Fidelity Floating Rate High Income Fund

Annual Management Report of Fund PerformanceJune 30, 2021

Fidelity Floating Rate High 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 June 30, 2021Fidelity Floating Rate High 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 Floating Rate High Income Fund (Fund) aims to provide a steady flow of income by investing primarily in floating rate debt instruments and other floating rate securities of issuers located in the U.S. or that are denominated in U.S. dollars.

Strategies: The Fund invests primarily in floating rate instruments and other floating rate securities of issuers in the U.S., including floating rate loans. The Fund invests primarily in senior secured floating rate debt securities. Many of these investments are rated below investment grade or, if not rated, deemed to be below investment grade by the portfolio management team. When buying and selling floating rate debt instruments and other floating rate securities for the Fund, the portfolio manager relies on the fundamental analysis of each issuer and its poten-tial ability to pay principal and interest in view of its current financial condition, its industry position and economic and market conditions. Factors considered include a security’s structural features, underlying collateral and current price compared to its long-term value, and the earnings potential, credit standing and management of the security’s issuer. Many floating rate debt instruments are lower quality. The Fund may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings. The Fund may also invest in money market instruments and investment-grade fixed-income securities of Canadian and foreign issuers.

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 who want to gain exposure to floating rate securities and are seeking income from their investment. The investors should be willing to accept a low to medium level of risk. The Fund is not an appropriate investment for investors with a short-term investment horizon. The suitability of the Fund has not changed from what has been disclosed in the prospectus.

Results of Operations:Fidelity Floating Rate High Income Fund, Series B, returned 0.5%, after fees and expenses, for the one-year period ended June 30, 2021. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. The Bloomberg U.S. Aggregate Bond Index, which broadly represents the U.S. fixed income markets, returned -9.4% (in Canadian dollar terms) for the same period.

Market overview:

U.S. Treasury bond yields rose, and bond prices declined in line with rising inflation expectations, a wave of new Treasury debt to fund fiscal stimulus spending and a sharp boost in economic growth expectations, after the U.S. government passed a $1.9 trillion COVID-19 relief package. Starting at 0.68% in July 2020, the beginning of the review period, the ten-year U.S. Treasury yield reached a 14-month peak of 1.78% in March 2021, before declining to 1.44% at the end of June. High-yield bonds outperformed investment-grade bonds.

Factors affecting performance:

The Fund’s benchmark, the S&P/LSTA Leveraged Loan Index, returned 1.5% for the period (in Canadian dollar terms). The Fund underperformed its benchmark after fees and expenses; however, before fees and expenses it outperformed.

The Fund’s investments in certain securities in the oil and gas industry and food service industry contributed to relative returns. In the oil and gas industry, out-of-benchmark exposures to U.S.-based energy companies Chesapeake Energy and Denbury contributed to relative returns. In the food service industry, investments in U.S.-based restaurant companies Chuck E. Cheese and P.F. Chang’s contributed to relative returns. In other industries, the Fund’s investment in U.S.-based coal mining company American Consolidated Natural Resources (formerly Murray Energy) also contributed to relative returns.

Conversely, investments in certain securities in the radio and television industry detracted from relative returns. In the industry, an investment in U.S.-based telecommunications conglomer-ate Sinclair Broadcast Group detracted from relative returns. Investments in, and a lower-than-benchmark exposure to, the health care industry also detracted from relative returns. In the industry, a lack of exposure to U.S.-based health care company Envision Healthcare detracted from relative returns. In other industries, an investment in oil terminal operator Limetree Bay Terminals detracted from relative returns.

Portfolio changes:

The Fund continues to invest across various sectors in the floating rate debt securities market to provide investors with broad market exposure and diversification. Portfolio managers Eric Mollenhauer and Kevin Nielsen continue to rely on their fundamental research process to identify investment opportunities. The portfolio managers increased allocations to the building and development industry and home furnishings industry, and decreased allocations to the all telecom industry and cable and satellite industry during the period under review. In terms of credit quality, the portfolio managers continue to find what they believe to be attractive opportunities among B-rated securities.

