PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Fidelity® Total Bond Fund

Key Takeaways MARKET RECAP

• For the semiannual reporting period ending February 28, 2021, the The Bloomberg Barclays U.S. Aggregate fund's Retail Class gained 0.15%, outpacing, net of fees, the -1.55% Bond Index returned -1.55% for the six return of the benchmark, the Bloomberg Barclays U.S. Aggregate months ending February 28, 2021, hampered by rising long-term market Bond Index, and topping the Lipper peer group average by a smaller rates. Many investors preferred the margin. potential for higher returns in riskier • markets, as the worst economic fears Portfolio Manager Ford O'Neil and Co-Manager Celso Munoz added related to the spread of COVID-19 value the past six months by maintaining non-benchmark allocations receded by period end. Taxable bonds to segments with more credit risk than investment-grade bonds, benefited from the U.S. Federal including high-yield bonds, leveraged loans, emerging-markets debt Reserve's aggressive and prompt and high-yield commercial mortgage-backed securities (CMBS). response to the risk of economic contraction and dysfunction in the credit • Security selection among the plus segments also contributed. markets. In March 2020, the central bank lowered the fed funds rate, purchased taxable bonds and launched lending • Within the fund's investment-grade sleeve, an underweighting in U.S. facilities, while Congress passed historic Treasuries and mortgage-backed securities aided the relative result. fiscal stimulus. This led to increased • market liquidity and a return of new Security selection among investment-grade corporates also corporate issuance. The Fed continued to contributed to the fund's relative return, partly due to the spring 2020 purchase U.S. Treasury bonds and additions of beverage maker Anheuser-Busch InBev, aircraft leasing mortgage-backed securities, and kept company Avolon Holdings and energy company Enterprise Products. policy rates near zero. In February 2021, yields rose notably because a $1.9 trillion • Also within investment-grade corporates, positioning among real COVID-relief bill offered hopes for a estate investment trusts (REITs) added value. broad economic recovery but led to rising inflation expectations. Within the • Conversely, the fund's modest underweighting in investment-grade Bloomberg Barclays index, corporate corporate bonds, on average, detracted, as did not owning the bonds bonds returned -0.31%, handily topping of General Electric, which posted an outsized gain. the -3.43% result of U.S. Treasuries. Securitized sectors, meanwhile, returned -0.40%, with commercial mortgage- • As of February 28, the managers believe market interest rates could backed securities adding 0.16%. Outside move modestly higher as pockets of inflation emerge, driven by a the index, U.S. corporate high-yield broadly recovering economy. bonds rose 6.09% and Treasury Inflation- Protected Securities (TIPS) nearly broke even.

Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Q&A

An interview with Portfolio Manager Ford O'Neil and Co-Portfolio Manager Celso Munoz Ford O'Neil Celso Munoz Portfolio Manager Co-Manager Q: Ford, how did the fund perform for the six months ending February 28, 2021฀ Fund Facts F.O. The fund's Retail Class shares advanced 0.15%, Trading Symbol: FTBFX outpacing, net of fees, the -1.55% return of the benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, a Start Date: October 15, 2002 popular proxy for investment-grade bonds. The fund Size (in millions): $33,285.35 outperformed its Lipper peer group average by a smaller margin and topped the -0.82% result of its secondary benchmark, the broader-based Bloomberg Barclays U.S. Universal Bond Index. Investment Approach Looking a bit longer term, the fund's Retail Class shares gained 4.42% for the trailing 12 months, significantly • Fidelity® Total Bond Fund is a diversified fixed-income outpacing the 1.38% advance of the Aggregate index and strategy seeking competitive risk-adjusted performance the 2.13% return of the Universal index. Again, the fund commensurate with investor expectations of a core outperformed the Lipper peer group average. bond fund. • The fund invests at least 80% of its assets in investment- Q: What helped the fund outperform the grade bonds and up to 20% in non-investment-grade Aggregate index the past six months฀ debt. F.O. Celso and I, along with our team of co-managers, • The fund's primary benchmark, the Bloomberg Barclays traders and analysts, trusted our "gradual contrarian" U.S. Aggregate Bond Index, is the basis for this review. investment approach, which I believe helped us in this The fund also has a secondary benchmark, the reporting period, as it did in past time frames. We used this Bloomberg Barclays U.S. Universal Bond Index, which is approach to identify compelling values amid last year's a broader measure of bond performance. COVID-19-related market volatility. Many of the choices we • Utilizing a team-based investment process, the fund made in the spring and summer of 2020 paid off handsomely relies on experienced portfolio managers, research during the fall and early winter of 2021. analysts and traders. We concentrate on areas where we believe we can repeatedly add value, including asset Increasing the fund's allocation to certain higher-yielding allocation, sector and security selection, yield-curve sectors and securities in the downturn, including high-yield positioning and opportunistic trading. bonds, leveraged loans, emerging-markets debt and high- yield commercial mortgage-backed securities (HYCMBS), • Robust governance and risk management support the helped relative performance the most the past six months. identification of both opportunities and risks. We made the right moves by investing in these sectors and securities when other investors viewed them as decidedly out of favor. These market sectors rallied strongly in late 2020 and early 2021, driven by a gradual reopening of the U.S. economy and encouraging news about vaccines that boosted investor sentiment. The outcome of the U.S. elections in November, which featured a Biden victory and a split-party Congress, ignited additional enthusiasm for riskier asset classes. When the Democrats swept the runoff election for two U.S. Senate seats in Georgia in January, the risk rally gathered further steam as investors looked to the growing

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likelihood of a large economic stimulus plan and, perhaps, a Also, from an individual security standpoint, our decision to massive infrastructure bill. avoid index component General Electric worked against us. This company's bonds performed quite well. At period end, Certain security selections among these high-yielding sectors we remained unconvinced that GE's recent financial helped our performance as well. For example, Occidental improvement would result in sustained long-term Petroleum, an energy exploration and production company outperformance for its bonds. that benefited from rising oil prices, stood out as one of the fund's best performers in the high-yield segment. Q: What's your outlook as of February 28฀ Similarly, exposure to emerging-markets (EM) debt, which included exposure to oil and commodity companies, F.O. It looks likely to us that the Biden administration and contributed on a relative basis. In this niche, Mexican state- Congress would come to an agreement on a nearly $2 trillion owned petroleum company Petroleos Mexicanos (PEMEX) coronavirus relief package. If this happens, we believe it stood out to the upside. could pave the way for a multi-trillion-dollar infrastructure and jobs package. Furthermore, there are trillions of dollars Q: Celso, how did the fund's investment-grade sitting in Americans' savings accounts that we believe will ultimately turn into a surge of consumer spending over the holdings perform฀ next six to 12 months. Given all this economic stimulus in the C.M. We produced some index-beating results in pipeline, we can't help but have a positive economic outlook investment-grade as well. for 2021 and 2022. From a sector allocation perspective, underweighting U.S. Accordingly, we could see a cyclical uptrend for inflation over Treasuries and mortgage-backed securities added value. the next 12 to 18 months, caused by the combination of These high-quality segments lagged the Aggregate index, strong economic growth and strained U.S.–China relations, given investors' growing preference for high-yield bonds. the latter of which could stem the flow of the cheap Chinese imports that tamped down U.S. inflation the past 20 years. Elsewhere, our small exposure to Treasury Inflation- Protected Securities (TIPS) and asset-backed securities (ABS) Let me pause by saying we don't believe inflation will be a contributed modestly to the fund's relative result. longer-term threat. We think the aging U.S. population and limited productivity gains likely will result in a slow-growth Q: Tell us about your choices among secular environment. That said, we think pockets of inflation will emerge over the coming year. This is likely to present a investment-grade corporates. conundrum for the U.S. Federal Reserve, which has C.M. Overweighting certain investment-grade bonds that repeatedly stated it is willing to tolerate some increase in suffered disproportionately in the early days of the COVID-19 inflation while holding interest rates at close to zero. pandemic and rebounded the past six months benefited the We think the central bank will refrain from raising rates for as fund meaningfully. Some of our best individual bond long as it can because it doesn't want to raise the debt- performers included beverage company Anheuser-Busch service costs on the massive amount of outstanding InBev, aircraft leasing company Avolon Holdings and energy individual, corporate and government debt. However, if pipeline company Enterprise Products. Fund holdings inflation overshoots the Fed's 2% target for a period of time, among real estate investment trusts (REITs) also performed market interest rates could push modestly higher, prompting well, led by Omega Healthcare Investors. the Fed to raise rates sooner than expected.

