Fidelity Corporate Bond Fund

Annual Management Report of Fund PerformanceJune 30, 2021

Fidelity Corporate Bond Fund

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking state-ments made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

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Annual Management Report of Fund Performance as at June 30, 2021Fidelity Corporate Bond FundThis annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceInvestment Objective and StrategiesInvestment Objective: Fidelity Corporate Bond Fund (Fund) aims to provide a steady flow of income by investing primarily in fixed-income securities issued by Canadian and foreign corporations.

Strategies: The portfolio managers use the FTSE Canada All Corporate Bond Index (Capped) as a guide to structuring the Fund and selecting investments. While the portfolio managers manage the Fund to have overall interest rate risk similar to that of the Index, the Fund’s specific investments may or may not be included in the Index. The portfolio managers allocate the Fund’s assets among issuers in different industries and among different maturities based on their view of the relative value of each issuer, industry or maturity. When buying and selling fixed-income securities, the portfolio managers analyze each security’s features, its current price compared to its estimated long-term value, the credit quality of the issuer, and any short-term trading opportunities resulting from market inefficiencies.

RiskThe risks associated with investing in the Fund remain as discussed in the prospectus. Any changes to the Fund over the period have not affected the overall level of risk of the Fund. The Fund is suitable for medium-term investors who are seeking income from their investment. To invest in this Fund, investors must be willing to accept a low level of risk. The suitability of the Fund has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Corporate Bond Fund, Series B, returned 2.3%, after fees and expenses, for the one-year period ended June 30, 2021. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The Fund’s benchmark, the FTSE Canada All Corporate Bond Index (Capped), which broadly represents the Canadian corporate bond market, returned 0.8% for the review period.

Market overview:

Canadian investment-grade bond prices declined as yields rose, reflecting greater confidence in the outlook for the Canadian economy, as well as higher inflation expectations. As vaccines are distributed and the economy reopens, consumer spending in the second half of this year and onward is expected to increase rapidly. Housing starts and resales are at historic highs, driven partly by low mortgage rates, and partly by limited supply. Canada’s economic recovery remains highly dependent on prospects for limiting COVID-19 cases, including the pace of vaccinations. Meanwhile, strong growth in foreign demand and higher commodity prices are expected to drive a robust recovery in exports and business investment.

Factors affecting performance:

The Fund outperformed its benchmark after fees and expenses. The Fund’s higher-than-benchmark exposure to corporate issues in the real estate and industrials sectors, as well as a lower-than-benchmark exposure to infrastructure and financials contributed to relative returns. The Fund’s out-of-benchmark investment in high yield, commercial mortgage-backed securities and emerging markets debt also contributed. In contrast, the Fund’s investments in non-agency federal bonds detracted from relative returns.

Portfolio changes:

The Fund’s portfolio managers, Sri Tella and Lee Ormiston, increased exposure to financial and infrastructure issuers, whose valuations appeared to have become relatively more attractive. The Fund’s allocations to commercial mortgage-backed securities (CMBS) and the real estate sector were decreased during the review period, due to maturing holdings. The Fund’s allocation to emerging markets debt also declined, due to valuations.

As at the end of the review period, the Fund had its largest exposure to the financials sector, followed by the energy sector. The Fund also continues to hold investments in CMBS and U.S. high-yield bonds that are not represented in the benchmark.

Derivatives disclosure:

During the period under review, the Fund invested in derivatives such as currency forwards, interest rate futures and swaps to manage various types of risk. More specifically, the portfolio managers used these derivatives primarily to hedge interest rate risk and foreign currency risk.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets.

Effective October 1, 2020, Lee Ormiston replaced Catriona Martin as the Co-Portfolio Manager of the Fund.