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Management Discussion of Fund Performance – continued

As at June 30, 2021, B-rated issues accounted for the Fund’s largest absolute exposure. In terms of industries, the business equipment and services industry accounted for the Fund’s largest absolute exposure, followed by the all telecom industry. The Fund’s allocation to the conglomerates industry accounted for its smallest absolute exposure.

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 Fund’s portfolio managers, Eric Mollenhauer and Kevin Nielsen, note that the loan market has begun garnering a higher level of retail flows as interest rates have begun moving higher, and that the collateralized loan obligation market remains robust. Following the spread-tightening that has occurred over the review period, Mr. Mollenhauer and Mr. Nielsen believe that returns in the leveraged loan market are expected to come mostly from higher coupons in the short to intermediate term, although some capital appreciation opportunity may still exist. The managers continue to take a long-term investment approach. The Fund remains invested in companies they believe have positive fundamental trajectories.

Fidelity Floating Rate High Income Currency Neutral Fund became a holder of more than 10% of the outstanding securities of the Fund in the period ending June 30, 2021.

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 $561,000 for the period ended June 30, 2021.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $67,000 for the period ended June 30, 2021.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, provided it determines that these affiliates’ trade execution abilities and costs are comparable to those of non–affiliated, qualified brokerage firms, on an execution–only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were less than $500 for the period ended June 30, 2021. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affili-ates, which includes brokers affiliated to Fidelity Investments, at least once per year.

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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 Floating Rate High Income Fund Series A

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.31 $ 11.85 $ 12.09 $ 12.02 $ 11.79Increase (decrease) from operations: Total revenue .47 .67 .69 .57 .58Total expenses (excluding distributions) (.21) (.22) (.23) (.23) (.24)Realized gains (losses) (.56) (.05) .10 (.04) .50Unrealized gains (losses) .35 (.47) (.30) (.06) (.04)Total increase (decrease) from operationsB .05 (.07) .26 .24 .80Distributions: From net investment income (excluding dividends) (.24) (.45) (.47) (.34) (.33)From dividends – – – – –From capital gains – – (.02) (.04) (.13)Return of capital – – – – –Total distributionsB,C (.24) (.45) (.49) (.38) (.46)Net assets, end of periodB $ 11.09 $ 11.31 $ 11.85 $ 12.09 $ 12.02Ratios and Supplemental Data Net asset value (000s) D $ 3,511 $ 7,550 $ 11,728 $ 12,348 $ 22,471Securities outstandingD 317,065 668,010 994,221 1,022,055 1,870,370Management expense ratio E,F 1.86% 1.92% 1.92% 1.92% 1.94%Management expense ratio before waivers or absorptions E,F 1.89% 1.94% 1.96% 1.99% 1.99%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 11.0894 $ 11.3108 $ 11.8515 $ 12.0914 $ 12.0242

Fidelity Floating Rate High Income Fund Series B

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.31 $ 11.85 $ 12.09 $ 12.02 $ 11.79Increase (decrease) from operations: Total revenue .47 .67 .69 .57 .58Total expenses (excluding distributions) (.17) (.18) (.19) (.19) (.20)Realized gains (losses) (.54) (.05) .10 (.01) .50Unrealized gains (losses) .31 (.47) (.28) .04 (.06)Total increase (decrease) from operationsB .07 (.03) .32 .41 .82Distributions: From net investment income (excluding dividends) (.28) (.49) (.51) (.38) (.37)From dividends – – – – –From capital gains – – (.02) (.04) (.13)Return of capital – – – – –Total distributionsB,C (.28) (.49) (.53) (.42) (.50)Net assets, end of periodB $ 11.09 $ 11.31 $ 11.85 $ 12.09 $ 12.02Ratios and Supplemental Data Net asset value (000s) D $ 15,523 $ 20,777 $ 32,566 $ 28,224 $ 33,652Securities outstandingD 1,402,260 1,838,317 2,759,971 2,341,823 2,802,693Management expense ratio E,I 1.52% 1.59% 1.59% 1.59% 1.59%Management expense ratio before waivers or absorptions E,I 1.55% 1.62% 1.62% 1.62% 1.61%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 11.0865 $ 11.3109 $ 11.8519 $ 12.0912 $ 12.0251

