Fidelity Strategic Income Fund

Annual Management Report of Fund PerformanceMarch 31, 2021

Fidelity Strategic Income 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 March 31, 2021Fidelity Strategic Income 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 Strategic Income Fund (Fund) aims to achieve a combination of a high level of current income and the potential for capital gains. The Fund invests primarily in fixed-income securities of U.S. issuers and other issuers from around the world. Fixed-income securities may include investment-grade fixed-income securities, higher yielding lower quality fixed-income securities, senior secured floating rate debt securities, emerging markets debt securities, convertible securities, asset-backed securities, commercial mortgage-backed securities, and money market instruments. The Fund can invest in these securities either directly or indirectly through investments in underlying funds.

Strategies: The Fund’s neutral mix is approximately 45.0% higher yielding lower quality fixed-income securities, 15.0% U.S. government and investment-grade fixed-income securities, 15.0% emerging markets debt securities, and 25.0% foreign developed markets securities. The neutral mix is a guideline and can change in reaction to, or in anticipation of, market changes. The Fund’s exposure to each category may vary by up to +/-10.0% from the neutral mix.

The portfolio managers allocate the Fund’s assets, either directly or indirectly through investments in underlying funds, among different market sectors such as corporate or government securities, different industry sectors such as financials and industrials, and different asset classes such as high yield and floating rate, as well as different maturities based on the portfolio managers’ view of the relative value of each sector, maturity or asset class.

RiskThe risks associated with investing in this 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- to long-term investors seeking exposure to fixed-income securities from around the world who want the potential for both income and capital gains. To invest in this Fund, investors should be able to accept a low to medium level of risk. The suitability of the investment has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Strategic Income Fund, Series B, returned 2.7%, after fees and expenses, for the one-year period ended March 31, 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. Global investment-grade bonds, as represented by the Bloomberg Barclays Global Aggregate Bond Index, returned -7.6% (in Canadian dollar terms) for the same period.

Market overview:

Global investment-grade bonds declined over the review period in Canadian dollar terms, but gained in U.S. dollar terms. Corporate bonds outperformed government bonds, and high-yield corporate bonds outperformed investment-grade corporate bonds, partly driven by ongoing support from various central banks and by investors seeking higher yields. After a highly aggressive sell-off in risk assets following the spread of the COVID-19 pandemic in March 2020, risk sentiment rebounded sharply. Significant monetary and fiscal stimulus from central banks worldwide helped reverse the widening of credit spreads, and spreads continued to tighten in 2021 amid growing optimism regarding an economic recovery, largely due to success in the rollout of COVID-19 vaccinations. Government bond yields declined sharply in the first half of the review period as investors turned to safe-haven assets amid fears about the COVID-19 pandemic, but rose toward the end of the period, due to expectations of rising inflation and an economic recovery, owing in part to continued success with vaccine rollouts. At any given time, bond prices, which are inversely related to yields, reflect a combination of expectations regarding economic growth, inflation and interest rates. Since the start of 2021, both nominal and real yields (that is, inflation-adjusted yields) have risen sharply. Investors have priced in a positive outlook on growth and inflation, with investors expecting most developed market economies to reopen and rebound strongly in 2021. Longer-term U.S. Treasury yields rose against the backdrop of higher domestic fiscal stimulus, and on hopes that COVID-19 vaccines would support an economic recovery. The U.S. Federal Reserve pledged to maintain its bond-buying program until the economy recovers fully from the effects of the pandemic. Eurozone and U.K. government bond yields also rose, in line with U.S. Treasuries.

Factors affecting performance:

The Fund’s benchmark returned 0.5% (in Canadian dollar terms) for the period under review. The Fund’s benchmark is composed of 25.0% Bloomberg Barclays Global Aggregate Bond Index, 40.0% ICE BofA U.S. High Yield Constrained Index, 5.0% S&P/LSTA Leveraged Loan Index, 15.0% Bloomberg Barclays U.S. Government Bond Index and 15.0% J.P. Morgan Emerging Markets Bond Index Global Diversified Index.

