Supplement to the
Fidelity® High Income Fund
June 29, 2023
As Revised November 8, 2023
Summary Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information for Fidelity® High Income Fund found in the “Fund Summary” section under the “Fee Table” heading.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
| Management fee |
0.67%A,B | |
| Distribution and/or Service (12b-1) fees |
None | |
| Other expenses |
0.01%B | |
| Acquired fund fees and expenses |
0.17%C | |
|
| ||
| Total annual operating expenses |
0.85%C | |
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.15% was previously charged under the services agreements.
B Adjusted to reflect current fees.
C Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, Total annual operating expenses are 0.69%.
| 1 year |
$ 87 | |
| 3 years |
$ 271 | |
| 5 years |
$ 471 | |
| 10 years |
$ 1,049 | |
Effective January 1, 2024, the following information supplements information found in the “Fund Summary” section under the “Portfolio Manager(s)” heading.
Jared Beckerman (Co-Portfolio Manager) has managed the fund since 2024.
| SPH-SUSTK-0324-106 1.9886600.106 |
March 1, 2024 |
Supplement to the
Fidelity® High Income Fund
Class A, Class M, Class C, Class I, and Class Z
June 29, 2023
As Revised November 8, 2023
Summary Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information for Fidelity® High Income Fund found in the “Fund Summary” section under the “Fee Table” heading.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
| Class A | Class M | Class C | Class I | Class Z | ||||||
| Management fee |
0.71%A,B | 0.72%A,B | 0.72%A,B | 0.72%A,B | 0.61%A,B | |||||
| Distribution and/or Service (12b-1) fees |
0.25% | 0.25% | 1.00% | None | None | |||||
| Other expenses |
0.01%B | 0.01%B | 0.01%B | 0.01%B | 0.01%B | |||||
| Acquired fund fees and expenses |
0.17%C | 0.17%C | 0.17%C | 0.17%C | 0.17%C | |||||
|
| ||||||||||
| Total annual operating expenses |
1.14%C | 1.15%C | 1.90%C | 0.90%C | 0.79%C | |||||
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.19% for Class A, 0.19% for Class M, 0.22% for Class C, 0.23% for Class I, and 0.08% for Class Z was previously charged under the services agreements.
B Adjusted to reflect current fees.
C Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, Total annual operating expenses are 0.98%, 0.99%, 1.74%, 0.74% and 0.63% for Class A, Class M, Class C, Class I and Class Z, respectively.
| Class A | Class M | Class C | Class I | Class Z | ||||||||||||||||
| Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares | |||||||||||
| 1 year |
$ 512 | $ 512 | $ 513 | $ 513 | $ 293 | $ 193 | $ 92 | $ 92 | $ 81 | $ 81 | ||||||||||
| 3 years |
$ 748 | $ 748 | $ 751 | $ 751 |
$ 597 | $ 597 | $ 287 | $ 287 | $ 252 | $ 252 | ||||||||||
| 5 years |
$ 1,003 | $ 1,003 | $ 1,008 | $ 1,008 |
$ 1,026 | $ 1,026 | $ 498 | $ 498 | $ 439 | $ 439 | ||||||||||
| 10 years |
$ 1,731 | $ 1,731 | $ 1,742 | $ 1,742 |
$ 2,024 | $ 2,024 | $ 1,108 | $ 1,108 | $ 978 | $ 978 | ||||||||||
Effective January 1, 2024, the following information supplements information found in the “Fund Summary” section under the “Portfolio Manager(s)” heading.
Jared Beckerman (Co-Portfolio Manager) has managed the fund since 2024.
| ASPH-SUSTK-0324-103 1.9904778.103 |
March 1, 2024 |