Fidelity Total Bond Fund

QUARTERLY FUND REVIEW | AS OF MARCH 31, 2021

Fidelity? Total Bond Fund

Investment Approach

? Fidelity? Total Bond Fund is a diversified fixed-income strategy seeking competitive risk-adjusted performance commensurate with investor expectations of a core bond fund.

? The fund invests at least 80% of its assets in investment-grade bonds and up to 20% in noninvestment-grade debt.

? The fund's primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is the basis for this review. The fund also has a secondary benchmark, the Bloomberg Barclays U.S. Universal Bond Index, which is a broader measure of bond performance.

? 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 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 Total Bond Fund Gross Expense Ratio: 0.45%2

-2.68% -2.68% 6.98% 5.52% 4.40% 4.20%

Bloomberg Barclays U.S. Universal Bond Index

Bloomberg Barclays U.S. Aggregate Bond Index

Lipper Core Bond Funds Classification

Morningstar Fund Intermediate Core-Plus Bond

-3.05% -3.37% -2.94% -2.56%

-3.05% -3.37% -2.94% -2.56%

2.95% 0.71% 4.70% 6.63%

4.86% 4.65% 4.82% 4.88%

3.59% 3.10% 3.43% 3.85%

3.77% 3.44% 3.50% 3.83%

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/15/2002. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year. 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): Ford O'Neil

Trading Symbol: FTBFX

Start Date: October 15, 2002

Size (in millions): $32,727.31

Morningstar Category: Fund Intermediate Core-Plus Bond In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Leverage can increase market exposure and magnify investment risk.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Total Bond Fund | AS OF MARCH 31, 2021

Taxable Bond Market Review

U.S. taxable investment-grade bonds posted a negative result for the three months ending March 31, 2021, in a period of rising longer-term yields, historically tight spreads and increasing investor concern about inflation amid increased government spending. The Bloomberg Barclays U.S. Aggregate Bond Index returned -3.37% for the quarter.

The U.S. Treasury yield curve steepened the most in roughly eight years, with intermediate-term and longer-term government bonds rising significantly, beginning in February. Yields for short-term government bonds, which tend to be pegged to policy rates, remained relatively stable, in comparison.

The 10-year U.S. Treasury yield rose above 1.7% by period end, reaching levels last seen in early 2020, driven higher by increased optimism on the COVID-19 vaccine rollout, positive economic growth and additional fiscal stimulus.

Nominal U.S. Treasuries returned -4.25%, whereas Treasury Inflation-Protected Securities returned -1.47%. The relatively stronger performance of TIPS reflected investor expectations that the passage of a $1.9 trillion fiscal stimulus during the quarter would eventually drive inflation above the U.S. Federal Reserve's 2% target. In a low-yielding market, investors worried inflation could significantly diminish real bond returns.

Near period end, the introduction of a $3 trillion infrastructure bill forwarded by the Biden administration, which would be paid for over time with a combination of government debt and higher corporate taxes, amplified concern about eventual inflation. This seemingly added to the gains for high-yield bonds, stocks, and other riskier asset classes with historically better prospects for outgaining the inflation rate over time.

The Fed continued with asset purchases during the quarter. In March, the U.S. Federal Open Market Committee saw no reason to adjust monetary policy and expressed little concern about the rise in market yields experienced in the first three months of the year.

For the quarter, yield-advantaged, credit-sensitive areas of the market outpaced Treasuries on an excess return basis, although absolute performance comparisons within the Aggregate index were mixed. Investment-grade corporate bonds showed the biggest decline (-4.65%), with longer-dated paper suffering the most.

Still, bond issuance, especially among industrial companies, remained robust. By corporate sector, the bonds of financial institutions (-3.52%) posted higher returns than those of industrial firms (-4.95%) and utility companies (-6.56%).

Government-related securities, meanwhile, returned -2.86%, Within this segment, government-agency securities (-1.66%) notably outperformed Treasuries, whereas the bonds of sovereign countries returned -6.53%.