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Management Discussion of Fund Performance – continued

The portfolio managers, Sri Tella and Lee Ormiston, believe that while the economic outlook is improving, valuations remain rich, and uncertainty around post-COVID-19 normalization persists. As a result, the portfolio managers are only selectively adding to new issuance, primarily in short- to intermediate-term credit, while trimming exposure to longer-dated corporate securities. The team aims to continue taking advantage of what they believe to be unique opportunities, while keeping the portfolio liquid in order to add additional risk during periods of volatility when spreads widen.

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments.

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity Management & Research Company LLC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $1,024,000 for the period ended June 30, 2021.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $122,000 for the period ended June 30, 2021.

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Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the period end of the years shown. This information is derived from the Fund’s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund’s annual or semi-annual financial statements.

Fidelity Corporate Bond Fund Series A

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.29 $ 11.06 $ 10.73 $ 11.03 $ 10.96Increase (decrease) from operations: Total revenue .39 .42 .43 .41 .43Total expenses (excluding distributions) (.21) (.20) (.19) (.20) (.21)Realized gains (losses) .24 .06 (.05) .15 .17Unrealized gains (losses) (.17) .11 .32 (.33) (.09)Total increase (decrease) from operationsB .25 .39 .51 .03 .30Distributions: From net investment income (excluding dividends) (.22) (.24) (.25) (.27) (.18)From dividends – – – – –From capital gains – – – (.07) (.06)Return of capital – – – – –Total distributionsB,C (.22) (.24) (.25) (.34) (.24)Net assets, end of periodB $ 11.29 $ 11.29 $ 11.06 $ 10.73 $ 11.03Ratios and Supplemental Data Net asset value (000s) D $ 6,405 $ 9,600 $ 12,806 $ 17,972 $ 22,948Securities outstandingD 568,229 851,696 1,176,447 1,678,769 2,082,321Management expense ratio E,F 1.83% 1.82% 1.82% 1.81% 1.89%Management expense ratio before waivers or absorptions E,F 1.86% 1.85% 1.86% 1.88% 1.94%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 11.2893 $ 11.2889 $ 11.0624 $ 10.7311 $ 11.0255

Fidelity Corporate Bond Fund Series B

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.31 $ 11.08 $ 10.75 $ 11.04 $ 10.98Increase (decrease) from operations: Total revenue .39 .42 .43 .41 .43Total expenses (excluding distributions) (.17) (.16) (.16) (.16) (.17)Realized gains (losses) .24 .05 (.04) .15 .16Unrealized gains (losses) (.21) .19 .38 (.32) (.08)Total increase (decrease) from operationsB .25 .50 .61 .08 .34Distributions: From net investment income (excluding dividends) (.26) (.28) (.29) (.30) (.21)From dividends – – – – –From capital gains – – – (.08) (.07)Return of capital – – – – –Total distributionsB,C (.26) (.28) (.29) (.38) (.28)Net assets, end of periodB $ 11.31 $ 11.31 $ 11.08 $ 10.75 $ 11.04Ratios and Supplemental Data Net asset value (000s) D $ 40,616 $ 40,055 $ 36,120 $ 36,784 $ 39,828Securities outstandingD 3,605,891 3,548,634 3,266,414 3,428,804 3,607,564Management expense ratio E,I 1.50% 1.49% 1.49% 1.49% 1.57%Management expense ratio before waivers or absorptions E,I 1.53% 1.52% 1.52% 1.53% 1.59%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 11.3077 $ 11.3076 $ 11.0812 $ 10.7488 $ 11.0429

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Financial Highlights – continued

