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09.30 Fidelity Series Floating Rate High Income Fund Series PRO-06 | Fidelity® Series Floating Rate High Income Fund
<p style="font: bold 20pt Arial, Helvetica, sans-serif;">Fund Summary</p><p style="font: bold 12pt Arial, Helvetica, sans-serif;">Fund:<br/>Fidelity® Series Floating Rate High Income Fund</p>
<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks a high level of current income.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Fee Table</b></font>

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Shareholder fees</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px"></p>
Shareholder Fees {- Fidelity® Series Floating Rate High Income Fund}
09.30 Fidelity Series Floating Rate High Income Fund Series PRO-06
Fidelity® Series Floating Rate High Income Fund
USD ($)
(fees paid directly from your investment) none
<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Annual Operating Expenses</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(expenses that you pay each year as a % of the value of your investment)</p>
Annual Operating Expenses {- Fidelity® Series Floating Rate High Income Fund}
09.30 Fidelity Series Floating Rate High Income Fund Series PRO-06
Fidelity® Series Floating Rate High Income Fund
Fidelity Series Floating Rate High Income Fund-Default
Management fee none
Distribution and/or Service (12b-1) fees none
Other expenses 0.01%
Total annual operating expenses 0.01%

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Sell All Shares</p>
Expense Example {- Fidelity® Series Floating Rate High Income Fund}
09.30 Fidelity Series Floating Rate High Income Fund Series PRO-06
Fidelity® Series Floating Rate High Income Fund
Fidelity Series Floating Rate High Income Fund-Default
USD ($)
1 year $ 1
3 years 3
5 years 6
10 years $ 13
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Portfolio Turnover</b></font>

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 33% of the average value of its portfolio.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Strategies</b></font>
  • Normally investing at least 80% of assets in floating rate loans, which are often lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), and other floating rate securities.
  • Investing in companies in troubled or uncertain financial condition.
  • Investing in money market and investment-grade debt securities, and repurchase agreements.
  • Investing in domestic and foreign issuers.
  • Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Risks</b></font>
  • Impairment of Collateral. A floating rate loan may not be fully collateralized which may cause the floating rate loan to decline significantly in value.
  • Floating Rate Loan Liquidity. Floating rate loans generally are subject to restrictions on resale. Floating rate loans sometimes trade infrequently in the secondary market. As a result, valuing a floating rate loan can be more difficult, and buying and selling a floating rate loan at an acceptable price can be more difficult or delayed, including extended trade settlement periods. Difficulty in selling a floating rate loan can result in a loss.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Foreign Exposure. Foreign 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.
  • Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can limit the potential for gains when the credit quality of the issuer improves.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), including floating rate loans, involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities, including floating rate loans, can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Performance</b></font>

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

<p style="font:bold 11pt Arial, sans-serif; margin-bottom: 0px;">Year-by-Year Returns</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Calendar Years</p>
Bar Chart
During the periods shown in the chart:ReturnsQuarter ended
Highest Quarter Return4.18%March 31, 2012
Lowest Quarter Return-3.25%December 31, 2015
Year-to-Date Return7.65%September 30, 2019
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Average Annual Returns</b></font>

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

For the periods ended December 31, 2018

Average Annual Total Returns{- Fidelity® Series Floating Rate High Income Fund} - 09.30 Fidelity Series Floating Rate High Income Fund Series PRO-06 - Fidelity® Series Floating Rate High Income Fund
Past 1 year
Past 5 years
Since Inception
 [1]
Inception Date
Fidelity Series Floating Rate High Income Fund-Default       Oct. 20, 2011
Fidelity Series Floating Rate High Income Fund-Default | Return Before Taxes 1.34% 2.89% 4.70%  
Fidelity Series Floating Rate High Income Fund-Default | After Taxes on Distributions (1.27%) 0.52% 2.26% Oct. 20, 2011
Fidelity Series Floating Rate High Income Fund-Default | After Taxes on Distributions and Sales 0.81% 1.18% 2.62% Oct. 20, 2011
S&P®/LSTA Leveraged Performing Loan Index(reflects no deduction for fees, expenses, or taxes) 0.60% 3.37% 4.65%  
[1] From October 20, 2011