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Financial Highlights – continued

Fidelity Floating Rate High Income Fund Series F

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.32 $ 11.87 $ 12.10 $ 12.04 $ 11.80Increase (decrease) from operations: Total revenue .47 .67 .69 .57 .58Total expenses (excluding distributions) (.10) (.12) (.12) (.12) (.12)Realized gains (losses) (.54) (.04) .10 (.02) .49Unrealized gains (losses) .30 (.41) (.26) .06 (.22)Total increase (decrease) from operationsB .13 .10 .41 .49 .73Distributions: From net investment income (excluding dividends) (.34) (.56) (.58) (.44) (.43)From dividends – – – – –From capital gains – – (.02) (.04) (.14)Return of capital – – – – –Total distributionsB,C (.34) (.56) (.60) (.48) (.57)Net assets, end of periodB $ 11.10 $ 11.32 $ 11.87 $ 12.10 $ 12.04Ratios and Supplemental Data Net asset value (000s) D $ 11,393 $ 14,839 $ 26,799 $ 28,347 $ 32,597Securities outstandingD 1,024,140 1,312,604 2,265,902 2,340,646 2,716,511Management expense ratio E,F .94% 1.01% 1.01% 1.01% 1.02%Management expense ratio before waivers or absorptions E,F .94% 1.02% 1.02% 1.02% 1.03%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 11.0997 $ 11.3223 $ 11.8638 $ 12.1020 $ 12.0362

Fidelity Floating Rate High Income Fund Series O

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 11.32 $ 11.86 $ 12.10 $ 12.03 $ 11.80Increase (decrease) from operations: Total revenue .47 .66 .68 .57 .58Total expenses (excluding distributions) – – – – –Realized gains (losses) (.53) (.06) .10 .01 .49Unrealized gains (losses) .28 (.53) (.26) .12 (.45)Total increase (decrease) from operationsB .22 .07 .52 .70 .62Distributions: From net investment income (excluding dividends) (.45) (.68) (.70) (.56) (.55)From dividends – – – – –From capital gains – – (.03) (.05) (.15)Return of capital – – – – –Total distributionsB,C (.45) (.68) (.73) (.61) (.70)Net assets, end of periodB $ 11.09 $ 11.32 $ 11.86 $ 12.10 $ 12.03Ratios and Supplemental Data Net asset value (000s) D $ 132,732 $ 101,380 $ 127,952 $ 197,986 $ 161,623Securities outstandingD 12,008,082 8,975,853 10,837,023 16,419,916 13,431,046Management expense ratio –% –% –% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 11.0904 $ 11.3153 $ 11.8584 $ 12.1004 $ 12.0348

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Fidelity Floating Rate High Income Fund Series E1

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.19 $ 9.63 $ 9.83 $ 9.77 $ 9.58Increase (decrease) from operations: Total revenue .38 .54 .56 .46 .47Total expenses (excluding distributions) (.13) (.14) (.14) (.14) (.15)Realized gains (losses) (.44) (.03) .08 – .42Unrealized gains (losses) .24 (.38) (.26) .05 (.40)Total increase (decrease) from operationsB .05 (.01) .24 .37 .34Distributions: From net investment income (excluding dividends) (.24) (.41) (.43) (.32) (.31)From dividends – – – – –From capital gains – – (.02) (.03) (.11)Return of capital – – – – –Total distributionsB,C (.24) (.41) (.45) (.35) (.42)Net assets, end of periodB $ 9.01 $ 9.19 $ 9.63 $ 9.83 $ 9.77Ratios and Supplemental Data Net asset value (000s) D $ 7,068 $ 8,546 $ 13,675 $ 11,116 $ 12,181Securities outstandingD 785,638 931,959 1,425,841 1,133,968 1,198,122Management expense ratio E,J 1.40% 1.47% 1.47% 1.47% 1.48%Management expense ratio before waivers or absorptions E,J 1.43% 1.50% 1.50% 1.50% 1.51%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 9.0093 $ 9.1911 $ 9.6307 $ 9.8269 $ 9.7723


Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.20 $ 9.64 $ 9.83 $ 9.77 $ 9.58Increase (decrease) from operations: Total revenue .38 .54 .55 .46 .46Total expenses (excluding distributions) (.12) (.14) (.14) (.14) (.14)Realized gains (losses) (.42) (.05) .07 .01 .44Unrealized gains (losses) .22 (.39) (.19) (.49) (.48)Total increase (decrease) from operationsB .06 (.04) .29 (.16) .28Distributions: From net investment income (excluding dividends) (.24) (.41) (.43) (.32) (.31)From dividends – – – – –From capital gains – – (.02) (.03) (.11)Return of capital – – – – –Total distributionsB,C (.24) (.41) (.45) (.35) (.42)Net assets, end of periodB $ 9.01 $ 9.20 $ 9.64 $ 9.83 $ 9.77Ratios and Supplemental Data Net asset value (000s) D $ 1,752 $ 1,319 $ 1,880 $ 2,825 $ 9,114Securities outstandingD 194,663 143,839 195,991 288,116 934,829Management expense ratio E,J 1.37% 1.43% 1.41% 1.41% 1.42%Management expense ratio before waivers or absorptions E,J 1.40% 1.45% 1.44% 1.44% 1.44%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 9.0137 $ 9.1965 $ 9.6359 $ 9.8315 $ 9.7732

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Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.18 $ 9.62 $ 9.82 $ 9.77 $ 9.58Increase (decrease) from operations: Total revenue .38 .56 .53 .46 .47Total expenses (excluding distributions) (.12) (.13) (.13) (.12) (.13)Realized gains (losses) (.45) .01 .03 .04 .43Unrealized gains (losses) (.03) (.29) (.02) .59 (.44)Total increase (decrease) from operationsB (.22) .15 .41 .97 .33Distributions: From net investment income (excluding dividends) (.25) (.42) (.44) (.33) (.32)From dividends – – – – –From capital gains – – (.02) (.04) (.11)Return of capital – – – – –Total distributionsB,C (.25) (.42) (.46) (.37) (.43)Net assets, end of periodB $ 9.00 $ 9.18 $ 9.62 $ 9.82 $ 9.77Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 54 $ 370 $ 3,914 $ 3,050Securities outstandingD 113 5,938 38,661 399,749 312,918Management expense ratio E,J 1.32% 1.40% 1.32% 1.31% 1.33%Management expense ratio before waivers or absorptions E,J 1.35% 1.43% 1.35% 1.34% 1.35%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 8.9950 $ 9.1785 $ 9.6178 $ 9.8215 $ 9.7712


Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.18 $ 9.62 $ 9.82 $ 9.77 $ 9.58Increase (decrease) from operations: Total revenue .37 .56 .54 .46 .47Total expenses (excluding distributions) (.10) (.12) (.13) (.13) (.13)Realized gains (losses) (.43) .03 .04 (.05) .42Unrealized gains (losses) .23 (.05) (.14) .07 (.24)Total increase (decrease) from operationsB .07 .42 .31 .35 .52Distributions: From net investment income (excluding dividends) (.26) (.43) (.44) (.33) (.33)From dividends – – – – –From capital gains – – (.02) (.04) (.11)Return of capital – – – – –Total distributionsB,C (.26) (.43) (.46) (.37) (.44)Net assets, end of periodB $ 8.99 $ 9.18 $ 9.62 $ 9.82 $ 9.77Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1 $ 1,069 $ 2,881 $ 347Securities outstandingD 117 114 111,744 294,203 35,612Management expense ratio E,J 1.14% 1.28% 1.34% 1.32% 1.28%Management expense ratio before waivers or absorptions E,J 1.14% 1.30% 1.37% 1.35% 1.31%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 8.9896 $ 9.1782 $ 9.6204 $ 9.8206 $ 9.7725

