FIDELITY CAPITAL & INCOME FUND
A FUND OF SUMMER STREET TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JUNE 26, 1996
MANAGEMENT CONTRACT. Effective July 1, 1996, FMR voluntarily agreed to
reduce Capital & Income Fund's individual management fee rate from .55% to
.45%.
The following information replaces the similar information found on page
22.
The individual fund fee rate is .45%. Based on the average group net
assets of the funds advised by FMR for April 1996, the annual management
fee rate would be calculated as follows:
Group Fee Rate Individual Fund Fee Rate Management Fee Rate
.1458% + .45% = .5958%
SUPPLEMENT TO
FIDELITY CAPITAL &
INCOME FUND'S
PROSPECTUS
DATED JUNE 26, 1996
EFFECTIVE JULY 1, 1996, FMR VOLUNTARILY AGREED TO REDUCE CAPITAL & INCOME
FUND'S INDIVIDUAL MANAGEMENT FEE RATE FROM .55% TO .45%.
The following information replaces the similar information found in the
"Key Facts" section under the heading "Expenses" found on page 4.
The following are projections based on historical expenses, adjusted to
reflect current fees, and are calculated as a percentage of average net
assets.
Management fee .60 %
12b-1 fee None
Other expenses .28%
Total fund operating expenses .88 %
EXAMPLES: Let's say, hypothetically, that the fund's annual return is 5%
and that its operating expenses are exactly as just described. For every
$1,000 you invested, here's how much you would pay in total expenses if you
close your account after the number of years indicated:
After 1 year $ 9
After 3 years $ 28
After 5 years $ 49
After 10 years $ 10
8
These examples illustrate the effect of expenses, but are not meant to
suggest actual or expected costs or returns, all of which may vary.
The following information replaces the third paragraph under the heading
"Management Fee" beginning on page 14.
For April 1996, the group fee rate was .1458%. Effective July 1, 1996,
the individual fund fee rate is .45%. The total management fee rate for
fiscal 1996 was .70%.
