UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2676

Fidelity School Street Trust
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	December 31

Date of reporting period:	December 31, 2017

Item 1.

Reports to Stockholders

Fidelity Advisor® Multi-Asset Income Fund

Class A, Class M (formerly Class T), Class C and Class I

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Life of fund^A
Class A (incl. 4.00% sales charge)	1.70%	5.36%
Class M (incl. 4.00% sales charge)	1.70%	5.36%
Class C (incl. contingent deferred sales charge)	4.18%	6.46%
Class I	6.20%	7.50%

^A From September 9, 2015

Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Multi-Asset Income Fund - Class A on September 9, 2015, when the fund started, and the current 4.00% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$11,284	Fidelity Advisor® Multi-Asset Income Fund - Class A
	$10,616	Bloomberg Barclays U.S. Aggregate Bond Index

Management's Discussion of Fund Performance

Market Recap: U.S. equities gained 21.83% in 2017, as the S&P 500^® index rose steadily and closed the year just shy of an all-time high after a particularly strong three-month finish. Early on, equities rallied on optimism for President Trump’s pro-business agenda but leveled off in March amid fading optimism and stalled efforts by Congress to repeal and replace the Affordable Care Act. Upward momentum soon returned and continued through year-end with consumer sentiment and other market indicators staying positive. Sector-wise, information technology fared best by a wide margin, rising 39% amid strong earnings growth from several major index constituents. A 24% gain in materials was spurred by increased demand, especially from China. Conversely, the defensive energy and telecom services sectors returned about -1% each. In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index gained 3.54% after spending the majority of the year in recovery mode from its steep post-election sell-off in late 2016. Within the Bloomberg Barclays index, investment-grade corporate bonds led all major market segments, up 6.42%. U.S. Treasuries rose 2.31%, outperforming most sovereign bonds. Outside the index, riskier, non-core fixed-income segments led the broader market, while Treasury Inflation-Protected Securities (TIPS) gained 3.01%, according to Bloomberg Barclays.

Comments from Lead Portfolio Manager Adam Kramer: For the year, the fund's share classes (excluding sales charges, if applicable) gained about 5% to 6%, meaningfully trailing the 12.37% advance of Composite index, a 50/50 mix of the S&P 500^® index and the Bloomberg Barclays U.S. Aggregate Bond Index. The fund’s underperformance of the Composite index was mostly related to equities, where a combination of weak stock selection and an underweighting detracted. Throughout 2017, all types of stocks did well, but especially growth-oriented companies relative to their value-oriented counterparts. This situation was a headwind for the fund, given our typical emphasis on value companies. Along with weaker-than-expected performance from some of our individual equity holdings, it led to a difficult performance environment for the fund in 2017. Also hurting our relative result, albeit to a lesser extent, was our substantial underweighting in equities. In light of stocks’ very strong gain, our more-limited exposure to the category hampered relative performance. Further detracting was our out-of-index exposure to asset classes that trailed the Composite index – specifically, high-yield bonds, floating-rate debt and convertible securities. On the positive side, the fund benefited from a substantial underweighting in the investment-grade bond category, while security selection here also added value.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Five Holdings as of December 31, 2017

(by issuer, excluding cash equivalents)	% of fund's net assets
U.S. Treasury Obligations	28.1
Valeant Pharmaceuticals International, Inc.	2.9
Chevron Corp.	1.6
Apple, Inc.	1.5
DISH Network Corp.	1.5
	35.6

Top Five Market Sectors as of December 31, 2017

	% of fund's net assets
Consumer Discretionary	12.7
Financials	10.6
Information Technology	9.7
Consumer Staples	9.2
Energy	7.8

Quality Diversification (% of fund's net assets)

As of December 31, 2017^*
	U.S. Government and U.S. Government Agency Obligations	28.1%
	BBB	1.0%
	BB	6.0%
	B	11.2%
	CCC,CC,C	4.1%
	Equities	48.6%
	Short-Term Investments and Net Other Assets	1.0%

* Foreign investments - 15.8%

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.

Asset Allocation (% of fund's net assets)

As of December 31, 2017
	Corporate Bonds	13.0%
	U.S. Government and U.S. Government Agency Obligations	28.1%
	Bank Loan Obligations	9.3%
	Stocks	48.6%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

Investments December 31, 2017

Showing Percentage of Net Assets

Corporate Bonds - 13.0%
	Principal Amount	Value
Convertible Bonds - 1.5%
CONSUMER DISCRETIONARY - 1.5%
Media - 1.5%
DISH Network Corp. 3.375% 8/15/26	$680,000	$739,925
Nonconvertible Bonds - 11.5%
CONSUMER DISCRETIONARY - 1.0%
Media - 1.0%
21st Century Fox America, Inc. 7.75% 12/1/45	10,000	15,851
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 5/1/27 (a)	435,000	428,475
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 4.908% 7/23/25	5,000	5,315
Time Warner Cable, Inc. 6.55% 5/1/37	5,000	5,877
Viacom, Inc. 6.25% 2/28/57 (b)	5,000	4,881
		460,399
CONSUMER STAPLES - 1.0%
Beverages - 0.1%
Constellation Brands, Inc. 4.25% 5/1/23	30,000	31,731
Food Products - 0.9%
CF Industries Holdings, Inc. 5.15% 3/15/34	420,000	428,400
TOTAL CONSUMER STAPLES		460,131
ENERGY - 0.6%
Oil, Gas & Consumable Fuels - 0.6%
Petroleos Mexicanos:
3.5% 7/23/20	10,000	10,135
5.625% 1/23/46	260,000	240,630
6.75% 9/21/47	14,000	14,614
The Williams Companies, Inc. 5.75% 6/24/44	20,000	21,350
		286,729
FINANCIALS - 3.2%
Banks - 0.1%
Royal Bank of Scotland Group PLC 6% 12/19/23	30,000	33,100
Capital Markets - 0.1%
Goldman Sachs Group, Inc. 5.15% 5/22/45	30,000	34,759
Lazard Group LLC 4.25% 11/14/20	10,000	10,415
Morgan Stanley 5% 11/24/25	30,000	32,819
		77,993
Diversified Financial Services - 1.5%
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a)	220,000	233,200
ILFC E-Capital Trust I 3 month U.S. LIBOR + 1.550% 4.37% 12/21/65 (a)(b)(c)	510,000	497,250
		730,450
Thrifts & Mortgage Finance - 1.5%
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (a)	655,000	727,050
TOTAL FINANCIALS		1,568,593
HEALTH CARE - 2.9%
Health Care Providers & Services - 0.0%
HCA Holdings, Inc. 6.5% 2/15/20	10,000	10,600
Pharmaceuticals - 2.9%
Valeant Pharmaceuticals International, Inc.:
5.375% 3/15/20 (a)	700,000	700,875
5.875% 5/15/23 (a)	720,000	667,800
9% 12/15/25 (a)	50,000	52,110
		1,420,785
TOTAL HEALTH CARE		1,431,385
INDUSTRIALS - 0.5%
Commercial Services & Supplies - 0.5%
APX Group, Inc. 7.625% 9/1/23	240,000	252,600
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
Greeneden U.S. Holdings II LLC 10% 11/30/24 (a)	95,000	103,788
MATERIALS - 0.4%
Metals & Mining - 0.4%
First Quantum Minerals Ltd. 7.5% 4/1/25 (a)	195,000	211,575
REAL ESTATE - 0.1%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Equity One, Inc. 3.75% 11/15/22	30,000	30,730
Omega Healthcare Investors, Inc. 4.5% 4/1/27	17,000	16,629
		47,359
Real Estate Management & Development - 0.0%
Liberty Property LP 4.75% 10/1/20	20,000	21,035
TOTAL REAL ESTATE		68,394
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.8%
SFR Group SA 6% 5/15/22 (a)	380,000	384,750
Wireless Telecommunication Services - 0.1%
Sprint Communications, Inc. 7% 3/1/20 (a)	25,000	26,750
TOTAL TELECOMMUNICATION SERVICES		411,500
UTILITIES - 0.7%
Electric Utilities - 0.1%
FirstEnergy Corp. 7.375% 11/15/31	30,000	40,447
Independent Power and Renewable Electricity Producers - 0.6%
Dolphin Subsidiary II, Inc. 7.25% 10/15/21	30,000	33,300
Dynegy, Inc. 7.625% 11/1/24	255,000	273,488
		306,788
TOTAL UTILITIES		347,235

TOTAL NONCONVERTIBLE BONDS		5,602,329

TOTAL CORPORATE BONDS
(Cost $6,097,480)		6,342,254

U.S. Government and Government Agency Obligations - 28.1%
U.S. Treasury Inflation-Protected Obligations - 0.5%
U.S. Treasury Inflation-Indexed Bonds 0.75% 2/15/45	20,950	21,113
U.S. Treasury Inflation-Indexed Notes:
0.375% 7/15/25	$31,204	$31,285
0.375% 1/15/27	142,958	142,091
0.625% 1/15/26	62,285	63,351

TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS		257,840

U.S. Treasury Obligations - 27.6%
U.S. Treasury Bonds:
2.5% 5/15/46	593,000	563,451
2.75% 8/15/47	654,000	654,082
2.75% 11/15/47	745,000	745,384
3% 11/15/45	658,000	690,274
3% 2/15/47	568,000	596,697
3% 5/15/47	665,000	698,389
U.S. Treasury Notes:
0.625% 4/30/18	912,000	909,644
0.75% 2/28/18	919,000	918,121
0.75% 4/15/18	920,000	918,414
0.875% 5/31/18	908,000	905,943
1% 2/15/18	913,000	912,668
1% 3/15/18	907,000	906,363
1% 5/15/18	918,000	916,709
1% 5/31/18	913,000	911,145
1.125% 6/15/18	940,000	938,526
1.125% 1/15/19	45,000	44,671
1.125% 8/31/21	100,000	96,595
1.75% 12/31/20	919,000	912,542
2% 12/31/21	249,000	247,721

TOTAL U.S. TREASURY OBLIGATIONS		13,487,339

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $13,746,087)		13,745,179

Municipal Securities - 0.0%
Illinois Gen. Oblig. Series 2003, 5.1% 6/1/33
(Cost $13,967)	15,000	14,975
	Shares	Value

Common Stocks - 48.6%
CONSUMER DISCRETIONARY - 4.2%
Automobiles - 1.3%
Ford Motor Co.	18,300	$228,567
General Motors Co.	10,196	417,934
		646,501
Hotels, Restaurants & Leisure - 0.9%
Bluegreen Corp.	9,900	180,774
Wyndham Worldwide Corp.	2,275	263,604
		444,378
Media - 1.5%
Nexstar Broadcasting Group, Inc. Class A	6,850	535,670
Viacom, Inc. Class B (non-vtg.)	6,600	203,346
		739,016
Multiline Retail - 0.5%
Macy's, Inc.	8,600	216,634

TOTAL CONSUMER DISCRETIONARY		2,046,529

CONSUMER STAPLES - 7.3%
Beverages - 0.7%
The Coca-Cola Co.	7,550	346,394
Food & Staples Retailing - 2.5%
CVS Health Corp.	6,397	463,783
Wal-Mart Stores, Inc.	7,400	730,750
		1,194,533
Food Products - 1.5%
Bunge Ltd.	4,300	288,444
The J.M. Smucker Co.	3,650	453,476
		741,920
Household Products - 1.0%
Procter & Gamble Co.	5,177	475,663
Personal Products - 0.9%
Unilever NV:
(Certificaten Van Aandelen) (Bearer)	200	11,261
(NY Reg.)	7,850	442,112
		453,373
Tobacco - 0.7%
British American Tobacco PLC (United Kingdom)	5,100	345,528

TOTAL CONSUMER STAPLES		3,557,411

ENERGY - 7.2%
Oil, Gas & Consumable Fuels - 7.2%
Cheniere Energy, Inc. (d)	7,100	382,264
Chevron Corp.	6,125	766,789
ConocoPhillips Co.	10,842	595,117
Energy Transfer Equity LP	8,800	151,888
Enterprise Products Partners LP	11,600	307,516
Magellan Midstream Partners LP	3,450	244,743
Scorpio Tankers, Inc.	147,400	449,570
Suncor Energy, Inc.	955	35,062
Sunoco Logistics Partners, LP	6,550	186,020
Targa Resources Corp.	3,700	179,154
The Williams Companies, Inc.	6,419	195,715
		3,493,838
FINANCIALS - 7.4%
Banks - 5.7%
Bank of America Corp.	22,700	670,104
Citigroup, Inc.	8,775	652,948
JPMorgan Chase & Co.	4,600	491,924
Regions Financial Corp.	868	14,999
SunTrust Banks, Inc.	6,050	390,770
U.S. Bancorp	7,000	375,060
Wells Fargo & Co.	3,434	208,341
		2,804,146
Capital Markets - 0.7%
State Street Corp.	3,550	346,516
Insurance - 1.0%
Chubb Ltd.	1,704	249,006
MetLife, Inc.	4,500	227,520
		476,526

TOTAL FINANCIALS		3,627,188

HEALTH CARE - 4.5%
Biotechnology - 1.3%
Amgen, Inc.	3,570	620,823
Health Care Equipment & Supplies - 0.7%
Becton, Dickinson & Co.	1,550	331,793
Health Care Providers & Services - 0.5%
AmerisourceBergen Corp.	2,700	247,914
Pharmaceuticals - 2.0%
Allergan PLC	1,250	204,475
GlaxoSmithKline PLC	651	11,529
Johnson & Johnson	4,382	612,253
Pfizer, Inc.	4,400	159,368
		987,625

TOTAL HEALTH CARE		2,188,155

INDUSTRIALS - 2.0%
Aerospace & Defense - 1.1%
United Technologies Corp.	4,150	529,416
Air Freight & Logistics - 0.5%
Deutsche Post AG	5,739	273,716
Construction & Engineering - 0.4%
Fluor Corp.	3,700	191,105

TOTAL INDUSTRIALS		994,237

INFORMATION TECHNOLOGY - 8.5%
Communications Equipment - 1.8%
Cisco Systems, Inc.	18,258	699,281
InterDigital, Inc.	2,225	169,434
		868,715
Internet Software & Services - 1.4%
Twitter, Inc. (d)	27,500	660,275
IT Services - 0.0%
Paychex, Inc.	339	23,079
Semiconductors & Semiconductor Equipment - 2.2%
Broadcom Ltd.	1,325	340,393
Intel Corp.	13,200	609,312
Qualcomm, Inc.	811	51,920
United Microelectronics Corp.	123,000	58,586
		1,060,211
Software - 1.6%
Micro Focus International PLC	3,900	132,851
Microsoft Corp.	7,800	667,212
		800,063
Technology Hardware, Storage & Peripherals - 1.5%
Apple, Inc.	4,440	751,381

TOTAL INFORMATION TECHNOLOGY		4,163,724

MATERIALS - 4.0%
Chemicals - 3.1%
CF Industries Holdings, Inc.	3,800	161,652
DowDuPont, Inc.	800	56,976
FMC Corp.	2,100	198,786
LyondellBasell Industries NV Class A	5,975	659,162
Potash Corp. of Saskatchewan, Inc.	21,700	445,049
		1,521,625
Metals & Mining - 0.9%
Nucor Corp.	6,525	414,860