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Periods ended June 30, 2021 2020K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.47 $ 10.00Increase (decrease) from operations: Total revenue .38 .22Total expenses (excluding distributions) (.12) (.06)Realized gains (losses) (.45) (.07)Unrealized gains (losses) .24 (.41)Total increase (decrease) from operationsB .05 (.32)Distributions: From net investment income (excluding dividends) (.26) (.21)From dividends – –From capital gains – –Return of capital – –Total distributionsB,C (.26) (.21)Net assets, end of periodB $ 9.27 $ 9.47Ratios and Supplemental Data Net asset value (000s) D $ 1 $ 1Securities outstandingD 105 102Management expense ratio E,L 1.28% 1.28%Management expense ratio before waivers or absorptions E,L 1.28% 1.28%Trading expense ratioG —% —%Portfolio turnover rateH 38.54% 29.95%Net asset value per security, end of period $ 9.2707 $ 9.4702

Fidelity Floating Rate High Income Fund Series P1

Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.25 $ 9.70 $ 9.89 $ 9.84 $ 9.64Increase (decrease) from operations: Total revenue .38 .55 .56 .47 .47Total expenses (excluding distributions) (.08) (.09) (.09) (.09) (.09)Realized gains (losses) (.41) (.01) .08 .03 .41Unrealized gains (losses) .24 (.26) (.20) .16 (.36)Total increase (decrease) from operationsB .13 .19 .35 .57 .43Distributions: From net investment income (excluding dividends) (.29) (.46) (.48) (.37) (.36)From dividends – – – – –From capital gains – – (.02) (.04) (.11)Return of capital – – – – –Total distributionsB,C (.29) (.46) (.50) (.41) (.47)Net assets, end of periodB $ 9.07 $ 9.25 $ 9.70 $ 9.89 $ 9.84Ratios and Supplemental Data Net asset value (000s) D $ 6,539 $ 6,179 $ 24,011 $ 23,370 $ 14,600Securities outstandingD 721,487 669,056 2,478,251 2,370,934 1,430,435Management expense ratio E,M .84% .92% .92% .92% .91%Management expense ratio before waivers or absorptions E,M .84% .92% .93% .93% .93%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 9.0681 $ 9.2513 $ 9.6940 $ 9.8915 $ 9.8361

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Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.25 $ 9.70 $ 9.89 $ 9.84 $ 9.64Increase (decrease) from operations: Total revenue .38 .55 .55 .47 .47Total expenses (excluding distributions) (.07) (.08) (.09) (.08) (.09)Realized gains (losses) (.43) – .07 .02 .43Unrealized gains (losses) .25 (.33) (.13) .15 (.43)Total increase (decrease) from operationsB .13 .14 .40 .56 .38Distributions: From net investment income (excluding dividends) (.30) (.47) (.49) (.37) (.37)From dividends – – – – –From capital gains – – (.02) (.04) (.11)Return of capital – – – – –Total distributionsB,C (.30) (.47) (.51) (.41) (.48)Net assets, end of periodB $ 9.07 $ 9.25 $ 9.70 $ 9.89 $ 9.84Ratios and Supplemental Data Net asset value (000s) D $ 3,148 $ 3,778 $ 8,630 $ 15,177 $ 10,042Securities outstandingD 347,845 408,608 891,558 1,536,422 1,023,349Management expense ratio E,M .78% .88% .87% .87% .86%Management expense ratio before waivers or absorptions E,M .78% .88% .88% .88% .87%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 9.0686 $ 9.2528 $ 9.6967 $ 9.8915 $ 9.8379


Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.25 $ 9.70 $ 9.89 $ 9.84 $ 9.65Increase (decrease) from operations: Total revenue .37 .58 .57 .47 .47Total expenses (excluding distributions) (.06) (.08) (.08) (.08) (.07)Realized gains (losses) (.25) .06 .09 .07 .41Unrealized gains (losses) (.29) .09 (.37) .40 (.90)Total increase (decrease) from operationsB (.23) .65 .21 .86 (.09)Distributions: From net investment income (excluding dividends) (.31) (.48) (.50) (.38) (.38)From dividends – – – – –From capital gains – – (.02) (.04) (.11)Return of capital – – – – –Total distributionsB,C (.31) (.48) (.52) (.42) (.49)Net assets, end of periodB $ 9.06 $ 9.25 $ 9.70 $ 9.89 $ 9.84Ratios and Supplemental Data Net asset value (000s) D $ 17 $ 1 $ 6,401 $ 5,144 $ 1,586Securities outstandingD 1,869 105 661,462 520,271 161,725Management expense ratio E,M .68% .78% .80% .79% .75%Management expense ratio before waivers or absorptions E,M .68% .78% .80% .81% .76%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 9.0586 $ 9.2500 $ 9.6939 $ 9.8920 $ 9.8388

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Periods ended June 30, 2021 2020 2019 2018 2017The Series’ Net Assets per Security A Net assets, beginning of period B $ 9.25 $ 9.70 $ 9.89 $ 9.84 $ 9.64Increase (decrease) from operations: Total revenue .38 .54 .56 .46 .46Total expenses (excluding distributions) (.06) (.07) (.07) (.07) (.07)Realized gains (losses) (.44) (.06) .07 .01 .41Unrealized gains (losses) .24 (.40) (.12) .37 (.96)Total increase (decrease) from operationsB .12 .01 .44 .77 (.16)Distributions: From net investment income (excluding dividends) (.31) (.48) (.50) (.39) (.38)From dividends – – – – –From capital gains – – (.02) (.04) (.11)Return of capital – – – – –Total distributionsB,C (.31) (.48) (.52) (.43) (.49)Net assets, end of periodB $ 9.07 $ 9.25 $ 9.70 $ 9.89 $ 9.84Ratios and Supplemental Data Net asset value (000s) D $ 422 $ 427 $ 379 $ 489 $ 309Securities outstandingD 46,624 46,312 39,351 54,632 31,543Management expense ratio E,M .66% .72% .72% .72% .72%Management expense ratio before waivers or absorptions E,M .66% .72% .73% .74% .74%Trading expense ratioG —% —% —% —% —%Portfolio turnover rateH 38.54% 29.95% 40.19% 50.04% 58.78%Net asset value per security, end of period $ 9.0669 $ 9.2508 $ 9.6939 $ 9.8911 $ 9.8371


Periods ended June 30, 2021N

The Series’ Net Assets per Security A

Net assets, beginning of period B $ 10.00Increase (decrease) from operations:Total revenue .34Total expenses (excluding distributions) (.05)Realized gains (losses) (.48)Unrealized gains (losses) .87Total increase (decrease) from operationsB .68Distributions:From net investment income (excluding dividends) (.32)From dividends –From capital gains –Return of capital –Total distributionsB,C (.32)Net assets, end of periodB $ 9.88Ratios and Supplemental DataNet asset value (000s) D $ 1Securities outstandingD 103Management expense ratio E,O .62%Management expense ratio before waivers or absorptions E,O .62%Trading expense ratioG —%Portfolio turnover rateH 38.54%Net asset value per security, end of period $ 9.8817

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 November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

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

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

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

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

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

K For the period January 24, 2020 (commencement of sale of securities) to June 30, 2020.L Effective January 28, 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.M 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.N For the period August 28, 2020 (commencement of sale of securities) to June 30, 2021.O 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% 20.98% 79.02%

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

20

15

10

5

0

-5

2021

0.2

2020

-0.8

2019

2.1

2018

3.8

2017

5.8

2016

3.4

2015

17.4

2014

5.7

Fiscal Years

(%)