The Fund outperformed its benchmark primarily due to investments in, and lower-than-benchmark exposure to developed market bonds and investments in emerging markets debt. Investments in, and higher-than-benchmark exposure to high-yield bonds also contributed to relative performance. No asset classes detracted from relative performance during the review period.

At the end of the period, the Fund had its highest absolute exposure to high-yield bonds, followed by U.S. government debt.

Portfolio changes:

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Management Discussion of Fund Performance – continued

Early in the review period, the portfolio managers increased the Fund’s exposure to high-yield bonds given the attractive valuations, funded by developed markets debt. Following the signifi-cant spread tightening that occurred over the period, the managers reduced their high-yield bond exposure and added to U.S. government bonds. To offset for this increase, they reduced the Fund’s exposure to developed markets debt.

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. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic.

Portfolio managers Adam Kramer and Ford O’Neil note that after a multi-year period of well-below-average market volatility, the spread of COVID-19 has resulted in asset prices experiencing dramatic fluctuations, and has hampered global economic growth and the outlook for corporate earnings. While not as attractively priced more recently in comparison to earlier in the review period, the managers continue to prefer risk-on securities, including U.S. high yield and floating rate debt, given the prospects for a sustained economic recovery and consistent investor demand for income. The portfolio managers continue to maintain a barbell structure, with which they seek an optimal balance between risk assets and high-quality bonds. They believe this balance will position the Fund to capture market opportunities.

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 $1,661,000 for the period ended March 31, 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 $211,000 for the period ended March 31, 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 Strategic Income Fund Series A

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.16 $ 10.66 $ 10.48 $ 10.81 $ 10.18Increase (decrease) from operations: Total revenue .43 .55 .59 .45 .53Total expenses (excluding distributions) (.19) (.19) (.19) (.19) (.20)Realized gains (losses) (.15) .14 (.07) .08 .08Unrealized gains (losses) .34 (.50) .20 (.33) .50Total increase (decrease) from operationsB .43 – .53 .01 .91Distributions: From net investment income (excluding dividends) (.25) (.38) (.41) (.27) (.33)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.25) (.38) (.41) (.36) (.35)Net assets, end of periodB $ 10.15 $ 10.16 $ 10.66 $ 10.48 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 10,020 $ 18,653 $ 29,108 $ 39,398 $ 45,461Securities outstandingD 987,449 1,839,500 2,739,085 3,769,316 4,221,269Management expense ratio E,F 1.82% 1.82% 1.81% 1.83% 1.88%Management expense ratio before waivers or absorptions E,F 1.85% 1.84% 1.86% 1.89% 1.93%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 10.1552 $ 10.1611 $ 10.6561 $ 10.4848 $ 10.8077

Fidelity Strategic Income Fund Series B

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.16 $ 10.66 $ 10.48 $ 10.81 $ 10.18Increase (decrease) from operations: Total revenue .43 .57 .59 .45 .52Total expenses (excluding distributions) (.15) (.16) (.15) (.16) (.16)Realized gains (losses) (.17) .13 (.07) .08 .07Unrealized gains (losses) .19 (.62) .24 (.37) .56Total increase (decrease) from operationsB .30 (.08) .61 – .99Distributions: From net investment income (excluding dividends) (.29) (.41) (.44) (.30) (.37)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.29) (.41) (.44) (.39) (.39)Net assets, end of periodB $ 10.16 $ 10.16 $ 10.66 $ 10.48 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 44,698 $ 48,764 $ 50,774 $ 52,454 $ 64,637Securities outstandingD 4,401,020 4,840,303 4,779,842 5,001,191 5,999,011Management expense ratio E,J 1.50% 1.49% 1.49% 1.51% 1.55%Management expense ratio before waivers or absorptions E,J 1.52% 1.52% 1.52% 1.54% 1.58%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 10.1561 $ 10.1622 $ 10.6563 $ 10.4850 $ 10.8088

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Financial Highlights – continued

