

64,079

Environmental - 0.3%

Browning-Ferris Industries, Inc.:

6.375% 1/15/08

400

394

7.4% 9/15/35

15,066

12,994

IMCO Recycling Escrow, Inc. 9% 11/15/14 (e)

1,980

2,059

15,447

Food and Drug Retail - 0.5%

Ahold Finance USA, Inc. 8.25% 7/15/10

11,980

13,597

Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20

5,202

5,631

Pathmark Stores, Inc. 8.75% 2/1/12

8,885

8,530

27,758

Food/Beverage/Tobacco - 0.9%

Doane Pet Care Co. 10.75% 3/1/10

7,500

8,025

Leiner Health Products, Inc. 11% 6/1/12

2,870

3,128

Michael Foods, Inc. 8% 11/15/13

2,690

2,831

National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11

13,870

14,113

Reddy Ice Holdings, Inc. 0% 11/1/12 (d)(e)

15,460

10,745

Southern States Cooperative, Inc. 10.5% 11/1/10 (e)

4,370

4,545

43,387

Gaming - 1.8%

Mandalay Resort Group 6.5% 7/31/09

16,415

17,175

MGM MIRAGE:

6% 10/1/09

5,030

5,137

6.75% 9/1/12

6,315

6,647

MTR Gaming Group, Inc. 9.75% 4/1/10

4,110

4,521

Penn National Gaming, Inc. 8.875% 3/15/10

1,795

1,939

Scientific Games Corp. 6.25% 12/15/12 (e)

3,050

3,096

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Gaming - continued

Station Casinos, Inc.:

6% 4/1/12

$ 8,320

$ 8,528

6.5% 2/1/14

10,140

10,419

Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11

19,620

21,386

Virgin River Casino Corp./RBG LLC/B&BB, Inc.:

0% 1/15/13 (d)(e)

5,570

3,481

9% 1/15/12 (e)

3,260

3,423

Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/12 (e)

4,412

4,765

90,517

Healthcare - 4.7%

ALARIS Medical Systems, Inc. 7.25% 7/1/11

10,000

10,800

AmeriPath, Inc. 10.5% 4/1/13

14,500

15,153

AmerisourceBergen Corp.:

7.25% 11/15/12

3,240

3,572

8.125% 9/1/08

2,270

2,503

AMR HoldCo, Inc./ EmCare HoldCo, Inc. 10% 2/15/15 (e)(f)

8,630

8,846

Beverly Enterprises, Inc. 7.875% 6/15/14 (e)

5,180

5,802

Bio-Rad Laboratories, Inc. 7.5% 8/15/13

13,300

14,497

Concentra Operating Corp. 9.125% 6/1/12

2,700

2,970

Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11 (e)

13,400

14,003

Genesis HealthCare Corp. 8% 10/15/13

2,230

2,408

HCA, Inc. 6.375% 1/15/15

11,490

11,529

National Nephrology Associates, Inc. 9% 11/1/11 (e)

3,240

3,694

Psychiatric Solutions, Inc. 10.625% 6/15/13

1,840

2,121

Senior Housing Properties Trust 7.875% 4/15/15

17,390

19,042

Triad Hospitals, Inc. 7% 11/15/13

13,090

13,254

U.S. Oncology, Inc.:

9% 8/15/12 (e)

6,330

6,868

10.75% 8/15/14 (e)

25,325

28,871

Vanguard Health Holding Co. I 0% 10/1/15 (d)

24,370

16,389

Vanguard Health Holding Co. II LLC 9% 10/1/14

31,550

33,759

VWR International, Inc.:

6.875% 4/15/12

3,340

3,432

8% 4/15/14

3,340

3,407

Warner Chilcott Corp. 8.75% 2/1/15 (e)

12,220

12,556

235,476

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Homebuilding/Real Estate - 2.0%

American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12

$ 12,730

$ 13,526

Beazer Homes USA, Inc. 8.375% 4/15/12

9,805

10,786

BF Saul REIT 7.5% 3/1/14

12,505

12,880

Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09

7,000

7,595

D.R. Horton, Inc. 7.875% 8/15/11

15,000

17,100

K. Hovnanian Enterprises, Inc.:

6% 1/15/10 (e)

3,440

3,440

6.25% 1/15/15 (e)

6,250

6,219

7.75% 5/15/13

7,000

7,490

Standard Pacific Corp. 7.75% 3/15/13

10,920

11,794

Technical Olympic USA, Inc. 7.5% 1/15/15 (e)

9,310

9,031

99,861

Hotels - 1.1%

Gaylord Entertainment Co.:

