Fidelity High Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fidelity High Income Fund held 741 positions with $3.00B in net assets. Its ten largest holdings made up 22.6% of the fund. The SPHIX share class costs 0.69% a year. Over the 12 months to May 2026, SPHIX returned 11.3%, with dividends reinvested. In 2026 Q3 it added 82 new positions and exited 94.
Fidelity High Income Fund seeks a high level of current income. Growth of capital may also be considered.
The fund invests primarily in below-investment-grade debt securities, preferred stocks, and convertible securities, using the ICE BofAUS High Yield Constrained Index as a guide to its credit quality composition. The fund may also hold non-income-producing securities, including defaulted securities and common stocks, and invests in companies in troubled or uncertain financial condition. Because the fund's selection depends on fundamental analysis of each issuer's financial condition and industry position rather than mechanical index tracking, its credit quality composition may diverge from the index it uses as a reference.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 10.89% | $326.89M | — |
Fidelity Revere Street Trust | 5.73% | $172.12M | — |
UST NOTES 4.00% · due 2034-02-15 | 2.26% | $67.80M | — |
NEW FORTRESS ENERGY INC 0.00% floating · due 2028-10-30 | 0.65% | $19.43M | — |
1261229 BC LTD 9.90% floating · due 2030-10-08 | 0.54% | $16.23M | — |
1261229 BC LTD 10.00% · due 2032-04-15 | 0.53% | $16.00M | — |
COREWEAVE INC 9.00% · due 2031-02-01 | 0.50% | $14.93M | — |
ORACLE CORP 3.60% · due 2040-04-01 | 0.49% | $14.81M | — |
ARTERA SERVICES LLC 8.50% · due 2031-02-15 | 0.48% | $14.56M | — |
CSC SERVICEWORKS EAST LLC 0.00% floating · due 2030-09-04 | 0.48% | $14.34M | — |
The 200 largest of 741 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 83.06% |
| Cash & short-term | 16.62% |
| Loans | 8.33% |
| Stocks | 3.78% |
| Securitized | 0.01% |
These positions come to 111.81% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
By sector
- Other
- 41.2%
- International
- 14.0%
- Cash
- 10.1%
- Energy
- 4.4%
- 12 other sectors
- 30.3%
- Other
- 41.2%
- International
- 14.0%
- Cash
- 10.1%
- Energy
- 4.4%
- Industrials
- 4.2%
- Information Technology
- 4.1%
- Financials
- 3.8%
- Health Care
- 3.4%
- Government
- 3.4%
- Utilities
- 3.3%
- Consumer Discretionary
- 2.9%
- Materials
- 2.0%
- Communication Services
- 1.5%
- Real Estate
- 1.0%
- Consumer Staples
- 0.6%
- Securitized
- 0.0%
How it has done
SPHIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.60%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.69% | +11.28% | +34.90% | +25.50% | -3.05% | |
| 0.98% | +11.10% | +33.77% | +23.70% | -3.14% | |
| 1.73% | +10.13% | +31.07% | +19.54% | -3.17% | |
| 0.73% | +11.22% | +34.63% | +25.12% | -2.97% | |
| 0.63% | +11.50% | +34.99% | +25.74% | -3.05% | |
| 0.98% | +10.96% | +33.75% | +23.71% | -3.14% |
These classes hold the same portfolio, so the 6.20pp spread over 5 years is the cost difference between them — roughly 1.24pp a year — not a difference in what they own.
Fees & fund details
Fidelity High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.63% – 1.73%· SPHIX 0.69%
- Portfolio turnover
- 78.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
82 new· the largest 8
94 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.0% |
| Floating rate | 14.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.8% |
| 1-3y | 16.8% |
| 3-5y | 33.2% |
| 5-10y | 43.0% |
| 10y+ | 5.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.94 yr |
| Investment grade | +0.67 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.58 yr | 19% |
| 5 yr | 1.75 yr | 57% |
| 10 yr | 0.62 yr | 20% |
| 30 yr | 0.06 yr | 2% |
| 3 mo | 0.51 yr | 14% |
| 1 yr | 1.35 yr | 38% |
| 5 yr | 1.40 yr | 39% |
| 10 yr | 0.28 yr | 8% |
| 30 yr | 0.06 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.05 | +0.46 | $14.0k | $138.2k |
| 1 yr | +0.58 | +0.14 | +1.21 | $42.5k | $364.2k |
| 5 yr | +1.75 | +0.27 | +1.13 | $81.1k | $340.6k |
| 10 yr | +0.62 | +0.17 | +0.11 | $51.7k | $31.9k |
| 30 yr | +0.06 | +0.03 | +0.03 | $10.4k | $7.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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