TOTAL MATERIALS		1,936,485

REAL ESTATE - 0.4%
Equity Real Estate Investment Trusts (REITs) - 0.4%
American Tower Corp.	1,425	203,305
Public Storage	34	7,106
		210,411
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.	6,591	348,862
Wireless Telecommunication Services - 0.4%
Vodafone Group PLC sponsored ADR	6,200	197,780

TOTAL TELECOMMUNICATION SERVICES		546,642

UTILITIES - 2.0%
Electric Utilities - 1.1%
Exelon Corp.	13,991	551,385
Independent Power and Renewable Electricity Producers - 0.9%
NRG Yield, Inc. Class C	22,700	429,030

TOTAL UTILITIES		980,415

TOTAL COMMON STOCKS
(Cost $21,884,112)		23,745,035
	Principal Amount	Value

Bank Loan Obligations - 9.3%
CONSUMER DISCRETIONARY - 6.0%
Diversified Consumer Services - 1.3%
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.8498% 4/26/24 (b)(c)	647,742	652,600
Hotels, Restaurants & Leisure - 2.8%
Aramark Services, Inc. Tranche B-1, term loan 3 month U.S. LIBOR + 2.000% 3.569% 3/7/25 (b)(c)	250,000	250,000
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8677% 2/17/24 (b)(c)	428,917	428,686
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.569% 2/1/24 (b)(c)	670,000	673,209
		1,351,895
Internet & Direct Marketing Retail - 1.5%
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.569% 9/25/24 (b)(c)	718,200	715,507
Media - 0.4%
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 4.9788% 8/15/22 (b)(c)	193,534	193,964

TOTAL CONSUMER DISCRETIONARY		2,913,966

CONSUMER STAPLES - 0.9%
Food & Staples Retailing - 0.9%
Albertson's LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.319% 8/25/21 (b)(c)	452,251	442,844
INDUSTRIALS - 1.4%
Commercial Services & Supplies - 1.4%
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.069% 4/7/21 (b)(c)	662,462	663,913
INFORMATION TECHNOLOGY - 1.0%
Internet Software & Services - 1.0%
Mcafee LLC Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.069% 9/29/24 (b)(c)	503,738	501,758
TOTAL BANK LOAN OBLIGATIONS
(Cost $4,510,169)		4,522,481
	Shares	Value

Money Market Funds - 2.5%
Fidelity Cash Central Fund, 1.36% (e)
(Cost $1,213,073)	1,212,832	1,213,075
TOTAL INVESTMENT IN SECURITIES - 101.5%
(Cost $47,464,888)		49,582,999
NET OTHER ASSETS (LIABILITIES) - (1.5)%		(721,314)
NET ASSETS - 100%		$48,861,685

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,033,623 or 8.3% of net assets.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(d) Non-income producing

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$52,027
Fidelity Securities Lending Cash Central Fund	889
Total	$52,916

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$2,046,529	$2,046,529	$--	$--
Consumer Staples	3,557,411	3,546,150	11,261	--
Energy	3,493,838	3,493,838	--	--
Financials	3,627,188	3,627,188	--	--
Health Care	2,188,155	2,176,626	11,529	--
Industrials	994,237	994,237	--	--
Information Technology	4,163,724	4,105,138	58,586	--
Materials	1,936,485	1,936,485	--	--
Real Estate	210,411	210,411	--	--
Telecommunication Services	546,642	546,642	--	--
Utilities	980,415	980,415	--	--
Corporate Bonds	6,342,254	--	6,342,254	--
U.S. Government and Government Agency Obligations	13,745,179	--	13,745,179	--
Municipal Securities	14,975	--	14,975	--
Bank Loan Obligations	4,522,481	--	4,522,481	--
Money Market Funds	1,213,075	1,213,075	--	--
Total Investments in Securities:	$49,582,999	$24,876,734	$24,706,265	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	84.2%
Canada	5.2%
Netherlands	2.3%
United Kingdom	1.5%
Luxembourg	1.4%
Others (Individually Less Than 1%)	5.4%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $46,251,815)	$48,369,924
Fidelity Central Funds (cost $1,213,073)	1,213,075
Total Investment in Securities (cost $47,464,888)		$49,582,999
Cash		33,281
Receivable for investments sold		137,589
Receivable for fund shares sold		62
Dividends receivable		17,869
Interest receivable		154,635
Distributions receivable from Fidelity Central Funds		1,597
Prepaid expenses		80
Receivable from investment adviser for expense reductions		10,277
Other receivables		256
Total assets		49,938,645
Liabilities
Payable for investments purchased	$955,910
Payable for fund shares redeemed	2,684
Distributions payable	1,767
Accrued management fee	22,189
Audit fee payable	70,781
Distribution and service plan fees payable	10,829
Other affiliated payables	6,562
Other payables and accrued expenses	6,238
Total liabilities		1,076,960
Net Assets		$48,861,685
Net Assets consist of:
Paid in capital		$47,166,156
Distributions in excess of net investment income		(51,726)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(370,890)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,118,145
Net Assets		$48,861,685
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($10,443,498 ÷ 1,003,063 shares)		$10.41
Maximum offering price per share (100/96.00 of $10.41)		$10.84
Class M:
Net Asset Value and redemption price per share ($7,511,118 ÷ 721,410 shares)		$10.41
Maximum offering price per share (100/96.00 of $10.41)		$10.84
Class C:
Net Asset Value and offering price per share ($8,682,814 ÷ 834,284 shares)^(a)		$10.41
Class I:
Net Asset Value, offering price and redemption price per share ($22,224,255 ÷ 2,134,101 shares)		$10.41

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$499,295
Interest		1,102,763
Income from Fidelity Central Funds		52,916
Total income		1,654,974
Expenses
Management fee	$266,182
Transfer agent fees	62,156
Distribution and service plan fees	123,214
Accounting and security lending fees	23,530
Custodian fees and expenses	25,633
Independent trustees' fees and expenses	176
Registration fees	57,048
Audit	100,015
Legal	119
Miscellaneous	442
Total expenses before reductions	658,515
Expense reductions	(132,614)	525,901
Net investment income (loss)		1,129,073
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(5,661)
Fidelity Central Funds	29
Foreign currency transactions	(247)
Total net realized gain (loss)		(5,879)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,578,406
Fidelity Central Funds	(79)
Assets and liabilities in foreign currencies	41
Total change in net unrealized appreciation (depreciation)		1,578,368
Net gain (loss)		1,572,489
Net increase (decrease) in net assets resulting from operations		$2,701,562

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,129,073	$1,717,437
Net realized gain (loss)	(5,879)	1,520,752
Change in net unrealized appreciation (depreciation)	1,578,368	535,793
Net increase (decrease) in net assets resulting from operations	2,701,562	3,773,982
Distributions to shareholders from net investment income	(979,338)	(1,698,883)
Distributions to shareholders from net realized gain	(316,549)	(1,472,355)
Distributions to shareholders from tax return of capital	(197,409)	–
Total distributions	(1,493,296)	(3,171,238)
Share transactions - net increase (decrease)	3,704,957	4,402,381
Total increase (decrease) in net assets	4,913,223	5,005,125
Net Assets
Beginning of period	43,948,462	38,943,337
End of period	$48,861,685	$43,948,462
Other Information
Distributions in excess of net investment income end of period	$(51,726)	$(13,281)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Advisor Multi-Asset Income Fund Class A

Years ended December 31,	2017	2016	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.14	$9.91	$10.00
Income from Investment Operations
Net investment income (loss)^B	.243	.438^C	.097
Net realized and unrealized gain (loss)	.348	.584	(.060)
Total from investment operations	.591	1.022	.037
Distributions from net investment income	(.210)	(.439)	(.096)
Distributions from net realized gain	(.069)	(.353)	(.031)
Tax return of capital	(.042)	–	–
Total distributions	(.321)	(.792)	(.127)
Net asset value, end of period	$10.41	$10.14	$9.91
Total Return^D,^E,^F	5.94%	10.55%	.36%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.38%	1.73%	2.10%^I
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%^I
Expenses net of all reductions	1.09%	1.10%	1.10%^I
Net investment income (loss)	2.38%	4.32%^C	3.10%^I
Supplemental Data
Net assets, end of period (000 omitted)	$10,443	$9,524	$6,284
Portfolio turnover rate^J	299%	239%	71%^K

^A For the period September 9, 2015 (commencement of operations) to December 31, 2015.

^B Calculated based on average shares outstanding during the period.

^C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.031 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 4.01%.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount not annualized.

See accompanying notes which are an integral part of the financial statements.

Fidelity Advisor Multi-Asset Income Fund Class M

Years ended December 31,	2017	2016	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.14	$9.91	$10.00
Income from Investment Operations
Net investment income (loss)^B	.243	.439^C	.097
Net realized and unrealized gain (loss)	.348	.583	(.060)
Total from investment operations	.591	1.022	.037
Distributions from net investment income	(.210)	(.439)	(.096)
Distributions from net realized gain	(.069)	(.353)	(.031)
Tax return of capital	(.042)	–	–
Total distributions	(.321)	(.792)	(.127)
Net asset value, end of period	$10.41	$10.14	$9.91
Total Return^D,^E,^F	5.94%	10.55%	.36%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.40%	1.75%	2.11%^I
Expenses net of fee waivers, if any	1.10%	1.10%	1.10%^I
Expenses net of all reductions	1.09%	1.10%	1.10%^I
Net investment income (loss)	2.38%	4.32%^C	3.10%^I
Supplemental Data
Net assets, end of period (000 omitted)	$7,511	$7,171	$5,578
Portfolio turnover rate^J	299%	239%	71%^K

^A For the period September 9, 2015 (commencement of operations) to December 31, 2015.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount not annualized.

See accompanying notes which are an integral part of the financial statements.

Fidelity Advisor Multi-Asset Income Fund Class C

Years ended December 31,	2017	2016	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.14	$9.91	$10.00
Income from Investment Operations
Net investment income (loss)^B	.166	.363^C	.074
Net realized and unrealized gain (loss)	.351	.583	(.059)
Total from investment operations	.517	.946	.015
Distributions from net investment income	(.148)	(.363)	(.074)
Distributions from net realized gain	(.069)	(.353)	(.031)
Tax return of capital	(.030)	–	–
Total distributions	(.247)	(.716)	(.105)
Net asset value, end of period	$10.41	$10.14	$9.91
Total Return^D,^E,^F	5.18%	9.74%	.14%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.14%	2.50%	2.86%^I
Expenses net of fee waivers, if any	1.85%	1.85%	1.85%^I
Expenses net of all reductions	1.84%	1.85%	1.85%^I
Net investment income (loss)	1.63%	3.57%^C	2.35%^I
Supplemental Data
Net assets, end of period (000 omitted)	$8,683	$7,162	$5,468
Portfolio turnover rate^J	299%	239%	71%^K

^A For the period September 9, 2015 (commencement of operations) to December 31, 2015.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the contingent deferred sales charge.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount not annualized.

See accompanying notes which are an integral part of the financial statements.

Fidelity Advisor Multi-Asset Income Fund Class I

Years ended December 31,	2017	2016	2015 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.14	$9.92	$10.00
Income from Investment Operations
Net investment income (loss)^B	.268	.464^C	.104
Net realized and unrealized gain (loss)	.349	.573	(.050)
Total from investment operations	.617	1.037	.054
Distributions from net investment income	(.231)	(.464)	(.103)
Distributions from net realized gain	(.069)	(.353)	(.031)
Tax return of capital	(.047)	–	–
Total distributions	(.347)	(.817)	(.134)
Net asset value, end of period	$10.41	$10.14	$9.92
Total Return^D,^E	6.20%	10.72%	.54%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.10%	1.47%	1.80%^H
Expenses net of fee waivers, if any	.85%	.85%	.85%^H
Expenses net of all reductions	.84%	.85%	.85%^H
Net investment income (loss)	2.63%	4.57%^C	3.35%^H
Supplemental Data
Net assets, end of period (000 omitted)	$22,224	$20,092	$21,614
Portfolio turnover rate^I	299%	239%	71%^J

^A For the period September 9, 2015 (commencement of operations) to December 31, 2015.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Advisor Multi-Asset Income Fund (the Fund) is a fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2017 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

For the period ended December 31, 2017, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.

Book-tax differences are primarily due to foreign currency transactions, contingent interest, equity-debt classifications, certain conversion ratio adjustments, partnerships, tax return of capital distribution, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$2,310,365
Gross unrealized depreciation	(352,760)
Net unrealized appreciation (depreciation)	$1,957,605
Tax Cost	$47,625,394

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income	$–
Undistributed ordinary income	$–
Capital loss carryforward	$(210,384)
Net unrealized appreciation (depreciation) on securities and other investments	$1,957,639

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(210,384)

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$1,291,299	$ 3,142,041
Long-term Capital Gains	4,588	29,197
Tax Return of Capital	197,409	–
Total	$1,493,296	$ 3,171,238

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $97,311,630 and $100,382,146, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$25,791	$14,373
Class M	-%	.25%	18,449	6,777
Class C	.75%	.25%	78,974	61,831
			$123,214	$82,981

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$1,863
Class M	–
Class C^(a)	1,512
	$3,375

(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$14,709	.14
Class M	11,547	.16
Class C	11,832	.15
Class I	24,068	.11
	$62,156

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,377 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $150 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $889. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 29, 2020. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.10%	$28,741
Class M	1.10%	21,919
Class C	1.85%	22,904
Class I	.85%	56,046
		$129,610

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,244 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $500.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $260.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Class A	$211,541	$342,143
Class M	151,601	282,603
Class C	113,557	222,018
Class I	502,639	852,119
Total	$979,338	$1,698,883
From net realized gain
Class A	$66,072	$318,001
Class M	49,793	240,444
Class C	50,566	239,160
Class I	150,118	674,750
Total	$316,549	$1,472,355
From tax return of capital
Class A	$42,677	$–
Class M	30,572	–
Class C	23,017	–
Class I	101,143	–
Total	$197,409	$–

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Class A
Shares sold	344,462	405,048	$3,517,808	$4,103,110
Reinvestment of distributions	30,807	61,259	314,876	621,892
Shares redeemed	(311,632)	(160,670)	(3,174,452)	(1,653,667)
Net increase (decrease)	63,637	305,637	$658,232	$3,071,335
Class M
Shares sold	43,193	157,221	$440,963	$1,587,060
Reinvestment of distributions	21,990	51,185	224,769	519,475
Shares redeemed	(51,024)	(63,735)	(522,294)	(665,778)
Net increase (decrease)	14,159	144,671	$143,438	$1,440,757
Class C
Shares sold	200,547	159,352	$2,048,191	$1,623,945
Reinvestment of distributions	18,246	45,136	186,420	457,848
Shares redeemed	(90,999)	(49,652)	(928,998)	(517,034)
Net increase (decrease)	127,794	154,836	$1,305,613	$1,564,759
Class I
Shares sold	808,249	579,349	$8,267,924	$5,832,730
Reinvestment of distributions	68,411	145,027	699,228	1,470,901
Shares redeemed	(724,025)	(922,795)	(7,369,478)	(8,978,101)
Net increase (decrease)	152,635	(198,419)	$1,597,674	$(1,674,470)