Fidelity Strategic Income Fund Series F

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.16 $ 10.65 $ 10.48 $ 10.81 $ 10.18Increase (decrease) from operations: Total revenue .43 .56 .59 .44 .52Total expenses (excluding distributions) (.10) (.10) (.09) (.10) (.10)Realized gains (losses) (.16) .13 (.07) .08 .07Unrealized gains (losses) .21 (.58) .21 (.38) .59Total increase (decrease) from operationsB .38 .01 .64 .04 1.08Distributions: From net investment income (excluding dividends) (.35) (.47) (.50) (.36) (.43)From dividends – – – – –From capital gains – – – (.10) (.02)Return of capital – – – – –Total distributionsB,C (.35) (.47) (.50) (.46) (.45)Net assets, end of periodB $ 10.15 $ 10.16 $ 10.65 $ 10.48 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 43,721 $ 64,321 $ 73,437 $ 85,305 $ 107,608Securities outstandingD 4,316,257 6,347,210 6,933,574 8,160,956 9,966,103Management expense ratio E,F .91% .91% .90% .92% .97%Management expense ratio before waivers or absorptions E,F .91% .91% .91% .93% .98%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 10.1497 $ 10.1571 $ 10.6508 $ 10.4806 $ 10.8044

Fidelity Strategic Income Fund Series O

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 10.16 $ 10.65 $ 10.48 $ 10.81 $ 10.18Increase (decrease) from operations: Total revenue .43 .56 .59 .49 .58Total expenses (excluding distributions) – – – – –Realized gains (losses) (.16) .13 (.07) .05 .09Unrealized gains (losses) .23 (.52) .21 (.24) .10Total increase (decrease) from operationsB .50 .17 .73 .30 .77Distributions: From net investment income (excluding dividends) (.45) (.57) (.60) (.45) (.53)From dividends – – – – –From capital gains – – – (.10) (.02)Return of capital – – – – –Total distributionsB,C (.45) (.57) (.60) (.55) (.55)Net assets, end of periodB $ 10.15 $ 10.16 $ 10.65 $ 10.48 $ 10.81Ratios and Supplemental Data Net asset value (000s) D $ 40,600 $ 56,946 $ 77,499 $ 87,414 $ 53,472Securities outstandingD 4,011,274 5,597,484 7,270,960 8,400,618 4,976,551Management expense ratio –% –% –% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 10.1501 $ 10.1587 $ 10.6531 $ 10.4828 $ 10.8078

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Fidelity Strategic Income Fund Series E1

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.60 $ 10.07 $ 9.91 $ 10.21 $ 9.62Increase (decrease) from operations: Total revenue .41 .54 .56 .43 .53Total expenses (excluding distributions) (.14) (.14) (.14) (.14) (.14)Realized gains (losses) (.16) .12 (.06) .07 .08Unrealized gains (losses) .20 (.64) .24 (.35) .30Total increase (decrease) from operationsB .31 (.12) .60 .01 .77Distributions: From net investment income (excluding dividends) (.28) (.40) (.43) (.29) (.36)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.28) (.40) (.43) (.38) (.38)Net assets, end of periodB $ 9.60 $ 9.60 $ 10.07 $ 9.91 $ 10.21Ratios and Supplemental Data Net asset value (000s) D $ 17,209 $ 20,175 $ 14,033 $ 13,047 $ 10,951Securities outstandingD 1,793,868 2,087,160 1,397,438 1,319,696 1,075,001Management expense ratio E,K 1.39% 1.38% 1.38% 1.40% 1.44%Management expense ratio before waivers or absorptions E,K 1.41% 1.40% 1.41% 1.43% 1.47%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.5954 $ 9.6019 $ 10.0688 $ 9.9067 $ 10.2128


