Fidelity High Income Fund

QUARTERLY FUND REVIEW | AS OF MARCH 31, 2021

Fidelity? High Income Fund

Investment Approach

? Fidelity? High Income Fund is a diversified high-yield bond strategy focused on investing primarily in the bonds of non-investment-grade companies.

? We apply a core investment approach, with the majority of the fund concentrated in securities rated B and BB, and typically below-benchmark exposure to the more opportunistic, lower-rated (CCC or below) credit tiers.

? We take a consistent, conservative approach, focusing on higher-quality, less-cyclical industries and businesses. In particular, we seek companies with strong balance sheets, high free cash flow, improving business/industry fundamentals and solid management teams. In doing so, we take a longer-term investment outlook, with a focus on the best risk-adjusted opportunities that we can find in the market.

? We strive to uncover these companies through in-depth fundamental "bottom-up" credit analysis, working closely with Fidelity's high-income and global research teams.

PERFORMANCE SUMMARY

Fidelity High Income Fund Gross Expense Ratio: 0.69%2 ICE BofA US High Yield/US High Yield Constrained Blend Morningstar Fund High Yield Bond % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

0.00% 0.00% 18.21% 4.66% 6.94% 5.35%

0.91%

1.10% ---

0.91%

1.10% ---

23.22%

21.79% 77% 678

6.50%

5.43% 76% 630

7.92%

6.54% 42% 556

6.30%

5.31% 51% 358

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/29/1990. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Alexandre Karam Michael Weaver

Trading Symbol: SPHIX

Start Date: August 29, 1990

Size (in millions): $8,333.20

Morningstar Category: Fund High Yield Bond The fund's yield and share price change daily and are based on changes in interest rates and market conditions, and in response to other economic, political, or financial developments. Foreign markets, particularly emerging markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. In general, bond prices rise when interest rates fall, and vice versa. This effect is usually more pronounced for longer-term securities. The fund may invest in lowerquality debt securities which generally offer higher yields, and carry more risk. You may have a gain or loss when you sell your shares.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? High Income Fund | AS OF MARCH 31, 2021

High-Yield Bond Market Review

U.S. corporate high-yield bonds gained 0.91% in the first quarter of 2021, according to the ICE BofA? US High Yield Constrained Index, buoyed by the prospect of a surge in economic growth amid widespread COVID-19 vaccinations, fiscal stimulus that included a third round of relief payments to individuals, and fresh spending programs from the Biden administration. The index closed March near a multiyear high, after an historic climb from its low point on March 23, 2020, amid the outbreak and spread of COVID-19. High yield rose about 35% for this roughly 12-month stretch, while U.S. equities (S&P 500? index) were up roughly 81% for the same period.

As the new year began, investors saw reasons to be hopeful. The rollout of two COVID-19 vaccines was underway, the U.S. Federal Reserve indicated its intent to hold interest rates near zero until the economy recovered from the effects of the pandemic, and the federal government planned to deploy trillions of dollars in aid to boost consumers and the economy. Many economists raised their expectations for a powerful recovery, as opposed to the sluggish rebound they had been anticipating.

This backdrop fueled one of the most powerful market rotations in years, with small-cap value stocks usurping longstanding leadership from large growth shares. As part of the so-called "reopening trade," investors moved out of tech-driven mega-caps that had thrived amid the work-from-home trend in favor of cheap smaller companies they believed stood to benefit from a broad cyclical recovery.

Investor sentiment for risk assets was decidedly positive this quarter, with high-yield performance varying by quality. Lower-rated securities (rated CCC and below) fared best, gaining 5.15%. The B credit tier rose 1.21%, while bonds rated BB returned -0.28%.

By industry, entertainment/film gained 18% to lead the way by a wide margin, followed by publishing/printing (+5%). Air transportation gained 5% the past three months, after struggling in 2020 amid coronavirus-related lockdowns and other measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. A similar story applies to leisure (+2%). Aerospace (+2%) bounced back after the pandemic halted air travel and shut down manufacturing operations in many parts of the world.

Energy advanced 4%, as the largest industry in the index was boosted by a rally in the price of oil. Improved manufacturing and industrial activity supported steel, which gained about 2%. Super retail and transportation ex air/rail checked in with similar advances.

In contrast, the defensive utilities industry returned roughly -2%. Other notable laggards included railroad, restaurants, food & drug retail, telecommunications and cable/satellite TV (each around -1%).

By comparison, the Q1 result for high yield outpaced U.S. taxable investment-grade bonds and emerging-markets debt, but lagged floating-rate leveraged bank loans and U.S. large-cap stocks.

