497 1 fixed.htm

SUPPLEMENT TO THE

FIDELITY<R>^®</R> CAPITAL & INCOME FUND

A Fund of Fidelity Summer Street Trust

and

FIDELITY HIGH INCOME FUND

A Fund of Fidelity Fixed-Income Trust

June 24, 2000

STATEMENT OF ADDITIONAL INFORMATION

On September 14, 2000, the Board of Trustees of Fidelity Capital & Income Fund authorized the reduction of the fund's redemption fee from 1.50% to 1.00% and the reduction of the redemption fee period from 365 days to 270 days. Redemptions after September 27, 2000 of shares held less than 270 days will be subject to a redemption fee of 1.00% of the amount redeemed.

<R>The following information replaces similar information found under the subheading "Investment Limitations of Fidelity Capital & Income Fund" in the "Investment Policies and Limitations"section beginning on page 2.</R>

<R>(4) underwrite securities issued by others, except to the extent that the fund may be considered an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securities or in connection with investments in other investment companies;</R>

<R>(8) lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments;</R>

<R>(v) The fund does not currently intend to lend assets other than securities to other parties, except by (a) lending money (up to 15% of the fund's net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.)</R>

<R>The following information replaces similar information found under the subheading "Investment Limitations of Fidelity High Income Fund" in the "Investment Policies and Limitations"section beginning on page 3.</R>

The following information replaces similar information found under the heading "Historical Funds Results" in the "Performance" section beginning on page 16.

For Capital & Income, returns do not include the effect of the fund's 1.00% trading fee, applicable to shares held less than 270 days.

The following information replaces similar information found under the heading "Historical Funds Results" in the "Performance" section beginning on page 16.

Explanatory Notes: With an initial investment of $10,000 in Capital & Income on May 1, 1990, the net amount invested in fund shares was $10,000. The cost of the initial investment ($10,000) together with the aggregate cost of reinvested dividends and capital gain distributions for the period covered (their cash value at the time they were reinvested) amounted to $31,703. If distributions had not been reinvested, the amount of distributions earned from the fund over time would have been smaller, and cash payments for the period would have amounted to $11,749 for dividends and $969 for capital gain distributions. The figures in the table do not include the effect of Capital & Income's 1.00% trading fee applicable to shares held less than 270 days. Prior to December 30, 1990, Capital & Income operated under a different investment objective. Accordingly, the fund's historical performance may not represent its current investment policies.

CAI/SPHB-01-02 May 25, 2001
1.718858.107

<R>During the period from April 1, 1999 through May 15, 2001, Ms. Johnson served as a Member of the Advisory Board. Effective May 16, 2001, Ms. Johnson has been elected to the Board of Trustees. The following information replaces similar information found in the "Trustees and Officers" section beginning on page 20.</R>

<R>*ABIGAIL P. JOHNSON (39), Trustee of Fidelity Summer Street Trust (2001) and Fidelity Fixed-Income Trust (2001), is Vice President of certain Equity Funds (1997). Ms. Johnson also serves as a Trustee (2001) or Member of the Advisory Board (1999) of other investment companies advised by FMR. She is a Senior Vice President of FMR Co., Inc. (2001) and FMR (1997), and a Director of FMR Corp. Before assuming her current responsibilities, Ms. Johnson managed a number of Fidelity funds. Edward C. Johnson 3d, Trustee and President of the funds, is Ms. Johnson's father.</R>

<R>During the period from March 16, 2000 through December 31, 2000, Mr. Cook served as a Member of the Advisory Board. Effective January 1, 2001, Mr. Cook serves as a Member of the Board of Trustees. The following information replaces similar information found in the "Trustee and Officers" section beginning on page 20.</R>

<R>J. MICHAEL COOK (58), Trustee (2001). Prior to Mr. Cook's retirement in May 1999, he served as Chairman and Chief Executive Officer of Deloitte & Touche LLP, Chairman of the Deloitte & Touche Foundation, and a member of the Board of Deloitte Touche Tohmatsu. He currently serves as a Director of International Flavors & Fragrances, Inc. (2000), Rockwell International (electronic controls and communications products, 2000), The Dow Chemical Company (2000), and HCA - The Healthcare Company (1999). He is a Member of the Advisory Board of the Securities Regulation Institute, Chairman Emeritus of the Board of Catalyst (a leading organization for the advancement of women in business), a Director of the STAR Foundation (Society to Advance the Retarded and Handicapped), and is Chairman of the Accountability Advisory Panel to the Comptroller General of the United States. He also serves as a member of the Board of Overseers of the Columbia Business School and a Member of the Advisory Board of the Graduate School of Business of the University of Florida.</R>