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.61 $ 10.07 $ 9.91 $ 10.22 $ 9.62Increase (decrease) from operations: Total revenue .41 .53 .56 .44 .55Total expenses (excluding distributions) (.13) (.13) (.13) (.13) (.14)Realized gains (losses) (.18) .12 (.06) .06 .09Unrealized gains (losses) .04 (.60) .20 (.24) .32Total increase (decrease) from operationsB .14 (.08) .57 .13 .82Distributions: From net investment income (excluding dividends) (.29) (.41) (.44) (.31) (.37)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.29) (.41) (.44) (.40) (.39)Net assets, end of periodB $ 9.60 $ 9.61 $ 10.07 $ 9.91 $ 10.22Ratios and Supplemental Data Net asset value (000s) D $ 2,823 $ 3,079 $ 4,082 $ 5,617 $ 5,580Securities outstandingD 294,735 321,463 406,481 568,528 547,387Management expense ratio E,K 1.30% 1.29% 1.28% 1.29% 1.34%Management expense ratio before waivers or absorptions E,K 1.33% 1.32% 1.31% 1.32% 1.37%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.5984 $ 9.6056 $ 10.0733 $ 9.9117 $ 10.2183

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Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.61 $ 10.07 $ 9.91 $ 10.22 $ 9.62Increase (decrease) from operations: Total revenue .42 .54 .58 .45 .61Total expenses (excluding distributions) (.12) (.12) (.12) (.13) (.14)Realized gains (losses) (.17) .13 (.06) .06 .10Unrealized gains (losses) .19 (.23) .27 (.28) .44Total increase (decrease) from operationsB .32 .32 .67 .10 1.01Distributions: From net investment income (excluding dividends) (.30) (.42) (.45) (.31) (.37)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.30) (.42) (.45) (.40) (.39)Net assets, end of periodB $ 9.60 $ 9.61 $ 10.07 $ 9.91 $ 10.22Ratios and Supplemental Data Net asset value (000s) D $ 1,176 $ 1,201 $ 3,998 $ 2,699 $ 1,306Securities outstandingD 122,825 125,370 398,188 273,160 128,215Management expense ratio E,K 1.21% 1.20% 1.20% 1.28% 1.35%Management expense ratio before waivers or absorptions E,K 1.23% 1.22% 1.23% 1.31% 1.38%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.5987 $ 9.6057 $ 10.0720 $ 9.9104 $ 10.2157


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.60 $ 10.07 $ 9.91 $ 10.22 $ 9.62Increase (decrease) from operations: Total revenue .34 .51 .57 .34 .49Total expenses (excluding distributions) (.11) (.12) (.12) (.13) (.13)Realized gains (losses) (.22) .13 (.06) .11 .08Unrealized gains (losses) 2.97 (.47) .20 (.48) .79Total increase (decrease) from operationsB 2.98 .05 .59 (.16) 1.23Distributions: From net investment income (excluding dividends) (.30) (.42) (.45) (.31) (.37)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.30) (.42) (.45) (.40) (.39)Net assets, end of periodB $ 9.60 $ 9.60 $ 10.07 $ 9.91 $ 10.22Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 263 $ 510 $ 634 $ 1,241Securities outstandingD 103 27,415 50,768 64,176 121,829Management expense ratio E,K 1.18% 1.17% 1.19% 1.27% 1.33%Management expense ratio before waivers or absorptions E,K 1.20% 1.20% 1.22% 1.30% 1.35%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.5970 $ 9.6036 $ 10.0708 $ 9.9095 $ 10.2162

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Periods ended March 31, 2021 2020 2019 2018 2017L

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.86 $ 10.34 $ 10.18 $ 10.49 $ 10.00Increase (decrease) from operations: Total revenue .43 .55 .59 .46 .36Total expenses (excluding distributions) (.12) (.10) (.11) (.11) (.12)Realized gains (losses) (.17) .13 (.07) .07 .06Unrealized gains (losses) (.03) (.62) .23 (.31) 1.26Total increase (decrease) from operationsB .11 (.04) .64 .11 1.56Distributions: From net investment income (excluding dividends) (.31) (.45) (.47) (.33) (.36)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.31) (.45) (.47) (.42) (.38)Net assets, end of periodB $ 9.85 $ 9.86 $ 10.34 $ 10.18 $ 10.49Ratios and Supplemental Data Net asset value (000s) D $ 274 $ 1 $ 1 $ 1 $ 1Securities outstandingD 27,824 118 113 108 104Management expense ratio E,M 1.21% 1.04% 1.11% 1.14% 1.32%Management expense ratio before waivers or absorptions E,M 1.24% 1.04% 1.11% 1.14% 1.34%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.8533 $ 9.8589 $ 10.3415 $ 10.1768 $ 10.4898