The securitized segment of the market also enjoyed an advantage over Treasuries, with commercial mortgage-backed securities (CMBS) returning -2.32%, driven partly by vaccine distribution, which supported the underlying mortgages for malls and other commercial properties. Asset-backed securities (-0.16%) nearly broke even, reflective of the shorter duration of this asset class.

Among non-core fixed-income segments, continued liquidity provisions from central banks and sustained progress on economic reopening underpinned returns for higher-risk "plus" sectors, such as high yield. U.S. corporate high yield gained 0.85% for the quarter, according to Bloomberg Barclays, outperforming the investmentgrade corporate sector.

U.S. TREASURY YIELD CURVE

3.0

2.5

2.0

Percent (%)

1.5

1.0

0.5

0.0

02

5

10 Years

12/31/2020 Source: Bloomberg Barclays

03/31/2021

THREE-MONTH FIXED-INCOME SECTOR RETURNS

Sector

Total Return

Excess Return*

U.S. Treasury

-4.25%

0.00%

Government-Related

-2.86%

0.64%

U.S. Mortgage-Backed Securities

-1.10%

0.15%

Asset-Backed Securities

-0.16%

0.15%

Commercial Mortgage-Backed Securities

-2.32%

0.46%

U.S. Corporate Investment Grade

-4.65%

0.95%

U.S. Corporate High Yield

0.85%

2.60%

Emerging Markets: Investment Grade

-3.62%

1.21%

Emerging Markets: High Yield Source: Bloomberg Barclays

-3.23%

0.05%

*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? Total Bond Fund | AS OF MARCH 31, 2021

Performance Review

DETAILED FUND ATTRIBUTION RELATIVE TO BENCHMARK

Strategy: Asset Allocation

Market Environment

Bonds with credit risk turned in mixed results this quarter, with sectors that lagged in late 2020 outperforming those that rallied strongly in the final months of last year.

Strategy: Sector Allocation

Market Environment

Investment-grade spread sectors outperformed U.S. Treasuries on an excess return basis, although absolute performance comparisons were mixed, as the impact of rising bond yields only partially offset tighter credit spreads.

The fund's overweight in certain "plus" sectors added value for the quarter.

Fund Positioning (Impact vs. Benchmark)

? Exposure to emerging-markets debt and an allocation to high-yield commercial mortgage-backed securities (CMBS) contributed to the fund's relative result. (Positive)

? Positioning in high-yield bonds and holding leveraged loans also added relative value. (Positive)

Strategy: Security Selection

Market Environment

Higher-risk fixed-income securities benefited from further spread narrowing and improving credit fundamentals, with total returns meaningfully dispersed across sector, quality and maturity spectrums.

Fund Positioning (Impact vs. Benchmark)

Security selection also added value versus the Aggregate index.

? Choices among energy companies (Occidental Petroleum) and communications companies (Time Warner Cable) contributed strongly. (Positive)

? Specific holdings among technologyrelated companies (Broadcom) and consumer non-cyclical firms (InBev) also helped. (Positive)

? Positions in government-agency securities tied to energy (Petr?leos Mexicanos) contributed. (Positive)

Fund Positioning (Impact vs. Benchmark)

Among investment-grade securities, sector allocation slightly hurt the fund's return versus the Aggregate Index.

? Underweighting the debt of industrial firms modestly detracted on a relative basis. (Negative)

? Exposure to Treasury InflationProtected Securities (TIPS) added relative value. (Positive)

? Underweighting mortgage-backed securities also helped. (Positive)

Strategy: Duration and Yield Curve

Market Environment

Long-term Treasury rates rose significantly. The yield curve steepened, with the 2-year/10-year spread increasing to its widest level in roughly eight years.

Fund Positioning (Impact vs. Benchmark)

? A bulleted yield-curve positioning added to the fund's return versus the Aggregate index. (Positive)

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

QUARTERLY FUND REVIEW: Fidelity? Total Bond Fund | AS OF MARCH 31, 2021

Outlook and Positioning

Having recovered to pre-pandemic levels, spread sectors within the fixed-income market appear fully valued to us. The rise in yields over the quarter, along with increased inflation expectations, have tempered our expectations for the market's real return in 2021.