Q: What detracted฀ C.M. We believe market interest rates will continue to nudge higher in 2021. Meanwhile, spreads – the difference in yields C.M. We didn't see big disappointments this period, but I'll between risk-free Treasuries and riskier securities – are as point to two areas where the fund fell a bit short of the index. narrow as they were prior to the onset of the pandemic a year ago, with the exception of a few credit sectors. That's First, we underweighted investment-grade corporate bonds why we recently took some risk off the table by reducing our for the period, on average. We reduced the fund's exposure exposure to corporates and built up liquidity in Treasuries so to investment-grade corporates by period end as some of we can take advantage of a future sector move or an our holdings reached their full value. economic event that could produce more-compelling values. We took the proceeds from these sales and added to As always, we'll continue to monitor all developments and positions in U.S. Treasuries, a liquid asset class we expect will leverage the insights of our deep research team to help provide us "dry powder" to deploy when we see values re- guide future investment decisions. We remain focused on emerge in the corporate space. This move cost us a small the long term and follow a process that is analytical, logical amount of relative performance. and grounded empirical data. ■

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The portfolio managers on positioning the fund conservatively:

F.O. "As of February 28, we positioned the fund somewhat conservatively from several perspectives, reflecting our 'gradual contrarian' approach. "At period end, we maintained a modest underweighting in investment-grade corporate bonds. We don't believe corporates will enjoy anywhere near the same price appreciation in 2021 that they produced last year. Still, we kept a significant foothold in this segment because we believe a strengthening economy will support investment-grade bonds, and they will continue to be a source of incremental income for the fund. "Within this sector, we materially underweighted longer-term securities, which appeared expensive relative to their return potential. "We also maintained a sizable out-of-index exposure to 'plus sectors,' including high-yield bonds, leveraged loans and emerging-markets debt. These securities tend to boost the fund's income, and we think they may benefit from some additional price appreciation." C.M. "Also at the end of February, we materially underweighted U.S. government securities, including Treasuries and government-mortgage securities. That said, we held more exposure among these less-risky assets than usual. "We invested the proceeds from our sales of corporate bonds in these liquid securities with the idea that we can easily sell them once more- attractive values emerge in the investment-grade credit and high-yield segments. "Given our belief that more-rapid inflation could be in store over the short term, we continued to hold TIPS. We added to TIPS at low prices last year because we viewed owning these bonds as a way to manage the risk that inflation eventually rises above the Fed's 2% target rate."

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ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago Investment-Grade Bonds 73.61% 98.47% -24.86% -2.52% High-Yield Investments 16.80% 0.00% 16.80% 2.45% Emerging-Markets Investments 4.30% 1.53% 2.77% -0.10% Cash & Net Other Assets 5.29% 0.00% 5.29% 0.17% 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.