Fidelity Strategic Income Fund Series P1

Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.63 $ 10.10 $ 9.94 $ 10.24 $ 9.64Increase (decrease) from operations: Total revenue .41 .53 .56 .43 .53Total expenses (excluding distributions) (.08) (.08) (.08) (.08) (.09)Realized gains (losses) (.15) .12 (.06) .07 .08Unrealized gains (losses) .20 (.53) .22 (.40) .31Total increase (decrease) from operationsB .38 .04 .64 .02 .83Distributions: From net investment income (excluding dividends) (.34) (.46) (.49) (.35) (.41)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.34) (.46) (.49) (.44) (.43)Net assets, end of periodB $ 9.62 $ 9.63 $ 10.10 $ 9.94 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 17,258 $ 23,458 $ 21,031 $ 24,366 $ 20,539Securities outstandingD 1,799,763 2,457,868 2,085,605 2,458,127 2,001,845Management expense ratio E,N .80% .79% .79% .81% .85%Management expense ratio before waivers or absorptions E,N .80% .79% .80% .82% .87%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.6224 $ 9.6297 $ 10.0982 $ 9.9364 $ 10.2414

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Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.62 $ 10.09 $ 9.93 $ 10.24 $ 9.64Increase (decrease) from operations: Total revenue .41 .52 .56 .44 .54Total expenses (excluding distributions) (.07) (.08) (.07) (.08) (.08)Realized gains (losses) (.15) .13 (.06) .06 .07Unrealized gains (losses) .19 (.55) .20 (.31) .13Total increase (decrease) from operationsB .38 .02 .63 .11 .66Distributions: From net investment income (excluding dividends) (.35) (.47) (.49) (.36) (.42)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.35) (.47) (.49) (.45) (.44)Net assets, end of periodB $ 9.61 $ 9.62 $ 10.09 $ 9.93 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 3,860 $ 4,155 $ 10,343 $ 11,582 $ 9,379Securities outstandingD 393,288 432,898 1,028,274 1,170,320 938,026Management expense ratio E,N .74% .74% .75% .77% .80%Management expense ratio before waivers or absorptions E,N .74% .74% .75% .78% .82%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.6138 $ 9.6214 $ 10.0894 $ 9.9269 $ 10.2343


Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.62 $ 10.09 $ 9.93 $ 10.24 $ 9.64Increase (decrease) from operations: Total revenue .40 .54 .54 .40 .52Total expenses (excluding distributions) (.07) (.07) (.07) (.07) (.07)Realized gains (losses) (.14) .12 (.06) .09 .08Unrealized gains (losses) .30 (.64) .06 (.36) .38Total increase (decrease) from operationsB .49 (.05) .47 .06 .91Distributions: From net investment income (excluding dividends) (.35) (.47) (.50) (.36) (.43)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.35) (.47) (.50) (.45) (.45)Net assets, end of periodB $ 9.61 $ 9.62 $ 10.09 $ 9.93 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 1,231 $ 1,935 $ 2,225 $ 4,476 $ 4,372Securities outstandingD 137,318 201,532 221,100 452,238 430,169Management expense ratio E,N .68% .69% .69% .70% .74%Management expense ratio before waivers or absorptions E,N .68% .69% .70% .71% .75%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.6177 $ 9.6253 $ 10.0935 $ 9.9322 $ 10.2392

