Fidelity High Income Fund

QUARTERLY FUND REVIEW | AS OF DECEMBER 31, 2023

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: 0.87%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

6.34% 10.96% 10.96% 0.59% 3.56% 3.46%

7.07%

6.21% ---

13.47% 13.47%

12.08% ---

12.08% 77% 670

2.01%

1.88% 86% 618

5.19%

4.70% 89% 586

4.51%

3.68% 66% 432

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): $2,686.78

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, 2023

High-Yield Bond Market Review

High-yield bonds gained 7.07% in the fourth quarter, according to the ICE BofA? US High Yield Constrained Index, capping 2023 with a powerful rally sparked by the U.S. Federal Reserve's signal to investors that disinflationary trends were sufficient to project a shift from monetary tightening to monetary easing in 2024.

This news sent U.S. Treasury yields falling in November and December and, along with resilient late-cycle expansion of the U.S. economy, provided a favorable backdrop for higher-risk assets. Corporate fundamentals remained resilient, with overall Q3 earnings much better than expected.

The Fed's aggressive interest rate-hiking campaign, aimed at cooling an overheated U.S. economy and high inflation, launched in March 2022 and continued until late July. At its next three meetings ? in September, November and December ? the Fed eschewed further raises and held rates steady, at a 22-year high, while it continued to assess the lagging effects of higher interest rates on the economic activity.

After the November 1 meeting, when the central bank first hinted it might be done raising rates, the high-yield index reversed a twomonth decline that was partly due to soaring yields on longer-term government bonds that had pushed credit spreads wider. Later in November, favorable data on inflation provided a further boost, and the high-yield index shook off a sluggish October (-1.25%) to gain 4.57% in November, as spreads tightened. The momentum carried through December, with the index adding 3.69% and extending its advance to 13.47% for the full year.

Turning to performance by quality in the fourth quarter, credits rated BB (+7.37%) fared best. This was a bit better than the B and CCC and below tiers.

Gains were broad-based across industry groups within the ICE BofA index, with banking (+9%) leading the way, boosted by higher interest rates, which also lifted financial services (+8%). Several other rate-sensitive groups outperformed as market yields declined in the fourth quarter ? among them real estate, utility and telecommunications bonds, each up roughly 8%. Elsewhere, health care, retail, consumer goods, media and services posted similar advances.

In contrast, transportation (+4%) lagged by the widest margin. Energy, the largest industry in the index for the quarter, gained 5%, held back by a sharp decline in the price of oil. Other noteworthy underperformers included capital goods, technology & electronics, and leisure, each of which gained about 6%.

Looking at asset categories, high-yield bonds notably topped floating-rate leveraged loans and edged taxable investment-grade bonds for the three months, but trailed U.S. large-cap stocks and emerging-markets debt.

Asset markets, including high-yield bonds, begin 2024 with favorable momentum amid easier financial conditions and a solid fundamental backdrop, but upside surprises may be limited by higher valuations.

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

7.37%

B

6.80%

CCC and Below

6.80%

The ICE BofA US High Yield Constrained Index

Source: Bank of America

7.07%

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 5/31/23

HY Yield

Spread

*1 basis point = 0.01%. Source: Bank of America as of 12/31/23. 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, 2023

Performance Review

For the quarter, the fund's Retail Class shares gained 6.34%, trailing the 7.07% advance of the benchmark, the ICE BofA? US High Yield/US High Yield Constrained Blend Index.

In Q4, the fund's core allocation to high-yield bonds gained 6.97%, just shy of the benchmark. This modest shortfall, combined with an underweight position versus the all-high-yield benchmark, detracted from the fund's relative result. A small allocation to cash hurt relative performance as well, as did non-benchmark exposure to floatingrate bank loans (+4.34%) and equities (+4.17%).

Security selection detracted for the quarter, particularly within retail. A sizable overweight in the grocery chain owner formerly known as Bi-Lo Group (+1%), and now known as Southeastern Grocers, underperformed along with other consumer staples stocks, as shoppers cut back on spending in the face of high inflation. Picks in capital goods also detracted for the three months. Here, an overweight in packaging solutions provider Ardagh Group (-14%) was the fund's largest relative detractor, as European demand for the company's products declined. We continued to hold Bi-Lo and Ardagh at year-end.

Another notable detractor was Mesquite Energy, an oil and gas exploration and production company. The holding, which returned -5%, was under pressure due to bondholder-unfriendly developments related to the company's bankruptcy proceedings. We're optimistic, however, about the potential outcome of ongoing appeals.