MARKET-SEGMENT DIVERSIFICATION

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago U.S. Government 30.07% 39.01% -8.94% 3.26% Non-U.S. Government 2.34% 1.00% 1.34% 0.29% Other Government Related (U.S. & Non-U.S.) 2.31% 2.23% 0.08% -0.13% Corporate 40.80% 28.69% 12.11% -0.64% MBS Pass-Through 11.22% 26.54% -15.32% -4.04% ABS 5.20% 0.33% 4.87% 1.20% CMBS 3.08% 2.22% 0.86% -0.06% CMOs 1.01% 0.00% 1.01% -0.03% Covered 0.00% 0.00% 0.00% 0.00% Cash 8.81% 0.00% 8.81% -0.64% USD 8.81% 0.00% 8.81% -0.64% Non-USD 0.00% 0.00% 0.00% 0.00% Net Other Assets -4.84% -0.02% -4.82% 0.79% Futures, Options & Swaps -2.14% 0.00% -2.14% 0.81% 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.

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CREDIT-QUALITY DIVERSIFICATION

Relative Change From Six Months Credit Quality Portfolio Weight Index Weight Relative Weight Ago U.S. Government 41.88% 66.50% -24.62% -0.80% AAA 4.58% 3.90% 0.68% 0.21% AA 2.33% 4.75% -2.42% 0.03% A 9.42% 13.24% -3.82% -0.93% BBB 19.47% 11.60% 7.87% -1.00% BB 8.73% 0.00% 8.73% 0.47% B 6.20% 0.00% 6.20% 0.79% CCC & Below 1.19% 0.00% 1.19% 0.11% Short-Term Rated 0.00% 0.00% 0.00% 0.00% Not Rated/Not Available -0.90% 0.01% -0.91% 0.38% Cash & Net Other Assets 7.10% 0.00% 7.10% 0.74% 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.

WEIGHTED AVERAGE MATURITY

Six Months Ago Years 7.9 8.0 This is a weighted average of all maturities held in the fund.

DURATION

Six Months Ago Years 5.9 5.6

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FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending February 28, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Total Bond Fund 0.15% -1.61% 4.42% 6.08% 5.07% 4.32% Gross Expense Ratio: 0.45%2 Bloomberg Barclays U.S. Universal Bond Index -0.82% -1.91% 2.13% 5.45% 4.09% 3.90% Bloomberg Barclays U.S. Aggregate Bond Index -1.55% -2.15% 1.38% 5.32% 3.55% 3.58% Lipper Core Bond Funds Classification -0.55% -1.91% 2.69% 5.35% 3.91% 3.62% Morningstar Fund Intermediate Core-Plus Bond 0.24% -1.62% 3.29% 5.37% 4.36% 3.95% 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 prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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 fidelity.com/performance, institutional.fidelity.com, or 401k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendar- quarter performance.

DIVIDENDS AND YIELD: Fiscal Periods ending February 28, 2021

Past One Month Past Six Months Past One Year 30-Day SEC Yield 1.47% -- -- 30-Day SEC Restated Yield ------Average Share Price $11.19 $11.29 $11.24 Dividends Per Share 1.67¢ 13.17¢ 27.37¢ Fiscal period represents the fund's semiannual or annual review period.

