Fidelity Short-Term Bond Fund

QUARTERLY FUND REVIEW | AS OF MARCH 31, 2023

Fidelity? Short-Term Bond Fund

Investment Approach

? Fidelity? Short-Term Bond Fund is a diversified, short-term bond strategy that seeks a high level of current income, consistent with preservation of capital.

? Benchmarked against the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, the fund seeks to deliver competitive risk-adjusted performance that is commensurate with investor expectations of a high-quality short-term bond fund.

? Utilizing a team-based investment process, the fund relies on experienced portfolio managers, research analysts and traders. We concentrate on areas where we believe we can repeatedly add value, including asset allocation, sector and security selection, yield-curve positioning and opportunistic trading.

? Robust governance and risk management, consisting of extensive quantitative modeling, formal and informal portfolio reviews, and proprietary tools, support the identification of both opportunities and risks.

PERFORMANCE SUMMARY

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

Fidelity Short-Term Bond Fund Gross Expense Ratio: 0.30%2

Bloomberg US 1-3 Year Government/Credit Bond Index Lipper Short Investment Grade Debt Funds Classification

Morningstar Fund Short-Term Bond

1.52% 1.52% 0.36% 0.31% 1.30% 1.06%

1.51% 1.63% 1.73%

1.51% 1.63% 1.73%

0.26% -0.38%

-0.12% -0.67%

1.21% 0.91%

1.26% 1.30% 1.32%

1.01% 1.13% 1.18%

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/15/1986. 2 This expense ratio is as of 4/1/23 and generally is based on amounts incurred during the most recent

fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Team Managed

Trading Symbol: FSHBX

Start Date: September 15, 1986

Size (in millions): $2,658.34

Morningstar Category: Fund Short-Term Bond Bond funds entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Leverage can increase market exposure and magnify investment risk.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Short-Term Bond Fund | AS OF MARCH 31, 2023

Taxable Bond Market Review

U.S. taxable investment-grade bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, gained 2.96% in the first quarter, rising amid multiple crosscurrents in financial markets. Stress in the U.S. and European banking systems, downtrending but persistent inflationary pressure, falling energy prices and a Federal Reserve intent on pulling off a delicate balancing act of containing inflation and cooling economic growth, while also weighing risk to the financial system, resulted in a volatile quarter for fixed-income investments.

The positive quarterly return followed a year in which the Aggregate index returned -13.01% ? its worst-ever calendar-year result. In the first quarter, we saw a continuation of the rally in risk assets that started the previous quarter, when slowing inflation raised market hopes for easier monetary policy and the Fed communicated its intent to moderate the pace of its rate hikes.

In all, since March 2022, the Fed has raised its benchmark interest rate nine times, by 4.75 percentage points, while also shrinking its agency mortgage and Treasury portfolio.

The emergence of stress in the banking system following the failure of two regional banks ? Silicon Valley Bank on March 10, and Signature Bank on March 12 ? compelled the Fed to further slow the pace of its monetary tightening campaign. On March 22, with Treasury yields plunging, the central bank raised its benchmark rate by 25 basis points (0.25 percentage points), rather than the 50-basispoint move that was all but certain just a week before.

The failures of SVB and Signature, and the takeover of Credit Suisse by UBS, led to broader concerns about the possibility of further contagion within the banking system. This resulted in underperformance across the banking sector for the quarter, but the broader bond market shook off the anxiety and the Aggregate index advanced 2.54% in March after declining by roughly the same amount in February, when new inflation and jobs data indicated the market was still running hot.

Against this backdrop, bond valuations fluctuated considerably but ended up posting widespread gains for the full quarter, as the downward pressure on yields helped boost prices. After tightening in January, credit spreads widened in February and March amid heightened volatility. All major segments of the market advanced for the three months, with lower-quality, longer-term bonds ? two segments that underperformed in 2022 ? receiving the strongest bid.

Yield-advantaged, investment-grade corporate bonds (+3.50%) outpaced U.S. Treasuries (+3.01%); within corporates, the debt of industrial and utility names outperformed while, as mentioned, financial institutions underperformed. Meanwhile, securitized segments ? namely mortgage-backed securities (+2.53%), commercial mortgage-backed securities (+1.81%), and asset-backed securities (+1.86%) such as credit card, auto, and home equity debt ? showed the impact of rising interest rates and notably underperformed. Government-related debt (+2.88%), including government-agency issues (2.09%), also posted more-muted gains.