Commencement of Operations is October 16, 2013

Series B

20

15

10

5

0

-5

2021

0.5

2020

-0.5

2019

2.5

2018

4.2

2017

6.2

2016

3.8

2015

17.8

2014

5.9

Fiscal Years

(%)


Series F

20

10

0

-10

2021

1.1

2020

0.1

2019

3.1

2018

4.8

2017

6.9

2016

4.4

2015

18.5

2014

6.3

Fiscal Years

(%)


Series O

20

10

0

-10

2021

2.0

2020

1.1

2019

4.1

2018

5.8

2017

7.9

2016

5.4

2015

19.8

2014

7.1

Fiscal Years

(%)


Series E1

20

15

10

5

0

-5

2021

0.6

2020

-0.4

2019

2.6

2018

4.3

2017

6.3

2016

3.7

2015

17.8

2014

5.9

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E2

20

15

10

5

0

-5

2021

0.6

2020

-0.3

2019

2.6

2018

4.4

2017

6.4

2016

3.8

2015

17.8

2014

5.9

Fiscal Years

(%)


13

Series E3

20

15

10

5

0

-5

2021

0.7

2020

-0.3

2019

2.6

2018

4.4

2017

6.4

2016

3.8

2015

17.8

2014

5.9

Fiscal Years

(%)


Series E4

20

15

10

5

0

-5

2021

0.8

2020

-0.2

2019

2.7

2018

4.4

2017

6.5

2016

3.8

2015

17.8

2014

5.9

Fiscal Years

(%)


Series E5

20

15

10

5

0

-5

2021

0.6

2020

-0.4

2019

2.5

2018

4.2

2017

6.2

2016

3.8

2015

17.8

2014

5.9

Fiscal Years

(%)

Commencement of Operations is January 24, 2020

Series P1

20

10

0

-10

2021

1.2

2020

0.2

2019

3.1

2018

4.9

2017

6.9

2016

4.4

2015

18.5

2014

6.3

Fiscal Years

(%)

Commencement of Operations is December 4, 2015

Series P2

20

10

0

-10

2021

1.2

2020

0.2

2019

3.2

2018

4.9

2017

7.0

2016

4.4

2015

18.5

2014

6.3

Fiscal Years

(%)


Series P3

20

10

0

-10

2021

1.3

2020

0.3

2019

3.3

2018

5.0

2017

7.1

2016

4.5

2015

18.5

2014

6.3

Fiscal Years

(%)


Series P4

20

10

0

-10

2021

1.3

2020

0.4

2019

3.3

2018

5.1

2017

7.1

2016

4.5

2015

18.5

2014

6.3

Fiscal Years

(%)


Series P5

20

10

0

-10

2021

1.4

2020

0.1

2019

3.1

2018

4.8

2017

6.9

2016

4.4

2015

18.5

2014

6.3

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 with a broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, and the Fund’s benchmark, the S&P/LSTA Leveraged Loan Index, as described below.

Average Annual Total ReturnsPast 1 year

Past 3 years

Past 5 years

Since Inception

Series A 0.2% 0.5% 2.2% 4.8%Series B 0.5% 0.8% 2.5% 5.1%Series F 1.1% 1.4% 3.1% 5.7%Series O 2.0% 2.4% 4.2% 6.8%Series E1 0.6% 0.9% 2.7% 5.2%Series E2 0.6% 1.0% 2.7% 5.2%Series E3 0.7% 1.0% 2.7% 5.2%Series E4 0.8% 1.1% 2.8% 5.3%Series E5 0.6% 0.9% 2.6% 5.1%Series P1 1.2% 1.5% 3.2% 5.8%Series P2 1.2% 1.5% 3.3% 5.8%Series P3 1.3% 1.6% 3.4% 5.9%Series P4 1.3% 1.7% 3.4% 5.9%Series P5 1.4% 1.5% 3.2% 5.8%S&P®/LSTA Leveraged Loan Index 1.5% 2.3% 4.0% 6.6%Bloomberg U.S. Aggregate Bond Index (9.4)% 3.2% 2.0% 5.9%

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. 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. S&P/LSTA Leveraged Loan Index is a market-capitaliza-tion-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged loan portfolios using current market weightings, spreads and interest payments. Effective August 24, 2021 the Bloomberg Barclays fixed income benchmark indices will be rebranded as the Bloomberg Indices. This change will occur as planned at the end of the five-year period following Bloomberg’s acquisition of Barclays Risk Analytics and Index Solutions (BRAIS) in August of 2016.