Fidelity Corporate Bond Fund Series F

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.32 $ 11.10 $ 10.77 $ 11.06 $ 11.00Increase (decrease) from operations: Total revenue .39 .42 .43 .42 .43Total expenses (excluding distributions) (.10) (.10) (.10) (.10) (.11)Realized gains (losses) .24 .05 (.04) .15 .16Unrealized gains (losses) (.19) .17 .38 (.32) (.06)Total increase (decrease) from operationsB .34 .54 .67 .15 .42Distributions: From net investment income (excluding dividends) (.33) (.34) (.35) (.36) (.26)From dividends – – – – –From capital gains – – – (.08) (.09)Return of capital – – – – –Total distributionsB,C (.33) (.34) (.35) (.44) (.35)Net assets, end of periodB $ 11.32 $ 11.32 $ 11.10 $ 10.77 $ 11.06Ratios and Supplemental Data Net asset value (000s) D $ 22,292 $ 22,756 $ 21,741 $ 20,512 $ 19,188Securities outstandingD 1,973,962 2,017,796 1,960,168 1,909,682 1,736,188Management expense ratio E,F .91% .91% .90% .90% .96%Management expense ratio before waivers or absorptions E,F .91% .91% .91% .91% .98%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 11.3244 $ 11.3244 $ 11.0987 $ 10.7659 $ 11.0609

Fidelity Corporate Bond Fund Series O

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.35 $ 11.13 $ 10.80 $ 11.09 $ 11.03Increase (decrease) from operations: Total revenue .40 .42 .43 .42 .44Total expenses (excluding distributions) – – – – –Realized gains (losses) .24 .05 (.04) .16 .17Unrealized gains (losses) (.17) .17 .36 (.35) (.10)Total increase (decrease) from operationsB .47 .64 .75 .23 .51Distributions: From net investment income (excluding dividends) (.43) (.45) (.45) (.45) (.34)From dividends – – – – –From capital gains – – – (.09) (.11)Return of capital – – – – –Total distributionsB,C (.43) (.45) (.45) (.54) (.45)Net assets, end of periodB $ 11.35 $ 11.35 $ 11.13 $ 10.80 $ 11.09Ratios and Supplemental Data Net asset value (000s) D $ 14,482 $ 19,705 $ 23,063 $ 25,123 $ 32,701Securities outstandingD 1,278,925 1,736,875 2,075,148 2,330,990 2,949,458Management expense ratio –% –% –% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 11.3538 $ 11.3541 $ 11.1298 $ 10.7969 $ 11.0932

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Fidelity Corporate Bond Fund Series E1

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.74 $ 10.52 $ 10.21 $ 10.49 $ 10.43Increase (decrease) from operations: Total revenue .37 .40 .41 .39 .41Total expenses (excluding distributions) (.16) (.15) (.15) (.15) (.16)Realized gains (losses) .22 .04 (.04) .13 .16Unrealized gains (losses) (.20) .23 .41 (.30) (.09)Total increase (decrease) from operationsB .23 .52 .63 .07 .32Distributions: From net investment income (excluding dividends) (.25) (.27) (.28) (.29) (.20)From dividends – – – – –From capital gains – – – (.07) (.07)Return of capital – – – – –Total distributionsB,C (.25) (.27) (.28) (.36) (.27)Net assets, end of periodB $ 10.74 $ 10.74 $ 10.52 $ 10.21 $ 10.49Ratios and Supplemental Data Net asset value (000s) D $ 12,528 $ 11,404 $ 8,156 $ 6,185 $ 5,004Securities outstandingD 1,169,050 1,064,080 776,378 607,382 477,505Management expense ratio E,J 1.48% 1.47% 1.46% 1.47% 1.54%Management expense ratio before waivers or absorptions E,J 1.51% 1.50% 1.49% 1.50% 1.57%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 10.7354 $ 10.7368 $ 10.5226 $ 10.2080 $ 10.4875


Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.74 $ 10.53 $ 10.21 $ 10.49 $ 10.43Increase (decrease) from operations: Total revenue .37 .40 .41 .39 .41Total expenses (excluding distributions) (.16) (.15) (.15) (.15) (.16)Realized gains (losses) .22 .05 (.03) .15 .18Unrealized gains (losses) (.37) .09 .41 (.33) (.10)Total increase (decrease) from operationsB .06 .39 .64 .06 .33Distributions: From net investment income (excluding dividends) (.25) (.27) (.28) (.29) (.20)From dividends – – – – –From capital gains – – – (.07) (.07)Return of capital – – – – –Total distributionsB,C (.25) (.27) (.28) (.36) (.27)Net assets, end of periodB $ 10.74 $ 10.74 $ 10.53 $ 10.21 $ 10.49Ratios and Supplemental Data Net asset value (000s) D $ 1,618 $ 731 $ 807 $ 627 $ 843Securities outstandingD 150,703 68,169 76,763 61,368 80,358Management expense ratio E,J 1.45% 1.43% 1.42% 1.42% 1.50%Management expense ratio before waivers or absorptions E,J 1.48% 1.46% 1.45% 1.46% 1.52%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 10.7427 $ 10.7439 $ 10.5292 $ 10.2144 $ 10.4950

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Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.72 $ 10.51 $ 10.20 $ 10.48 $ 10.43Increase (decrease) from operations: Total revenue .37 .39 .41 .39 .39Total expenses (excluding distributions) (.16) (.15) (.15) (.15) (.15)Realized gains (losses) .20 – (.04) .78 .07Unrealized gains (losses) (.33) .18 .50 (2.03) .13Total increase (decrease) from operationsB .08 .42 .72 (1.01) .44Distributions: From net investment income (excluding dividends) (.25) (.27) (.28) (.31) (.21)From dividends – – – – –From capital gains – – – (.07) (.07)Return of capital – – – – –Total distributionsB,C (.25) (.27) (.28) (.38) (.28)Net assets, end of periodB $ 10.72 $ 10.72 $ 10.51 $ 10.20 $ 10.48Ratios and Supplemental Data Net asset value (000s) D $ 892 $ 397 $ 8 $ 7 $ 267Securities outstandingD 83,359 37,091 741 721 25,528Management expense ratio E,J 1.45% 1.45% 1.42% 1.46% 1.49%Management expense ratio before waivers or absorptions E,J 1.48% 1.48% 1.48% 1.49% 1.52%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 10.7206 $ 10.7218 $ 10.5127 $ 10.1971 $ 10.4827


Periods ended June 30, 2021 2020 2019 2018K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.28 $ 10.08 $ 9.78 $ 10.00Increase (decrease) from operations: Total revenue .38 .38 .39 .36Total expenses (excluding distributions) (.14) (.13) (.13) (.12)Realized gains (losses) .38 .05 (.04) .10Unrealized gains (losses) .55 .19 .38 (.21)Total increase (decrease) from operationsB 1.17 .49 .60 .13Distributions: From net investment income (excluding dividends) (.25) (.27) (.28) (.29)From dividends – – – –From capital gains – – – (.07)Return of capital – – – –Total distributionsB,C (.25) (.27) (.28) (.36)Net assets, end of periodB $ 10.28 $ 10.28 $ 10.08 $ 9.78Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 291 $ 304 $ 269Securities outstandingD 112 28,349 30,199 27,612Management expense ratio E,L 1.33% 1.31% 1.30% 1.31%Management expense ratio before waivers or absorptions E,L 1.36% 1.33% 1.33% 1.34%Trading expense ratioG —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65%Net asset value per security, end of period $ 10.2770 $ 10.2833 $ 10.0780 $ 9.7762

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Periods ended June 30, 2021M

The Series’ Net Assets per Security A

Net assets, beginning of period B $ 10.00Increase (decrease) from operations:Total revenue .28Total expenses (excluding distributions) (.10)Realized gains (losses) .15Unrealized gains (losses) (.27)Total increase (decrease) from operationsB .06Distributions:From net investment income (excluding dividends) (.23)From dividends –From capital gains –Return of capital –Total distributionsB,C (.23)Net assets, end of periodB $ 9.83Ratios and Supplemental DataNet asset value (000s) D $ 298Securities outstandingD 30,367Management expense ratio E,N 1.28%Management expense ratio before waivers or absorptions E,N 1.30%Trading expense ratioG —%Portfolio turnover rateH 26.78%Net asset value per security, end of period $ 9.8350