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Periods ended March 31, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.63 $ 10.09 $ 9.93 $ 10.24 $ 9.64Increase (decrease) from operations: Total revenue .42 .54 .56 .57 .47Total expenses (excluding distributions) (.06) (.06) (.06) (.07) (.07)Realized gains (losses) (.17) .12 (.06) .01 .09Unrealized gains (losses) .18 (.45) .23 (.48) .92Total increase (decrease) from operationsB .37 .15 .67 .03 1.41Distributions: From net investment income (excluding dividends) (.36) (.48) (.50) (.36) (.43)From dividends – – – – –From capital gains – – – (.09) (.02)Return of capital – – – – –Total distributionsB,C (.36) (.48) (.50) (.45) (.45)Net assets, end of periodB $ 9.62 $ 9.63 $ 10.09 $ 9.93 $ 10.24Ratios and Supplemental Data Net asset value (000s) D $ 1,928 $ 2,675 $ 2,704 $ 2,529 $ 1,055Securities outstandingD 200,935 278,840 268,863 255,495 103,431Management expense ratio E,N .62% .62% .62% .66% .72%Management expense ratio before waivers or absorptions E,N .62% .62% .63% .67% .73%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH,I 36.35% 32.91% 45.68% 71.81% 41.97%Net asset value per security, end of period $ 9.6186 $ 9.6260 $ 10.0937 $ 9.9322 $ 10.2399


Periods ended March 31, 2021O

The Series’ Net Assets per Security A

Net assets, beginning of period B $ 10.00Increase (decrease) from operations:Total revenue .26Total expenses (excluding distributions) (.03)Realized gains (losses) (.07)Unrealized gains (losses) .04Total increase (decrease) from operationsB .20Distributions:From net investment income (excluding dividends) (.22)From dividends –From capital gains –Return of capital –Total distributionsB,C (.22)Net assets, end of periodB $ 9.68Ratios and Supplemental DataNet asset value (000s) D $ 1Securities outstandingD 102Management expense ratio E,P .59%Management expense ratio before waivers or absorptions E,P .59%Trading expense ratioG —%Portfolio turnover rateH 36.35%Net asset value per security, end of period $ 9.6821

10


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 May 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.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.

I Prior period amounts may have been adjusted.J 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.K 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.L For the period May 13, 2016 (commencement of sale of securities) to March 31, 2017.M Effective May 17, 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.N 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.O For the period August 28, 2020 (commencement of sale of securities) to March 31, 2021.P 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.

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% 25.37% 74.63%

Series B 1.200% 41.67% 58.33%

Series F 0.700% — 100.00%

Series E1 1.125% 44.44% 55.56%

Series E2 1.075% 46.51% 53.49%

Series E3 1.050% 47.62% 52.38%

Series E4 1.025% 48.78% 51.22%

Series E5 1.000% 50.00% 50.00%

Series P1 0.625% — 100.00%

Series P2 0.575% — 100.00%

Series P3 0.550% — 100.00%

Series P4 0.525% — 100.00%

Series P5 0.500% — 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

2021

2.4

2020

-1.2

2019

5.7

2018

0.3

2017

9.7

2016

5.5

Fiscal Years

(%)

Commencement of Operations is May 6, 2015

Series B

10

5

0

-5

2021

2.7

2020

-0.9

2019

6.0

2018

0.7

2017

10.0

2016

5.9

Fiscal Years

(%)


Series F

15

10

5

0

-5

2021

3.3

2020

-0.3

2019

6.6

2018

1.3

2017

10.7

2016

6.4

Fiscal Years

(%)


Series O

20

10

0

-10

2021

4.3

2020

0.6

2019

7.6

2018

2.2

2017

11.8

2016

7.4

Fiscal Years

(%)


Series E1

15

10

5

0

-5

2021

2.8

2020

-0.8

2019

6.1

2018

0.8

2017

10.1

2016

5.9

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

15

10

5

0

-5

2021

2.9

2020

-0.7

2019

6.2

2018

0.9

2017

10.3

2016

5.9

Fiscal Years

(%)


13

Series E3

15

10

5

0

-5

2021

3.0

2020

-0.6

2019

6.3

2018

0.9

2017

10.4

2016

5.9

Fiscal Years

(%)