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were the owners of record of 43% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity School Street Trust and Shareholders of Fidelity Advisor Multi-Asset Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Advisor Multi-Asset Income Fund (one of the funds constituting Fidelity School Street Trust, referred to hereafter as the “Fund”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2017 and the period September 9, 2015 (commencement of operations) through December 31, 2015 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the two years in the period ended December 31, 2017 and for the period September 9, 2015 (commencement of operations) through December 31, 2015 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 16, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 238 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity^® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity^® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity^® funds (2001-2005), and managed a number of Fidelity^® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity^® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity^® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity^® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity^® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity^® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Mr. Gamper also serves as Trustee of other Fidelity^® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity^® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity^® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity^® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity^® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity^® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity^® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Thomas C. Hense (1964)

Year of Election or Appointment: 2008, 2010, or 2015

Vice President

Mr. Hense serves as Vice President of Fidelity Advisor^® Multi-Asset Income Fund (2015) and other funds (High Income (2008), Small Cap (2008), and Value (2010) funds), and is an employee of Fidelity Investments (1993-present). Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity^® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Class A	1.10%
Actual		$1,000.00	$1,035.70	$5.64
Hypothetical-^C		$1,000.00	$1,019.66	$5.60
Class M	1.10%
Actual		$1,000.00	$1,035.70	$5.64
Hypothetical-^C		$1,000.00	$1,019.66	$5.60
Class C	1.85%
Actual		$1,000.00	$1,032.00	$9.48
Hypothetical-^C		$1,000.00	$1,015.88	$9.40
Class I	.85%
Actual		$1,000.00	$1,037.00	$4.36
Hypothetical-^C		$1,000.00	$1,020.92	$4.33

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

A total of 9.92% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $674,810 of distributions paid during the period January 1, 2017 to December 31, 2017 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

A percentage of the dividends distributed during the fiscal year qualify for the dividends–received deduction for corporate shareholders:

	Class A	Class C	Class M	Class I
February 10, 2017	5%	5%	5%	5%
February 28, 2017	31%	38%	31%	30%
March, 2017	32%	42%	31%	29%
April, 2017	31%	49%	31%	28%
May, 2017	31%	44%	31%	29%
June, 2017	27%	44%	31%	30%
July, 2017	31%	50%	31%	28%
August, 2017	32%	43%	31%	29%
September, 2017	34%	48%	34%	26%
October, 2017	31%	51%	31%	27%
November, 2017	30%	44%	31%	29%
December, 2017	31%	53%	31%	27%

A percentage of the dividends distributed during the fiscal year may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	Class A	Class C	Class M	Class I
February 10, 2017	6%	6%	6%	6%
February 28, 2017	36%	44%	36%	34%
March, 2017	36%	48%	35%	33%
April, 2017	36%	56%	36%	32%
May, 2017	36%	50%	36%	33%
June, 2017	31%	50%	36%	35%
July, 2017	36%	57%	36%	32%
August, 2017	36%	49%	36%	33%
September, 2017	39%	55%	38%	29%
October, 2017	36%	58%	35%	31%
November, 2017	35%	51%	35%	33%
December, 2017	36%	61%	36%	31%

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Multi-Asset Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase above the new breakpoint.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in April 2017 and September 2017.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Advisor Multi-Asset Income Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

The Board further considered that FMR has contractually agreed to reimburse Class A, Class M (formerly Class T), Class C, and Class I of the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 1.10%, 1.10%, 1.85%, and 0.85% through February 28, 2018.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

AMAI-ANN-0218
1.9865887.102

Fidelity Advisor® Global Credit Fund (formerly Fidelity Global Bond Fund)-

Class A, Class M (formerly Class T), Class C and Class I

Annual Report

December 31, 2017

Class A, Class M, Class C and Class I are classes of Fidelity® Global Credit Fund

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Class A (incl. 4.00% sales charge)	4.25%	(0.52)%	0.05%
Class M (incl. 4.00% sales charge)	4.25%	(0.51)%	0.06%
Class C (incl. contingent deferred sales charge)	6.71%	(0.47)%	0.02%
Class I	8.90%	0.55%	1.04%

^A From May 22, 2012

Class C shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.

Prior to June 1, 2017, the fund was named Fidelity Global Bond Fund, and the fund operated under certain different investment policies and compared its performance to a different index. The fund's historical performance may not represent its current investment policies.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Global Credit Fund - Class A on May 22, 2012, when the fund started, and the current 4.00% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Global Aggregate Credit Index Hedged (USD) performed over the same period.

	Period Ending Values
	$10,030	Fidelity Advisor® Global Credit Fund - Class A
	$12,682	Bloomberg Barclays Global Aggregate Credit Index Hedged (USD)
	$11,072	Bloomberg Barclays Global Aggregate GDP Weighted Index

Effective June 1, 2017, the fund began comparing its performance to the Bloomberg Barclays Global Aggregate Credit Index Hedged (USD) rather than the Bloomberg Barclays Global Aggregate GDP Weighted Index because the Bloomberg Barclays Global Aggregate Credit Index Hedged (USD) provides a more appropriate performance comparison for the fund.

Management's Discussion of Fund Performance

Market Recap: Global investment-grade bonds rose strongly in 2017, lifted by a weaker U.S. dollar relative to most major currencies, as well as tightening credit spreads. The unhedged Bloomberg Barclays Global Aggregate Bond Index gained 7.39% for the year, supported by stable credit outlooks for many issuers, fairly benign inflation and historically low yields. By region, U.S. bonds – the largest weighting within the index – spent the majority of the year in recovery mode following a steep post-election sell-off in late 2016, as it became clear that changes to tax, health care and fiscal policies proposed by the Trump administration would take time to develop and implement. European bonds strongly outpaced the U.S., according to Bloomberg Barclays, driven by currency effects, continued economic stimulus by the European Central Bank and strong demand for bonds issued within several periphery countries. The Asia-Pacific region lagged slightly, as Japan’s mounting debt seemed to weigh on demand for new issues there. Elsewhere, Canada also had a strong showing, benefiting from a robust return for its corporate bonds – particularly among issuers in the utility and industrial sectors.

Comments from Co-Portfolio Managers Michael Foggin and Andrew Lewis The fund’s share classes posted returns in the range of roughly 8% to 9% for calendar 2017. This performance significantly bested the 5.36% return of the Bloomberg Barclays Global Aggregate Credit Index (Hedged) – which became the fund’s primary benchmark in June, and performed generally in line with the 8.42% return of the unhedged and less credit-focused Bloomberg Barclays Global Aggregate GDP Weighted Index, the fund's primary benchmark through May. Outperformance mainly was driven by our individual bond picks. The fund's positioning along the yield curve also contributed. Within corporates, eurozone-based holdings and subordinated bank bonds in the U.K. added meaningfully to the return, as did certain European real estate investment holdings. Elsewhere, the bonds of specific government-related agencies, including Mexico's Petroleos Mexicanos, added value, as did exposure to the sovereign debt of Indonesia's government. Conversely, options purchased to help protect the portfolio from potential downside detracted. We reduced the fund's exposure to corporate bonds during the period. We also slightly boosted the fund's holdings of sovereign bonds and foreign government-related agencies.

Note to Shareholders: Curt Hollingsworth retired from Fidelity at the end of 2017, leaving Michael Foggin and Andrew Lewis as Co-Managers of the fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of December 31, 2017
	United States of America	42.9%
	United Kingdom	12.6%
	Netherlands	9.7%
	Ireland	4.0%
	Canada	3.6%
	France	3.3%
	Switzerland	3.1%
	Germany	2.7%
	Luxembourg	2.5%
	Other	15.6%

Percentages are based on country or territory of incorporation and include the effect of futures contracts, options and swaps, as applicable. Foreign currency contracts and other assets and liabilities are included within United States of America, as applicable.

Quality Diversification (% of fund's net assets)

As of December 31, 2017
	AAA	0.2%
	AA	1.5%
	A	9.1%
	BBB	50.2%
	BB and Below	26.4%
	Not Rated	6.6%
	Equities	0.7%
	Short-Term Investments and Net Other Assets	5.3%

Asset Allocation (% of fund's net assets)

As of December 31, 2017^,^*
	Corporate Bonds	82.4%
	Foreign Government and Government Agency Obligations	3.3%
	Nonconvertible Preferred Stocks	0.7%
	Preferred Securities	8.3%
	Short-Term Investments and Net Other Assets (Liabilities)	5.3%

* Futures and Swaps - (6.1)%

** Foreign Currency Contracts - (46.3)%

Investments December 31, 2017

Showing Percentage of Net Assets

Nonconvertible Bonds - 82.4%
		Principal Amount(a)	Value
Argentina - 0.5%
YPF SA 8.5% 3/23/21 (Reg. S)		$200,000	$226,200
Australia - 0.5%
QBE Insurance Group Ltd. 5.25% (Reg. S) (b)(c)		200,000	203,494
Belgium - 0.9%
Anheuser-Busch InBev SA NV 1.75% 3/7/25 (Reg. S)	GBP	295,000	394,013
British Virgin Islands - 2.3%
Proven Glory Capital Ltd. 3.25% 2/21/22 (Reg. S)		550,000	547,931
Sinopec Group Overseas Development 2.5% 9/13/22 (Reg. S)		450,000	438,293

TOTAL BRITISH VIRGIN ISLANDS			986,224

Canada - 3.2%
Cenovus Energy, Inc.:
3% 8/15/22		373,000	370,625
4.25% 4/15/27		164,000	163,559
Encana Corp. 3.9% 11/15/21		400,000	411,057
TELUS Corp. 3.7% 9/15/27		400,000	408,954

TOTAL CANADA			1,354,195

Cayman Islands - 1.3%
Banco Do Brasil SA 4.625% 1/15/25 (d)		200,000	197,666
Three Gorges Finance II (Cayman Islands) Ltd. 1.3% 6/21/24 (Reg. S)	EUR	300,000	362,329

TOTAL CAYMAN ISLANDS			559,995

Denmark - 2.1%
Nykredit Realkredit A/S 4% 6/3/36 (Reg. S) (c)	EUR	300,000	392,766
TDC A/S 3.5% 2/26/3015 (Reg. S) (c)	EUR	170,000	213,055
Vestas Wind Systems A/S 2.75% 3/11/22 (Reg. S)	EUR	225,000	286,522

TOTAL DENMARK			892,343

France - 1.1%
Lagardere S.C.A. 1.625% 6/21/24 (Reg. S)	EUR	400,000	476,473
Germany - 2.5%
alstria office REIT-AG 1.5% 11/15/27 (Reg. S)	EUR	700,000	817,371
TLG Immobilien AG 1.375% 11/27/24 (Reg. S)	EUR	200,000	239,027

TOTAL GERMANY			1,056,398

Ireland - 4.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
4.5% 5/15/21		150,000	157,518
4.625% 7/1/22		210,000	222,444
Allied Irish Banks PLC 4.125% 11/26/25 (Reg. S) (c)	EUR	250,000	326,169
Aquarius + Investments PLC for Swiss Reinsurance Co. Ltd. 6.375% 9/1/24 (c)		600,000	630,000
Shire Acquisitions Investments Ireland DAC 3.2% 9/23/26		400,000	390,993

TOTAL IRELAND			1,727,124

Italy - 1.0%
UniCredit SpA 6.375% 5/2/23 (Reg. S) (c)		275,000	278,225
Wind Tre SpA 3.125% 1/20/25 (Reg. S)	EUR	146,000	170,515

TOTAL ITALY			448,740

Luxembourg - 2.5%
Alpha Trains Finance SA 2.064% 6/30/25	EUR	355,000	423,817
Altice SA 7.25% 5/15/22 (Reg. S)	EUR	100,000	121,554
SELP Finance SARL 1.25% 10/25/23 (Reg. S)	EUR	435,000	523,664

TOTAL LUXEMBOURG			1,069,035

Mexico - 2.4%
BBVA Bancomer SA 7.25% 4/22/20 (Reg. S)		350,000	378,438
Gruma S.A.B. de CV 4.875% 12/1/24 (Reg. S)		200,000	214,000
Petroleos Mexicanos 2.5% 8/21/21 (Reg. S)	EUR	350,000	440,696

TOTAL MEXICO			1,033,134

Netherlands - 7.8%
ABN AMRO Bank NV 4.4% 3/27/28 (Reg. S) (c)		600,000	617,626
Brenntag Finance BV 1.125% 9/27/25 (Reg. S)	EUR	150,000	178,663
Demeter Investments BV 5.625% 8/15/52 (Reg. S) (c)		200,000	217,224
Deutsche Annington Finance BV 5% 10/2/23 (d)		314,000	332,622
Mylan NV 2.25% 11/22/24 (Reg. S)	EUR	200,000	249,571
Petrobras Global Finance BV:
4.75% 1/14/25	EUR	100,000	132,583
6.125% 1/17/22		236,000	250,455
Samvardhana Motherson Automotive Systems Group BV 1.8% 7/6/24 (Reg. S)	EUR	300,000	352,471
Teva Pharmaceutical Finance Netherlands III BV 1.25% 3/31/23 (Reg. S)	EUR	700,000	765,749
Volkswagen International Finance NV 2.7%(Reg. S) (b)(c)	EUR	200,000	247,163

TOTAL NETHERLANDS			3,344,127

Portugal - 0.2%
Banco Espirito Santo SA 4% 1/21/19 (Reg. S) (e)	EUR	200,000	71,991
Spain - 1.1%
CaixaBank SA:
2.75% 7/14/28 (Reg. S) (c)	EUR	200,000	244,197
5% 11/14/23 (Reg. S) (c)	EUR	200,000	249,202

TOTAL SPAIN			493,399

Sweden - 0.8%
Securitas AB 1.125% 2/20/24 (Reg. S)	EUR	300,000	361,588
Switzerland - 3.1%
Credit Suisse Group AG 5.75% 9/18/25 (Reg. S) (c)	EUR	730,000	993,331
UBS AG 4.75% 2/12/26 (Reg. S) (c)	EUR	250,000	335,958

TOTAL SWITZERLAND			1,329,289

United Kingdom - 7.6%
Annington Funding PLC 2.646% 7/12/25 (Reg. S)	GBP	250,000	343,246
CYBG PLC 3.125% 6/22/25 (Reg. S) (c)	GBP	100,000	139,221
HSBC Holdings PLC 2.256% 11/13/26 (Reg. S) (c)	GBP	300,000	406,324
Imperial Tobacco Finance PLC 8.125% 3/15/24	GBP	200,000	362,099
Pennon Group PLC 2.875% (Reg. S) (b)(c)	GBP	150,000	203,920
SKY PLC 2.25% 11/17/25 (Reg. S)	EUR	160,000	208,553
TalkTalk Telecom Group PLC 5.375% 1/15/22 (Reg. S)	GBP	100,000	131,498
Tesco PLC:
5% 3/24/23	GBP	200,000	303,501
6.125% 2/24/22	GBP	100,000	155,642
Travis Perkins PLC 4.5% 9/7/23 (Reg. S)	GBP	140,000	197,375
Vodafone Group PLC 7.875% 2/15/30		150,000	203,725
Western Power Distribution (East Midlands) PLC 5.25% 1/17/23	GBP	370,000	583,766