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Definitions and Important Information Relative positioning data presented in this commentary is based on the fund's primary benchmark (index). Information provided in this document is for informational and educational purposes only. To the extent any investment information INDICES in this material is deemed to be a recommendation, it is not meant to It is not possible to invest directly in an index. All indices represented be impartial investment advice or advice in a fiduciary capacity and is are unmanaged. All indices include reinvestment of dividends and not intended to be used as a primary basis for you or your client's interest income unless otherwise noted. investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, material because they have a financial interest in, and receive market-value-weighted benchmark that measures the performance compensation, directly or indirectly, in connection with the of the investment grade, U.S. dollar-denominated, fixed-rate taxable management, distribution and/or servicing of these products or bond market. Sectors in the index include Treasuries, government- services including Fidelity funds, certain third-party funds and related and corporate securities, MBS (agency fixed-rate and hybrid products, and certain investment services. ARM pass-throughs), ABS, and CMBS. Bloomberg Barclays U.S. Universal Bond Index represents the DIVIDENDS AND YIELD union of the Bloomberg Barclays U.S. Aggregate Bond Index, the 30-Day SEC Restated Yield is the fund's 30-day yield without Bloomberg Barclays U.S. Corporate High Yield Bond Index, the applicable waivers or reimbursements, stated as of month-end. Bloomberg Barclays 144A Bond Index, the Bloomberg Barclays 30-day SEC Yield is a standard yield calculation developed by the Eurodollar Bond Index, the Bloomberg Barclays U.S. Emerging Securities and Exchange Commission for bond funds. The yield is Markets Bond Index, and the non-ERISA portion of the Bloomberg calculated by dividing the net investment income per share earned Barclays U.S. CMBS Index. Municipal debt, private placements, and during the 30-day period by the maximum offering price per share non-dollar-denominated issues are excluded from the index. The on the last day of the period. The yield figure reflects the dividends only constituent of the index that includes floating-rate debt is the and interest earned during the 30-day period, after the deduction of Bloomberg Barclays U.S. Emerging Markets Bond Index. the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield". LIPPER INFORMATION Dividends per share show the income paid by the fund for a set Lipper Averages are averages of the performance of all mutual period of time. If you annualize this number, you can compare the funds within their respective investment classification category. fund's income over different periods. 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. DURATION Duration is a measure of a security's price sensitivity to changes in MARKET-SEGMENT WEIGHTS interest rates. Duration differs from maturity in that it considers a Market-segment weights illustrate examples of sectors or security's interest payments in addition to the amount of time until industries in which the fund may invest, and may not be the security reaches maturity, and also takes into account certain representative of the fund's current or future investments. They maturity shortening features (e.g., demand features, interest rate should not be construed or used as a recommendation for any resets, and call options) when applicable. Securities with longer sector or industry. 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 MORNINGSTAR INFORMATION interest rate changes than a fund with a shorter average duration. © 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar FUND RISKS and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or In general the bond market is volatile, and fixed income securities timely. Neither Morningstar nor its content providers are carry interest rate risk. (As interest rates rise, bond prices usually fall, responsible for any damages or losses arising from any use of this and vice versa. This effect is usually more pronounced for longer- information. Fidelity does not review the Morningstar data and, for term securities.) Fixed income securities also carry inflation risk, mutual fund performance, you should check the fund's current liquidity risk, call risk and credit and default risks for both issuers and prospectus for the most up-to-date information concerning counterparties. Unlike individual bonds, most bond funds do not applicable loads, fees and expenses. 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 WEIGHTED AVERAGE MATURITY bonds. Foreign securities are subject to interest rate, currency Weighted average maturity (WAM) can be used as a measure of exchange rate, economic, and political risks, all of which are sensitivity to interest rate changes and market changes. Generally, magnified in emerging markets. Leverage can increase market the longer the maturity, the greater the sensitivity to such changes. exposure and magnify investment risk. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of IMPORTANT FUND INFORMATION securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be

8 | PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

taken into account when calculating the WAM.