Fidelity Corporate Bond Fund Series P1

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.64 $ 10.43 $ 10.11 $ 10.39 $ 10.34Increase (decrease) from operations: Total revenue .37 .39 .40 .39 .40Total expenses (excluding distributions) (.10) (.09) (.09) (.09) (.10)Realized gains (losses) .22 .04 (.03) .14 .14Unrealized gains (losses) (.15) .20 .30 (.32) (.07)Total increase (decrease) from operationsB .34 .54 .58 .12 .37Distributions: From net investment income (excluding dividends) (.31) (.33) (.33) (.34) (.24)From dividends – – – – –From capital gains – – – (.07) (.08)Return of capital – – – – –Total distributionsB,C (.31) (.33) (.33) (.41) (.32)Net assets, end of periodB $ 10.64 $ 10.64 $ 10.43 $ 10.11 $ 10.39Ratios and Supplemental Data Net asset value (000s) D $ 8,055 $ 7,541 $ 5,694 $ 6,581 $ 6,313Securities outstandingD 758,928 709,968 546,768 652,057 607,947Management expense ratio E,O .89% .88% .86% .86% .92%Management expense ratio before waivers or absorptions E,O .89% .88% .87% .88% .94%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 10.6369 $ 10.6369 $ 10.4252 $ 10.1136 $ 10.3917

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Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.64 $ 10.43 $ 10.12 $ 10.40 $ 10.34Increase (decrease) from operations: Total revenue .37 .39 .41 .39 .39Total expenses (excluding distributions) (.09) (.09) (.08) (.09) (.10)Realized gains (losses) .22 .04 (.04) .16 .13Unrealized gains (losses) (.22) .24 .34 (.37) (.01)Total increase (decrease) from operationsB .28 .58 .63 .09 .41Distributions: From net investment income (excluding dividends) (.32) (.33) (.34) (.34) (.24)From dividends – – – – –From capital gains – – – (.07) (.08)Return of capital – – – – –Total distributionsB,C (.32) (.33) (.34) (.41) (.32)Net assets, end of periodB $ 10.64 $ 10.64 $ 10.43 $ 10.12 $ 10.40Ratios and Supplemental Data Net asset value (000s) D $ 2,555 $ 2,053 $ 1,696 $ 1,622 $ 2,912Securities outstandingD 240,288 193,060 162,580 160,304 280,284Management expense ratio E,O .83% .82% .81% .85% .93%Management expense ratio before waivers or absorptions E,O .83% .82% .82% .86% .95%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 10.6415 $ 10.6430 $ 10.4332 $ 10.1209 $ 10.3988


Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.65 $ 10.44 $ 10.12 $ 10.40 $ 10.35Increase (decrease) from operations: Total revenue .37 .39 .41 .38 .39Total expenses (excluding distributions) (.09) (.09) (.09) (.09) (.09)Realized gains (losses) .23 .12 (.04) .29 .35Unrealized gains (losses) (.23) 1.49 .37 (.94) (2.43)Total increase (decrease) from operationsB .28 1.91 .65 (.36) (1.78)Distributions: From net investment income (excluding dividends) (.32) (.33) (.34) (.34) (.25)From dividends – – – – –From capital gains – – – (.07) (.08)Return of capital – – – – –Total distributionsB,C (.32) (.33) (.34) (.41) (.33)Net assets, end of periodB $ 10.65 $ 10.65 $ 10.44 $ 10.12 $ 10.40Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 90 $ 28 $ 26 $ 2,018Securities outstandingD 118 8,496 2,676 2,588 194,328Management expense ratio E,O .85% .85% .85% .85% .89%Management expense ratio before waivers or absorptions E,O .85% .85% .85% .86% .91%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65% 44.37%Net asset value per security, end of period $ 10.6466 $ 10.6457 $ 10.4350 $ 10.1230 $ 10.3982

