Fidelity High Income Fund - Fidelity Investments

QUARTERLY FUND REVIEW | AS OF DECEMBER 31, 2022

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: 0.70%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

3.89% -12.00% -12.00% -2.05% 0.93% 3.06%

3.98% -11.21% -11.21% -0.26%

3.91% ---

-10.09% -10.09%

--

75%

--

682

-0.21% 92% 625

2.10%

1.74% 82% 579

3.94%

3.20% 55% 414

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, or estimated amounts for the current fiscal year in the case of a newly launched fund. 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): Team Managed

Trading Symbol: SPHIX

Start Date: August 29, 1990

Size (in millions): $2,907.81

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 DECEMBER 31, 2022

High-Yield Bond Market Review

Global capital markets staged a broad relief rally in the fourth quarter, as slowing inflation raised hopes at the end of a tumultuous year that recorded steep declines.

After an abrupt rise in 2022, bond yields held steady the past three months amid signs that rapid inflationary pressure was coming off the boil. The Federal Reserve and many other central banks further tightened monetary policy, and the U.S. and global economies faced rising recession risk. Labor markets showed signs of cooling late in the year and job openings dropped from all-time highs, although there remained many more unfilled openings than unemployed workers. Corporate fundamentals largely remained resilient and the default rate in check.

Fixed-income credit spreads tightened meaningfully in Q4 from their September levels, as risky assets gained favor. U.S. corporate high-yield bonds gained 3.98% for the three months, according to the ICE BofA? US High Yield Constrained Index.

High yield opened the quarter with a sharp reversal, gaining 2.85% in October, driven by optimism on inflation and policy easing. November (+1.86%) began with another rate hike and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. The central bank, in its December forecast, again signaled plans to end its hiking cycle in 2023 amid lower inflation and higher unemployment. As of year-end, market expectations project a lower inflation rate and higher unemployment rate in 2023, with a Fed pivot toward easing policy in the second half of the year.

Turning to performance by quality in Q4, credits rated BB (+4.33%) and BB (+4.32%) fared best. This was notably better than the CCC and below credit-quality tier, which rose 1.12%.

Looking at groups within the ICE BofA index, basic industry gained 7% to lead the way, followed by banking and capital goods (+6% each). Consumer goods, financial services and insurance each rose roughly 5% for the three months. Major index constituent energy gained 4%, boosted by elevated prices for oil and gas. Conversely, notable laggards included media (+1%), retail (+2%), telecommunications and technology & electronics (+3% each).

From an asset-class perspective, high yield trailed U.S. large-cap stocks and emerging-markets debt, but outpaced U.S. taxable investment-grade bonds and floating-rate leveraged loans.

Looking ahead, several long-term trends may keep labor conditions tighter than usual, including demographic factors, such as slower growth in working-age population and aging demographics that lead to lower labor-force participation. Strong employment markets boosted nominal wage growth to a multi-decade high, but wage gains slowed toward the end of the year.

The Fed is closer to the end than the beginning of its hiking cycle, but global monetary tightening is dampening liquidity and adding to growth risks. The markets appear overly sanguine about how quickly and painlessly the Fed can pivot to easing monetary policy. Slower growth in liquidity, persistent inflation risk, slowing growth momentum, and greater uncertainty related to monetary policy raise the odds that market volatility will remain elevated.

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

4.33%

B

4.32%

CCC and Below

1.12%

The ICE BofA US High Yield Constrained Index

Source: Bank of America

3.98%

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 5/31/21

HY Yield

Spread

*1 basis point = 0.01%. Source: Bank of America as of 12/31/22. 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 DECEMBER 31, 2022

Performance Review

For the quarter, the fund's Retail Class shares gained 3.89%, roughly in line with the 3.98% advance of the benchmark, the ICE BofA? US High Yield Constrained Index.

The fund's core allocation to high-yield bonds gained 3.97% the past three months and modestly contributed to performance versus the benchmark. Much smaller allocations to equities (+22%) and convertible bonds (+7%) also helped relative performance. In contrast, the fund's non-benchmark position in floating-rate loans returned -0.15% and detracted from relative performance, as did our position in cash.

By industry, security selection was the main relative contributor, led by our picks in energy, which represented the fund's largest industry allocation, at about 15% of assets, on average, the past three months. It was also the biggest industry in the benchmark for the quarter, topping the benchmark with its roughly 4% gain.

The top individual relative contributors in Q4 were Jonah Energy (+115%) and Mesquite Energy (+21%), two credits that were not in the benchmark. Energy companies were bolstered by progress on the post-COVID economic reopening of China. A declining U.S. dollar was another tailwind for commodities, including oil and gas.

Beyond energy, picks in retail and leisure helped to a lesser degree. Industry allocation did not have a meaningful impact on relative performance for the quarter.

In contrast, noteworthy relative detractors included security selection in media, dominated by RCN Group (-31%), our largest individual detractor for the three months. The telecommunications company came under pressure partly due to growing concern about a slowdown in the economy, rising costs and increased competition. Similar headwinds weighed on telecommunications company Global Telesystems Group, an out-of-benchmark holding that returned -31%. It also hurt to overweight certain bonds from Dish Network, which returned -2% for the fund.