TOTAL UNITED KINGDOM			3,238,870

United States of America - 37.5%
Abbott Laboratories 3.75% 11/30/26		400,000	410,635
Ally Financial, Inc. 4.125% 2/13/22		570,000	582,711
American Airlines, Inc. 3.75% 10/15/25		225,000	225,428
Anadarko Petroleum Corp. 4.85% 3/15/21		16,000	16,895
Anheuser-Busch InBev Finance, Inc. 4.7% 2/1/36		265,000	297,185
AT&T, Inc.:
3.4% 8/14/24		200,000	200,983
5.45% 3/1/47		360,000	384,439
Bank of America Corp.:
1.776% 5/4/27 (Reg. S) (c)	EUR	345,000	431,628
3.95% 4/21/25		215,000	222,284
Bat Capital Corp. 2.125% 8/15/25	GBP	250,000	335,975
Becton, Dickinson & Co. 3.363% 6/6/24		400,000	401,032
Brandywine Operating Partnership LP 3.95% 2/15/23		41,000	41,821
Brixmor Operating Partnership LP 4.125% 6/15/26		26,000	26,217
CBRE Group, Inc. 4.875% 3/1/26		140,000	151,642
CEMEX Finance LLC 4.625% 6/15/24	EUR	100,000	130,145
Citigroup, Inc. 4.45% 9/29/27		400,000	423,358
Cleco Corporate Holdings LLC 3.743% 5/1/26		400,000	401,384
DCP Midstream LLC 4.75% 9/30/21 (d)		563,000	581,298
DDR Corp. 4.7% 6/1/27		400,000	418,647
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 4.42% 6/15/21 (d)		360,000	375,091
Discover Financial Services:
3.75% 3/4/25		400,000	402,551
5.2% 4/27/22		150,000	161,435
Dolphin Subsidiary II, Inc. 7.25% 10/15/21		540,000	599,400
Emera U.S. Finance LP 3.55% 6/15/26		400,000	401,042
Exelon Corp. 3.497% 6/1/22 (c)		600,000	611,385
Express Scripts Holding Co. 3.4% 3/1/27		400,000	392,413
Goldman Sachs Group, Inc. 1.25% 5/1/25 (Reg. S)	EUR	355,000	429,108
Merrill Lynch & Co., Inc. 5.5% 11/22/21	GBP	245,000	377,478
Michael Kors U.S.A., Inc. 4% 11/1/24 (d)		162,000	163,430
Morgan Stanley:
1% 12/2/22	EUR	600,000	734,652
5% 11/24/25		355,000	388,362
NextEra Energy Partners LP 4.25% 9/15/24 (d)		400,000	407,000
Omega Healthcare Investors, Inc. 4.95% 4/1/24		400,000	417,796
Reynolds American, Inc. 7.25% 6/15/37		195,000	270,282
Southern Co. 3.25% 7/1/26		400,000	392,183
Sunoco Logistics Partner Operations LP 4% 10/1/27		400,000	392,105
The Mosaic Co. 4.25% 11/15/23		400,000	414,143
The Williams Companies, Inc. 4.55% 6/24/24		400,000	415,000
Time Warner Cable, Inc. 4.5% 9/15/42		405,000	379,672
Toll Brothers Finance Corp. 4.875% 3/15/27		500,000	518,750
Unum Group 4% 3/15/24		555,000	577,825
Voya Financial, Inc. 3.65% 6/15/26		375,000	379,138
Western Gas Partners LP 4% 7/1/22		370,000	377,421
Willis Group North America, Inc. 3.6% 5/15/24		380,000	386,228

TOTAL UNITED STATES OF AMERICA			16,047,597

TOTAL NONCONVERTIBLE BONDS
(Cost $34,472,314)			35,314,229

U.S. Government and Government Agency Obligations - 0.0%
U.S. Treasury Obligations - 0.0%
U.S. Treasury Bonds 2.5% 2/15/45 (f)
(Cost $14,002)		15,000	14,284

Foreign Government and Government Agency Obligations - 3.3%
Germany - 0.2%
German Federal Republic 0.5% 8/15/27	EUR	$60,000	$72,452
Indonesia - 1.6%
Indonesian Republic 2.625% 6/14/23	EUR	530,000	686,794
United Kingdom - 1.5%
United Kingdom, Great Britain and Northern Ireland:
1.5% 7/22/47 (f)	GBP	115,000	146,109
4.25% 3/7/36 (g)(h)	GBP	275,000	521,878

TOTAL UNITED KINGDOM			667,987

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,337,653)			1,427,233
		Shares	Value

Nonconvertible Preferred Stocks - 0.7%
United Kingdom - 0.7%
Nationwide Building Society 10.25%
(Cost $281,170)		1,350	286,392
		Principal Amount(a)	Value

Preferred Securities - 8.3%
Canada - 0.4%
Bank of Nova Scotia 4.65% (b)(c)		200,000	200,880
France - 2.3%
BNP Paribas SA 6.75% (Reg. S) (b)(c)		200,000	220,565
Credit Agricole Assurances SA 4.25% (Reg. S) (b)(c)	EUR	300,000	416,892
Danone SA 1.75% (Reg. S) (b)(c)	EUR	100,000	120,943
Total SA 2.625% (Reg. S) (b)(c)	EUR	175,000	225,558

TOTAL FRANCE			983,958

Italy - 0.9%
Assicurazioni Generali SpA 6.416% (b)(c)	GBP	250,000	392,720
Netherlands - 1.9%
Stichting AK Rabobank Certificaten 6.5% (Reg. S) (b)	EUR	225,000	334,229
Telefonica Europe BV 6.5% (Reg. S) (b)(c)	EUR	200,000	255,011
Volkswagen International Finance NV 2.5%(Reg. S) (b)(c)	EUR	175,000	219,541

TOTAL NETHERLANDS			808,781

United Kingdom - 2.8%
Aviva PLC 6.125% (b)(c)	GBP	150,000	235,590
Barclays Bank PLC 7.625% 11/21/22		278,000	317,236
Barclays PLC 7.875% (Reg. S) (b)(c)	GBP	200,000	300,767
HSBC Holdings PLC 5.25% (b)(c)	EUR	250,000	336,076

TOTAL UNITED KINGDOM			1,189,669

TOTAL PREFERRED SECURITIES
(Cost $3,277,356)			3,576,008
		Shares	Value

Money Market Funds - 4.7%
Fidelity Cash Central Fund, 1.36% (i)
(Cost $1,986,191)		1,985,794	1,986,191

Purchased Swaptions - 0.0%(j)
	Expiration Date	Notional Amount	Value
Put Options - 0.0%
Option with an exercise rate of 2.625% on a credit default swap with BNP Paribas to buy protection on the 5-Year iTraxx Europe Crossover Series 28 Index expiring December 2022, paying 5% quarterly	1/17/18	EUR 7,000,000	$7,244
TOTAL PURCHASED SWAPTIONS
(Cost $43,874)			7,244
TOTAL INVESTMENT IN SECURITIES - 99.4%
(Cost $41,412,560)			42,611,581
NET OTHER ASSETS (LIABILITIES) - 0.6%			236,654
NET ASSETS - 100%			$42,848,235

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Bond Index Contracts
ASX 10 Year Treasury Bond Index Contracts (Australia)	2	March 2018	$201,551	$(1,481)	$(1,481)
Eurex Euro-Buxl 30 Year Bond Contracts (Germany)	3	March 2018	589,822	(10,333)	(10,333)
TOTAL BOND INDEX CONTRACTS					(11,814)
Treasury Contracts
CBOT 2-Year U.S. Treasury Note Contracts (United States)	15	March 2018	3,211,641	(7,057)	(7,057)
CBOT Long Term U.S. Treasury Bond Contracts (United States)	5	March 2018	765,000	2,297	2,297
CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)	21	March 2018	3,520,781	30,240	30,240
TME 10 Year Canadian Note Contracts (Canada)	6	March 2018	643,341	(9,345)	(9,345)
TOTAL TREASURY CONTRACTS					16,135

TOTAL PURCHASED					4,321

Sold
Bond Index Contracts
Eurex Euro-Bobl Contracts (Germany)	17	March 2018	2,684,508	10,832	10,832
Eurex Euro-Bund Contracts (Germany)	7	March 2018	1,357,942	6,392	6,392
ICE Long Gilt Contracts (United Kingdom)	2	March 2018	337,970	(4,237)	(4,237)
ICE Medium Gilt Contracts (United Kingdom)	1	March 2018	152,729	(97)	(97)
TOTAL BOND INDEX CONTRACTS					12,890
Treasury Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)	5	March 2018	620,234	3,349	3,349
CBOT 5-Year U.S. Treasury Note Contracts (United States)	10	March 2018	1,161,641	5,839	5,839
CBOT Ultra 10-Year U.S. Treasury Note Contracts (United States)	9	March 2018	1,202,063	2,372	2,374
TOTAL TREASURY CONTRACTS					11,562

TOTAL SOLD					24,452

TOTAL FUTURES CONTRACTS					$28,773

The notional amount of futures purchased as a percentage of Net Assets is 20.8%

The notional amount of futures sold as a percentage of Net Assets is 17.5%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $18,810,240.

Forward Foreign Currency Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/(Depreciation)
USD	243,637	CZK	5,268,170	Citibank, N.A.	1/8/18	$(3,840)
EUR	311,000	USD	369,787	Canadian Imperial Bank of Commerce	2/23/18	4,496
EUR	32,000	USD	38,036	Citibank, N.A.	2/23/18	476
EUR	219,000	USD	259,439	Citibank, N.A.	2/23/18	4,124
EUR	234,000	USD	278,457	JPMorgan Chase Bank, N.A.	2/23/18	3,158
EUR	171,000	USD	203,245	JPMorgan Chase Bank, N.A.	2/23/18	2,551
EUR	207,000	USD	245,719	JPMorgan Chase Bank, N.A.	2/23/18	3,402
EUR	86,000	USD	101,955	State Street Bank And Tr Co	2/23/18	1,545
GBP	667,000	USD	878,352	Citibank, N.A.	2/23/18	23,704
GBP	23,000	USD	30,447	State Street Bank And Tr Co	2/23/18	658
USD	17,645	AUD	23,000	State Street Bank And Tr Co	2/23/18	$(300)
USD	14,212	CAD	18,000	Citibank, N.A.	2/23/18	(118)
USD	33,592	EUR	28,000	Canadian Imperial Bank of Commerce	2/23/18	(106)
USD	117,773	EUR	99,000	Canadian Imperial Bank of Commerce	2/23/18	(1,372)
USD	85,809	EUR	72,000	Credit Suisse Intl.	2/23/18	(842)
USD	29,646	EUR	25,000	Goldman Sachs Bank USA	2/23/18	(441)
USD	13,794,179	EUR	11,745,795	JPMorgan Chase Bank, N.A.	2/23/18	(341,685)
USD	455,494	EUR	388,000	JPMorgan Chase Bank, N.A.	2/23/18	(11,458)
USD	39,337	EUR	33,000	JPMorgan Chase Bank, N.A.	2/23/18	(378)
USD	78,555	EUR	67,000	State Street Bank And Tr Co	2/23/18	(2,078)
USD	125,753	EUR	106,000	State Street Bank And Tr Co	2/23/18	(1,816)
USD	320,075	GBP	238,000	Citibank, N.A.	2/23/18	(1,798)
USD	118,238	GBP	89,000	Credit Suisse Intl.	2/23/18	(2,126)
USD	37,906	GBP	28,000	Goldman Sachs Bank USA	2/23/18	38
USD	6,218,632	GBP	4,689,343	JPMorgan Chase Bank, N.A.	2/23/18	(123,271)
USD	62,261	GBP	47,000	Royal Bank Of Canada	2/23/18	(1,302)
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS						$(448,779)
					Unrealized Appreciation	44,152
					Unrealized Depreciation	(492,931)

For the period, the average contract value for foreign currency contracts in the aggregate was $33,794,280. Contract value represents contract amount in United States dollars plus or minus unrealized appreciation or depreciation, respectively.

Swaps

Underlying Reference	Rating(1)	Maturity Date	Clearinghouse / Counterparty(2)	Fixed Payment Received/(Paid)	Payment Frequency	Notional Amount(3)	Value(1)	Upfront Premium Received/(Paid)(4)	Unrealized Appreciation/(Depreciation)
Credit Default Swaps
Buy Protection
5-Year iTraxx Europe Series 25 Index		Jun. 2021	ICE	(1%)	Quarterly	EUR 1,000,000	$(16,941)	$0	$(16,941)
Accor SA		Jun. 2022	Citibank, N.A.	(1%)	Quarterly	EUR 500,000	(12,609)	9,906	(2,703)
Assicurazioni Generali Spa		Dec. 2021	JPMorgan Chase Bank, N.A.	(1%)	Quarterly	EUR 220,000	(87)	(14,779)	(14,866)
Carlsberg Breweries A/S		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 500,000	(18,578)	17,158	(1,420)
Energias De Portugal SA		Jun. 2022	JPMorgan Chase Bank, N.A.	(5%)	Quarterly	EUR 400,000	(97,243)	92,694	(4,549)
Gas Natural Capital Markets SA		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 500,000	(13,425)	12,867	(558)
Royal Bank Of Scotland Grp PLC (Ungtd)		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 550,000	(11,639)	(13,356)	(24,995)
Santander Issuances SA Unipersonal		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 500,000	2,087	(11,450)	(9,363)
Standard Chartered PLC		Jun. 2021	Goldman Sachs Bank USA	(1%)	Quarterly	EUR 550,000	(11,996)	(39,563)	(51,559)
TOTAL BUY PROTECTION							(180,431)	53,477	(126,954)
Sell Protection
5-Year iTraxx Europe Senior Financial Series 25 Index	NR	Jun. 2021	ICE	1%	Quarterly	EUR 1,000,000	27,193	0	27,193
Intesa Sanpaolo Spa	Ba1	Dec. 2021	JPMorgan Chase Bank, N.A.	1%	Quarterly	EUR 225,000	(4,068)	20,004	15,936
TOTAL SELL PROTECTION							23,125	20,004	43,129

TOTAL CREDIT DEFAULT SWAPS							$(157,306)	$73,481	$(83,825)

(1) Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's^® ratings are not available, S&P^® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.

(2) Swaps with Intercontinental Exchange (ICE) are centrally cleared over-the-counter (OTC) swaps.

(3) The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur.

(4) Any premiums for centrally cleared over-the-counter (OTC) swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

For the period, the average monthly notional amount for swaps in the aggregate was $8,011,534.

Currency Abbreviations

AUD – Australian dollar

CAD – Canadian dollar

CZK – Czech Koruna

EUR – European Monetary Unit

GBP – British pound

USD – U.S. dollar

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security is perpetual in nature with no stated maturity date.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,057,107 or 4.8% of net assets.

(e) Non-income producing - Security is in default.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $145,787.

(g) Security or a portion of the security has been segregated as collateral for open forward foreign currency contracts and bi-lateral over-the-counter (OTC) swaps. At period end, the value of securities pledged amounted to $423,195.

