N-Q 1 filing1001.htm PRIMARY DOCUMENT

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)


Marc Bryant, 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:

December 31



Date of reporting period:

March 31, 2018


Item 1.

Schedule of Investments







Quarterly Holdings Report
for

Fidelity® New Markets Income Fund

March 31, 2018







NMI-QTLY-0518
1.799864.114





Schedule of Investments March 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 22.3%   
 Principal Amount(a) Value 
Azerbaijan - 1.4%   
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) $54,940,000 $60,553,110 
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) 25,055,000 27,153,356 
TOTAL AZERBAIJAN  87,706,466 
Bahrain - 0.2%   
The Oil and Gas Holding Co. 7.5% 10/25/27 (b) 13,350,000 13,218,369 
Brazil - 0.1%   
Caixa Economica Federal 7.25% 7/23/24 (b)(c) 3,285,000 3,383,550 
British Virgin Islands - 0.3%   
1MDB Global Investments Ltd. 4.4% 3/9/23 20,400,000 19,441,730 
Canada - 0.1%   
Pacific Exploration and Production Corp. 10% 11/2/21 pay-in-kind (c) 5,816,000 6,470,300 
Cayman Islands - 0.5%   
Alibaba Group Holding Ltd. 3.4% 12/6/27 25,790,000 24,477,418 
Brazil Minas SPE 5.333% 2/15/28 (b) 7,515,000 7,503,728 
TOTAL CAYMAN ISLANDS  31,981,146 
Costa Rica - 0.2%   
Banco Nacional de Costa Rica 6.25% 11/1/23 (b) 3,245,000 3,350,463 
Instituto Costarricense de Electricidad:   
6.375% 5/15/43 (b) 2,900,000 2,557,510 
6.95% 11/10/21 (b) 3,501,000 3,721,563 
TOTAL COSTA RICA  9,629,536 
Georgia - 0.8%   
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 22,540,000 23,347,834 
JSC BGEO Group 6% 7/26/23 (b) 10,845,000 10,959,523 
JSC Georgian Railway 7.75% 7/11/22 (b) 11,996,000 13,084,277 
TOTAL GEORGIA  47,391,634 
Indonesia - 1.2%   
PT Pertamina Persero:   
5.625% 5/20/43 (b) 8,500,000 8,718,442 
6% 5/3/42 (b) 34,835,000 37,261,118 
6.5% 5/27/41 (b) 26,960,000 30,516,267 
TOTAL INDONESIA  76,495,827 
Ireland - 1.8%   
SCF Capital Ltd. 5.375% 6/16/23 (b) 11,100,000 11,284,260 
Vnesheconombank Via VEB Finance PLC:   
5.942% 11/21/23 (b) 15,860,000 16,984,125 
6.025% 7/5/22 (b) 23,205,000 24,632,432 
6.8% 11/22/25 (b) 32,000,000 35,875,200 
6.902% 7/9/20 (b) 20,790,000 22,058,606 
TOTAL IRELAND  110,834,623 
Israel - 0.2%   
Israel Electric Corp. Ltd.:   
4.25% 8/14/28 (b) 6,600,000 6,466,825 
7.75% 12/15/27 (Reg. S) 3,771,000 4,660,503 
TOTAL ISRAEL  11,127,328 
Kazakhstan - 1.0%   
Development Bank of Kazakhstan JSC 4.125% 12/10/22 (b) 7,885,000 7,858,664 
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 11,690,000 11,626,009 
Kazakhstan Temir Zholy 4.85% 11/17/27 (b) 8,200,000 8,169,578 
KazMunaiGaz Finance Sub BV:   
3.875% 4/19/22 (b) 5,920,000 5,895,432 
5.75% 4/19/47 (b) 11,625,000 11,423,330 
6.375% 4/9/21 (b) 8,935,000 9,615,454 
7% 5/5/20 (b) 8,815,000 9,454,088 
TOTAL KAZAKHSTAN  64,042,555 