<R>During the period from June 15, 2000 through December 31, 2000, Ms. Knowles served as a Member of the Advisory Board. Effective January 1, 2001, Ms. Knowles serves as a Member of the Board of Trustees. The following information supplements the information found in the "Trustee and Officers" section beginning on page 20.</R>

<R>MARIE L. KNOWLES (54), Trustee (2001). Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing), URS Corporation (multidisciplinary engineering, 1999), and America West Holdings Corporation (aviation and travel services, 1999) and previously served as a Director of ARCO Chemical Corporation and Vastar Resources, Inc. Ms. Knowles serves as a member of the National Board of the Smithsonian Institution, she is a Trustee of the Brookings Institution and serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.</R>

<R>Effective January 1, 2001, Mr. Mann serves as Chairman of the non-interested Trustees. The following information replaces similar information found in the "Trustees and Officers" section beginning on page 20.</R>

<R>MARVIN L. MANN (68), Trustee and Chairman of the non-interested Trustees (2001), is Chairman Emeritus of Lexmark International, Inc. (computer peripherals) where he remains a member of the Board. Prior to 1991, he held the positions of Vice President of International Business Machines Corporation ("IBM") and President and General Manager of various IBM divisions and subsidiaries. Mr. Mann is a Director of PolyOne Corporation (chemicals) and Imation Corp. (imaging and information storage, 1997). He is also a Board member of Acterna Corporation (telecommunications testing and management, 1999).</R>

<R>Mr. McDonough served on the Board of Trustees through December 31, 2000. The following information has been removed from the "Trustee and Officers" section beginning on page 20.</R>

<R>GERALD C. McDONOUGH (71), Trustee and Chairman of the non-interested Trustees, is Chairman of G.M. Management Group (strategic advisory services). Mr. McDonough is a Director and Chairman of the Board of York International Corp. (air conditioning and refrigeration) and Associated Estates Realty Corporation (a real estate investment trust, 1993). Mr. McDonough served as a Director of ACME-Cleveland Corp. (metal working, telecommunications, and electronic products) from 1987-1996 and Brush-Wellman Inc. (metal refining) from 1983-1997. He also served as a Director of Commercial Intertech Corp. (hydraulic systems, building systems, and metal products) from 1992-2000 and CUNO, Inc. (liquid and gas filtration products) from 1996-2000.</R>

<R>During the period from November 1, 2000 through May 15, 2001, Mr. Stavropoulos served as a Member of the Advisory Board. Effective May 16, 2001, Mr. Stavropoulos has been elected to the Board of Trustees. The following information supplements information found in the "Trustees and Officers" section beginning on page 20.</R>

<R>WILLIAM S. STAVROPOULOS (62), Trustee of Fidelity Summer Street Trust (2001) and Fidelity Fixed-Income Trust (2001). Mr. Stavropoulos also serves as a Trustee (2001) or Member of the Advisory Board (2000) of other investment companies advised by FMR. He is Chairman of the Board and Chairman of the Executive Committee (2000) and a Director of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993-2000) and Chief Executive Officer (1995-2000). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions, 1997), BellSouth Corporation (telecommunications, 1997), and the Chemical Financial Corporation. He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research and Fordham University. In addition, Mr. Stavropoulos is a member of the American Chemical Society, The Business Council, J.P. Morgan International Council, World Business Council for Sustainable Development, and the University of Notre Dame Advisory Council for the College of Science.</R>

<R>Mr. Williams served on the Board of Trustees through December 31, 2000. The following information has been removed from the "Trustee and Officers" section beginning on page 20.</R>

<R>THOMAS R. WILLIAMS (71), Trustee, is President of The Wales Group, Inc. (management and financial advisory services). Prior to retiring in 1987, Mr. Williams served as Chairman of the Board of First Wachovia Corporation (bank holding company), and Chairman and Chief Executive Officer of The First National Bank of Atlanta and First Atlanta Corporation (bank holding company). He is currently a Director of National Life Insurance Company of Vermont and American Software, Inc. Mr. Williams was previously a Director of ConAgra, Inc. (agricultural products), Georgia Power Company (electric utility), and Avado, Inc. (restaurants).</R>