(h) Security or a portion of the security was pledged to cover margin requirements for centrally cleared OTC swaps. At period end, the value of securities pledged amounted to $34,159.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) For the period, the average monthly notional amount for purchased swaptions was $8,883,442.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$14,046
Fidelity Mortgage Backed Securities Central Fund	1,719
Total	$15,765

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Mortgage Backed Securities Central Fund	$163,487	$1,695	$165,246	$3,053	$(2,989)	$--	0.0%
Total	$163,487	$1,695	$165,246	$3,053	$(2,989)	$--

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Financials	$286,392	$--	$286,392	$--
Corporate Bonds	35,314,229	--	35,314,229	--
U.S. Government and Government Agency Obligations	14,284	--	14,284	--
Foreign Government and Government Agency Obligations	1,427,233	--	1,427,233	--
Preferred Securities	3,576,008	--	3,576,008	--
Money Market Funds	1,986,191	1,986,191	--	--
Purchased Swaptions	7,244	--	7,244	--
Total Investments in Securities:	$42,611,581	$1,986,191	$40,625,390	$--
Derivative Instruments:
Assets
Forward Foreign Currency Contracts	$44,152	$--	$44,152	$--
Futures Contracts	61,323	61,323	--	--
Swaps	29,280	--	29,280	--
Total Assets	$134,755	$61,323	$73,432	$--
Liabilities
Forward Foreign Currency Contracts	$(492,931)	$--	$(492,931)	$--
Futures Contracts	(32,550)	(32,550)	--	--
Swaps	(186,586)	--	(186,586)	--
Total Liabilities	$(712,067)	$(32,550)	$(679,517)	$--
Total Derivative Instruments:	$(577,312)	$28,773	$(606,085)	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Credit Risk
Purchased Swaptions(a)	$7,244	$0
Swaps(b)	29,280	(186,586)
Total Credit Risk	36,524	(186,586)
Foreign Exchange Risk
Forward Foreign Currency Contracts(c)	44,152	(492,931)
Total Foreign Exchange Risk	44,152	(492,931)
Interest Rate Risk
Futures Contracts(d)	61,323	(32,550)
Total Interest Rate Risk	61,323	(32,550)
Total Value of Derivatives	$141,999	$(712,067)

(a) Gross value is included in the Statement of Assets and Liabilities in the investments, at value line-item.

(b) For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-items. For centrally cleared OTC swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared OTC swaps is included in receivable or payable for daily variation margin on centrally cleared OTC swaps, and the net cumulative appreciation (depreciation) for centrally cleared OTC swaps is included in net unrealized appreciation (depreciation).

(c) Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.

(d) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.

Counterparty	Value of Derivative Assets	Value of Derivative Liabilities	Collateral Received(a)	Collateral Pledged(a)	Net(b)
Citibank, N.A.	$28,304	$(18,365)	$--	$--	$9,939
BNP Paribas SA	9,331	(43,642)	--	--	(34,311)
Canadian Imperial Bank of Commerce	4,496	(1,478)	--	--	3,018
State Street Bank And Tr Co	2,203	(4,194)	--	--	(1,991)
Goldman Sachs Bank USA	38	(12,437)	--	--	(12,399)
Centrally Cleared OTC Swaps	27,193	(16,941)	--	--	10,252
Credit Suisse Intl.	--	(2,968)	--	--	(2,968)
JPMorgan Chase Bank, N.A.	9,111	(578,190)	--	423,195	(145,884)
Royal Bank Of Canada	--	(1,302)	--	--	(1,302)
Exchange Traded Futures	61,323	(32,550)	--	--	28,773
Total	$141,999	$(712,067)

(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.

(b) Net represents the receivable / (payable) that would be due from / (to) the counterparty in an event of default. Netting may be allowed across transactions traded under the same legal agreement with the same legal entity. Please refer to Derivative Instruments - Risk Exposures and the Use of Derivative Instruments section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $39,426,369)	$40,625,390
Fidelity Central Funds (cost $1,986,191)	1,986,191
Total Investment in Securities (cost $41,412,560)		$42,611,581
Foreign currency held at value (cost $341,904)		347,385
Unrealized appreciation on forward foreign currency contracts		44,152
Receivable for fund shares sold		169,333
Dividends receivable		613
Interest receivable		432,488
Distributions receivable from Fidelity Central Funds		1,101
Receivable for daily variation margin on futures contracts		6,437
Receivable for daily variation margin on centrally cleared OTC swaps		134
Bi-lateral OTC swaps, at value		2,087
Prepaid expenses		65
Receivable from investment adviser for expense reductions		22,989
Total assets		43,638,365
Liabilities
Payable for investments purchased	$12,643
Unrealized depreciation on forward foreign currency contracts	492,931
Payable for fund shares redeemed	30
Bi-lateral OTC swaps, at value	169,645
Accrued management fee	19,413
Distribution and service plan fees payable	3,461
Other affiliated payables	6,870
Other payables and accrued expenses	85,137
Total liabilities		790,130
Net Assets		$42,848,235
Net Assets consist of:
Paid in capital		$44,030,566
Undistributed net investment income		236,336
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,126,167)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		707,500
Net Assets		$42,848,235
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($4,319,791 ÷ 470,051 shares)		$9.19
Maximum offering price per share (100/96.00 of $9.19)		$9.57
Class M:
Net Asset Value and redemption price per share ($2,150,487 ÷ 234,109 shares)		$9.19
Maximum offering price per share (100/96.00 of $9.19)		$9.57
Class C:
Net Asset Value and offering price per share ($2,552,080 ÷ 278,159 shares)^(a)		$9.17
Global Credit:
Net Asset Value, offering price and redemption price per share ($32,492,726 ÷ 3,535,967 shares)		$9.19
Class I:
Net Asset Value, offering price and redemption price per share ($1,333,151 ÷ 145,124 shares)		$9.19

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$170,312
Interest		1,013,589
Income from Fidelity Central Funds		15,765
Income before foreign taxes withheld		1,199,666
Less foreign taxes withheld		(4,471)
Total income		1,195,195
Expenses
Management fee	$260,496
Transfer agent fees	65,867
Distribution and service plan fees	45,902
Accounting fees and expenses	24,182
Custodian fees and expenses	9,038
Independent trustees' fees and expenses	179
Registration fees	80,007
Audit	172,509
Legal	3,004
Miscellaneous	586
Total expenses before reductions	661,770
Expense reductions	(266,780)	394,990
Net investment income (loss)		800,205
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	48,574
Fidelity Central Funds	3,053
Forward foreign currency contracts	(936,319)
Foreign currency transactions	49,647
Futures contracts	182,943
Swaps	(5,391)
Total net realized gain (loss)		(657,493)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	4,390,219
Fidelity Central Funds	(2,989)
Forward foreign currency contracts	(479,424)
Assets and liabilities in foreign currencies	46,008
Futures contracts	104,387
Swaps	(48,269)
Total change in net unrealized appreciation (depreciation)		4,009,932
Net gain (loss)		3,352,439
Net increase (decrease) in net assets resulting from operations		$4,152,644

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$800,205	$1,108,621
Net realized gain (loss)	(657,493)	(130,820)
Change in net unrealized appreciation (depreciation)	4,009,932	439,149
Net increase (decrease) in net assets resulting from operations	4,152,644	1,416,950
Distributions to shareholders from net investment income	–	(1,215,883)
Distributions to shareholders from net realized gain	–	(629,668)
Distributions to shareholders from tax return of capital	(837,639)	(42,971)
Total distributions	(837,639)	(1,888,522)
Share transactions - net increase (decrease)	(15,505,190)	(3,278,957)
Total increase (decrease) in net assets	(12,190,185)	(3,750,529)
Net Assets
Beginning of period	55,038,420	58,788,949
End of period	$42,848,235	$55,038,420
Other Information
Undistributed net investment income end of period	$236,336	$–
Distributions in excess of net investment income end of period	$–	$(630,757)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Global Credit Fund Class A

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.141	.156	.205	.199	.172
Net realized and unrealized gain (loss)	.596	.055	(.692)	(.187)	(.553)
Total from investment operations	.737	.211	(.487)	.012	(.381)
Distributions from net investment income	–	(.175)	–	(.006)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.157)	(.006)	(.213)	(.186)	(.197)
Total distributions	(.157)	(.281)	(.213)	(.192)	(.199)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B,^C	8.60%	2.39%	(5.24)%	.08%	(3.76)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	1.63%	1.52%	1.46%	1.44%	1.30%
Expenses net of fee waivers, if any	1.00%	1.00%	1.00%	1.00%	1.00%
Expenses net of all reductions	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income (loss)	1.56%	1.72%	2.26%	2.05%	1.77%
Supplemental Data
Net assets, end of period (000 omitted)	$4,320	$4,667	$4,781	$4,770	$3,965
Portfolio turnover rate^F	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the sales charges.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were less than .005%.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund Class M

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.141	.156	.204	.199	.172
Net realized and unrealized gain (loss)	.596	.058	(.691)	(.187)	(.553)
Total from investment operations	.737	.214	(.487)	.012	(.381)
Distributions from net investment income	–	(.178)	–	(.006)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.157)	(.006)	(.213)	(.186)	(.197)
Total distributions	(.157)	(.284)	(.213)	(.192)	(.199)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B,^C	8.60%	2.42%	(5.24)%	.08%	(3.76)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	1.70%	1.55%	1.48%	1.46%	1.30%
Expenses net of fee waivers, if any	1.00%	1.00%	1.00%	1.00%	1.00%
Expenses net of all reductions	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income (loss)	1.56%	1.72%	2.26%	2.05%	1.77%
Supplemental Data
Net assets, end of period (000 omitted)	$2,150	$2,874	$3,037	$3,012	$2,943
Portfolio turnover rate^F	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the sales charges.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund Class C

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.60	$8.67	$9.37	$9.55	$10.14
Income from Investment Operations
Net investment income (loss)^A	.073	.088	.137	.126	.099
Net realized and unrealized gain (loss)	.589	.056	(.690)	(.185)	(.558)
Total from investment operations	.662	.144	(.553)	(.059)	(.459)
Distributions from net investment income	–	(.110)	–	(.004)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.092)	(.004)	(.147)	(.117)	(.129)
Total distributions	(.092)	(.214)	(.147)	(.121)	(.131)
Net asset value, end of period	$9.17	$8.60	$8.67	$9.37	$9.55
Total Return^B,^C	7.71%	1.64%	(5.94)%	(.65)%	(4.53)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	2.44%	2.30%	2.25%	2.22%	2.08%
Expenses net of fee waivers, if any	1.75%	1.75%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.75%	1.75%	1.75%	1.75%	1.75%
Net investment income (loss)	.82%	.97%	1.51%	1.30%	1.01%
Supplemental Data
Net assets, end of period (000 omitted)	$2,552	$3,514	$3,541	$4,340	$3,579
Portfolio turnover rate^F	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the contingent deferred sales charge.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.164	.179	.227	.223	.199
Net realized and unrealized gain (loss)	.598	.055	(.691)	(.188)	(.556)
Total from investment operations	.762	.234	(.464)	.035	(.357)
Distributions from net investment income	–	(.197)	–	(.007)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.182)	(.007)	(.236)	(.208)	(.221)
Total distributions	(.182)	(.304)	(.236)	(.215)	(.223)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B	8.90%	2.65%	(5.00)%	.32%	(3.53)%
Ratios to Average Net Assets^C,^D
Expenses before reductions	1.30%	1.14%	1.09%	1.09%	.99%
Expenses net of fee waivers, if any	.75%	.75%	.75%	.75%	.75%
Expenses net of all reductions	.75%	.75%	.75%	.75%	.75%
Net investment income (loss)	1.82%	1.97%	2.51%	2.30%	2.02%
Supplemental Data
Net assets, end of period (000 omitted)	$32,493	$41,569	$44,497	$46,242	$45,300
Portfolio turnover rate^E	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds were less than .005%.

^D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund Class I

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.163	.179	.226	.223	.196
Net realized and unrealized gain (loss)	.599	.055	(.690)	(.188)	(.553)
Total from investment operations	.762	.234	(.464)	.035	(.357)
Distributions from net investment income	–	(.197)	–	(.007)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.182)	(.007)	(.236)	(.208)	(.221)
Total distributions	(.182)	(.304)	(.236)	(.215)	(.223)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B	8.90%	2.65%	(5.00)%	.32%	(3.53)%
Ratios to Average Net Assets^C,^D
Expenses before reductions	1.30%	1.16%	1.14%	1.15%	1.02%
Expenses net of fee waivers, if any	.75%	.75%	.75%	.75%	.75%
Expenses net of all reductions	.75%	.75%	.75%	.75%	.75%
Net investment income (loss)	1.81%	1.97%	2.51%	2.30%	2.02%
Supplemental Data
Net assets, end of period (000 omitted)	$1,333	$2,415	$2,932	$2,718	$2,646
Portfolio turnover rate^E	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

Fidelity Global Credit Fund (formerly Fidelity Global Bond Fund) (the Fund) is a fund of Fidelity School Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, Global Credit and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Mortgage Backed Securities Central Fund	Fidelity Investment Money Management, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade mortgage-related securities and repurchase agreements for those securities.	Delayed Delivery & When Issued Securities Futures Swaps	Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing vendors, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

The U.S. dollar value of foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Options traded over-the-counter are valued using vendor or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to futures contracts, swaps, foreign currency transactions, market discount, tax return of capital distribution, net operating losses, capital loss carryforwards and losses deferred due to wash sales, futures contracts and excise tax regulations.

For the periods ended December 31, 2017 and December 31, 2016, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$1,632,052
Gross unrealized depreciation	(518,786)
Net unrealized appreciation (depreciation)	$1,113,266
Tax Cost	$41,321,801

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(823,817)
Net unrealized appreciation (depreciation) on securities and other investments	$(139,046)

No expiration
Long-term	$(823,817)

The Fund intends to elect to defer to its next fiscal year $219,470 of ordinary losses recognized during the period November 1, 2017 to December 31, 2017.

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$–	$ 1,845,551
Tax Return of Capital	837,639	42,971
Total	$837,639	$ 1,888,522

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts, forward foreign currency contracts, options and swaps. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risks:

Credit Risk	Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign Exchange Risk	Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Interest Rate Risk	Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, options and bi-lateral swaps, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded futures contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared OTC swaps may be mitigated by the protection provided by the clearinghouse. A summary of the Fund's derivatives inclusive of potential netting arrangements is presented at the end of the Schedule of Investments.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Fund, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Credit Risk
Purchased Options	$(309,858)	$(12,521)
Swaps	(5,391)	(48,269)
Total Credit Risk	(315,249)	(60,790)
Foreign Exchange Risk
Forward Foreign Currency Contracts	(936,319)	(479,424)
Total Foreign Exchange Risk	(936,319)	(479,424)
Interest Rate Risk
Futures Contracts	182,943	104,387
Total Interest Rate Risk	182,943	104,387
Totals	$(1,068,625)	$(435,827)

A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and also to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. When the contract is closed, the Fund realizes a gain or loss equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. The Fund uses OTC options, such as swaptions, which are options where the underlying instrument is a swap, to manage its exposure to potential credit events.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in net unrealized appreciation (depreciation) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Centrally cleared OTC swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Centrally cleared OTC swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared OTC swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared OTC swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps".