Luxembourg - 0.1%   
RSHB Capital SA 8.5% 10/16/23 (b) 3,540,000 3,955,950 
Mexico - 8.0%   
Comision Federal de Electricid:   
4.75% 2/23/27 (b) 10,770,000 10,796,925 
4.875% 1/15/24 (b) 12,760,000 13,110,900 
Pemex Project Funding Master Trust:   
6.625% 6/15/35 82,390,000 85,123,700 
8.625% 2/1/22 28,592,000 32,625,159 
Petroleos Mexicanos:   
3 month U.S. LIBOR + 3.650% 5.7214% 3/11/22 (d) 26,665,000 29,131,513 
6.35% 2/12/48 (b) 21,074,000 20,362,753 
6.375% 2/4/21 12,525,000 13,345,388 
6.375% 1/23/45 37,355,000 36,309,060 
6.5% 3/13/27 24,280,000 25,931,040 
6.5% 6/2/41 126,835,000 125,883,721 
6.75% 9/21/47 36,390,000 36,822,313 
6.875% 8/4/26 67,365,000 74,034,135 
TOTAL MEXICO  503,476,607 
Mongolia - 0.2%   
Trade and Development Bank of Mongolia LLC 9.375% 5/19/20 (Reg. S) 14,039,000 15,086,127 
Morocco - 0.2%   
OCP SA 6.875% 4/25/44 (b) 13,655,000 15,225,325 
Netherlands - 0.4%   
Dilijan Finance BV 12% 7/29/20 (b) 3,020,000 3,238,950 
Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) 10,360,000 11,585,381 
Majapahit Holding BV 7.875% 6/29/37 (Reg. S) 8,720,000 11,248,800 
TOTAL NETHERLANDS  26,073,131 
Oman - 0.2%   
Oman Sovereign Sukuk SAOC 4.397% 6/1/24 (b) 13,525,000 12,871,337 
Peru - 0.2%   
Petroleos Del Peru Petroperu SA:   
4.75% 6/19/32 (b) 8,000,000 7,796,800 
5.625% 6/19/47 (b) 7,165,000 7,148,879 
TOTAL PERU  14,945,679 
South Africa - 0.7%   
Eskom Holdings SOC Ltd.:   
5.75% 1/26/21 (Reg. S) 15,800,000 15,652,902 
6.75% 8/6/23 (b) 11,790,000 11,922,638 
7.125% 2/11/25 (b) 9,485,000 9,682,876 
TransCanada PipeLines Ltd. 4% 7/26/22 (b) 6,625,000 6,460,303 
TOTAL SOUTH AFRICA  43,718,719 
Trinidad & Tobago - 0.3%   
Petroleum Co. of Trinidad & Tobago Ltd. 9.75% 8/14/19 (b) 20,009,000 21,059,473 
Tunisia - 0.1%   
Banque Centrale de Tunisie 5.75% 1/30/25 (b) 9,000,000 8,561,250 
Turkey - 0.3%   
Export Credit Bank of Turkey 5% 9/23/21 (b) 5,080,000 5,032,807 
Petkim Petrokimya Holding A/S 5.875% 1/26/23 (b) 6,275,000 6,148,446 
Turkiye Ihracat Kredi Bankasi A/S 5.375% 10/24/23 (b) 5,325,000 5,240,386 
TOTAL TURKEY  16,421,639 
United Arab Emirates - 0.6%   
Abu Dhabi Crude Oil Pipeline 4.6% 11/2/47 (b) 19,740,000 19,177,410 
Dolphin Energy Ltd. 5.5% 12/15/21 (b) 14,895,000 15,841,279 
TOTAL UNITED ARAB EMIRATES  35,018,689 
United Kingdom - 0.9%   
Biz Finance PLC:   
9.625% 4/27/22 (b) 41,880,000 44,162,460 
9.75% 1/22/25 (b) 3,500,000 3,727,500 
Oschadbank Via SSB #1 PLC:   
9.375% 3/10/23 (b) 4,045,000 4,246,441 
9.625% 3/20/25 (b) 2,690,000 2,848,086 
TOTAL UNITED KINGDOM  54,984,487 
Venezuela - 2.3%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 (e) 88,680,000 24,289,452 
5.5% 4/12/37 (e) 104,390,000 30,012,125 
6% 5/16/24 (b)(e) 79,210,000 21,584,725 
6% 11/15/26 (Reg. S) (e) 58,610,000 15,751,438 
8.5% 10/27/20 (Reg. S) (e) 24,056,250 20,544,038 