Basis Points

HIGH-YIELD SPREAD AND AVERAGE YIELD (BASIS POINTS*)

2,400 2,000 1,600 1,200

800 400

0

THREE-MONTH HIGH-YIELD RETURNS

Quality

Total Return

BB

-0.28%

B

1.21%

CCC and Below

5.15%

The ICE BofA US High Yield Constrained Index

Source: Bank of America

0.91%

2/28/97 2/28/99 2/28/01 2/28/03 2/28/05 2/28/07 2/28/09 2/28/11 2/28/13 2/28/15 2/28/17 5/31/19

HY Yield

Spread

*1 basis point = 0.01%. Source: Bank of America as of 3/31/21. Yield spread is represented by the option-adjusted spread of the ICE BofA US High Yield/US High Yield Constrained Blend. The average spread is calculated from 1/31/97 through the most recent period.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? High Income Fund | AS OF MARCH 31, 2021

Performance Review

For the quarter, the fund's Retail Class shares returned 0.00%, lagging the 0.91% advance of the benchmark, the ICE BofA? US High Yield Constrained Index.

The fund's core high-yield bond investments returned -0.07% the past three months, trailing the benchmark and therefore detracting from relative performance. A modest cash position was another, albeit minor, drag on the fund's relative result, as was a modest nonbenchmark position in equities (-3.70%).

In contrast, the fund's small non-benchmark position in floating-rate bank loans gained 2.28%, contributing versus the benchmark.

Within the core high-yield bond portion of the fund, security selection among energy companies was the biggest relative detractor, although the fund's overweighting in the outperforming group contributed. Individual picks among food & drug retail, as well as diversified financial services, hurt to a lesser degree. A lack of exposure to the entertainment/film category hurt our relative result, as it rose 21% within the benchmark for the quarter. Overweighting cable/satellite TV also detracted, given the group's benchmarklagging result the past three months.

The fund's lack of exposure to movie theater chain and benchmark component AMC Entertainment (+156%) was the biggest individual relative detractor this quarter. Other notable detractors included an overweighting in grocery store company BI-LO (-9%) in food & drug retail, as well as an overweighting in Targa Resources (-3%) in the energy industry. Energy was the largest allocation in the fund and in the benchmark the past three months, representing about 16% and 13%, respectively, on average.

Turning to notable individual relative contributors, a non-benchmark stake in energy exploration & production company Sanchez Energy (+111%) headed the list. The bonds rallied very strongly the past three months amid a continued rebound in the prices of oil and gas, along with the reopening of the U.S. economy.

Elsewhere, an overweighting in Canadian business jet manufacturer Bombardier gained about 8% for the fund. Lastly, we made a good call in underweighting Kraft Heinz, which lagged the index.

Outlook and Positioning

In managing the fund, we apply intensive bottom-up fundamental credit research with the goal of finding superior risk-adjusted investments that will allow us to outperform the benchmark. We take a consistent, conservative approach. As part of this, we focus on higher-quality, less-cyclical industries that we believe have the potential to generate adequate returns when the economic backdrop is strong, as well as limit downside capture during morechallenging economic conditions. This approach results in a welldiversified, actively managed portfolio in terms of company and industry weightings, although we rarely take meaningful positions in deeply cyclical sectors or those facing strong secular headwinds. We complement our bottom-up approach with a top-down portfolio view to avoid concentration issues and to ensure appropriate overall portfolio construction.

Having recovered to pre-pandemic levels, the high-yield bond market appears nearly fully valued to us. The rise in yields in February and increased inflation concerns have tempered our expectations for the market's real return in 2021.

Aggressive monetary and fiscal stimulus measures undertaken to stabilize the economy and risk markets have been successful to date in driving prices for risk assets. For the high-yield market, the most fundamental impact of the Fed's actions was a reopening of the new issue market. This allowed companies across all industries to refinance near-term debt maturities and, more importantly, plug cash-flow deficits. It remains to be seen whether these measures have "solved" the problems or merely stabilized the situation by deferring credit issues to a later date. We don't see the high-yield market retesting its March 2020 low anytime soon. Significant support from the Fed enabled issuers to fix liquidity crunches and extend their debt.

There are, however, reasons to remain cautious. First, credit spreads at quarter end are below the long-term average, leaving less upside now than in the midst of the market's early-2020 turmoil. Second, the economic picture remains questionable, in our view, with high unemployment and disruption to a number of sectors and their supply chains. Lastly, we think domestic political risk remains high.

Our goal remains finding attractively priced bonds for the portfolio while maintaining a disciplined approach to risk management. We remain focused on the long term and following a process that is analytical, logical and grounded in empirical data. It is important to reiterate that the portfolio is constructed with a careful and intentional emphasis on security selection, especially with consideration to financial resiliency.