Credit Default Swaps. Credit default swaps enable the Fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. The Fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, the Fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will the Fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, the Fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will the Fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where the Fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Fixed-Income Central Funds), other than short-term securities and U.S. government securities, aggregated $59,576,063 and $72,039,972, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$11,230	$2,796
Class M	-%	.25%	6,153	2,667
Class C	.75%	.25%	28,519	12,395
			$45,902	$17,858

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$998
Class M	206
Class C^(a)	226
	$1,430

(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$9,186	.20
Class M	6,529	.27
Class C	7,292	.26
Global Credit	40,867	.12
Class I	1,993	.11
	$65,867

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $164 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2019. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.00%	$28,334
Class M	1.00%	17,224
Class C	1.75%	19,600
Global Credit	.75%	191,322
Class I	.75%	9,822
		$266,302

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested U.S. dollar cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $148.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $330.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Class A	$–	$92,401
Class M	–	55,704
Class C	–	47,791
Global Credit	–	947,049
Class I	–	72,938
Total	$–	$1,215,883
From net realized gain
Class A	$–	$53,606
Class M	–	32,813
Class C	–	40,346
Global Credit	–	475,296
Class I	–	27,607
Total	$–	$629,668
From tax return of capital
Class A	$74,896	$3,354
Class M	39,291	2,067
Class C	26,210	1,750
Global Credit	665,464	33,440
Class I	31,778	2,360
Total	$837,639	$42,971

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Class A
Shares sold	149,339	162,753	$1,341,858	$1,485,797
Reinvestment of distributions	8,197	16,679	74,196	147,005
Shares redeemed	(229,587)	(187,940)	(2,074,804)	(1,709,345)
Net increase (decrease)	(72,051)	(8,508)	$(658,750)	$(76,543)
Class M
Shares sold	60,629	86,401	$544,167	$783,618
Reinvestment of distributions	4,348	10,293	39,291	90,585
Shares redeemed	(164,803)	(112,517)	(1,490,754)	(1,025,062)
Net increase (decrease)	(99,826)	(15,823)	$(907,296)	$(150,859)
Class C
Shares sold	75,484	194,603	$680,909	$1,770,197
Reinvestment of distributions	2,887	9,965	26,157	87,282
Shares redeemed	(208,894)	(204,153)	(1,874,033)	(1,836,971)
Net increase (decrease)	(130,523)	415	$(1,166,967)	$20,508
Global Credit
Shares sold	1,708,249	1,841,358	$15,464,079	$16,889,850
Reinvestment of distributions	71,889	161,672	649,903	1,428,727
Shares redeemed	(3,071,716)	(2,299,420)	(27,663,296)	(20,844,766)
Net increase (decrease)	(1,291,578)	(296,390)	$(11,549,314)	$(2,526,189)
Class I
Shares sold	32,960	306,483	$293,907	$2,791,455
Reinvestment of distributions	3,157	11,026	28,458	98,192
Shares redeemed	(171,471)	(374,693)	(1,545,228)	(3,435,521)
Net increase (decrease)	(135,354)	(57,184)	$(1,222,863)	$(545,874)

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 24% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity School Street Trust and Shareholders of Fidelity Global Credit Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Global Credit Fund (one of the funds constituting Fidelity School Street Trust, referred to hereafter as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 22, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2017

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as Chief Investment Officer of FMR's Bond Group (2017-present) and is an employee of Fidelity Investments (2001-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Class A	1.00%
Actual		$1,000.00	$1,020.80	$5.09
Hypothetical-^C		$1,000.00	$1,020.16	$5.09
Class M	1.00%
Actual		$1,000.00	$1,021.90	$5.10
Hypothetical-^C		$1,000.00	$1,020.16	$5.09
Class C	1.75%
Actual		$1,000.00	$1,016.80	$8.90
Hypothetical-^C		$1,000.00	$1,016.38	$8.89
Global Credit	.75%
Actual		$1,000.00	$1,022.70	$3.82
Hypothetical-^C		$1,000.00	$1,021.42	$3.82
Class I	.75%
Actual		$1,000.00	$1,022.70	$3.82
Hypothetical-^C		$1,000.00	$1,021.42	$3.82

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying non-money market Fidelity Central Funds as of their most recent fiscal half year were less than .005%.

^C 5% return per year before expenses

Distributions (Unaudited)

A total of 1.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Global Credit Fund (formerly Fidelity Global Bond Fund)

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in June 2017.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one- and three-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

Fidelity Global Credit Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of each of Class A, Class M (formerly Class T), Class I, and the retail class ranked below the competitive median for 2016 and the total expense ratio of Class C ranked equal to the competitive median for 2016.

The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and the retail class of the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 1.00%, 1.00%, 1.75%, 0.75%, and 0.75% through February 28, 2018.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

AGLB-ANN-0218
1.939039.105

Fidelity® Global Credit Fund (formerly Fidelity Global Bond Fund)

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Fidelity® Global Credit Fund	8.90%	0.55%	1.04%

^A From May 22, 2012

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Global Credit Fund, a class of the fund, on May 22, 2012, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays Global Aggregate Credit Index Hedged (USD) performed over the same period.

	Period Ending Values
	$10,597	Fidelity® Global Credit Fund
	$12,682	Bloomberg Barclays Global Aggregate Credit Index Hedged (USD)
	$11,072	Bloomberg Barclays Global Aggregate GDP Weighted Index

Management's Discussion of Fund Performance

Note to Shareholders: Curt Hollingsworth retired from Fidelity at the end of 2017, leaving Michael Foggin and Andrew Lewis as Co-Managers of the fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of December 31, 2017
	United States of America	42.9%
	United Kingdom	12.6%
	Netherlands	9.7%
	Ireland	4.0%
	Canada	3.6%
	France	3.3%
	Switzerland	3.1%
	Germany	2.7%
	Luxembourg	2.5%
	Other	15.6%

Quality Diversification (% of fund's net assets)

As of December 31, 2017
	AAA	0.2%
	AA	1.5%
	A	9.1%
	BBB	50.2%
	BB and Below	26.4%
	Not Rated	6.6%
	Equities	0.7%
	Short-Term Investments and Net Other Assets	5.3%

Asset Allocation (% of fund's net assets)

As of December 31, 2017^,^*
	Corporate Bonds	82.4%
	Foreign Government and Government Agency Obligations	3.3%
	Nonconvertible Preferred Stocks	0.7%
	Preferred Securities	8.3%
	Short-Term Investments and Net Other Assets (Liabilities)	5.3%

* Futures and Swaps - (6.1)%

** Foreign Currency Contracts - (46.3)%

Investments December 31, 2017

Showing Percentage of Net Assets

Nonconvertible Bonds - 82.4%
		Principal Amount(a)	Value
Argentina - 0.5%
YPF SA 8.5% 3/23/21 (Reg. S)		$200,000	$226,200
Australia - 0.5%
QBE Insurance Group Ltd. 5.25% (Reg. S) (b)(c)		200,000	203,494
Belgium - 0.9%
Anheuser-Busch InBev SA NV 1.75% 3/7/25 (Reg. S)	GBP	295,000	394,013
British Virgin Islands - 2.3%
Proven Glory Capital Ltd. 3.25% 2/21/22 (Reg. S)		550,000	547,931
Sinopec Group Overseas Development 2.5% 9/13/22 (Reg. S)		450,000	438,293

TOTAL BRITISH VIRGIN ISLANDS			986,224

Canada - 3.2%
Cenovus Energy, Inc.:
3% 8/15/22		373,000	370,625
4.25% 4/15/27		164,000	163,559
Encana Corp. 3.9% 11/15/21		400,000	411,057
TELUS Corp. 3.7% 9/15/27		400,000	408,954

TOTAL CANADA			1,354,195

Cayman Islands - 1.3%
Banco Do Brasil SA 4.625% 1/15/25 (d)		200,000	197,666
Three Gorges Finance II (Cayman Islands) Ltd. 1.3% 6/21/24 (Reg. S)	EUR	300,000	362,329

TOTAL CAYMAN ISLANDS			559,995

Denmark - 2.1%
Nykredit Realkredit A/S 4% 6/3/36 (Reg. S) (c)	EUR	300,000	392,766
TDC A/S 3.5% 2/26/3015 (Reg. S) (c)	EUR	170,000	213,055
Vestas Wind Systems A/S 2.75% 3/11/22 (Reg. S)	EUR	225,000	286,522

TOTAL DENMARK			892,343

France - 1.1%
Lagardere S.C.A. 1.625% 6/21/24 (Reg. S)	EUR	400,000	476,473
Germany - 2.5%
alstria office REIT-AG 1.5% 11/15/27 (Reg. S)	EUR	700,000	817,371
TLG Immobilien AG 1.375% 11/27/24 (Reg. S)	EUR	200,000	239,027

TOTAL GERMANY			1,056,398

Ireland - 4.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
4.5% 5/15/21		150,000	157,518
4.625% 7/1/22		210,000	222,444
Allied Irish Banks PLC 4.125% 11/26/25 (Reg. S) (c)	EUR	250,000	326,169
Aquarius + Investments PLC for Swiss Reinsurance Co. Ltd. 6.375% 9/1/24 (c)		600,000	630,000
Shire Acquisitions Investments Ireland DAC 3.2% 9/23/26		400,000	390,993

TOTAL IRELAND			1,727,124

Italy - 1.0%
UniCredit SpA 6.375% 5/2/23 (Reg. S) (c)		275,000	278,225
Wind Tre SpA 3.125% 1/20/25 (Reg. S)	EUR	146,000	170,515

TOTAL ITALY			448,740

Luxembourg - 2.5%
Alpha Trains Finance SA 2.064% 6/30/25	EUR	355,000	423,817
Altice SA 7.25% 5/15/22 (Reg. S)	EUR	100,000	121,554
SELP Finance SARL 1.25% 10/25/23 (Reg. S)	EUR	435,000	523,664

TOTAL LUXEMBOURG			1,069,035

Mexico - 2.4%
BBVA Bancomer SA 7.25% 4/22/20 (Reg. S)		350,000	378,438
Gruma S.A.B. de CV 4.875% 12/1/24 (Reg. S)		200,000	214,000
Petroleos Mexicanos 2.5% 8/21/21 (Reg. S)	EUR	350,000	440,696

TOTAL MEXICO			1,033,134

Netherlands - 7.8%
ABN AMRO Bank NV 4.4% 3/27/28 (Reg. S) (c)		600,000	617,626
Brenntag Finance BV 1.125% 9/27/25 (Reg. S)	EUR	150,000	178,663
Demeter Investments BV 5.625% 8/15/52 (Reg. S) (c)		200,000	217,224
Deutsche Annington Finance BV 5% 10/2/23 (d)		314,000	332,622
Mylan NV 2.25% 11/22/24 (Reg. S)	EUR	200,000	249,571
Petrobras Global Finance BV:
4.75% 1/14/25	EUR	100,000	132,583
6.125% 1/17/22		236,000	250,455
Samvardhana Motherson Automotive Systems Group BV 1.8% 7/6/24 (Reg. S)	EUR	300,000	352,471
Teva Pharmaceutical Finance Netherlands III BV 1.25% 3/31/23 (Reg. S)	EUR	700,000	765,749
Volkswagen International Finance NV 2.7%(Reg. S) (b)(c)	EUR	200,000	247,163

TOTAL NETHERLANDS			3,344,127

Portugal - 0.2%
Banco Espirito Santo SA 4% 1/21/19 (Reg. S) (e)	EUR	200,000	71,991
Spain - 1.1%
CaixaBank SA:
2.75% 7/14/28 (Reg. S) (c)	EUR	200,000	244,197
5% 11/14/23 (Reg. S) (c)	EUR	200,000	249,202

TOTAL SPAIN			493,399

Sweden - 0.8%
Securitas AB 1.125% 2/20/24 (Reg. S)	EUR	300,000	361,588
Switzerland - 3.1%
Credit Suisse Group AG 5.75% 9/18/25 (Reg. S) (c)	EUR	730,000	993,331
UBS AG 4.75% 2/12/26 (Reg. S) (c)	EUR	250,000	335,958

TOTAL SWITZERLAND			1,329,289

United Kingdom - 7.6%
Annington Funding PLC 2.646% 7/12/25 (Reg. S)	GBP	250,000	343,246
CYBG PLC 3.125% 6/22/25 (Reg. S) (c)	GBP	100,000	139,221
HSBC Holdings PLC 2.256% 11/13/26 (Reg. S) (c)	GBP	300,000	406,324
Imperial Tobacco Finance PLC 8.125% 3/15/24	GBP	200,000	362,099
Pennon Group PLC 2.875% (Reg. S) (b)(c)	GBP	150,000	203,920
SKY PLC 2.25% 11/17/25 (Reg. S)	EUR	160,000	208,553
TalkTalk Telecom Group PLC 5.375% 1/15/22 (Reg. S)	GBP	100,000	131,498
Tesco PLC:
5% 3/24/23	GBP	200,000	303,501
6.125% 2/24/22	GBP	100,000	155,642
Travis Perkins PLC 4.5% 9/7/23 (Reg. S)	GBP	140,000	197,375
Vodafone Group PLC 7.875% 2/15/30		150,000	203,725
Western Power Distribution (East Midlands) PLC 5.25% 1/17/23	GBP	370,000	583,766

TOTAL UNITED KINGDOM			3,238,870

United States of America - 37.5%
Abbott Laboratories 3.75% 11/30/26		400,000	410,635
Ally Financial, Inc. 4.125% 2/13/22		570,000	582,711
American Airlines, Inc. 3.75% 10/15/25		225,000	225,428
Anadarko Petroleum Corp. 4.85% 3/15/21		16,000	16,895
Anheuser-Busch InBev Finance, Inc. 4.7% 2/1/36		265,000	297,185
AT&T, Inc.:
3.4% 8/14/24		200,000	200,983
5.45% 3/1/47		360,000	384,439
Bank of America Corp.:
1.776% 5/4/27 (Reg. S) (c)	EUR	345,000	431,628
3.95% 4/21/25		215,000	222,284
Bat Capital Corp. 2.125% 8/15/25	GBP	250,000	335,975
Becton, Dickinson & Co. 3.363% 6/6/24		400,000	401,032
Brandywine Operating Partnership LP 3.95% 2/15/23		41,000	41,821
Brixmor Operating Partnership LP 4.125% 6/15/26		26,000	26,217
CBRE Group, Inc. 4.875% 3/1/26		140,000	151,642
CEMEX Finance LLC 4.625% 6/15/24	EUR	100,000	130,145
Citigroup, Inc. 4.45% 9/29/27		400,000	423,358
Cleco Corporate Holdings LLC 3.743% 5/1/26		400,000	401,384
DCP Midstream LLC 4.75% 9/30/21 (d)		563,000	581,298
DDR Corp. 4.7% 6/1/27		400,000	418,647
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 4.42% 6/15/21 (d)		360,000	375,091
Discover Financial Services:
3.75% 3/4/25		400,000	402,551
5.2% 4/27/22		150,000	161,435
Dolphin Subsidiary II, Inc. 7.25% 10/15/21		540,000	599,400
Emera U.S. Finance LP 3.55% 6/15/26		400,000	401,042
Exelon Corp. 3.497% 6/1/22 (c)		600,000	611,385
Express Scripts Holding Co. 3.4% 3/1/27		400,000	392,413
Goldman Sachs Group, Inc. 1.25% 5/1/25 (Reg. S)	EUR	355,000	429,108
Merrill Lynch & Co., Inc. 5.5% 11/22/21	GBP	245,000	377,478
Michael Kors U.S.A., Inc. 4% 11/1/24 (d)		162,000	163,430
Morgan Stanley:
1% 12/2/22	EUR	600,000	734,652
5% 11/24/25		355,000	388,362
NextEra Energy Partners LP 4.25% 9/15/24 (d)		400,000	407,000
Omega Healthcare Investors, Inc. 4.95% 4/1/24		400,000	417,796
Reynolds American, Inc. 7.25% 6/15/37		195,000	270,282
Southern Co. 3.25% 7/1/26		400,000	392,183
Sunoco Logistics Partner Operations LP 4% 10/1/27		400,000	392,105
The Mosaic Co. 4.25% 11/15/23		400,000	414,143
The Williams Companies, Inc. 4.55% 6/24/24		400,000	415,000
Time Warner Cable, Inc. 4.5% 9/15/42		405,000	379,672
Toll Brothers Finance Corp. 4.875% 3/15/27		500,000	518,750
Unum Group 4% 3/15/24		555,000	577,825
Voya Financial, Inc. 3.65% 6/15/26		375,000	379,138
Western Gas Partners LP 4% 7/1/22		370,000	377,421
Willis Group North America, Inc. 3.6% 5/15/24		380,000	386,228