9% 11/17/21 (Reg. S) (e) 24,340,000 7,849,650 
9.75% 5/17/35 (b)(e) 46,590,000 14,536,080 
12.75% 2/17/22 (b)(e) 28,610,000 9,705,943 
TOTAL VENEZUELA  144,273,451 
TOTAL NONCONVERTIBLE BONDS   
(Cost $1,439,068,459)  1,397,394,928 
Government Obligations - 69.7%   
Angola - 0.1%   
Angola Republic 9.5% 11/12/25 (b) 5,685,000 6,424,050 
Argentina - 6.6%   
Argentine Republic:   
5.875% 1/11/28 53,455,000 50,274,428 
6.625% 7/6/28 14,945,000 14,832,913 
6.875% 1/26/27 93,100,000 94,915,450 
6.875% 1/11/48 26,800,000 24,455,000 
7.125% 7/6/36 17,755,000 17,089,188 
7.125% 6/28/2117 (b) 40,565,000 37,380,648 
7.5% 4/22/26 113,265,000 120,853,755 
7.82% 12/31/33 EUR11,173,962 15,501,999 
8.28% 12/31/33 34,356,941 37,620,851 
TOTAL ARGENTINA  412,924,232 
Armenia - 0.4%   
Republic of Armenia:   
6% 9/30/20 (b) 15,675,000 16,223,625 
7.15% 3/26/25 (b) 10,588,000 11,694,022 
TOTAL ARMENIA  27,917,647 
Bahamas (Nassau) - 0.1%   
Bahamian Republic 6% 11/21/28 (b) 8,340,000 8,652,750 
Belarus - 0.4%   
Belarus Republic:   
6.2% 2/28/30 (b) 6,385,000 6,313,169 
6.875% 2/28/23 (b) 8,150,000 8,629,872 
7.625% 6/29/27 (b) 7,550,000 8,308,775 
TOTAL BELARUS  23,251,816 
Bolivia - 0.2%   
Plurinational State of Bolivia 4.5% 3/20/28 (b) 15,160,000 14,288,300 
Brazil - 4.6%   
Brazilian Federative Republic:   
4.25% 1/7/25 25,090,000 24,977,095 
4.625% 1/13/28 23,315,000 22,848,700 
5% 1/27/45 22,095,000 19,852,578 
5.625% 1/7/41 19,255,000 18,893,969 
5.625% 2/21/47 11,025,000 10,688,738 
6% 4/7/26 41,890,000 46,058,055 
7.125% 1/20/37 19,445,000 22,643,703 
8.25% 1/20/34 49,930,000 62,862,369 
10% 1/1/21 BRL95,150,000 30,248,417 
10.125% 5/15/27 9,232,000 12,966,344 
12.25% 3/6/30 9,165,000 14,709,825 
TOTAL BRAZIL  286,749,793 
Cameroon - 0.2%   
Cameroon Republic 9.5% 11/19/25 (b) 12,525,000 14,358,660 
Costa Rica - 0.2%   
Costa Rican Republic:   
7% 4/4/44 (b) 6,650,000 6,862,800 
7.158% 3/12/45 (b) 6,311,000 6,576,062 
TOTAL COSTA RICA  13,438,862 
Croatia - 0.2%   
Croatia Republic 3% 3/11/25 EUR8,175,000 10,788,201 
Dominican Republic - 1.4%   
Dominican Republic:   
5.5% 1/27/25 (b) 10,000,000 10,285,800 
5.875% 4/18/24 (b) 5,530,000 5,806,611 
5.95% 1/25/27 (b) 21,245,000 22,201,025 
6.6% 1/28/24 (b) 5,105,000 5,547,399 
6.85% 1/27/45 (b) 14,010,000 15,095,775 
6.875% 1/29/26 (b) 17,505,000 19,407,969 
7.45% 4/30/44 (b) 10,420,000 11,774,600 
TOTAL DOMINICAN REPUBLIC  90,119,179 
Ecuador - 1.8%   
Ecuador Republic:   
7.875% 1/23/28 (b) 8,365,000 8,052,986 
7.95% 6/20/24 (b) 19,825,000 19,676,313 
8.75% 6/2/23 (b) 15,010,000 15,392,755 
8.875% 10/23/27 (b) 16,185,000 16,471,475 
9.625% 6/2/27 (b) 6,385,000 6,836,420 
9.65% 12/13/26 (b) 14,975,000 15,798,625 
10.5% 3/24/20 (b) 11,960,000 12,797,200 
10.75% 3/28/22 (b) 14,625,000 15,999,750 
TOTAL ECUADOR  111,025,524 
Egypt - 2.7%   
Arab Republic of Egypt:   