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Periods ended June 30, 2021 2020 2019 2018P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.35 $ 10.15 $ 9.86 $ 10.00Increase (decrease) from operations: Total revenue .36 .37 .39 .27Total expenses (excluding distributions) (.07) (.07) (.08) (.07)Realized gains (losses) .21 .05 (.04) .06Unrealized gains (losses) (.19) .17 .37 (.05)Total increase (decrease) from operationsB .31 .52 .64 .21Distributions: From net investment income (excluding dividends) (.32) (.33) (.33) (.29)From dividends – – – –From capital gains – – – (.07)Return of capital – – – –Total distributionsB,C (.32) (.33) (.33) (.36)Net assets, end of periodB $ 10.34 $ 10.35 $ 10.15 $ 9.86Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 114 111 107 104Management expense ratio E,Q .70% .75% .80% .81%Management expense ratio before waivers or absorptions E,Q .70% .75% .80% .81%Trading expense ratioG —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65%Net asset value per security, end of period $ 10.3387 $ 10.3467 $ 10.1520 $ 9.8600


Periods ended June 30, 2021 2020 2019 2018P

The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.35 $ 10.15 $ 9.86 $ 10.00Increase (decrease) from operations: Total revenue .36 .37 .39 .27Total expenses (excluding distributions) (.07) (.07) (.08) (.07)Realized gains (losses) .21 .05 (.04) .06Unrealized gains (losses) (.19) .17 .37 (.05)Total increase (decrease) from operationsB .31 .52 .64 .21Distributions: From net investment income (excluding dividends) (.32) (.33) (.33) (.29)From dividends – – – –From capital gains – – – (.07)Return of capital – – – –Total distributionsB,C (.32) (.33) (.33) (.36)Net assets, end of periodB $ 10.34 $ 10.35 $ 10.15 $ 9.86Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1 $ 1Securities outstandingD 114 111 107 104Management expense ratio E,Q .70% .75% .80% .81%Management expense ratio before waivers or absorptions E,Q .70% .75% .80% .81%Trading expense ratioG —% —% —% —%Portfolio turnover rateH 26.78% 34.70% 24.69% 38.65%Net asset value per security, end of period $ 10.3387 $ 10.3467 $ 10.1520 $ 9.8600

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Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management’s best estimate of the tax character.

D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset

values during the period, including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable.F Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated

trading costs incurred in any underlying investment fund, if applicable.H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its

portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized. The portfolio turnover rate excludes any adjustment for in-kind transactions.

I Effective October 1, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

J Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any time, at its sole discretion. It is not known when such waivers will be terminated.

K For the period July 14, 2017 (commencement of sale of securities) to June 30, 2018.L Effective July 18, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any

time, at its sole discretion. It is not known when such waivers will be terminated.M For the period August 28, 2020 (commencement of sale of securities) to June 30, 2021.N Effective September 1, 2020, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.O Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.P For the period September 22, 2017 (commencement of sale of securities) to June 30, 2018.Q Effective September 26, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.

11

Management and Advisory FeesFidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 1.450% 24.67% 75.33%

Series B 1.200% 41.67% 58.33%

Series F 0.700% — 100.00%

Series E1 1.200% 41.67% 58.33%

Series E2 1.175% 42.55% 57.45%

Series E3 1.150% 43.48% 56.52%

Series E4 1.150% 43.48% 56.52%

Series E5 1.125% 44.44% 55.56%

Series P1 0.700% — 100.00%

Series P2 0.675% — 100.00%

Series P3 0.650% — 100.00%

Series P4 0.650% — 100.00%

Series P5 0.625% — 100.00%

12


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher.

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year.