Series E4

15

10

5

0

-5

2021

3.0

2020

-0.6

2019

6.3

2018

0.9

2017

10.3

2016

5.9

Fiscal Years

(%)


Series E5

15

10

5

0

-5

2021

3.0

2020

-0.5

2019

6.4

2018

1.0

2017

10.4

2016

5.9

Fiscal Years

(%)


Series P1

15

10

5

0

-5

2021

3.4

2020

-0.2

2019

6.8

2018

1.4

2017

10.8

2016

6.4

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

15

10

5

0

-5

2021

3.5

2020

-0.1

2019

6.8

2018

1.4

2017

10.8

2016

6.5

Fiscal Years

(%)


Series P3

15

10

5

0

-5

2021

3.5

2020

-0.1

2019

6.9

2018

1.5

2017

10.9

2016

6.5

Fiscal Years

(%)


Series P4

20

10

0

-10

2021

3.6

2020

0.0

2019

6.9

2018

1.5

2017

11.0

2016

6.5

Fiscal Years

(%)


Series P5

15

10

5

0

-5

2021

3.5

2020

-0.3

2019

6.6

2018

1.3

2017

10.7

2016

6.4

Fiscal Years

(%)

Commencement of Operations is August 28, 2020

14


Past Performance – continued

Annual Compound ReturnsThis table shows the Fund’s historical annual compound total returns for the periods indicated, compared to a broad-based benchmark, the Bloomberg Barclays Global Aggregate Bond Index, and the Fund’s blended benchmark.

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Since Inception

Series A 2.4% 2.2% 3.3% 3.7%Series B 2.7% 2.6% 3.6% 4.1%Series F 3.3% 3.2% 4.2% 4.7%Series O 4.3% 4.1% 5.2% 5.7%Series E1 2.8% 2.7% 3.7% 4.2%Series E2 2.9% 2.8% 3.8% 4.3%Series E3 3.0% 2.9% 3.9% 4.3%Series E4 3.0% 2.9% 3.9% 4.3%Series E5 3.0% 2.9% 4.0% 4.4%Series P1 3.4% 3.3% 4.4% 4.8%Series P2 3.5% 3.3% 4.4% 4.8%Series P3 3.5% 3.4% 4.5% 4.9%Series P4 3.6% 3.5% 4.5% 4.9%Series P5 3.5% 3.2% 4.3% 4.7%Fidelity Strategic Income Fund Blend Index 0.5% 4.0% 4.6% 5.2%Bloomberg Barclays Global Aggregate Bond Index (7.6)% 1.9% 2.1% 3.8%

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

The Fund’s blended benchmark consists of 25.0% Bloomberg Barclays Global Aggregate Bond Index, 40.0% ICE BofA US High Yield Constrained Index, 5.0% S&P/LSTA Leveraged Loan Index, 15.0% Bloomberg Barclays U.S. Government Bond Index, and 15.0% J.P. Morgan Emerging Markets Bond Index Global Diversified Index.

The Bloomberg Barclays Global Aggregate Bond Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The ICE BofA US High Yield Constrained Index is a market value weighted index of U.S. currency high-yield bonds issued by U.S. and non-U.S. issuers, including deferred interest bonds and payment-in-kind securities. Issues included in the Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. The Index imposes a fixed limit on the maximum concentration of any individual issuer to 2.0%. The S&P/LSTA Leveraged Loan Index is a market capitalization-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged loan portfolios using current market weightings, spreads and interest payments. The EMBI (Emerging Markets Bond Index) is J.P. Morgan’s index of dollar-denominated sovereign bonds issued by a selection of emerging market countries and is the most widely used and comprehensive emerging market sovereign debt benchmark. The J.P. Morgan Emerging Markets Bond Index Global Diversified Index limits the weights of those index countries with larger debt stocks by only including a specified portion of those countries eligible current face amounts of debt outstanding. The Bloomberg Barclays U.S. Government Bond Index is composed of U.S. Treasury and U.S. Agency Indexes, and included securities must be rated investment grade, with a minimum of $250 million par amount outstanding. On August 24, 2016, Bloomberg purchased the Barclays family of benchmark indices. As part of this transaction, all Barclays benchmark indices have been co-branded as the Bloomberg Barclays Indices for an initial period of 5 years. In 2017, Intercontinental Exchange acquired the BofAML Global Research FICC Index platform. This has resulted in all Bank of America Merrill Lynch benchmarks being rebranded as ICE BofAML indices. Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices. The BofA Merrill Lynch US High Yield Constrained Index is renamed ICE BofA US High Yield Constrained Index.