, yield at date of purchase 0% 5/8/18 (f) EGP109,450,000 6,088,537 
5.577% 2/21/23 (b) 38,460,000 39,006,132 
5.875% 6/11/25 (b) 3,690,000 3,706,162 
6.125% 1/31/22 (b) 23,190,000 23,988,385 
6.875% 4/30/40 (b) 4,830,000 4,709,830 
7.5% 1/31/27 (b) 28,515,000 30,857,621 
7.903% 2/21/48 (b) 13,020,000 13,689,645 
8.5% 1/31/47 (b) 43,370,000 48,335,865 
TOTAL EGYPT  170,382,177 
El Salvador - 1.4%   
El Salvador Republic:   
5.875% 1/30/25 (Reg.S) 9,990,000 9,793,097 
6.375% 1/18/27 (b) 7,905,000 7,786,425 
7.375% 12/1/19 8,555,000 8,896,430 
7.625% 2/1/41 (b) 11,555,000 12,193,992 
7.65% 6/15/35 (Reg. S) 22,020,000 23,216,567 
7.75% 1/24/23 (Reg. S) 3,505,000 3,815,017 
8.25% 4/10/32 (Reg. S) 2,570,000 2,880,379 
8.625% 2/28/29 (b) 15,360,000 17,625,600 
TOTAL EL SALVADOR  86,207,507 
Ethiopia - 0.2%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 10,930,000 11,235,166 
Gabon - 0.3%   
Gabonese Republic:   
6.375% 12/12/24 (b) 11,585,000 11,498,113 
6.95% 6/16/25 (b) 7,125,000 7,226,731 
TOTAL GABON  18,724,844 
Ghana - 1.7%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 30,155,000 32,944,338 
8.125% 1/18/26 (b) 14,550,000 15,606,650 
9.25% 9/15/22 (b) 26,455,000 30,122,721 
10.75% 10/14/30 (b) 21,175,000 27,665,138 
TOTAL GHANA  106,338,847 
Greece - 0.4%   
Greek Government:   
3.375% 2/15/25 (Reg. S) (b) EUR5,370,000 6,406,291 
4.375% 8/1/22 (b) EUR13,480,000 17,323,734 
TOTAL GREECE  23,730,025 
Guatemala - 0.3%   
Guatemalan Republic:   
4.375% 6/5/27 (b) 7,560,000 7,352,100 
4.5% 5/3/26 (b) 8,200,000 8,107,504 
4.875% 2/13/28 (b) 5,385,000 5,367,391 
TOTAL GUATEMALA  20,826,995 
Honduras - 0.2%   
Republic of Honduras 6.25% 1/19/27 13,340,000 14,099,980 
Hungary - 0.2%   
Hungarian Republic 1.75% 10/26/22 HUF3,392,620,000 13,673,508 
Indonesia - 3.7%   
Indonesian Republic:   
3.5% 1/11/28 13,660,000 13,068,467 
3.85% 7/18/27 (b) 21,620,000 21,189,567 
4.35% 1/11/48 19,855,000 18,930,392 
4.75% 1/8/26 (b) 7,340,000 7,666,564 
4.75% 7/18/47 (b) 8,810,000 8,739,775 
5.875% 1/15/24 (b) 8,545,000 9,389,246 
6.625% 2/17/37 15,425,000 18,681,788 
7% 5/15/22 IDR240,662,000,000 18,111,487 
7.75% 1/17/38 (b) 24,440,000 33,097,674 
8.375% 9/15/26 IDR248,103,000,000 19,890,589 
8.5% 10/12/35 (b) 27,265,000 38,702,586 
Perusahaan Penerbit SBSN:   
3.75% 3/1/23 (b) 10,690,000 10,623,722 
4.4% 3/1/28 (b) 10,690,000 10,770,175 
TOTAL INDONESIA  228,862,032 
Iraq - 1.2%   
Republic of Iraq:   
5.8% 1/15/28 (Reg. S) 65,340,000 62,465,040 
6.752% 3/9/23 (b) 15,605,000 15,823,470 
TOTAL IRAQ  78,288,510 
Israel - 0.3%   
Israeli State 4.125% 1/17/48 18,610,000 17,864,483 
Ivory Coast - 0.8%   
Ivory Coast:   
5.75% 12/31/32 26,062,155 25,044,063 
6.125% 6/15/33 (b) 8,425,000 8,005,772 
6.375% 3/3/28 (b) 15,710,000 15,868,985 
TOTAL IVORY COAST  48,918,820 
Jamaica - 0.6%   
Jamaican Government:   
6.75% 4/28/28 12,755,000 14,158,050 