Series A

10

5

0

-5

-10

2021

2.0

2020

4.3

2019

5.5

2018

0.4

2017

2.8

2016

1.4

2015

2.3

2014

6.7

2013

0.4

2012

7.7

Fiscal Years

(%)

Series B

10

5

0

-5

-10

2021

2.3

2020

4.6

2019

5.9

2018

0.7

2017

3.1

2016

1.7

2015

2.6

2014

7.1

2013

0.7

2012

8.1

Fiscal Years

(%)

Series F

10

5

0

-5

-10

2021

2.9

2020

5.2

2019

6.5

2018

1.3

2017

3.7

2016

2.3

2015

3.2

2014

7.8

2013

1.3

2012

8.7

Fiscal Years

(%)

Series O

10

5

0

-5

-10

2021

3.8

2020

6.2

2019

7.5

2018

2.2

2017

4.7

2016

3.4

2015

4.3

2014

9.0

2013

2.4

2012

9.9

Fiscal Years

(%)

Series E1

10

5

0

-5

-10

2021

2.3

2020

4.6

2019

5.9

2018

0.8

2017

3.1

2016

1.7

2015

2.6

2014

7.1

2013

0.7

2012

8.1

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

10

5

0

-5

-10

2021

2.3

2020

4.7

2019

5.9

2018

0.8

2017

3.2

2016

1.7

2015

2.6

2014

7.1

2013

0.7

2012

8.1

Fiscal Years

(%)


13

Series E3

10

5

0

-5

-10

2021

2.3

2020

4.7

2019

6.0

2018

0.9

2017

3.3

2016

1.7

2015

2.6

2014

7.1

2013

0.7

2012

8.1

Fiscal Years

(%)


Series E4

10

5

0

-5

-10

2021

2.4

2020

4.8

2019

6.1

2018

0.9

2017

3.1

2016

1.7

2015

2.6

2014

7.1

2013

0.7

2012

8.1

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

Series E5

10

5

0

-5

-10

2021

2.5

2020

4.6

2019

5.9

2018

0.7

2017

3.1

2016

1.7

2015

2.6

2014

7.1

2013

0.7

2012

8.1

Fiscal Years

(%)

Commencement of Operations is August 28, 2020

Series P1

10

5

0

-5

-10

2021

2.9

2020

5.3

2019

6.5

2018

1.4

2017

3.7

2016

2.3

2015

3.2

2014

7.8

2013

1.3

2012

8.7

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

10

5

0

-5

-10

2021

3.0

2020

5.3

2019

6.6

2018

1.4

2017

3.8

2016

2.4

2015

3.2

2014

7.8

2013

1.3

2012

8.7

Fiscal Years

(%)


Series P3

10

5

0

-5

-10

2021

3.0

2020

5.3

2019

6.6

2018

1.4

2017

3.7

2016

2.4

2015

3.2

2014

7.8

2013

1.3

2012

8.7

Fiscal Years

(%)


Series P4

10

5

0

-5

-10

2021

3.0

2020

5.3

2019

6.5

2018

1.3

2017

3.7

2016

2.3

2015

3.2

2014

7.8

2013

1.3

2012

8.7

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

Series P5

10

5

0

-5

-10

2021

3.0

2020

5.3

2019

6.5

2018

1.3

2017

3.7

2016

2.3

2015

3.2

2014

7.8

2013

1.3

2012

8.7

Fiscal Years

(%)

Commencement of Operations is September 22, 2017

14


Past Performance – continued

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared with the Fund’s benchmark, the FTSE Canada All Corporate Bond Index (Capped), as described below.

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Past 10 years

Series A 2.0% 3.9% 3.0% 3.3%Series B 2.3% 4.3% 3.3% 3.7%Series F 2.9% 4.9% 3.9% 4.3%Series O 3.8% 5.8% 4.9% 5.3%Series E1 2.3% 4.3% 3.3% 3.7%Series E2 2.3% 4.3% 3.4% 3.7%Series E3 2.3% 4.3% 3.4% 3.7%Series E4 2.4% 4.4% 3.4% 3.7%Series E5 2.5% 4.3% 3.3% 3.7%Series P1 2.9% 4.9% 3.9% 4.3%Series P2 3.0% 4.9% 4.0% 4.3%Series P3 3.0% 4.9% 4.0% 4.3%Series P4 3.0% 4.9% 3.9% 4.3%Series P5 3.0% 4.9% 3.9% 4.3%FTSE Canada All Corporate Bond Index (Capped) 0.8% 4.9% 3.7% 4.5%

A discussion of Fund performance can be found in the Results of Operations section of this report.