TOTAL UNITED STATES OF AMERICA			16,047,597

TOTAL NONCONVERTIBLE BONDS
(Cost $34,472,314)			35,314,229

U.S. Government and Government Agency Obligations - 0.0%
U.S. Treasury Obligations - 0.0%
U.S. Treasury Bonds 2.5% 2/15/45 (f)
(Cost $14,002)		15,000	14,284

Foreign Government and Government Agency Obligations - 3.3%
Germany - 0.2%
German Federal Republic 0.5% 8/15/27	EUR	$60,000	$72,452
Indonesia - 1.6%
Indonesian Republic 2.625% 6/14/23	EUR	530,000	686,794
United Kingdom - 1.5%
United Kingdom, Great Britain and Northern Ireland:
1.5% 7/22/47 (f)	GBP	115,000	146,109
4.25% 3/7/36 (g)(h)	GBP	275,000	521,878

TOTAL UNITED KINGDOM			667,987

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,337,653)			1,427,233
		Shares	Value

Nonconvertible Preferred Stocks - 0.7%
United Kingdom - 0.7%
Nationwide Building Society 10.25%
(Cost $281,170)		1,350	286,392
		Principal Amount(a)	Value

Preferred Securities - 8.3%
Canada - 0.4%
Bank of Nova Scotia 4.65% (b)(c)		200,000	200,880
France - 2.3%
BNP Paribas SA 6.75% (Reg. S) (b)(c)		200,000	220,565
Credit Agricole Assurances SA 4.25% (Reg. S) (b)(c)	EUR	300,000	416,892
Danone SA 1.75% (Reg. S) (b)(c)	EUR	100,000	120,943
Total SA 2.625% (Reg. S) (b)(c)	EUR	175,000	225,558

TOTAL FRANCE			983,958

Italy - 0.9%
Assicurazioni Generali SpA 6.416% (b)(c)	GBP	250,000	392,720
Netherlands - 1.9%
Stichting AK Rabobank Certificaten 6.5% (Reg. S) (b)	EUR	225,000	334,229
Telefonica Europe BV 6.5% (Reg. S) (b)(c)	EUR	200,000	255,011
Volkswagen International Finance NV 2.5%(Reg. S) (b)(c)	EUR	175,000	219,541

TOTAL NETHERLANDS			808,781

United Kingdom - 2.8%
Aviva PLC 6.125% (b)(c)	GBP	150,000	235,590
Barclays Bank PLC 7.625% 11/21/22		278,000	317,236
Barclays PLC 7.875% (Reg. S) (b)(c)	GBP	200,000	300,767
HSBC Holdings PLC 5.25% (b)(c)	EUR	250,000	336,076

TOTAL UNITED KINGDOM			1,189,669

TOTAL PREFERRED SECURITIES
(Cost $3,277,356)			3,576,008
		Shares	Value

Money Market Funds - 4.7%
Fidelity Cash Central Fund, 1.36% (i)
(Cost $1,986,191)		1,985,794	1,986,191

Purchased Swaptions - 0.0%(j)
	Expiration Date	Notional Amount	Value
Put Options - 0.0%
Option with an exercise rate of 2.625% on a credit default swap with BNP Paribas to buy protection on the 5-Year iTraxx Europe Crossover Series 28 Index expiring December 2022, paying 5% quarterly	1/17/18	EUR 7,000,000	$7,244
TOTAL PURCHASED SWAPTIONS
(Cost $43,874)			7,244
TOTAL INVESTMENT IN SECURITIES - 99.4%
(Cost $41,412,560)			42,611,581
NET OTHER ASSETS (LIABILITIES) - 0.6%			236,654
NET ASSETS - 100%			$42,848,235

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Bond Index Contracts
ASX 10 Year Treasury Bond Index Contracts (Australia)	2	March 2018	$201,551	$(1,481)	$(1,481)
Eurex Euro-Buxl 30 Year Bond Contracts (Germany)	3	March 2018	589,822	(10,333)	(10,333)
TOTAL BOND INDEX CONTRACTS					(11,814)
Treasury Contracts
CBOT 2-Year U.S. Treasury Note Contracts (United States)	15	March 2018	3,211,641	(7,057)	(7,057)
CBOT Long Term U.S. Treasury Bond Contracts (United States)	5	March 2018	765,000	2,297	2,297
CBOT Ultra Long Term U.S. Treasury Bond Contracts (United States)	21	March 2018	3,520,781	30,240	30,240
TME 10 Year Canadian Note Contracts (Canada)	6	March 2018	643,341	(9,345)	(9,345)
TOTAL TREASURY CONTRACTS					16,135

TOTAL PURCHASED					4,321

Sold
Bond Index Contracts
Eurex Euro-Bobl Contracts (Germany)	17	March 2018	2,684,508	10,832	10,832
Eurex Euro-Bund Contracts (Germany)	7	March 2018	1,357,942	6,392	6,392
ICE Long Gilt Contracts (United Kingdom)	2	March 2018	337,970	(4,237)	(4,237)
ICE Medium Gilt Contracts (United Kingdom)	1	March 2018	152,729	(97)	(97)
TOTAL BOND INDEX CONTRACTS					12,890
Treasury Contracts
CBOT 10-Year U.S. Treasury Note Contracts (United States)	5	March 2018	620,234	3,349	3,349
CBOT 5-Year U.S. Treasury Note Contracts (United States)	10	March 2018	1,161,641	5,839	5,839
CBOT Ultra 10-Year U.S. Treasury Note Contracts (United States)	9	March 2018	1,202,063	2,372	2,374
TOTAL TREASURY CONTRACTS					11,562

TOTAL SOLD					24,452

TOTAL FUTURES CONTRACTS					$28,773

The notional amount of futures purchased as a percentage of Net Assets is 20.8%

The notional amount of futures sold as a percentage of Net Assets is 17.5%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $18,810,240.

Forward Foreign Currency Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation/(Depreciation)
USD	243,637	CZK	5,268,170	Citibank, N.A.	1/8/18	$(3,840)
EUR	311,000	USD	369,787	Canadian Imperial Bank of Commerce	2/23/18	4,496
EUR	32,000	USD	38,036	Citibank, N.A.	2/23/18	476
EUR	219,000	USD	259,439	Citibank, N.A.	2/23/18	4,124
EUR	234,000	USD	278,457	JPMorgan Chase Bank, N.A.	2/23/18	3,158
EUR	171,000	USD	203,245	JPMorgan Chase Bank, N.A.	2/23/18	2,551
EUR	207,000	USD	245,719	JPMorgan Chase Bank, N.A.	2/23/18	3,402
EUR	86,000	USD	101,955	State Street Bank And Tr Co	2/23/18	1,545
GBP	667,000	USD	878,352	Citibank, N.A.	2/23/18	23,704
GBP	23,000	USD	30,447	State Street Bank And Tr Co	2/23/18	658
USD	17,645	AUD	23,000	State Street Bank And Tr Co	2/23/18	$(300)
USD	14,212	CAD	18,000	Citibank, N.A.	2/23/18	(118)
USD	33,592	EUR	28,000	Canadian Imperial Bank of Commerce	2/23/18	(106)
USD	117,773	EUR	99,000	Canadian Imperial Bank of Commerce	2/23/18	(1,372)
USD	85,809	EUR	72,000	Credit Suisse Intl.	2/23/18	(842)
USD	29,646	EUR	25,000	Goldman Sachs Bank USA	2/23/18	(441)
USD	13,794,179	EUR	11,745,795	JPMorgan Chase Bank, N.A.	2/23/18	(341,685)
USD	455,494	EUR	388,000	JPMorgan Chase Bank, N.A.	2/23/18	(11,458)
USD	39,337	EUR	33,000	JPMorgan Chase Bank, N.A.	2/23/18	(378)
USD	78,555	EUR	67,000	State Street Bank And Tr Co	2/23/18	(2,078)
USD	125,753	EUR	106,000	State Street Bank And Tr Co	2/23/18	(1,816)
USD	320,075	GBP	238,000	Citibank, N.A.	2/23/18	(1,798)
USD	118,238	GBP	89,000	Credit Suisse Intl.	2/23/18	(2,126)
USD	37,906	GBP	28,000	Goldman Sachs Bank USA	2/23/18	38
USD	6,218,632	GBP	4,689,343	JPMorgan Chase Bank, N.A.	2/23/18	(123,271)
USD	62,261	GBP	47,000	Royal Bank Of Canada	2/23/18	(1,302)
TOTAL FORWARD FOREIGN CURRENCY CONTRACTS						$(448,779)
					Unrealized Appreciation	44,152
					Unrealized Depreciation	(492,931)

Swaps

Underlying Reference	Rating(1)	Maturity Date	Clearinghouse / Counterparty(2)	Fixed Payment Received/(Paid)	Payment Frequency	Notional Amount(3)	Value(1)	Upfront Premium Received/(Paid)(4)	Unrealized Appreciation/(Depreciation)
Credit Default Swaps
Buy Protection
5-Year iTraxx Europe Series 25 Index		Jun. 2021	ICE	(1%)	Quarterly	EUR 1,000,000	$(16,941)	$0	$(16,941)
Accor SA		Jun. 2022	Citibank, N.A.	(1%)	Quarterly	EUR 500,000	(12,609)	9,906	(2,703)
Assicurazioni Generali Spa		Dec. 2021	JPMorgan Chase Bank, N.A.	(1%)	Quarterly	EUR 220,000	(87)	(14,779)	(14,866)
Carlsberg Breweries A/S		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 500,000	(18,578)	17,158	(1,420)
Energias De Portugal SA		Jun. 2022	JPMorgan Chase Bank, N.A.	(5%)	Quarterly	EUR 400,000	(97,243)	92,694	(4,549)
Gas Natural Capital Markets SA		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 500,000	(13,425)	12,867	(558)
Royal Bank Of Scotland Grp PLC (Ungtd)		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 550,000	(11,639)	(13,356)	(24,995)
Santander Issuances SA Unipersonal		Jun. 2022	BNP Paribas SA	(1%)	Quarterly	EUR 500,000	2,087	(11,450)	(9,363)
Standard Chartered PLC		Jun. 2021	Goldman Sachs Bank USA	(1%)	Quarterly	EUR 550,000	(11,996)	(39,563)	(51,559)
TOTAL BUY PROTECTION							(180,431)	53,477	(126,954)
Sell Protection
5-Year iTraxx Europe Senior Financial Series 25 Index	NR	Jun. 2021	ICE	1%	Quarterly	EUR 1,000,000	27,193	0	27,193
Intesa Sanpaolo Spa	Ba1	Dec. 2021	JPMorgan Chase Bank, N.A.	1%	Quarterly	EUR 225,000	(4,068)	20,004	15,936
TOTAL SELL PROTECTION							23,125	20,004	43,129

TOTAL CREDIT DEFAULT SWAPS							$(157,306)	$73,481	$(83,825)

(2) Swaps with Intercontinental Exchange (ICE) are centrally cleared over-the-counter (OTC) swaps.

For the period, the average monthly notional amount for swaps in the aggregate was $8,011,534.

Currency Abbreviations

AUD – Australian dollar

CAD – Canadian dollar

CZK – Czech Koruna

EUR – European Monetary Unit

GBP – British pound

USD – U.S. dollar

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security is perpetual in nature with no stated maturity date.

(e) Non-income producing - Security is in default.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $145,787.

(h) Security or a portion of the security was pledged to cover margin requirements for centrally cleared OTC swaps. At period end, the value of securities pledged amounted to $34,159.

(j) For the period, the average monthly notional amount for purchased swaptions was $8,883,442.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$14,046
Fidelity Mortgage Backed Securities Central Fund	1,719
Total	$15,765

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Mortgage Backed Securities Central Fund	$163,487	$1,695	$165,246	$3,053	$(2,989)	$--	0.0%
Total	$163,487	$1,695	$165,246	$3,053	$(2,989)	$--

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Financials	$286,392	$--	$286,392	$--
Corporate Bonds	35,314,229	--	35,314,229	--
U.S. Government and Government Agency Obligations	14,284	--	14,284	--
Foreign Government and Government Agency Obligations	1,427,233	--	1,427,233	--
Preferred Securities	3,576,008	--	3,576,008	--
Money Market Funds	1,986,191	1,986,191	--	--
Purchased Swaptions	7,244	--	7,244	--
Total Investments in Securities:	$42,611,581	$1,986,191	$40,625,390	$--
Derivative Instruments:
Assets
Forward Foreign Currency Contracts	$44,152	$--	$44,152	$--
Futures Contracts	61,323	61,323	--	--
Swaps	29,280	--	29,280	--
Total Assets	$134,755	$61,323	$73,432	$--
Liabilities
Forward Foreign Currency Contracts	$(492,931)	$--	$(492,931)	$--
Futures Contracts	(32,550)	(32,550)	--	--
Swaps	(186,586)	--	(186,586)	--
Total Liabilities	$(712,067)	$(32,550)	$(679,517)	$--
Total Derivative Instruments:	$(577,312)	$28,773	$(606,085)	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Credit Risk
Purchased Swaptions(a)	$7,244	$0
Swaps(b)	29,280	(186,586)
Total Credit Risk	36,524	(186,586)
Foreign Exchange Risk
Forward Foreign Currency Contracts(c)	44,152	(492,931)
Total Foreign Exchange Risk	44,152	(492,931)
Interest Rate Risk
Futures Contracts(d)	61,323	(32,550)
Total Interest Rate Risk	61,323	(32,550)
Total Value of Derivatives	$141,999	$(712,067)

(a) Gross value is included in the Statement of Assets and Liabilities in the investments, at value line-item.

(c) Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-items.

The following table is a summary of the Fund's derivatives inclusive of potential netting arrangements.

Counterparty	Value of Derivative Assets	Value of Derivative Liabilities	Collateral Received(a)	Collateral Pledged(a)	Net(b)
Citibank, N.A.	$28,304	$(18,365)	$--	$--	$9,939
BNP Paribas SA	9,331	(43,642)	--	--	(34,311)
Canadian Imperial Bank of Commerce	4,496	(1,478)	--	--	3,018
State Street Bank And Tr Co	2,203	(4,194)	--	--	(1,991)
Goldman Sachs Bank USA	38	(12,437)	--	--	(12,399)
Centrally Cleared OTC Swaps	27,193	(16,941)	--	--	10,252
Credit Suisse Intl.	--	(2,968)	--	--	(2,968)
JPMorgan Chase Bank, N.A.	9,111	(578,190)	--	423,195	(145,884)
Royal Bank Of Canada	--	(1,302)	--	--	(1,302)
Exchange Traded Futures	61,323	(32,550)	--	--	28,773
Total	$141,999	$(712,067)

(a) Reflects collateral received from or pledged to an individual counterparty, excluding any excess or initial collateral amounts.