7.625% 7/9/25 5,905,000 6,875,251 
7.875% 7/28/45 3,020,000 3,596,820 
8% 3/15/39 9,448,000 11,290,360 
TOTAL JAMAICA  35,920,481 
Jordan - 1.3%   
Jordanian Kingdom:   
5.75% 1/31/27 (b) 10,685,000 10,392,658 
6.125% 1/29/26 (b) 23,420,000 23,555,836 
7.375% 10/10/47 (b) 45,975,000 46,434,750 
TOTAL JORDAN  80,383,244 
Kenya - 0.6%   
Republic of Kenya:   
6.875% 6/24/24 (b) 18,205,000 19,006,785 
7.25% 2/28/28 (b) 6,385,000 6,673,985 
8.25% 2/28/48 (b) 8,910,000 9,537,086 
TOTAL KENYA  35,217,856 
Kuwait - 1.3%   
State of Kuwait 3.5% 3/20/27 (b) 81,405,000 79,790,576 
Lebanon - 5.2%   
Lebanese Republic:   
5.15% 6/12/18 70,625,000 70,603,813 
5.15% 11/12/18 21,050,000 21,047,053 
5.45% 11/28/19 68,485,000 68,039,848 
6% 5/20/19 44,125,000 44,169,125 
6% 1/27/23 10,765,000 10,452,815 
6.1% 10/4/22 50,355,000 49,452,135 
6.375% 3/9/20 18,735,000 18,826,802 
6.6% 11/27/26 18,665,000 17,825,075 
6.65% 2/26/30 (Reg. S) 9,110,000 8,363,071 
8.25% 4/12/21 (Reg.S) 15,895,000 16,732,667 
TOTAL LEBANON  325,512,404 
Macedonia - 0.1%   
Macedonia Government Internati 2.75% 1/18/25 (b) EUR2,720,000 3,343,343 
Mongolia - 0.2%   
Mongolian People's Republic:   
8.75% 3/9/24 (b) 9,430,000 10,590,861 
10.875% 4/6/21 (b) 3,905,000 4,493,866 
TOTAL MONGOLIA  15,084,727 
Namibia - 0.2%   
Republic of Namibia 5.25% 10/29/25 (b) 11,405,000 11,320,147 
Nigeria - 1.1%   
Republic of Nigeria:   
, yield at date of purchase 18.4401% to 18.6844% 4/12/18 to 5/3/18 NGN5,823,020,000 16,014,246 
6.5% 11/28/27 (b) 14,200,000 14,385,452 
7.143% 2/23/30 (b) 6,390,000 6,629,625 
7.696% 2/23/38 (b) 17,060,000 17,954,968 
7.875% 2/16/32 (b) 11,905,000 12,960,259 
TOTAL NIGERIA  67,944,550 
Oman - 1.7%   
Sultanate of Oman:   
4.75% 6/15/26 (b) 14,995,000 14,126,790 
5.375% 3/8/27 (b) 14,850,000 14,480,294 
5.625% 1/17/28 (b) 13,370,000 13,035,750 
6.5% 3/8/47 (b) 39,160,000 37,006,200 
6.75% 1/17/48 (b) 28,910,000 27,741,111 
TOTAL OMAN  106,390,145 
Pakistan - 0.6%   
Islamic Republic of Pakistan:   
6.875% 12/5/27 (b) 15,195,000 14,340,494 
8.25% 4/15/24 (b) 15,605,000 16,249,752 
8.25% 9/30/25 (b) 7,965,000 8,280,279 
TOTAL PAKISTAN  38,870,525 
Panama - 0.3%   
Panamanian Republic:   
8.875% 9/30/27 7,110,000 9,829,575 
9.375% 4/1/29 8,030,000 11,703,725 
TOTAL PANAMA  21,533,300 
Paraguay - 0.5%   
Republic of Paraguay:   
4.7% 3/27/27 (b) 7,765,000 7,862,063 
5% 4/15/26 (b) 5,395,000 5,624,288 
5.6% 3/13/48 (b) 10,385,000 10,566,738 
6.1% 8/11/44 (b) 8,400,000 9,030,000 
TOTAL PARAGUAY  33,083,089 
Poland - 0.2%   
Polish Government 2.25% 4/25/22 PLN43,420,000 12,746,376 
Portugal - 0.1%   
Republic of Portugal 2.125% 10/17/28 EUR6,640,000 8,575,290 
Qatar - 0.5%   
State of Qatar:   
2.375% 6/2/21 18,920,000 18,297,532 
9.75% 6/15/30 (Reg. S) 10,327,000 15,477,591 
TOTAL QATAR  33,775,123 
Romania - 0.2%   
Romanian Republic:   