The FTSE Canada All Corporate Bond Index (Capped) comprises semi-annual-pay fixed-rate corporate bonds used domestically in Canada and denominated in Canadian dollars, with an investment-grade rating and a remaining effective term to maturity of at least one year. With a 5.0% cap, the Index will see a maximum benchmark weighting of 5.0% for all single issuers in the Index.

Effective April 12, 2019, the FTSE TMX Canada indices were renamed as FTSE Canada indices as a result of FTSE Russell’s acquisition of FTSE TMX Global Debt Capital Markets Limited.

Each series of the Fund will have varying returns because of differences in management fees and expenses.

15


Summary of Investment Portfolio as at June 30, 2021Derivative Exposure

% of Fund’s Net Assets as at

6/30/21


6/30/20

Forward Foreign Currency Contracts (0.2) 0.3

Forward Foreign Currency Contracts percentage is calculated by dividing the net unrealized gain/loss of all contracts held by total net assets.

Geographic Mix


6/30/21


6/30/20

Canada 78.0 77.4

United States of America 12.2 14.3

United Kingdom 1.7 1.7

Mexico 1.2 1.1

Others (Individually Less Than 1%) 5.7 4.3

Cash and Cash Equivalents 0.8 0.4

Net Other Assets (Liabilities) 0.4 0.8

Maturity Diversification

Years


6/30/21


6/30/20

0 – 1 2.5 1.4

1 – 3 10.7 13.0

3 – 5 19.4 21.6

Over 5 63.0 63.2

Quality Diversification


6/30/21


6/30/20

AAA 1.4 1.7

AA 5.2 3.5

A 21.0 21.6

BBB 46.4 48.1

BB and Below 12.1 13.2

Not Rated 12.7 10.7

Equities 0.0 0.0

Short-Term Investments and Net Other Assets 1.2 1.2

We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have

used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Top Issuers

% of Fund’s Net Assets

1. Fidelity American High Yield Currency Neutral Fund – Series O 7.4

2. Bell Canada 3.8

3. TransCanada PipeLines Ltd 3.5

4. Royal Bank of Canada 2.7

5. The Toronto-Dominion Bank 2.5

6. Pembina Pipeline Corp. 2.3

7. Bank of Nova Scotia 2.0

8. Real Estate Asset Liquidity Trust 2.0

9. North West Redwater Partnership/NWR Financing Co. Ltd. 1.9

10. Ford Credit Canada Ltd. 1.9

11. TELUS Corp. 1.6

12. Canadian Imperial Bank of Commerce 1.6

13. Bank of Montreal 1.5

14. Hydro One, Inc. 1.5

15. Greater Toronto Airports Authority 1.5

16. Wells Fargo & Co. 1.4

17. Shaw Communications, Inc. 1.3

18. ENMAX Corporation 1.3

19. Enbridge, Inc. 1.3

20. IGM Financial, Inc. 1.3

21. Petroleos Mexicanos 1.2

22. Reliance LP 1.2

23. West Edmonton Mall Property, Inc. 1.1

24. CI Financial Corp. 1.1

25. Cameco Corp. 1.1

50.0

Total Fund Net Assets $110,057,000

Where applicable, the information in the above tables includes the Fund’s pro-rata share of the investment in any Fidelity managed underlying fund.

All tables within the Summary of Investment Portfolio section, except the Top Issuers table, contain audited annual information.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.923549.110 FICL-HCB-MRFPA-0921

Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

Manager, Transfer Agent and RegistrarFidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

Visit us online atwww.fidelity.caor call Fidelity Client Servicesat 1-800-263-4077

62.110497E

®Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC.

Documents

Fidelity Corporate Bond Fund