Technology firm Rackspace Hosting (-6%) was one of the fund's biggest holdings and a meaningful detractor. Its bonds were hampered by the company's worse-than-expected financial results and investor skepticism about its transition away from low-growth, mature markets into higher-growth areas, including public-cloud computing.

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 help the fund outperform its benchmark. We take a consistent, conservative approach. As part of this strategy, we focus on higher-quality, less-cyclical industries that we believe have the potential to generate adequate returns when the economic backdrop is strong and limit downside capture during morechallenging economic conditions.

This approach results in a well-diversified, actively managed portfolio in terms of company and industry weightings, although we rarely take meaningful positions in deeply cyclical segments or groups facing strong secular headwinds. We complement our bottom-up approach with a top-down portfolio view to limit concentration risk and ensure appropriate portfolio construction. The past three months, as always, we employed a balanced approach by matching the portfolio's duration and its sensitivity to rates as closely as we can to the fund's benchmark.

As of year-end, we believe high-yield market returns in 2023 will be driven by the behavior of credit spreads on the one hand and the behavior of U.S. Treasury rates on the other. Whether or not credit spreads, which ended 2022 close to their historical long-term average, widen will depend on the degree of damage done to the economy by higher interest rates and, by extension, the magnitude and severity of default.

Throughout 2022, the Fed clearly showed its intent to tame inflation, raising its policy interest rate throughout the year. It appears that we may now be near peak interest rates, with only a few rate hikes potentially remaining. In 2023, how long the Fed will keep rates at an elevated plateau warrants close watch. This will be a function of how conclusively inflation declines and how much tightened credit conditions will affect the underling economy. Given the difficulty in predicting outcomes, we will continue to employ a balanced approach by keeping portfolio duration, a measure of its interest rate sensitivity, close to that of the benchmark.

In choosing investments for the fund, we favor durable, higherquality businesses with improving fundamentals at attractive valuations. We remain generally cautious about industries that are highly cyclical, as we believe it will be difficult for these companies to improve their credit profiles over the next few years.

LARGEST OVERWEIGHTS BY MARKET SEGMENT

Market Segment

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Energy

14.78% 12.29%

2.50%

0.41%

Telecommunications Healthcare Real Estate Utility

8.84% 9.82% 6.04% 3.49%

6.54% 7.79% 4.02% 3.07%

2.30% 2.03% 2.01% 0.43%

0.53% 1.31% 0.35% -0.05%

LARGEST UNDERWEIGHTS BY MARKET SEGMENT

Market Segment

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Automotive

0.85%

3.52%

-2.68%

0.75%

Leisure Transportation Banking Financial Services

5.65% 1.25%

-4.23%

7.88% 2.28% 0.88% 5.10%

-2.24% -1.03% -0.88% -0.87%

-2.19% -0.15% 0.45% -0.11%

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 DECEMBER 31, 2022

3-YEAR RISK/RETURN STATISTICS

CREDIT-QUALITY DIVERSIFICATION

Beta Standard Deviation

Portfolio 0.99

11.19%

Index 1.00 11.24%

Credit Quality

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Sharpe Ratio

-0.25

-0.09

BBB & Above

1.15%

3.35%

-2.20%

0.48%

Tracking Error

1.33%

--

BB

28.69% 40.49% -11.80% 3.05%

Information Ratio

-1.35

--

B

50.55% 42.88%

7.67%

-0.65%

R-Squared

0.99

--

CCC & Below

9.22%

12.11%

-2.89%

-1.68%

CHARACTERISTICS

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

ASSET ALLOCATION

Asset Class Bank Debt

Portfolio Weight

5.00%

Not Rated/Not Available

5.56%

0.81%

4.75%

-0.19%

Portfolio 4.17 years

8.13% --

$7.28

Index 4.17 years

----

Index Weight

0.00%

Relative Weight

Relative Change From Prior Quarter

5.00% -0.56%

Cash & Net Other Assets

4.83%

0.36%

4.47%

-1.01%

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

85.51%

0.00% 0.00% 2.18% 0.00%

0.00%

99.61% -14.10%

0.03% 0.36% 0.00% 0.00%

-0.03% -0.36% 2.18% 0.00%

0.00%

0.00%

1.09%

0.01% 0.17% 0.48% 0.00%

0.00%

LARGEST HOLDINGS BY ISSUER

Issuer CCO HLDGS LLC/CAP CORP NEW FORTRESS ENERGY INC UNITI GROUP LP / UNITI GROUP F TENET HEALTHCARE CORP TRANSDIGM INC

Equities

2.50%

0.00%

2.50%

0.02% Five Largest Issuers as a % of Net Assets

10.41%

Cash & Net Other Assets 4.81%

0.00%

4.81%

-1.21%

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

439

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 DECEMBER 31, 2022

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.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

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 ? 2023 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.

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