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

15


Summary of Investment Portfolio as at June 30, 2021Sector Mix

% of Fund’s Net Assets as at

6/30/21


6/30/20

Technology 15.5 14.8

Services 7.8 6.9

Telecommunications 6.9 9.0

Healthcare 6.8 5.2

Gaming 5.2 4.9

Energy 4.7 4.8

Super Retail 4.2 4.4

Insurance 4.0 4.6

Containers 3.4 3.7

Chemicals 3.0 2.0

Utilities 2.9 3.0

Leisure 2.6 2.8

Diversified Financial Services 2.6 3.6

Cable/Satellite TV 2.5 3.1

Building Materials 2.4 1.3

Broadcasting 2.4 2.7

Hotels 2.2 1.7

Consumer Products 2.1 1.3

Air Transportation 2.1 1.3

Aerospace 1.6 1.6

Food/Beverage/Tobacco 1.6 1.3

Homebuilders/Real Estate 1.5 1.1

Diversified Media 1.3 0.0

Publishing/Printing 1.0 1.0

Others (Individually Less Than 1%) 5.7 8.5

Cash and Cash Equivalents 5.7 5.0

Net Other Assets (Liabilities) (1.7) 0.4

Geographic Mix


6/30/21


6/30/20

United States of America 84.4 84.2

Luxembourg 6.8 5.4

Canada 1.0 1.1

Others (Individually Less Than 1%) 3.8 3.9

Cash and Cash Equivalents 5.7 5.0

Net Other Assets (Liabilities) (1.7) 0.4

Maturity Diversification

Years


6/30/21


6/30/20

0 – 1 3.5 5.7

1 – 3 12.0 7.8

3 – 5 32.5 45.6

Over 5 49.2 40.4

Quality Diversification


6/30/21


6/30/20

BBB 2.8 4.1

BB and Below 86.9 84.8

Not Rated 5.1 5.6

Equities 1.2 0.1

Short-Term Investments and Net Other Assets 4.0 5.4

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. Cash and Cash Equivalents 3.3

2. Fidelity U.S. Money Market Investment Trust – Series O 3.0

3. Bass Pro Group LLC 2.4

4. Intelsat Jackson Holdings SA 2.1

5. Caesars Resort Collection LLC 1.7

6. Asurion LLC 1.3

7. UKG, Inc. 1.2

8. TransDigm, Inc. 1.0

9. Golden Nugget Llc 0.9

10. HUB International Ltd. 0.9

11. Peraton Corp. 0.8

12. Seattle Spinco, Inc. 0.8

13. Altice France SA 0.7

14. Camelot Finance SA 0.7

15. Consolidated Energy Finance SA 0.7

16. Gainwell Acquisition Corp. 0.7

17. WideOpenWest Finance LLC 0.7

18. Univision Communications, Inc. 0.7

19. Flex Acquisition Co., Inc. 0.6

20. Zayo Group Holdings, Inc. 0.6

21. Brookfield WEC Holdings, Inc. 0.6

22. Finastra Usa, Inc. 0.6

23. Delta 2 SARL 0.6

24. Icon Luxembourg Sarl 0.6

25. CQP Holdco LP / BIP-V Chinook Holdco LLC 0.6

27.8

Total Fund Net Assets $182,578,000

16

Summary of Investment Portfolio as at June 30, 2021 – continued

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

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

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

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

1.9585904.107 FICL-FRHI-MRFPA-0921

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

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

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

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

62.111101E

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

Fidelity Floating Rate High Income Fund

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