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $39,426,369)	$40,625,390
Fidelity Central Funds (cost $1,986,191)	1,986,191
Total Investment in Securities (cost $41,412,560)		$42,611,581
Foreign currency held at value (cost $341,904)		347,385
Unrealized appreciation on forward foreign currency contracts		44,152
Receivable for fund shares sold		169,333
Dividends receivable		613
Interest receivable		432,488
Distributions receivable from Fidelity Central Funds		1,101
Receivable for daily variation margin on futures contracts		6,437
Receivable for daily variation margin on centrally cleared OTC swaps		134
Bi-lateral OTC swaps, at value		2,087
Prepaid expenses		65
Receivable from investment adviser for expense reductions		22,989
Total assets		43,638,365
Liabilities
Payable for investments purchased	$12,643
Unrealized depreciation on forward foreign currency contracts	492,931
Payable for fund shares redeemed	30
Bi-lateral OTC swaps, at value	169,645
Accrued management fee	19,413
Distribution and service plan fees payable	3,461
Other affiliated payables	6,870
Other payables and accrued expenses	85,137
Total liabilities		790,130
Net Assets		$42,848,235
Net Assets consist of:
Paid in capital		$44,030,566
Undistributed net investment income		236,336
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,126,167)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		707,500
Net Assets		$42,848,235
Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($4,319,791 ÷ 470,051 shares)		$9.19
Maximum offering price per share (100/96.00 of $9.19)		$9.57
Class M:
Net Asset Value and redemption price per share ($2,150,487 ÷ 234,109 shares)		$9.19
Maximum offering price per share (100/96.00 of $9.19)		$9.57
Class C:
Net Asset Value and offering price per share ($2,552,080 ÷ 278,159 shares)^(a)		$9.17
Global Credit:
Net Asset Value, offering price and redemption price per share ($32,492,726 ÷ 3,535,967 shares)		$9.19
Class I:
Net Asset Value, offering price and redemption price per share ($1,333,151 ÷ 145,124 shares)		$9.19

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$170,312
Interest		1,013,589
Income from Fidelity Central Funds		15,765
Income before foreign taxes withheld		1,199,666
Less foreign taxes withheld		(4,471)
Total income		1,195,195
Expenses
Management fee	$260,496
Transfer agent fees	65,867
Distribution and service plan fees	45,902
Accounting fees and expenses	24,182
Custodian fees and expenses	9,038
Independent trustees' fees and expenses	179
Registration fees	80,007
Audit	172,509
Legal	3,004
Miscellaneous	586
Total expenses before reductions	661,770
Expense reductions	(266,780)	394,990
Net investment income (loss)		800,205
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	48,574
Fidelity Central Funds	3,053
Forward foreign currency contracts	(936,319)
Foreign currency transactions	49,647
Futures contracts	182,943
Swaps	(5,391)
Total net realized gain (loss)		(657,493)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	4,390,219
Fidelity Central Funds	(2,989)
Forward foreign currency contracts	(479,424)
Assets and liabilities in foreign currencies	46,008
Futures contracts	104,387
Swaps	(48,269)
Total change in net unrealized appreciation (depreciation)		4,009,932
Net gain (loss)		3,352,439
Net increase (decrease) in net assets resulting from operations		$4,152,644

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$800,205	$1,108,621
Net realized gain (loss)	(657,493)	(130,820)
Change in net unrealized appreciation (depreciation)	4,009,932	439,149
Net increase (decrease) in net assets resulting from operations	4,152,644	1,416,950
Distributions to shareholders from net investment income	–	(1,215,883)
Distributions to shareholders from net realized gain	–	(629,668)
Distributions to shareholders from tax return of capital	(837,639)	(42,971)
Total distributions	(837,639)	(1,888,522)
Share transactions - net increase (decrease)	(15,505,190)	(3,278,957)
Total increase (decrease) in net assets	(12,190,185)	(3,750,529)
Net Assets
Beginning of period	55,038,420	58,788,949
End of period	$42,848,235	$55,038,420
Other Information
Undistributed net investment income end of period	$236,336	$–
Distributions in excess of net investment income end of period	$–	$(630,757)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Global Credit Fund Class A

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.141	.156	.205	.199	.172
Net realized and unrealized gain (loss)	.596	.055	(.692)	(.187)	(.553)
Total from investment operations	.737	.211	(.487)	.012	(.381)
Distributions from net investment income	–	(.175)	–	(.006)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.157)	(.006)	(.213)	(.186)	(.197)
Total distributions	(.157)	(.281)	(.213)	(.192)	(.199)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B,^C	8.60%	2.39%	(5.24)%	.08%	(3.76)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	1.63%	1.52%	1.46%	1.44%	1.30%
Expenses net of fee waivers, if any	1.00%	1.00%	1.00%	1.00%	1.00%
Expenses net of all reductions	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income (loss)	1.56%	1.72%	2.26%	2.05%	1.77%
Supplemental Data
Net assets, end of period (000 omitted)	$4,320	$4,667	$4,781	$4,770	$3,965
Portfolio turnover rate^F	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the sales charges.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund Class M

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.141	.156	.204	.199	.172
Net realized and unrealized gain (loss)	.596	.058	(.691)	(.187)	(.553)
Total from investment operations	.737	.214	(.487)	.012	(.381)
Distributions from net investment income	–	(.178)	–	(.006)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.157)	(.006)	(.213)	(.186)	(.197)
Total distributions	(.157)	(.284)	(.213)	(.192)	(.199)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B,^C	8.60%	2.42%	(5.24)%	.08%	(3.76)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	1.70%	1.55%	1.48%	1.46%	1.30%
Expenses net of fee waivers, if any	1.00%	1.00%	1.00%	1.00%	1.00%
Expenses net of all reductions	1.00%	1.00%	1.00%	1.00%	1.00%
Net investment income (loss)	1.56%	1.72%	2.26%	2.05%	1.77%
Supplemental Data
Net assets, end of period (000 omitted)	$2,150	$2,874	$3,037	$3,012	$2,943
Portfolio turnover rate^F	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the sales charges.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund Class C

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.60	$8.67	$9.37	$9.55	$10.14
Income from Investment Operations
Net investment income (loss)^A	.073	.088	.137	.126	.099
Net realized and unrealized gain (loss)	.589	.056	(.690)	(.185)	(.558)
Total from investment operations	.662	.144	(.553)	(.059)	(.459)
Distributions from net investment income	–	(.110)	–	(.004)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.092)	(.004)	(.147)	(.117)	(.129)
Total distributions	(.092)	(.214)	(.147)	(.121)	(.131)
Net asset value, end of period	$9.17	$8.60	$8.67	$9.37	$9.55
Total Return^B,^C	7.71%	1.64%	(5.94)%	(.65)%	(4.53)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	2.44%	2.30%	2.25%	2.22%	2.08%
Expenses net of fee waivers, if any	1.75%	1.75%	1.75%	1.75%	1.75%
Expenses net of all reductions	1.75%	1.75%	1.75%	1.75%	1.75%
Net investment income (loss)	.82%	.97%	1.51%	1.30%	1.01%
Supplemental Data
Net assets, end of period (000 omitted)	$2,552	$3,514	$3,541	$4,340	$3,579
Portfolio turnover rate^F	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Total returns do not include the effect of the contingent deferred sales charge.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.164	.179	.227	.223	.199
Net realized and unrealized gain (loss)	.598	.055	(.691)	(.188)	(.556)
Total from investment operations	.762	.234	(.464)	.035	(.357)
Distributions from net investment income	–	(.197)	–	(.007)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.182)	(.007)	(.236)	(.208)	(.221)
Total distributions	(.182)	(.304)	(.236)	(.215)	(.223)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B	8.90%	2.65%	(5.00)%	.32%	(3.53)%
Ratios to Average Net Assets^C,^D
Expenses before reductions	1.30%	1.14%	1.09%	1.09%	.99%
Expenses net of fee waivers, if any	.75%	.75%	.75%	.75%	.75%
Expenses net of all reductions	.75%	.75%	.75%	.75%	.75%
Net investment income (loss)	1.82%	1.97%	2.51%	2.30%	2.02%
Supplemental Data
Net assets, end of period (000 omitted)	$32,493	$41,569	$44,497	$46,242	$45,300
Portfolio turnover rate^E	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Fidelity Global Credit Fund Class I

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$8.61	$8.68	$9.38	$9.56	$10.14
Income from Investment Operations
Net investment income (loss)^A	.163	.179	.226	.223	.196
Net realized and unrealized gain (loss)	.599	.055	(.690)	(.188)	(.553)
Total from investment operations	.762	.234	(.464)	.035	(.357)
Distributions from net investment income	–	(.197)	–	(.007)	–
Distributions from net realized gain	–	(.100)	–	–	(.002)
Tax return of capital	(.182)	(.007)	(.236)	(.208)	(.221)
Total distributions	(.182)	(.304)	(.236)	(.215)	(.223)
Net asset value, end of period	$9.19	$8.61	$8.68	$9.38	$9.56
Total Return^B	8.90%	2.65%	(5.00)%	.32%	(3.53)%
Ratios to Average Net Assets^C,^D
Expenses before reductions	1.30%	1.16%	1.14%	1.15%	1.02%
Expenses net of fee waivers, if any	.75%	.75%	.75%	.75%	.75%
Expenses net of all reductions	.75%	.75%	.75%	.75%	.75%
Net investment income (loss)	1.81%	1.97%	2.51%	2.30%	2.02%
Supplemental Data
Net assets, end of period (000 omitted)	$1,333	$2,415	$2,932	$2,718	$2,646
Portfolio turnover rate^E	150%	105%	110%	227%	245%

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Mortgage Backed Securities Central Fund	Fidelity Investment Money Management, Inc. (FIMM)	Seeks a high level of income by normally investing in investment-grade mortgage-related securities and repurchase agreements for those securities.	Delayed Delivery & When Issued Securities Futures Swaps	Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$1,632,052
Gross unrealized depreciation	(518,786)
Net unrealized appreciation (depreciation)	$1,113,266
Tax Cost	$41,321,801

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(823,817)
Net unrealized appreciation (depreciation) on securities and other investments	$(139,046)

No expiration
Long-term	$(823,817)

The Fund intends to elect to defer to its next fiscal year $219,470 of ordinary losses recognized during the period November 1, 2017 to December 31, 2017.

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$–	$ 1,845,551
Tax Return of Capital	837,639	42,971
Total	$837,639	$ 1,888,522

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risks:

Credit Risk	Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.
Foreign Exchange Risk	Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Interest Rate Risk	Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Credit Risk
Purchased Options	$(309,858)	$(12,521)
Swaps	(5,391)	(48,269)
Total Credit Risk	(315,249)	(60,790)
Foreign Exchange Risk
Forward Foreign Currency Contracts	(936,319)	(479,424)
Total Foreign Exchange Risk	(936,319)	(479,424)
Interest Rate Risk
Futures Contracts	182,943	104,387
Total Interest Rate Risk	182,943	104,387
Totals	$(1,068,625)	$(435,827)

A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps".

5. Purchases and Sales of Investments.

Purchases and sales of securities (including the Fixed-Income Central Funds), other than short-term securities and U.S. government securities, aggregated $59,576,063 and $72,039,972, respectively.

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$11,230	$2,796
Class M	-%	.25%	6,153	2,667
Class C	.75%	.25%	28,519	12,395
			$45,902	$17,858

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$998
Class M	206
Class C^(a)	226
	$1,430

(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$9,186	.20
Class M	6,529	.27
Class C	7,292	.26
Global Credit	40,867	.12
Class I	1,993	.11
	$65,867

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $164 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2019. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.00%	$28,334
Class M	1.00%	17,224
Class C	1.75%	19,600
Global Credit	.75%	191,322
Class I	.75%	9,822
		$266,302

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $330.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Class A	$–	$92,401
Class M	–	55,704
Class C	–	47,791
Global Credit	–	947,049
Class I	–	72,938
Total	$–	$1,215,883
From net realized gain
Class A	$–	$53,606
Class M	–	32,813
Class C	–	40,346
Global Credit	–	475,296
Class I	–	27,607
Total	$–	$629,668
From tax return of capital
Class A	$74,896	$3,354
Class M	39,291	2,067
Class C	26,210	1,750
Global Credit	665,464	33,440
Class I	31,778	2,360
Total	$837,639	$42,971

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Class A
Shares sold	149,339	162,753	$1,341,858	$1,485,797
Reinvestment of distributions	8,197	16,679	74,196	147,005
Shares redeemed	(229,587)	(187,940)	(2,074,804)	(1,709,345)
Net increase (decrease)	(72,051)	(8,508)	$(658,750)	$(76,543)
Class M
Shares sold	60,629	86,401	$544,167	$783,618
Reinvestment of distributions	4,348	10,293	39,291	90,585
Shares redeemed	(164,803)	(112,517)	(1,490,754)	(1,025,062)
Net increase (decrease)	(99,826)	(15,823)	$(907,296)	$(150,859)
Class C
Shares sold	75,484	194,603	$680,909	$1,770,197
Reinvestment of distributions	2,887	9,965	26,157	87,282
Shares redeemed	(208,894)	(204,153)	(1,874,033)	(1,836,971)
Net increase (decrease)	(130,523)	415	$(1,166,967)	$20,508
Global Credit
Shares sold	1,708,249	1,841,358	$15,464,079	$16,889,850
Reinvestment of distributions	71,889	161,672	649,903	1,428,727
Shares redeemed	(3,071,716)	(2,299,420)	(27,663,296)	(20,844,766)
Net increase (decrease)	(1,291,578)	(296,390)	$(11,549,314)	$(2,526,189)
Class I
Shares sold	32,960	306,483	$293,907	$2,791,455
Reinvestment of distributions	3,157	11,026	28,458	98,192
Shares redeemed	(171,471)	(374,693)	(1,545,228)	(3,435,521)
Net increase (decrease)	(135,354)	(57,184)	$(1,222,863)	$(545,874)

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 24% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity School Street Trust and Shareholders of Fidelity Global Credit Fund

Opinion on the Financial Statements

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
February 22, 2018
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2006

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2017

Vice President

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Class A	1.00%
Actual		$1,000.00	$1,020.80	$5.09
Hypothetical-^C		$1,000.00	$1,020.16	$5.09
Class M	1.00%
Actual		$1,000.00	$1,021.90	$5.10
Hypothetical-^C		$1,000.00	$1,020.16	$5.09
Class C	1.75%
Actual		$1,000.00	$1,016.80	$8.90
Hypothetical-^C		$1,000.00	$1,016.38	$8.89
Global Credit	.75%
Actual		$1,000.00	$1,022.70	$3.82
Hypothetical-^C		$1,000.00	$1,021.42	$3.82
Class I	.75%
Actual		$1,000.00	$1,022.70	$3.82
Hypothetical-^C		$1,000.00	$1,021.42	$3.82