9 | PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Manager Facts are not guarantees nor should they be viewed as an assessment of a fund's or the fund's underlying securities' creditworthiness. Ford O'Neil is a portfolio manager in the Fixed Income division The Morningstar Analyst Rating is a subjective, forward-looking at Fidelity Investments. Fidelity Investments is a leading provider evaluation that considers a combination of qualitative and of investment management, retirement planning, portfolio quantitative factors to rate funds on five key pillars: process, guidance, brokerage, benefits outsourcing, and other financial performance, people, parent, and price. Gold is the highest of products and services to institutions, financial intermediaries, four Analyst Rating categories. For the full rating methodology, and individuals. go to: https://s21.q4cdn.com/198919461/files/doc_downloads/2019/1 In this role, Mr. O'Neil manages various retail and institutional 1/Morningstar_Analyst_Rating_for_Funds_Methodology_062019 taxable bond funds and portfolios. He currently serves as -(1)-(2).pdf manager of Fidelity and Fidelity Advisor Total Bond Funds, Fidelity Total Bond ETF, and Fidelity's Strategic Suite of Funds— Morningstar's Fixed-Income Fund Manager of the Year award Fidelity and Fidelity Advisor Strategic Dividend & Income Funds, recognizes Ford O'Neil and team for Fidelity Total Bond Fund Fidelity and Fidelity Advisor Strategic Income Funds, and Fidelity (FTBFX). Fidelity Advisor Total Bond Fund Classes A, M, C, I, and and Fidelity Advisor Strategic Real Return Funds. He is also a Z are classes of Fidelity Total Bond Fund and have different manager on Fidelity and Fidelity Advisor Balanced Funds, expense and performance characteristics as well as eligibility Fidelity and Fidelity Advisor Multi-Asset Income Funds, and requirements. See prospectus for more details." several Fidelity VIP Portfolios as well as various institutional comingled pools. Celso Munoz is a portfolio manager in the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider Prior to assuming his current position in August 1992, Mr. O'Neil of investment management, retirement planning, portfolio was an analyst in Fidelity's Asset Management division. In this guidance, brokerage, benefits outsourcing, and other financial capacity, he was responsible for the electric utility sector. products and services to institutions, financial intermediaries, and individuals. Before joining Fidelity in 1990, Mr. O'Neil was an associate in the Investment Banking department at Advest, Inc, where he In this role, Mr. Muñoz serves as a member of the bond advised corporations on capital raising. He has been in the division's Core/Core Plus team. He currently manages Fidelity financial industry since 1985. and Fidelity Advisor Total Bond Funds, Fidelity Total Bond ETF, Fidelity Series Investment Grade Bond Fund, as well as Fidelity Mr. O'Neil earned his bachelor of arts degree in government VIP Investment Grade Bond Portfolio and various institutional from Harvard College and his master of business administration taxable bond portfolios. degree from The Wharton School at the University of Pennsylvania. Additionally, Mr. O'Neil and team received Prior to assuming his current position, Mr. Muñoz was a research Morningstar's 2016 U.S. Fixed-Income Manager of the Year analyst responsible for covering the insurance and government- Award for Fidelity Total Bond Fund. sponsored enterprise (GSE) industries. Previously, he served as a research analyst in the Equity division, where he most recently "Established in 1988, the Morningstar Fund Manager of the Year covered life insurance stocks and previously covered specialty award recognizes portfolio managers who demonstrate pharmaceuticals, generic pharmaceuticals, and drug wholesaler excellent investment skill and the courage to differ from the stocks. consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns Before joining Fidelity in 2005, Mr. Muñoz was an associate at for the year, but the managers also must have a record of Deutsche Bank. In this capacity, he was a member of the delivering outstanding long-term risk-adjusted performance and Mergers & Acquisitions group within the firm's investment of aligning their interests with shareholders'. Nominated funds banking practice. He has been in the financial industry since must be Morningstar Medalists – a fund that has garnered a 1999. Morningstar Analyst Rating™ of Gold, Silver, or Bronze. The Fund Manager of the Year award winners are chosen based on Mr. Muñoz earned his bachelor of science degree in economics, research and in-depth qualitative evaluation by Morningstar's with a concentration in finance as well as public policy Manager Research Group. The Research Group consists of management, from the University of Pennsylvania and his master various wholly owned subsidiaries of Morningstar, Inc. including, of business administration degree from Harvard Business but not limited to, Morningstar Research Services LLC. Analyst School. He is also a CFA® charterholder. Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar's Manager Research Group's current expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings

10 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PERFORMANCE SUMMARY: Annualized Quarter ending March 31, 2021 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Total Bond Fund 6.98% 5.52% 4.40% 4.20% Gross Expense Ratio: 0.45%2 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 prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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 fidelity.com/performance, institutional.fidelity.com, or 401k.com. 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.

Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, responsibility to update such views. These views may not be relied on as Smithfield, RI 02917. investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 718522.14.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.