(PUB) Investing 2016

4

Data through February 29, 2016 FINRA members: For internal or institutional use only. Fidelity® High Income

Ticker SPHIX

Yield 6.4%

SEC Yield 7.91%

Total Assets $3,916 mil

Mstar Category High Yield Bond

Benchmark 1: BofAML US HY Master II TR USD Benchmark 2: Barclays US Agg Bond TR USD Morningstar Analyst Rating 02-22-16 „

Investment Style Fixed Income

Historical Profile Return Risk Rating Average Average QQQ Neutral

3

12.5 15.0 17.5 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

* * * * ( * * * * ) ( 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 02-16 9.06 8.61 6.04 8.46 8.94 8.64 9.34 9.37 8.90 7.95 7.73 10.78 2.32 -23.72 51.46 13.73 3.43 14.87 6.68 1.53 -5.40 -1.78 -0.99 0.13 2.67 -6.05 -1.47 -0.95 -0.72 -0.74 -0.97 -0.76 -0.65 6.44 -4.65 -28.96 45.53 7.18 -4.41 10.65 8.70 -4.43 -5.95 -3.87 7.40 7.56 7.60 9.79 7.85 6.94 6.06 5.64 5.38 5.73 0.99 3.38 -5.24 -31.32 41.67 5.88 -3.51 8.80 1.04 -3.85 -11.13 -2.77 0.63 0.66 0.63 0.57 0.64 0.60 0.51 0.51 0.49 0.50 0.08 0.00 0.00 0.00 0.01 0.00 0.00 0.05 0.06 0.13 0.00 0.00 0.77 0.75 0.75 0.77 0.75 0.75 0.76 0.72 0.72 0.72 . 6.97 7.31 7.36 9.04 8.09 7.44 6.79 5.96 5.58 5.38 . 32 35 38 30 58 48 45 48 47 77 73

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 02-29-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

3.98 0.30 -6.81 6.42 3.43 5.72 1.22 4.65 2.58 14.87 2.92 -2.06 2.25 3.50 6.68 2.41 1.80 -2.09 -0.53 1.53 2.26 0.00 -5.10 -2.51 -5.40

.

40

39

33

27

65

55

35

44

56

37

4,509 5,200 4,113 6,942 7,248 4,788 6,494 6,001 5,365 4,162 3,916

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 10-31-15

Date of Maturity

Value $000

% Assets

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Total Fixed Income: 530 Chs / Cmnty Health Sys 6.

Amount 000

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

02-01-22

66,920 67,422 1.44 60,720 64,211 1.37 59,000 56,788 1.21 67,979 54,043 1.15 43,400 45,726 0.98 53,587 45,594 0.97 43,830 43,720 0.93 60,170 42,853 0.91 41,035 40,615 0.87 32,965 34,284 0.73 31,530 32,318 0.69 30,343 32,164 0.69 32,719 31,410 0.67 33,260 30,433 0.65 29,630 28,815 0.62 27,680 27,334 0.58 26,728 26,377 0.56 24,805 26,107 0.56 24,505 26,110 0.56 25,040 25,854 0.55

1 Yr 3 Yr 5 Yr

-9.54 -0.40 2.89 5.71 8.33

3 Mo 6 Mo

-4.37 -0.70 -6.14 -7.36 -1.58 -9.56 -9.54 -1.00 -11.04 -0.40 -1.04 -2.62 2.89 -1.01 -0.71 5.71 -0.74 1.01 5.65 -1.06 0.77

72 9,563 80 9,264 76 9,046 72 9,880 65 11,534 33 17,424 57 22,793

Tenet Healthcare 8.125% 04-01-22

Avg QQ Avg QQQ Avg QQQ

-Avg

Altice Sa 144A 7.75%

05-15-22

Avg Avg

1 Yr

Laureate Educ 144A 9.25% 09-01-19

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Post Hldgs 7.375%

02-15-22

Laureate Edu Term B 06/16 06-16-18 Hockey Mergersub 144A 7.8 10-01-21 Tronox Worldwide 6.375% 08-15-20 Columbus Intl Inc 144 144 03-30-21 Ardagh Packaging 144A 6.7 01-31-21 Serta Simmons Hldgs 144A 10-01-20 Citigroup FRN 12-31-49