There is a risk that at some point in the future the Fed could taper its bond purchase program and increase the overnight rate. This could result in a more bearish market overall. That said, no one knows the timing of this shift, and for now the Fed remains committed to maintaining its current accommodative policy, until such time that its dual mandate of maximum employment and sustained inflation of 2% (over the longer term) are met. In the interim, we expect to see pockets of opportunity in our markets.

Looking ahead, we anticipate healthy investor demand in short- and limited-term bond markets, government securities, and certain "plus" sectors that still offer an attractive mix of risk versus reward.

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

It's important to reiterate that our bond portfolios are constructed with a careful and intentional emphasis on security selection, especially with consideration to liquidity and financial resiliency.

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

As of March 31, certain segments of the fixed-income market appeared fully valued to us and we've reduced exposure to select bonds that experienced meaningful gains during the quarter. We remained modestly overweight risk assets. The fund was overweight corporates overall, but underweight investment-grade credit, especially longer-duration bonds. We added slightly to nominal U.S. Treasuries for the quarter but remained underweight both Treasuries and agency MBS, each of which can provide "dry powder" for when opportunities arise. In the plus sectors, the fund held non-dollar hedged global bonds, maintained overweight positions in high-yield bonds and held exposure to leveraged loans.

The fund's sensitivity to interest rates, as measured by its duration, remained modestly shorter than that of the benchmark with a bulleted yield-curve positioning.

MARKET-SEGMENT DIVERSIFICATION

Market Segment

Portfolio Weight

Index Weight

Relative Change Relative From Prior Weight Quarter

U.S. Government

30.31% 39.02% -8.71% 1.90%

Non-U.S. Government

2.44% 1.00% 1.44% 0.13%

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

2.29%

2.21%

0.08%

-0.05%

Corporate

41.37% 28.41% 12.96% 2.15%

MBS Pass-Through

10.73% 26.82% -16.09% -3.68%

ABS

5.68% 0.33% 5.35% 0.95%

CMBS

3.44% 2.21% 1.23% 0.21%

CMOs

1.05% 0.00% 1.05% -0.02%

Covered

0.00% 0.00% 0.00% 0.00%

Cash

8.14% 0.00% 8.14% 1.22%

USD

8.14% 0.00% 8.14% 1.22%

Non-USD

0.00% 0.00% 0.00% 0.00%

Net Other Assets

-5.45% 0.00% -5.45% -2.81%

Futures, Options & Swaps

-2.27% 0.00% -2.27% 0.21%

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-QUALITY DIVERSIFICATION

Credit Quality

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

U.S. Government

41.78% 66.80% -25.02% -1.86%

AAA

4.90%

3.86%

1.04%

0.42%

AA

2.49%

4.72%

-2.23%

0.20%

A

9.31%

12.59% -3.28%

0.40%

BBB

20.19% 12.01%

8.18%

0.92%

BB

8.82%

0.00%

8.82%

0.41%

B

6.29%

0.00%

6.29%

0.30%

CCC & Below

1.22%

0.00%

1.22%

0.03%

Short-Term Rated

0.00%

0.00%

0.00%

0.00%

Not Rated/Not Available

-0.92%

0.02%

-0.94%

-0.26%

Cash & Net Other Assets

5.92%

0.00%

5.92%

-0.56%

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? Total Bond Fund | AS OF MARCH 31, 2021

CHARACTERISTICS

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

Portfolio 6.00 years

1.91% --

$10.96

Index 6.21 years

----

ASSET ALLOCATION

Asset Class

Change From Prior

Portfolio Weight

Quarter

Investment-Grade Bonds

74.36%

-0.37%

High-Yield Investments

17.16%

1.64%

Emerging-Markets Investments

4.44%

-0.05%

Cash & Net Other Assets

4.04%

-1.22%

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.

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

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