2.5% 2/8/30 (b) EUR4,310,000 5,258,427 
5.8% 7/26/27 RON27,180,000 7,854,352 
TOTAL ROMANIA  13,112,779 
Russia - 4.8%   
Ministry of Finance Russian Federation:   
4.75% 5/27/26 (b) 15,400,000 15,911,526 
4.75% 5/27/26 16,000,000 16,531,456 
Russian Federation:   
4.25% 6/23/27 (b) 26,600,000 26,467,000 
5.25% 6/23/47 (b) 93,000,000 92,888,400 
5.625% 4/4/42 (b) 20,845,000 22,386,696 
7.5% 2/27/19 RUB1,631,740,000 28,863,327 
8.15% 2/3/27 RUB1,631,740,000 30,947,157 
12.75% 6/24/28 (Reg. S) 17,937,000 29,866,540 
Russian Federation Ministry of Finance 4.375% 3/21/29 (b) 36,800,000 36,308,794 
TOTAL RUSSIA  300,170,896 
Rwanda - 0.2%   
Rwanda Republic 6.625% 5/2/23 (b) 15,035,000 15,507,851 
Saudi Arabia - 2.0%   
Kingdom of Saudi Arabia:   
3.625% 3/4/28 (b) 34,650,000 32,905,303 
4.5% 10/26/46 (b) 97,230,000 90,775,678 
TOTAL SAUDI ARABIA  123,680,981 
Senegal - 0.5%   
Republic of Senegal:   
4.75% 3/13/28 (b) EUR7,870,000 9,682,131 
6.25% 7/30/24 (b) 3,835,000 3,994,229 
6.25% 5/23/33 (b) 9,390,000 9,249,150 
6.75% 3/13/48 (b) 9,720,000 9,519,768 
TOTAL SENEGAL  32,445,278 
South Africa - 0.8%   
South African Republic:   
4.3% 10/12/28 29,745,000 27,831,207 
5.375% 7/24/44 8,110,000 7,774,765 
5.875% 9/16/25 12,860,000 13,695,257 
TOTAL SOUTH AFRICA  49,301,229 
Sri Lanka - 0.9%   
Democratic Socialist Republic of Sri Lanka:   
5.875% 7/25/22 (b) 4,225,000 4,287,238 
6.2% 5/11/27 (b) 20,890,000 20,548,783 
6.25% 7/27/21 (b) 5,125,000 5,313,554 
6.825% 7/18/26 (b) 7,000,000 7,196,315 
6.85% 11/3/25 (b) 19,750,000 20,437,912 
TOTAL SRI LANKA  57,783,802 
Suriname - 0.4%   
Republic of Suriname 9.25% 10/26/26 (b) 24,355,000 24,963,875 
TAJIKISTAN - 0.2%   
Tajikistan Republic 7.125% 9/14/27 (b) 11,720,000 10,855,650 
Turkey - 6.2%   
Turkish Republic:   
4.875% 10/9/26 18,605,000 17,535,213 
5.125% 3/25/22 22,040,000 22,469,339 
5.125% 2/17/28 40,010,000 37,780,243 
5.75% 3/22/24 16,995,000 17,419,875 
5.75% 5/11/47 20,645,000 18,343,083 
6% 3/25/27 57,150,000 57,868,947 
6% 1/14/41 19,730,000 18,447,550 
6.25% 9/26/22 38,370,000 40,641,274 
6.75% 5/30/40 15,570,000 15,890,991 
6.875% 3/17/36 50,315,000 52,299,424 
7.25% 3/5/38 15,595,000 16,840,978 
7.375% 2/5/25 27,425,000 30,392,330 
8% 2/14/34 19,460,000 22,478,635 
11.875% 1/15/30 9,850,000 14,672,560 
Turkiye Ihracat Kredi Bankasi A/S 5.375% 2/8/21 (b) 7,875,000 7,913,666 
TOTAL TURKEY  390,994,108 
Ukraine - 6.0%   
Ukraine Government:   
0% 5/31/40 (b)(c) 45,665,000 31,797,179 
7.375% 9/25/32 (b) 30,074,000 28,991,336 
7.75% 9/1/20 (b) 36,074,000 37,782,465 
7.75% 9/1/21 (b) 68,989,000 72,223,204 
7.75% 9/1/22 (b) 60,619,000 63,164,998 
7.75% 9/1/23 (b) 8,809,000 9,109,545 
7.75% 9/1/24 (b) 59,464,000 61,222,588 
7.75% 9/1/25 (b) 11,469,000 11,742,673 
7.75% 9/1/26 (b) 30,539,000 31,241,397 
7.75% 9/1/27 (b) 28,839,000 29,480,264 