Outside the Aggregate index, Treasury Inflation-Protected Securities (+3.34%) and U.S. corporate high-yield bonds (+3.57%) outpaced nominal Treasuries, while high-yield emerging-markets debt struggled in comparison (+1.42%), per Bloomberg.

U.S. TREASURY YIELD CURVE

6

5

4

Percent (%)

3

2

1

0

02

5

10 Years

12/30/2022 Source: Bloomberg

03/31/2023

THREE-MONTH FIXED-INCOME SECTOR RETURNS

Sector

Total Return

Excess Return*

Government-Related

2.88%

0.17%

U.S. Mortgage-Backed Securities

2.53%

-0.50%

Asset-Backed Securities

1.86%

-0.05%

Commercial Mortgage-Backed Securities

1.81%

-0.74%

U.S. Corporate Investment Grade

3.50%

0.20%

U.S. Corporate High Yield

3.57%

1.23%

Emerging Markets: Investment Grade

2.54%

-0.62%

Emerging Markets: High Yield

1.42%

-1.28%

U.S. Treasury Source: Bloomberg

3.01%

0.00%

*Over similar-duration Treasuries

30

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Short-Term Bond Fund | AS OF MARCH 31, 2023

Performance Review

DETAILED FUND ATTRIBUTION RELATIVE TO BENCHMARK

Strategy: Sector Allocation

Market Environment

All major market segments posted a positive total return. U.S. investmentgrade corporate bonds and corporate high-yield bonds led the way, closely followed by Treasury InflationProtected Securities. In contrast, securitized debt lagged, as did government-related issues.

Fund Positioning (Impact vs. Benchmark)

Overall, sector allocation contributed to the fund's return versus the benchmark Bloomberg U.S. 1-3 Year Government/ Credit Bond Index this quarter.

? The fund's non-benchmark allocations to mortgage-backed securities and asset-backed securities added the most value versus the benchmark. (Positive)

? However, favoring corporate bonds while underweighting U.S. Treasuries detracted from relative performance. (Negative)

Strategy: Security Selection

Market Environment

Market gains skewed toward longerduration, lower-quality securities.

Fund Positioning (Impact vs. Benchmark)

Security selection among investmentgrade bonds contributed to relative performance the past three months.

? An overweight to the credit of financial institutions aided the fund's relative result. (Positive)

? Within the industrials sector, holdings among both consumer cyclical and noncyclical companies also helped. (Positive)

? Owning the bonds of electric utility companies also modestly contributed. (Positive)

Strategy: Duration and Yield Curve

Market Environment

The three-month to two-year part of the U.S. Treasury yield curve was significantly inverted during the quarter, as short-term interest rates reached their highest level in more than a decade. Meanwhile, yields further out on the curve moved lower in Q1.

Fund Positioning (Impact vs. Benchmark)

Overall, yield-curve positioning detracted from relative performance.

? Underweighting one- and two-year bonds in favor of three- and five-year positions detracted. (Negative)

? The fund's overall duration remained generally in line with that of the benchmark. (Neutral)

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Short-Term Bond Fund | AS OF MARCH 31, 2023

Outlook and Positioning

This past quarter, U.S. consumer inflation rates continued to decelerate after reaching a multidecade peak of 9.1% last year. We believe the moderating trend will continue in 2023, but it may be difficult to return to the stable, low-inflation environment of the past two decades.

As of quarter end, most investors expect the pace of rate hikes by the U.S. Federal Reserve to continue slowing and eventually stop over the next two quarters. With inflation still running well above the Fed's traditional 2% target, however, we believe the markets may be overly sanguine about how quickly the Fed can pivot to easing monetary policy, and that the central bank's policy rate may remain higher for somewhat longer than the market anticipates.

The U.S. and global economies face rising recession risk as they absorb the impact of much higher interest rates. Reflecting a typical late-cycle economic period, in the latter half of 2022, U.S. banks tightened lending standards across multiple loan categories. The banking stress experienced during Q1, highlighted by the failure of two regional banks, could generate even greater caution and lead to further credit tightening.