<R>Effective April 1, 2001, Mr. Maloney serves as Assistant Treasurer. The following information supplements information found in the "Trustees and Officers" section beginning on page 20.</R>

<R>PAUL F. MALONEY (51) is Assistant Treasurer of Capital & Income and High Income. Mr. Maloney also serves as Assistant Treasurer of other Fidelity funds (2001) and is an employee of FMR. Previously, Mr. Maloney served as Vice President of Fidelity Reporting, Accounting and Pricing Services (FRAPS).</R>

The following information replaces the Compensation Table found in the "Trustees and Officers" section beginning on page 20.

Compensation Table
Trustees and Members of the Advisory Board	Aggregate Compensation from Capital & Income^B,C,D	Aggregate Compensation from High Income^B	Total Compensation from the Fund Complex*^,A
Edward C. Johnson 3d**	$ 0	$ 0	$ 0
Abigail P. Johnson**	$ 0	$ 0	$ 0
J. Michael Cook*****	$ 77	$ 82	$ 0
Marie L. Knowles******	$ 0	$ 0	$ 0
Ralph F. Cox	$ 689	$ 831	$ 217,500
Phyllis Burke Davis	$ 680	$ 816	$ 211,500
Robert M. Gates	$ 690	$ 831	$ 217,500
E. Bradley Jones****	$ 476	$ 593	$ 217,500
Donald J. Kirk	$ 689	$ 832	$ 217,500
Ned C. Lautenbach***	$ 389	$ 448	$ 54,000
Peter S. Lynch**	$ 0	$ 0	$ 0
William O. McCoy	$ 679	$ 819	$ 214,500
Gerald C. McDonough	$ 860	$ 1,035	$ 269,000
Marvin L. Mann	$ 694	$ 836	$ 217,500
Robert C. Pozen**	$ 0	$ 0	$ 0
Thomas R. Williams	$ 675	$ 811	$ 213,000

* Information is for the calendar year ended December 31, 1999 for 236 funds in the complex.

** Interested Trustees of the funds and Ms. Johnson are compensated by FMR.

*** During the period from October 14, 1999 through December 31, 1999, Mr. Lautenbach served as a Member of the Advisory Board. Effective January 1, 2000, Mr. Lautenbach serves as a Member of the Board of Trustees.

**** Mr. Jones served on the Board of Trustees through December 31, 1999.

***** Effective March 16, 2000, Mr. Cook serves as a Member of the Advisory Board.

****** Effective June 15, 2000, Ms. Knowles serves as a Member of the Advisory Board.

^ACompensation figures include cash, amounts required to be deferred, and may include amounts deferred at the election of Trustees. For the calendar year ended December 31, 1999, the Trustees accrued required deferred compensation from the funds as follows: Ralph F. Cox, $75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E. Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy, $75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and Thomas R. Williams, $75,000. Certain of the non-interested Trustees elected voluntarily to defer a portion of their compensation as follows: Ralph F. Cox, $53,735; William O. McCoy, $53,735; and Thomas R. Williams, $62,319.

^BCompensation figures include cash, and may include amounts required to be deferred and amounts deferred at the election of Trustees.

^C The following amounts are required to be deferred by each non-interested Trustee: Ralph F. Cox, $353; Phyllis Burke Davis, $353; Robert M. Gates, $353; E. Bradley Jones, $225; Donald J. Kirk, $353; Ned C. Lautenbach, $128; William O. McCoy, $353; Gerald C. McDonough, $425; Marvin L. Mann, $353; and Thomas R. Williams, $353.

^D Certain of the non-interested Trustees' aggregate compensation from a fund includes accrued voluntary deferred compensation as follows: Ralph F. Cox, $242; Ned C. Lautenbach, $56; William O. McCoy, $242; Thomas R. Williams, $242.

The following information replaces similar information found in the"Management Contracts" section beginning on page 24.

^(dagger) Prior to May 1, 1999, High Income paid FMR a monthly management fee at an annual rate of 0.80% of the fund's average net assets throughout the month. FMR paid all of the other expenses of the fund with limited exceptions. The management fee paid to FMR for periods prior to May 1, 1999 was reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees. In addition, for the fiscal years ended April 30, 1999 and 1998, credits reducing management fees amounted to $49,000 and $66,000, respectively.