Conversely, picks in technology & electronics boosted the fund's relative result. We benefited from an underweight in CommScope Group (-11%), which faltered in response to a lower-than-expected earnings report. Elsewhere in the sector, the fund's overweight in Coherent (+18%) added value. The supplier of materials used to make chips for the auto industry rose on news that two large Japanese manufactures were set to make investments in Coherent's silicon carbide business.

The fund's top individual relative contributor for the three months was a sizable overweight in Community Health Systems Inc. (+14%). The bonds bounced back from a significant downturn the prior quarter, thanks to improved same-store revenue at the hospitals and other sites of care the company operates. Non-benchmark exposure to Diamond Sports Group was the second-biggest contributor, rising 70%, largely on news that Amazon was contemplating a strategic investment in the regional sports network.

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 interest rates as closely as we can to the fund's benchmark.

Recently, high-yield valuations have been reasonable, though not cheap, with the yield spread over 10-year Treasuries slightly lower than the historical average. But this is offset by fairly high credit quality for the asset class. Many corporations seized the opportunity of low interest rates in 2020 and 2021 to raise capital at rock-bottom interest rates. Almost 90% of the debt issued in those two years was rated BB or B.

Other measures point to credit-quality improvement. Leverage among high-yield issuers is at its lowest in roughly a decade, according to some measures. Companies are in a fairly strong position to service their debt, as measured by ratios of income to interest expense. And there's a low proportion of debt coming due in 2024 and 2025, which could help reduce the risk of conditions deteriorating if issuers need to refinance maturity debt at higher rates.

High-yield bonds face a higher risk of default and price volatility if investors become nervous about credit conditions. Understanding and balancing credit risk takes deep research into issuers. We draw on a dedicated team of analysts, divided by sector, who research hundreds of companies on a bottom-up basis. We try to remain well-diversified across sectors, taking industry overweights and underweights when we have conviction.

LARGEST OVERWEIGHTS BY MARKET SEGMENT

Market Segment

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Energy

Financial Services

Technology & Electronics

15.97% 6.54%

12.14% 5.30%

6.62%

5.62%

3.84% 1.24%

0.99%

-0.67% 0.02%

0.68%

Real Estate Automotive

5.13% 2.43%

4.25% 2.00%

0.88% 0.43%

-0.29% 1.97%

LARGEST UNDERWEIGHTS BY MARKET SEGMENT

Market Segment

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Media Leisure Consumer Goods Insurance Capital Goods

6.20% 6.39% 2.46% 1.02% 6.11%

9.18% 8.21% 3.73% 1.92% 6.89%

-2.98% -1.81% -1.27% -0.91% -0.79%

-0.07% 0.28% -0.21% -0.03% -0.20%

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, 2023

3-YEAR RISK/RETURN STATISTICS

CREDIT-QUALITY DIVERSIFICATION

Beta Standard Deviation

Portfolio 1.03 8.77%

Index 1.00 8.45%

Credit Quality

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Sharpe Ratio

-0.19

-0.03

BBB & Above

4.61%

1.65%

2.96%

1.06%

Tracking Error

1.24%

--

BB

33.92% 38.15% -4.23%

1.39%

Information Ratio

-1.15

--

B

39.03% 46.94%

-7.91%

-4.72%

R-Squared

0.98

--

CCC & Below

13.32% 12.85%

0.47%

2.23%

CHARACTERISTICS

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

ASSET ALLOCATION

Asset Class Bank Debt

Portfolio Weight

5.33%

Not Rated/Not Available

5.80%

0.04%

5.76%

0.56%

Portfolio 3.46 years

7.62% --

$7.64

Index 3.53 years

----

Index Weight

0.00%

Relative Weight

Relative Change From Prior Quarter

5.33% -0.42%

Cash & Net Other Assets

3.32%

0.37%

2.95%

-0.52%

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

86.26%

0.00% 0.41% 1.66% 0.00%

0.00%

99.63% -13.37%

0.00% 0.37% 0.00% 0.00%

0.00% 0.04% 1.66% 0.00%

0.00%

0.00%

0.39%

0.00% 0.19% 0.28% 0.00%

0.00%

LARGEST HOLDINGS BY ISSUER

Issuer NEW FORTRESS ENERGY INC CHS/CMNTY HEALTH SYSTEMS INC FORD MTR CR CO LLC ICAHN ENTERPRISES LP/FIN CORP DISH NETWORK CORP

Equities

3.03%

0.00%

3.03%

0.23% Five Largest Issuers as a % of Net Assets

8.33%

Cash & Net Other Assets 3.31%

0.00%

3.31%

-0.67%

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

730

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, 2023

Definitions and Important Information

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, 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.

On January 1, 2024, Jared Beckerman assumed co-management responsibilities for the fund.

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 ? 2024 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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