6.75% 11/15/14 (e)

6,620

6,570

8% 11/15/13

8,460

9,084

ITT Corp.:

6.75% 11/15/05

2,000

2,045

7.375% 11/15/15

20,000

22,500

La Quinta Properties, Inc.:

7% 8/15/12

6,000

6,263

8.875% 3/15/11

9,735

10,733

57,195

Leisure - 1.2%

Town Sports International Holdings, Inc. 0% 2/1/14 (d)

30,445

16,136

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10

18,375

21,591

Universal City Florida Holding Co. I/II:

7.2% 5/1/10 (e)(g)

5,320

5,573

8.375% 5/1/10 (e)

5,930

6,182

Vail Resorts, Inc. 6.75% 2/15/14

13,540

13,642

63,124

Metals/Mining - 1.2%

America Rock Salt Co. LLC 9.5% 3/15/14

8,250

8,539

Compass Minerals International, Inc. 0% 12/15/12 (d)

18,715

16,095

Freeport-McMoRan Copper & Gold, Inc.:

6.875% 2/1/14

13,060

13,044

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Metals/Mining - continued

Freeport-McMoRan Copper & Gold, Inc.: - continued

10.125% 2/1/10

$ 7,000

$ 7,945

Massey Energy Co. 6.625% 11/15/10

10,700

11,021

Peabody Energy Corp. 6.875% 3/15/13

5,205

5,582

62,226

Paper - 1.2%

Georgia-Pacific Corp.:

7.375% 12/1/25

8,240

9,136

7.75% 11/15/29

9,000

10,215

8% 1/15/24

24,710

28,911

8.125% 5/15/11

2,500

2,875

8.875% 5/15/31

5,250

6,668

9.375% 2/1/13

1,000

1,155

Millar Western Forest Products Ltd. 7.75% 11/15/13

3,085

3,224

62,184

Publishing/Printing - 3.3%

Dex Media, Inc.:

0% 11/15/13 (d)

4,630

3,484

0% 11/15/13 (d)

200

151

8% 11/15/13

16,350

17,372

Haights Cross Communications, Inc. 0% 8/15/11 (d)

9,350

6,171

Haights Cross Operating Co. 11.75% 8/15/11

13,350

15,152

Houghton Mifflin Co.:

0% 10/15/13 (d)

69,155

46,680

8.25% 2/1/11

8,260

8,632

9.875% 2/1/13

24,000

24,960

R.H. Donnelley Corp. 6.875% 1/15/13 (e)

18,550

18,550

Sun Media Corp. Canada 7.625% 2/15/13

10,365

11,091

The Reader's Digest Association, Inc. 6.5% 3/1/11

9,085

9,494

WDAC Subsidiary Corp. 8.375% 12/1/14 (e)

4,910

4,787

166,524

Railroad - 1.1%

Kansas City Southern Railway Co.:

7.5% 6/15/09

7,655

8,038

9.5% 10/1/08

5,910

6,619

TFM SA de CV:

12.5% 6/15/12

13,955

16,223

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Railroad - continued

TFM SA de CV: - continued

yankee:

10.25% 6/15/07

$ 750

$ 801

11.75% 6/15/09

23,800

24,008

55,689

Restaurants - 0.9%

Carrols Corp. 9% 1/15/13 (e)

2,470

2,563

Domino's, Inc. 8.25% 7/1/11

4,070

4,375

Landry's Seafood Restaurants, Inc. 7.5% 12/15/14 (e)

12,410

12,100

Morton's Restaurant Group, Inc. 7.5% 7/1/10

12,460

12,149

Uno Restaurant Corp. 10% 2/15/11 (e)(f)

12,400

12,103

43,290

Services - 1.4%

Allied Security Escrow Corp. 11.375% 7/15/11 (e)

6,250

6,516

Iron Mountain, Inc.:

6.625% 1/1/16

22,795

21,427

7.75% 1/15/15

19,205

19,493

8.625% 4/1/13

2,225

2,359

JohnsonDiversey Holdings, Inc. 0% 5/15/13 (d)

23,355

20,202

JohnsonDiversey, Inc. 9.625% 5/15/12

2,575

2,871

72,868

Shipping - 2.0%

CHC Helicopter Corp. 7.375% 5/1/14

10,925

11,417

General Maritime Corp. 10% 3/15/13

9,420

10,739

Grupo TMM SA de CV 10.5% 8/1/07 (e)

8,643

8,470

H-Lines Finance Holding Corp. 0% 4/1/13 (d)(e)

