<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
"Rule 24f-2 Notice"
Fidelity Summer Street Trust
(Name of Registrant)
File No. 2-58542
</PAGE>
<PAGE>
FILE NO. 2-58542
Fidelity Summer Street Trust
: Fidelity Capital & Income Fund
RULE 24F-2 - FILED PURSUANT TO RULE
24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940
(i) Fiscal Year for Which Notice Filed
Fiscal year ended April 30, 1995
(ii) Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2
No shares
(iii) Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2
No shares
(iv) Number of Securities Sold During Fiscal Year
49,736,211 shares
For information relating to the calculation of the filing fee,
see Note (1) below.
(v) Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2
49,736,211 shares
<TABLE>
<CAPTION>
Number of Shares
Aggregate Price
<S>
<C>
<C>
Sales Pursuant to Rule 24f-2:
49,736,211
$
451,396,794
Redemptions See Note (2) :
(49,736,211)
$
(451,396,794)
Note (2) : The total number of shares redeemed for the total dollar amount of
redemptions for the fiscal period ended April 30, 1995
, aggregated
109,522,956
and $982,933,149
, respectively. An additional filing
pursuant to Rule 24e-2 can be made to register a number of shares
that will include the share redemptions not utilized under Rule 24f-2.
Net Sales Pursuant to Rule 24f-2:
0
$
0
</TABLE>
Note (1) : Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $0
Fidelity Summer Street Trust
:
Fidelity Capital & Income Fund
By John H. Costello
Assistant Treasurer
</PAGE>
*FMR Corp.
82 Devonshire Street
Boston MA 02109-3614
617 570 7000
June 19, 1995
Mr. John Costello, Assistant Treasurer
Fidelity Summer Street Trust (the trust):
Fidelity Capital & Income Fund (the fund)
82 Devonshire Street
Boston, Massachusetts 02109
Dear Mr. Costello:
Fidelity Summer Street Trust is a Massachusetts business trust
created under a written Declaration of Trust executed and delivered
in Boston, Massachusetts on March 23, 1977, under the name of
"Devon Bond Fund." The trust's name was changed to "Fidelity
Aggressive Income Fund" by a supplement to the Declaration of
Trust which was filed with the office of the Secretary of the
Commonwealth on September 21, 1977. Its name was further
changed to "Fidelity High Income Fund" by a supplement to the
Declaration of Trust which was filed with the office of the
Secretary of the Commonwealth on January 21, 1981. An amended
and restated Declaration of Trust dated February 1, 1987 was filed
with the office of the Secretary of the Commonwealth on February
4, 1987. Its name was further changed to "Fidelity Summer Street
Trust" by a supplement to the Declaration of Trust which was filed
with the office of the Secretary of the Commonwealth on December
21, 1988. An additional supplement to the Declaration of Trust
was dated, executed and delivered in Boston, Massachusetts on
January 13, 1989. An amended and restated Declaration of Trust
dated April 14, 1994 was filed with the office of the Secretary of
the Commonwealth on May 18, 1994.
I have conducted such legal and factual inquiry as I have deemed
necessary for the purpose of rendering this opinion.
Capitalized terms used herein, and not otherwise herein defined, are
used as defined in the Declaration of Trust.
Under Article III, Section 1, of the Declaration of Trust, the
beneficial interest in the Trust shall be divided into such transferable
Shares of one or more separate and distinct Series or classes as the
Trustees shall from time to time create and establish. The number
of Shares is unlimited and each Share shall be without par value and
shall be fully paid and nonassessable. The Trustees shall have full
power and authority, in their sole discretion and without obtaining
any prior authorization or vote of the Shareholders or of any Series
or class of Shareholders of the Trust to create and establish (and to
change in any manner) Shares or any Series or classes thereof, with
such preferences, voting powers, rights and privileges as the
Trustees may from time to time determine, to divide or combine the
Shares or any Series or classes thereof into a greater or lesser
number, to classify or reclassify any issued Shares into one or more
Series or classes of Shares, to abolish any one or more Series of
Shares, and to take such other action with respect to the Shares as
the Trustees may deem desirable.
Under Article III, Section 4, the Trustees are shall accept
investments in the Trust from such persons and on such terms as
they may from time to time authorize. Such investments may be in
the form of cash or securities in which the appropriate Series is
authorized to invest, valued as provided in Article X, Section 3.
After the date of the initial contribution of capital, the number of
Shares to represent the initial contribution may in the Trustees'
discretion be considered as outstanding and the amount received by
the Trustees on account of the contribution shall be treated as an
asset of the Trust. Subsequent investments in the Trust shall be
credited to each Shareholders' account in the form of full Shares at
the Net Asset Value per Share next determined after the investment
is received; provided, however, that the Trustees may, in their sole
discretion, (a) impose a sales charge upon investments in the Trust
and (b) issue fractional Shares.
By a vote adopted on March 23, 1977, and amended on February
22, 1985, the Board of Trustees authorized the issue and sale, from
time to time, of an unlimited number of shares of beneficial interest
of the trust in accordance with the terms included in the current
Registration Statement and subject to the limitations of the
Declaration of Trust and any amendments thereto.
I understand from you that, pursuant to Rule 24f-2 under the
Investment Company Act of 1940, the trust has registered an
indefinite numbers of shares of beneficial interest under the
Securities Act of 1933. I further understand that, pursuant to the
provisions of Rule 24f-2, the trust intends to file with the Securities
and Exchange Commission a Notice making definite the registration
of 49,736,211 shares of the trust (the "Shares") sold in reliance
upon Rule 24f-2 during the fiscal year ended April 30, 1995.
I am of the opinion that all necessary trust action precedent to the
issue of the Shares has been duly taken, and that all the Shares were
legally and validly issued, and are fully paid and nonassessable,
except as described in the fund's Statement of Additional
Information under the heading "Shareholder and Trustee Liability."
In rendering this opinion, I rely on the representation by the trust
that it or its agent received consideration for the Shares in
accordance with the Declaration of Trust and I express no opinion
as to compliance with the Securities Act of 1933, the Investment
Company Act of 1940 or applicable state "Blue Sky" or securities
laws in connection with sales of the Shares.
I hereby consent to the filing of this opinion with the Securities and
Exchange Commission in connection with a Rule 24f-2 Notice
which you are about to file under the 1940 Act with said
commission.
Sincerely,
/s/ Arthur S. Loring, Esq.
Arthur S. Loring, Esq.
Vice President - Legal
Mr. John Costello
June 19, 1995
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