TOTAL UKRAINE  376,755,649 
United States of America - 1.1%   
U.S. Treasury Bonds 3% 2/15/48 66,116,000 66,348,634 
Uruguay - 0.3%   
Uruguay Republic:   
7.625% 3/21/36 5,295,000 7,204,907 
7.875% 1/15/33 pay-in-kind 6,455,000 8,819,789 
TOTAL URUGUAY  16,024,696 
Venezuela - 1.5%   
Venezuelan Republic:   
oil recovery warrants 4/15/20 (g) 458,489 1,375,467 
6% 12/9/20 (e) 11,240,000 3,225,880 
7% 3/31/38 (e) 10,280,000 3,163,156 
7.65% 4/21/25 (e) 18,830,000 5,605,691 
7.75% 10/13/19 (Reg. S) (e) 16,120,000 4,795,700 
8.25% 10/13/24 (e) 16,705,000 4,939,669 
9% 5/7/23 (Reg. S) (e) 23,495,000 6,970,967 
9.25% 9/15/27 (e) 28,625,000 9,208,663 
9.25% 5/7/28 (Reg. S) (e) 37,725,000 11,155,283 
9.375% 1/13/34 (e) 23,275,000 7,976,343 
11.75% 10/21/26 (Reg. S) (e) 34,870,000 11,357,159 
11.95% 8/5/31 (Reg. S) (e) 47,005,000 15,450,544 
12.75% 8/23/22 (e) 22,610,000 7,499,737 
TOTAL VENEZUELA  92,724,259 
Vietnam - 0.1%   
Vietnamese Socialist Republic 4.8% 11/19/24 (b) 6,305,000 6,428,710 
Zambia - 0.4%   
Republic of Zambia:   
5.375% 9/20/22 (b) 5,105,000 4,848,729 
8.5% 4/14/24 (b) 4,165,000 4,352,425 
8.97% 7/30/27 (b) 12,280,000 12,946,165 
TOTAL ZAMBIA  22,147,319 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $4,374,784,704)  4,367,828,800 
Supranational Obligations - 0.1%   
European Bank for Reconstruction & Development 6% 5/4/20 (Reg. S)
(Cost $5,203,955) 		INR327,200,000 4,980,932 
 Shares Value 
Common Stocks - 0.9%   
Cayman Islands - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (h) 244,500 44,875,530 
JD.com, Inc. sponsored ADR (h) 231,600 9,377,484 
TOTAL CAYMAN ISLANDS  54,253,014 
Indonesia - 0.0%   
PT Bank Central Asia Tbk 785,700 1,334,737 
Israel - 0.0%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 60,900 1,040,781 
Korea (South) - 0.0%   
KB Financial Group, Inc. 21,257 1,214,669 
United Kingdom - 0.0%   
NMC Health PLC 30,000 1,431,060 
TOTAL COMMON STOCKS   
(Cost $50,385,742)  59,274,261 
 Principal Amount Value 
Preferred Securities - 0.6%   
Brazil - 0.3%   
Itau Unibanco Holding SA 6.125% (b)(c)(i) 18,285,000 18,273,322 
British Virgin Islands - 0.3%   
Cnrc Capitale Ltd. 3.9% (Reg. S) (c)(i) 3,275,000 3,170,426 
Dianjian Haixing Ltd. 4.05% (Reg. S) (c)(i) 3,280,000 3,332,056 
Dianjian Haiyu Ltd. 3.5%(Reg. S) (c)(i) 3,830,000 3,690,858 
Huaneng Hong Kong Capital Ltd. 3.6% (Reg. S) (c) 3,220,000 3,064,564 
Sinochem Global Capital Co. Ltd. 5% (b)(c)(i) 4,460,000 4,570,778 
TOTAL BRITISH VIRGIN ISLANDS  17,828,682 
TOTAL PREFERRED SECURITIES   
(Cost $35,995,220)  36,102,004 
 Shares Value 
Money Market Funds - 4.9%   
Fidelity Cash Central Fund, 1.72% (j)   
(Cost $303,886,478) 303,842,534 303,903,303 
TOTAL INVESTMENT IN SECURITIES - 98.5%   
(Cost $6,209,324,558)  6,169,484,228 
NET OTHER ASSETS (LIABILITIES) - 1.5%  97,102,021 
NET ASSETS - 100%  $6,266,586,249 