9,630

6,885

OMI Corp. 7.625% 12/1/13

8,125

8,369

Seabulk International, Inc. 9.5% 8/15/13

17,020

18,041

Ship Finance International Ltd. 8.5% 12/15/13

30,655

31,268

Ultrapetrol Bahamas Ltd. 9% 11/24/14 (e)

8,485

8,209

103,398

Steels - 1.7%

CSN Islands VIII Corp. 9.75% 12/16/13 (e)

32,320

34,340

Edgen Acquisition Corp. 9.875% 2/1/11 (e)

6,120

6,181

Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11

8,695

9,999

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Steels - continued

International Steel Group, Inc. 6.5% 4/15/14

$ 24,820

$ 26,806

Ispat Inland ULC 9.75% 4/1/14

5,094

6,278

83,604

Super Retail - 0.7%

AutoNation, Inc. 9% 8/1/08

12,200

13,725

CSK Automotive, Inc. 7% 1/15/14

2,460

2,423

Hollywood Entertainment Corp. 9.625% 3/15/11

5,630

6,137

Levitz Home Furnishings, Inc. 12% 11/1/11 (e)

10,590

10,802

National Vision, Inc. 12% 3/30/09

692

664

The Pep Boys - Manny, Moe & Jack 7.5% 12/15/14

2,590

2,616

36,367

Technology - 5.6%

Celestica, Inc. 7.875% 7/1/11

31,775

33,046

Freescale Semiconductor, Inc. 7.125% 7/15/14

27,745

29,895

Lucent Technologies, Inc.:

6.45% 3/15/29

50,085

44,701

6.5% 1/15/28

4,180

3,699

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:

5.78% 12/15/11 (e)(g)

3,090

3,183

6.875% 12/15/11 (e)

6,150

6,350

8% 12/15/14 (e)

2,400

2,502

New Asat Finance Ltd. 9.25% 2/1/11 (e)

7,865

6,646

Semiconductor Note Participation Trust 0% 8/4/11 (e)

3,000

4,200

Viasystems, Inc. 10.5% 1/15/11

23,140

22,735

Xerox Capital Trust I 8% 2/1/27

23,940

24,957

Xerox Corp.:

6.875% 8/15/11

24,680

26,130

7.2% 4/1/16

4,950

5,247

7.625% 6/15/13

62,845

67,401

280,692

Telecommunications - 14.0%

American Tower Corp. 7.125% 10/15/12 (e)

13,300

13,333

AT&T Corp. 8.75% 11/15/31

38,875

49,165

Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13

27,122

30,919

Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (g)

8,540

9,031

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Telecommunications - continued

Crown Castle International Corp.:

Series B, 7.5% 12/1/13

$ 8,420

$ 8,904

9.375% 8/1/11

22,000

24,365

Dobson Cellular Systems, Inc. 9.875% 11/1/12 (e)

9,370

9,628

Eschelon Operating Co. 8.375% 3/15/10

7,475

6,354

Inmarsat Finance II PLC 0% 11/15/12 (d)

44,280

31,882

Innova S. de R.L. 9.375% 9/19/13

19,890

22,625

Intelsat Ltd. 7.7938% 1/15/12 (e)(g)

22,320

22,990

Kyivstar GSM 10.375% 8/17/09 (e)

5,320

5,985

Level 3 Financing, Inc. 10.75% 10/15/11 (e)

16,220

13,949

MCI, Inc.:

6.688% 5/1/09

416

434

7.735% 5/1/14

20,583

22,513

Millicom International Cellular SA 10% 12/1/13 (e)

39,210

40,778

Mobifon Holdings BV 12.5% 7/31/10

23,305

27,733

Mobile Telesystems Finance SA 8% 1/28/12 (e)

12,290

12,382

New Skies Satellites BV:

7.4375% 11/1/11 (e)(g)

3,540

3,682

9.125% 11/1/12 (e)

2,710

2,791

Nextel Communications, Inc.:

5.95% 3/15/14

6,370

6,606

6.875% 10/31/13

6,840

7,456

7.375% 8/1/15

75,245

82,939

PanAmSat Holding Corp. 0% 11/1/14 (d)(e)

19,035

12,658

Qwest Corp.:

7.875% 9/1/11 (e)

14,060

15,044

9.125% 3/15/12 (e)

67,495

76,776

Qwest Services Corp.:

14% 12/15/10 (e)(g)

1,990

2,348

14.5% 12/15/14 (e)(g)

3,963

4,894

Rogers Communications, Inc.:

5.525% 12/15/10 (g)

8,170

8,579

6.375% 3/1/14

26,780

26,847

U.S. West Communications:

6.875% 9/15/33

26,355

23,851

7.125% 11/15/43

1,355

1,223

7.2% 11/10/26

37,955

35,393

7.25% 9/15/25

8,865

8,643

7.25% 10/15/35

6,060

5,757

7.5% 6/15/23

14,935

14,562

Corporate Bonds - continued

Principal Amount (000s)

Value
(000s)

Nonconvertible Bonds - continued

Telecommunications - continued

U.S. West Communications: - continued

8.875% 6/1/31

$ 2,015

$ 2,096

UbiquiTel Operating Co.:

9.875% 3/1/11

1,880

2,082

9.875% 3/1/11 (e)

6,270

6,944

704,141

Textiles & Apparel - 0.4%

Levi Strauss & Co. 9.75% 1/15/15 (e)

18,620

18,061

TOTAL NONCONVERTIBLE BONDS

3,843,731

TOTAL CORPORATE BONDS

(Cost $3,638,696)

3,852,911

Common Stocks - 10.9%

Shares

Automotive - 0.2%

Exide Technologies warrants 3/18/06 (a)

589

0

TRW Automotive Holdings Corp.

500,000

9,950

9,950

Broadcasting - 0.3%

Fox Entertainment Group, Inc. Class A (a)

430,000

14,470

Building Materials - 0.4%

Jacuzzi Brands, Inc. (a)

177,900

1,797

Martin Marietta Materials, Inc.

300,000

16,206

18,003

Cable TV - 2.8%

Cablevision Systems Corp. - NY Group Class A (a)

650,000

17,804

Comcast Corp. Class A (a)

300,000

9,657

NTL, Inc. (a)

613,393

41,730

NTL, Inc. warrants 1/13/11 (a)

35,177

107

PTV, Inc. (a)

3

2

Telewest Global, Inc. (a)

4,171,009

70,282

139,582

Chemicals - 0.2%

Celanese Corp. Class A

554,700

8,947

Common Stocks - continued

Shares

Value
(000s)

Chemicals - continued

Sterling Chemicals, Inc. (a)

891

$ 35

Sterling Chemicals, Inc. warrants 12/19/08 (a)

1,445

0

8,982

Containers - 0.0%

Trivest 1992 Special Fund Ltd. (a)(h)

11,400,000

114

Diversified Media - 0.3%

Liberty Media Corp. Class A (a)

1,250,000

13,050

Energy - 1.0%

Apache Corp.

340,000

18,503

Chesapeake Energy Corp.

1,100,000

19,327

Encore Acquisition Co. (a)

350,000

13,055

50,885

Food and Drug Retail - 0.0%

Pathmark Stores, Inc. (a)

499,569

2,368

Food/Beverage/Tobacco - 0.3%

Centerplate, Inc. unit

1,033,875

14,061

Gaming - 0.4%

Mikohn Gaming Corp. warrants 10/14/08 (a)(h)

535,456

1,740

Penn National Gaming, Inc. (a)

300,000

19,677

21,417

Healthcare - 0.8%

DaVita, Inc. (a)

840,800

35,280

Quest Diagnostics, Inc.

75,000

7,148

42,428

Homebuilding/Real Estate - 0.0%

Swerdlow Real Estate Group LLC (h)

159,600

377

Metals/Mining - 0.8%

Haynes International, Inc. (a)(e)

147,429

2,668

Peabody Energy Corp.

250,000

21,188

Phelps Dodge Corp.

200,000

19,260

43,116

Publishing/Printing - 0.8%

R.H. Donnelley Corp. (a)

675,000

39,960

Services - 0.4%

Coinmach Service Corp. unit

1,522,000

19,177

Shipping - 0.8%

General Maritime Corp. (a)

500,000

22,950

Common Stocks - continued

Shares

Value
(000s)

Shipping - continued

OMI Corp.

795,000

$ 13,913

Ship Finance International Ltd.

140,100

3,189

40,052

Super Retail - 0.0%

National Vision, Inc. (a)

34,502

206

Technology - 0.5%

General Cable Corp. (a)

960,300

11,591

Liberty Media International, Inc. Class A (a)

62,500

2,830

Seagate Technology

550,000

9,306

23,727

Telecommunications - 0.8%

Broadwing Corp. (a)

12,986

71

Mobile TeleSystems OJSC sponsored ADR

600,000

21,588

Nextel Communications, Inc. Class A (a)

675,000

19,366

SpectraSite, Inc. (a)

4,451

261

41,286

Textiles & Apparel - 0.1%

Arena Brands Holding Corp. Class B (h)