Other Measures

Standard Index

Best Fit Index

Alpha

-1.6 0.58

-1.0 1.01

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

10

98

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

-2.98 0.37 3.03

63 57 25

2.59 2.45 2.53

54 44 42

Standard Deviation

5.50 -0.40 -0.06

Mean

Sprint Cap 6.9%

05-01-19

Sharpe Ratio

C&S Grp Enterprises 144A 07-15-22

Potential Capital Gain Exposure: -19% of assets

Apx Grp 6.375%

12-01-19

Morningstar's Take by Eric Jacobson 02-22-16 Manager Fred Hoff has distinguished himself at this fund since the beginning of 2002 (excluding the 18 months after Hoff took over, during which he remade this formerly aggressive portfolio). The fund fared well through the 2008 credit crisis and its aftermath, for example, avoiding some of the hardest-hit areas. This fund's strengths, which include an attractive price tag, continue to make it a strong Morningstar favorite, but because of concerns over experience on the analyst team, we are lowering its Morningstar Analyst Rating to Silver from Gold. Fidelity’s analyst resources generally defy criticism given the quality and number of analysts the firm is typically able to hire. The firm's analyst staffs have a reputation as a stepping stone for those seeking to move on to management roles, rather than as a destination for permanent careers. Though turnover doesn’t appear to have been alarming in recent years, the team’s makeup is notable. Of its 17 analysts (not including associates, bank-loan, and quant specialists), more than a third had a year or less of experience working at Fidelity as of September 2015, while their median experience at the firm was three years. The group’s median industry-

Minerva Luxembourg S A 14 01-31-23 Advanced Disposal Tm B-2 10-09-19 Argos Merger Sub 144A 7.1 03-15-23 Jbs Invts Gmbh 144A 7.75% 10-28-20

tenured analyst, meanwhile, wasn’t even in the business during the financial crisis. That’s not an indictment, but it’s meaningful given how crucial experience and fundamental research are in the high-yield sector. It’s difficult to draw a straight line between staffing and performance hiccups in recent years. Decisions to underweight BB and overweight CCC bonds hurt in 2015, but Hoff has generally been on the market’s less aggressive side and has made good sector calls like downplaying the imploding energy sector in 2014 and 2015. In contrast, individual security picks were a primary cause of trouble during the latter. Overall, we still have a high level of conviction that this fund, and Hoff, will serve investors well, but our staffing concerns are sufficient to warrant continued monitoring.

Chs / Cmnty Health Sys 5.

08-01-21

Current Investment Style

Sector Breakdown

% Assets

Government

1 0

Duration Ltd Mod Ext

Government Related

Quality High Med Low

Corporate

96

Agency MBS 0 Non-Agency Residential MBS 0 Commercial MBS 0 Covered Bond 0 Asset Backed 0 Municipal 0 Cash & Equivalents 3 Other 0

1 figure provided by fund

— —

Avg Eff Duration 1 Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon

B

6.49%

Avg Wtd Price

96.52% of par

Composition - Net Cash

Coupon Range

% of Bonds

3.3 Bonds 0.3 Other

94.0

0% PIK

0.1 8.5

Stocks

2.5

0% to 4% 4% to 6% 6% to 8% 8% to 10%

30.1 42.5 16.7

Special Securities Restricted/Illiquid Secs Emerging-Markets Secs Options/Futures/Warrants

44

2 0

More than 10%

2.1

Address:

Fidelity Summer Street Trust

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: — IRA: $2500

Boston, MA 02109

— Add: —

Credit Analysis

% bonds 10-31-15

800-544-8544

Sales Fees:

No-load, 1.00%R

AAA

4 BB 0 B

29 46

Web Address:

www.fidelity.com

Management Fee:

0.45%

AA

Inception:

08-29-90

Actual Fees:

Mgt:0.56% Dist:—

A

0 Below B 18 1 Not Rated 1

Advisor:

Fidelity Management & Research Company FMR Investment Management (U.K.) Limited

Expense Projections: Income Distribution:

3Yr:$230 5Yr:$401 10Yr:$894

BBB

Subadvisor:

Monthly

D

ß ® Mutual Funds

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