The yield curve was significantly inverted this past quarter, as the Fed hiked short-term rates and longer-term rates fell due to growth concerns. Historically, the yield curve has been a reliable leading indicator of economic weakness, inverting before the last eight recessions.

Investment-grade credit spreads widened in February and March, after tightening from November through January. In terms of taking on additional credit risk, current spreads are not attractive. So, in the near term, we'll be even more selective of the companies in which we invest and will be managing the fund's risk carefully.

Our goal remains to work with our experienced investment teams to find attractively priced bonds for the portfolio while maintaining a disciplined approach to risk management. In all markets, we seek to outperform and find areas of value without taking on undue risk. We remain focused on the long term and follow a process that is analytical, logical and grounded in empirical data.

Investing is a long-term endeavor, and we're focused on generating strong performance over a full market cycle through our disciplined, risk-aware approach.

MARKET-SEGMENT DIVERSIFICATION

Market Segment

Portfolio Weight

Index Weight

Relative Change Relative From Prior Weight Quarter

U.S. Treasury

25.39% 66.31% -40.92% 0.29%

U.S. Agency

0.00% 3.60% -3.60% -0.07%

Other Government Related (U.S. & Non-U.S.)

0.05%

6.05%

-6.00%

0.10%

Corporate

49.55% 24.04% 25.51% -0.44%

MBS Pass-Through

0.28% 0.00% 0.28% 0.00%

ABS

16.08% 0.00% 16.08% 0.18%

CMBS

5.58% 0.00% 5.58% -0.01%

CMOs

2.50% 0.00% 2.50% -0.07%

Cash

0.31% 0.00% 0.31% 0.00%

Net Other Assets

0.26% 0.00% 0.26% 0.02%

Futures, Options & Swaps

9.95% 0.00% 9.95% 2.30%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

CHARACTERISTICS

Duration 30-Day SEC Yield 30-Day SEC Restated Yield Net Asset Value

Portfolio 1.77 years

4.44% --

$8.29

Index 1.80 years

----

CREDIT-QUALITY DIVERSIFICATION

Credit Quality

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

U.S. Government

25.92% 69.87% -43.95% -0.56%

AAA

20.28%

4.56%

15.72%

3.30%

AA

7.74%

5.52%

2.22%

-0.51%

A

23.69% 11.11% 12.58% -0.05%

BBB

18.96%

8.92%

10.04%

0.02%

BB

0.00%

0.00%

0.00%

-0.10%

B

0.00%

0.00%

0.00%

0.00%

CCC & Below

0.00%

0.00%

0.00%

0.00%

Short-Term Rated

0.00%

0.00%

0.00%

0.00%

Not Rated/Not Available

2.70%

0.02%

2.68%

-2.25%

Cash & Net Other Assets

0.71%

0.00%

0.71%

0.15%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

Credit ratings for a rated issuer or security are categorized using the highest credit rating among the following three Nationally Recognized Statistical Rating Organizations ("NRSRO"): Moody's Investors Service (Moody's); Standard & Poor's Rating Services (S&P); or Fitch, Inc. Securities that are not rated by any of these three NRSRO's (e.g. equity securities) are categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its pro-rata share of any investments in other Fidelity funds.

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Short-Term Bond Fund | AS OF MARCH 31, 2023

Definitions and Important Information

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

CHARACTERISTICS Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield".

30-Day SEC Restated Yield is the fund's 30-day yield without applicable waivers or reimbursements, stated as of month-end.

Net Asset Value is the dollar value of one share of a fund; determined by taking the total assets of a fund, subtracting the total liabilities, and dividing by the total number of shares outstanding.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Bloomberg U.S. 1-3 Year Government/Credit Bond Index is a market value-weighted index of investment-grade fixed-rate debt securities with maturities from one to three years from the U.S. Treasury, U.S. Government-Related, and U.S. Corporate indexes.

Bloomberg U.S. Aggregate Bond Index is a broad-based, marketvalue-weighted benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, governmentrelated and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted index that measures the performance of inflation-protected securities issued by the U.S. Treasury.

LIPPER INFORMATION Lipper Averages are averages of the performance of all mutual funds with their respective investment classification category. The number of funds in each category periodically changes. Lipper, a Refinitiv company, is a nationally recognized organization that ranks the performance of mutual funds.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

MORNINGSTAR INFORMATION ? 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

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