659,302

6,824

TOTAL COMMON STOCKS

(Cost $522,674)

550,035

Preferred Stocks - 0.9%

Convertible Preferred Stocks - 0.1%

Chemicals - 0.0%

Celanese Corp. 4.25%

30,500

766

Telecommunications - 0.0%

Dobson Communications Corp. Series F, 6.00% (e)

4,760

333

Textiles & Apparel - 0.1%

Arena Brands Holding Corp. Series B, 16.00% (h)

5,850

5,850

TOTAL CONVERTIBLE PREFERRED STOCKS

6,949

Nonconvertible Preferred Stocks - 0.8%

Broadcasting - 0.2%

Spanish Broadcasting System, Inc. Class B, 10.75%

10,266

11,190

Cable TV - 0.0%

PTV, Inc. Series A, 10.00%

56,261

197

Diversified Financial Services - 0.4%

American Annuity Group Capital Trust II 8.875%

18,557

19,392

Preferred Stocks - continued

Shares

Value
(000s)

Nonconvertible Preferred Stocks - continued

Super Retail - 0.2%

GNC Corp. Series A, 12.00%

7,090

$ 6,452

TOTAL NONCONVERTIBLE PREFERRED STOCKS

37,231

TOTAL PREFERRED STOCKS

(Cost $43,605)

44,180

Floating Rate Loans - 2.6%

Principal Amount (000s)

Automotive - 0.4%

AM General LLC:

Tranche B1, term loan 7.0053% 11/1/11 (g)

$ 12,600

12,915

Tranche C2, term loan 11.21% 5/2/12 (g)

6,300

6,615

19,530

Cable TV - 0.3%

Hilton Head Communications LP Tranche B, term loan 6.5% 3/31/08 (g)

6,000

5,895

Olympus Cable Holdings LLC Tranche B, term loan 7.25% 9/30/10 (g)

1,450

1,441

UPC Distribution Holdings BV Tranche F, term loan 5.98% 12/31/11 (g)

4,975

5,050

12,386

Diversified Financial Services - 0.2%

Metris Companies, Inc. term loan 11.89% 5/6/07 (g)

11,738

12,324

Electric Utilities - 0.5%

Astoria Energy LLC term loan:

7.1882% 4/15/12 (g)

3,210

3,274

11.31% 4/15/12 (g)

8,310

8,518

Calpine Corp. Tranche 2, term loan 8.41% 7/15/07 (g)

14,775

13,113

24,905

Healthcare - 0.4%

Warner Chilcott Corp. term loan 5.23% 1/18/12 (g)

18,400

18,515

Telecommunications - 0.7%

Qwest Corp. Tranche B, term loan 6.95% 6/30/10 (g)

19,000

19,356

Valor Telecommunications Enterprises LLC:

term loan 12.875% 5/10/12 (g)

5,000

5,188

Tranche 2, term loan 10.23% 11/10/11 (g)

12,250

12,587

37,131

Floating Rate Loans - continued

Principal Amount (000s)

Value
(000s)

Textiles & Apparel - 0.1%

Levi Strauss & Co. Tranche B, term loan 10% 9/29/09

$ 6,584

$ 7,077

TOTAL FLOATING RATE LOANS

(Cost $128,327)

131,868

Money Market Funds - 8.7%

Shares

Fidelity Cash Central Fund, 2.31% (b)(i)
(Cost $437,186)

437,186,203

437,186

Cash Equivalents - 0.1%

Maturity Amount (000s)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.44%, dated 1/31/05 due 2/1/05)
(Cost $3,575)

$ 3,575

3,575

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $4,774,063)

5,019,755

NET OTHER ASSETS - 0.4%

22,583

NET ASSETS - 100%

$ 5,042,338

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and 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 period end, the value of these securities amounted to $1,173,159,000 or 23.3% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(h) 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 $14,905,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Arena Brands Holding Corp. Class B

6/18/97 - 1/12/99

$ 21,592

Arena Brands Holding Corp. Series B, 16.00%

6/25/02 - 10/3/02

$ 5,850

Mikohn Gaming Corp. warrants 10/14/08

9/26/03

$ -

Swerdlow Real Estate Group LLC

1/15/99

$ 7,697

Trivest 1992 Special Fund Ltd.

7/2/92

$ -

(i) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At January 31, 2005, the aggregate cost of investment securities for income tax purposes was $4,765,344,000. Net unrealized appreciation aggregated $254,411,000, of which $398,965,000 related to appreciated investment securities and $144,554,000 related to depreciated investment securities.

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 Corp.

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

March 21, 2005