LARGEST OVERWEIGHTS BY MARKET SEGMENT

Market Segment

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Telecommunications 13.21%

7.56%

5.65%

0.73%

Energy Aerospace Chemicals Cable/Satellite TV

17.56% 5.95% 5.21% 6.54%

13.34% 2.76% 2.60% 4.35%

4.22% 3.20% 2.61% 2.19%

2.45% 1.21% -0.11% 0.25%

LARGEST UNDERWEIGHTS BY MARKET SEGMENT

Market Segment

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Automotive & Auto Parts

Healthcare

Homebuilders/Real Estate

Banks & Thrifts

Metals/Mining

0.33% 6.10%

1.55% 0.45% 0.92%

4.12% 8.57%

3.81% 2.12% 2.34%

-3.79% -2.48%

-2.26% -1.67% -1.43%

-0.43% -0.78%

0.32% -0.45% 0.36%

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? High Income Fund | AS OF MARCH 31, 2021

3-YEAR RISK/RETURN STATISTICS

CREDIT-QUALITY DIVERSIFICATION

Beta Standard Deviation

Portfolio 0.97 9.22%

Index 1.00 9.45%

Credit Quality

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Sharpe Ratio

0.35

0.53

BBB & Above

0.00%

3.84%

-3.84%

-0.89%

Tracking Error

0.96%

--

BB

31.43% 44.88% -13.45% -2.19%

Information Ratio

-1.91

--

B

48.87% 36.81% 12.06%

4.76%

R-Squared

0.99

--

CCC & Below

16.31% 13.84%

2.47%

1.67%

CHARACTERISTICS

Duration 30-Day SEC Yield 30-Day SEC Restated Yield Net Asset Value

ASSET ALLOCATION

Asset Class Bank Debt

Portfolio Weight

2.55%

Not Rated/Not Available

1.27%

0.19%

1.08%

-2.55%

Portfolio 3.69 years

4.04% --

$8.65

Index 3.39 years

----

Index Weight

0.00%

Relative Weight

Relative Change From Prior Quarter

2.55%

0.43%

Cash & Net Other Assets

2.12%

0.44%

1.68%

-0.80%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

Credit ratings for a rated issuer or security are categorized using Moody's Investors Service (Moody's). If Moody's does not publish a rating for a security or issuer, then the Standard & Poor's Ratings Services (S&P) rating is used. When S&P and Moody's provide different ratings for the same issuer or security, the Moody's rating is used. Securities that are not rated by these NRSROs (e.g. equity securities) are categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its pro-rata share of any investments in other Fidelity funds.

Corporate Bond: Cash Pay

Corporate Bond: Deferred Pay

Other Debt

Convertible Bonds

Convertible Preferred Stock

Non-Convertible Preferred Stock

93.32%

0.00% 0.00% 1.38% 0.00%

0.00%

99.49%

0.07% 0.44% 0.00% 0.00%

0.00%

-6.17%

-0.07% -0.44% 1.38% 0.00%

0.00%

2.27%

0.00% -0.12% 0.57% 0.00%

0.00%

LARGEST HOLDINGS BY ISSUER

Issuer TRANSDIGM INC OCCIDENTAL PETROLEUM CORP ALTICE FRANCE SA C&W SENIOR FINANCING DESIGNATE CCO HLDGS LLC/CAP CORP

Equities

0.62%

0.00%

0.62%

-2.47% Five Largest Issuers as a % of Net Assets

10.65%

Cash & Net Other Assets 2.13%

0.00%

2.13%

-0.68%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

Total Number of Holdings

483

The five largest issuers are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? High Income Fund | AS OF MARCH 31, 2021

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

CHARACTERISTICS Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield".

30-Day SEC Restated Yield is the fund's 30-day yield without applicable waivers or reimbursements, stated as of month-end.

Net Asset Value is the dollar value of one share of a fund; determined by taking the total assets of a fund, subtracting the total liabilities, and dividing by the total number of shares outstanding.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

ICE BofA U.S. High Yield/U.S. High Yield Constrained Blend is a modified market capitalization weighted index of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the

U.S. or a Western European nation. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of ICE BofA U.S. High Yield Index but caps issuer exposure at 2%. Index returns shown for periods prior to January 1, 2006 are returns of ICE BofA U.S. High Yield Master II Index.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION ? 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary.

5 |

3-YEAR RISK/RETURN STATISTICS

Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index.

Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns.

R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. RSquared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics.

Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate.

Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time.

Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest.

Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.

S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917.

Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.

? 2021 FMR LLC. All rights reserved.

Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

657129.32.0

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