Each series of the Fund will have varying returns due to differences in management fees and expenses

15


Summary of Investment Portfolio as at March 31, 2021Asset Mix

% of Fund’s Net Assets as at

3/31/21


3/31/20

Foreign Bonds 87.5 82.3

Foreign Preferred Securities 4.8 6.2

Canadian Bonds 2.2 2.3

Foreign Equities 1.9 0.5

Canadian Preferred Securities 0.1 0.1

Cash and Cash Equivalents 3.7 8.4

Net Other Assets (Liabilities) (0.2) 0.2

Derivative Exposure


3/31/21


3/31/20

Futures Contracts 0.5 1.9

Swaps 0.0 0.1

Forward Foreign Currency Contracts 0.0 0.0

Futures Contracts percentage is calculated by dividing the sum of the notional amount by total net assets.

Swaps percentage is calculated by dividing the sum of the notional and unrealized gain/loss by total net assets.

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

Geographic Mix


3/31/21


3/31/20

United States of America 62.7 55.5

Luxembourg 2.6 2.3

Netherlands 2.4 3.6

Canada 2.3 2.4

Germany 2.3 2.0

United Kingdom 2.3 2.2

Cayman Islands 1.6 2.1

Ireland 1.3 1.3

Mexico 1.2 1.1

Japan 1.2 1.9

France 1.0 1.5

Others (Individually Less Than 1%) 15.6 15.5

Cash and Cash Equivalents 3.7 8.4

Net Other Assets (Liabilities) (0.2) 0.2

Maturity Diversification

Years


3/31/21


3/31/20

0 – 1 4.8 10.3

1 – 3 12.0 9.7

3 – 5 19.4 19.0

Over 5 57.2 54.0

Quality Diversification


3/31/21


3/31/20

AAA 21.2 18.6

AA 0.6 1.4

A 1.4 2.6

BBB 6.8 8.6

BB and Below 58.7 53.9

Not Rated 5.9 5.8

Equities 1.9 0.5

Short-Term Investments and Net Other Assets 3.5 8.6

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 Fund – Series O 44.0

2. Fidelity Emerging Markets Debt Multi-Asset Base Fund – Series O 15.2

3. Fidelity Global Bond Multi-Asset Base Fund – Series O 14.9

4. U.S. Treasury Obligations * 14.95. Fidelity Floating Rate High Income Multi-Asset Base Fund –

Series O 8.5

6. Fidelity Canadian Money Market Investment Trust – Series O 0.7

7. Israeli State * 0.7

8. Ginnie Mae guaranteed REMIC pass-thru certificates * 0.6

9. Freddie Mac * 0.5

10. Federal Farm Credit Bank * 0.2

11. Fidelity U.S. Money Market Investment Trust – Series O 0.1

12. Fannie Mae * 0.1

13. Ukraine Government * 0.1

14. Private Export Funding Corp. * 0.1

15. Tennessee Valley Authority * 0.1

16. Federal Home Loan Bank * 0.0

17. ALG Student Loan Trust * 0.0

18. Freddie Mac Multi-family Structured pass-thru certificates * 0.0

100.7

* Bond Issuer

Total Fund Net Assets $185,095,000

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

16

Summary of Investment Portfolio as at March 31, 2021 – continued

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.

1.9867145.105 FICL-SI-MRFPA-0621

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

62.867145E

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

Fidelity Strategic Income Fund

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