Currency Abbreviations

BRL – Brazilian real

EGP – Egyptian pound

EUR – European Monetary Unit

HUF – Hungarian forint

IDR – Indonesian rupiah

INR – Indian rupee

NGN – Nigerian naira

PLN – Polish zloty

RON – Romanian leu

RUB – Russian ruble

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Amount is stated in United States dollars unless otherwise noted.

 (b) 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 $2,948,058,908 or 47.0% of net assets.

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

 (d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

 (f) Level 3 security

 (g) Quantity represents share amount.

 (h) Non-income producing

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

 (j) 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.


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 $1,460,959 
Fidelity Securities Lending Cash Central Fund 4,934 
Total $1,465,893 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $9,377,484 $9,377,484 $-- $-- 
Financials 2,549,406 1,214,669 1,334,737 -- 
Health Care 2,471,841 2,471,841 -- -- 
Information Technology 44,875,530 44,875,530 -- -- 
Corporate Bonds 1,397,394,928 -- 1,397,394,928 -- 
Government Obligations 4,367,828,800 -- 4,361,740,263 6,088,537 
Supranational Obligations 4,980,932 -- 4,980,932 -- 
Preferred Securities 36,102,004 -- 36,102,004 -- 
Money Market Funds 303,903,303 303,903,303 -- -- 
Total Investments in Securities: $6,169,484,228 $361,842,827 $5,801,552,864 $6,088,537 

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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities, supranational obligations and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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.

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.

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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 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.

Credit Risk.

The Fund's relatively large investment in countries with limited or developing capital markets may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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.

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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

May 25, 2018


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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

May 25, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

May 25, 2018