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Supplement to the
Fidelity® Short-Term
Bond Fund and Fidelity
Investment Grade Bond Fund
June 29, 2002
Prospectus

Effective August 25, 2002, Fidelity® Investment Grade Bond Fund will be composed of multiple classes of shares. References to the fund are deemed to include class where applicable. The features and policies related to your shares of the fund will not change.

The following information replaces similar information found in the "Fee Table" section on page 6.

Annual fund operating expenses (paid from fund assets)

Short-Term Bond

Management fee

0.43%

Distribution and/or Service (12b-1) fees

None

Other expenses

0.15%

Total annual fund operating expenses

0.58%

Investment Grade Bond

Management fee

0.43%

Distribution and/or Service (12b-1) fees

None

Other expenses

0.23%

Total annual fund operating expensesA

0.66%

A Effective August 27, 2002, FMR has voluntarily agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), as a percentage of its average net assets, exceed 0.70%. This arrangement may be discontinued by FMR at any time.

BON-03-01 January 1, 2003
1.734043.103

<R>The following information replaces similar information found in the "Buying and Selling Shares" section on page 13.</R>

<R>Fund Minimums</R>

<R>Initial Purchase

$2,500</R>

<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts

$500</R>

<R>Through regular investment plans in Fidelity Traditional IRA, Roth IRA, and Rollover IRAsA

$200</R>

<R>Subsequent Purchase

$250</R>

<R>Through regular investment plans

$100</R>

<R>Balance

$2,000</R>

<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts

$500</R>

<R>A Requires monthly purchases of $200 until fund balance is $2,500.</R>

<R>The following information replaces similar information found in the "Buying and Selling Shares" section on page 14.</R>

  • <R>If you are selling some but not all of your shares, keep your fund balance above $2,000 to keep your fund position open ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts), except fund positions not subject to balance minimums.</R>

<R>The following information replaces similar information found in the "Features and Policies" section on page 17.</R>

<R>You will be given 30 days' notice to reestablish the minimum balance if your </R>fund balance falls below $2,000 ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts) for any reason, including solely due to declines in the fund's NAV. If you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you. Your shares will be sold at the NAV on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

Supplement to the
Fidelity® Capital & Income Fund
and Fidelity High
Income Fund
June 29, 2002 Prospectus

On October 17, 2002, the Board of Trustees of Capital & Income and High Income authorized the reduction of the funds' redemption fee period from 270 days to 90 days. Redemptions after October 18, 2002 of shares held less than 90 days will be subject to a redemption fee of 1.00% of the amount redeemed.

The third bullet found under the heading "Principal Investment Strategies" for Capital & Income in the "Investment Summary" section on page 3 has been removed.

The following information supplements the information found under the heading "Principal Investment Strategies" for High Income in the "Investment Summary" section on page 3.

  • Managing the fund to have similar credit quality distribution to an index, which, as of June 29, 2002, was the Merrill Lynch High Yield Master II Index.

The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section on page 6.

Shareholder fees (paid by the investor directly)

Sales charge (load) on purchases and reinvested distributions

None

Deferred sales charge (load) on redemptions

None

Redemption fee on shares held less than 90 days (as a % of amount redeemed)A

1.00%

A A redemption fee may be charged when you sell your shares or if your fund balance falls below the balance minimum for any reason, including solely due to declines in a fund's net asset value per share.

CAI/SPH-<R>03-01 January 1, 2003</R>
1.710962.1<R>10</R>

<R>The following information replaces similar information found in the "Buying and Selling Shares" section on page 13.</R>

<R>Fund Minimums</R>

<R>Initial Purchase

$2,500</R>

<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts

$500</R>

<R>Through regular investment plans in Fidelity Traditional IRA, Roth IRA, and Rollover IRAsA

$200</R>

<R>Subsequent Purchase

$250</R>

<R>Through regular investment plans

$100</R>

<R>Balance

$2,000</R>

<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts

$500</R>

<R>A Requires monthly purchases of $200 until fund balance is $2,500.</R>

The following information replaces the similar information found under the heading "Selling Shares" in the "Buying and Selling Shares" section on page 14.

The price to sell one share of each fund is the fund's NAV, minus the redemption fee (short-term trading fee), if applicable.

Each fund will deduct a 1.00% short-term trading fee from the redemption amount if you sell your shares or your shares are redeemed for failure to maintain the balance minimum after holding them less than 90 days. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. The short-term trading fee does not apply to shares that were acquired through reinvestment of distributions.

Trading fees are paid to the funds rather than Fidelity, and are designed to offset the brokerage commissions, market impact, and other costs associated with fluctuations in fund asset levels and cash flow caused by short-term shareholder trading.

Your shares will be sold at the next NAV calculated after your order is received in proper form, minus the short-term trading fee, if applicable.

<R>The following information replaces similar information found in the "Buying and Selling Shares" section on page 14.</R>

  • <R>If you are selling some but not all of your shares, keep your fund balance above $2,000 to keep your fund position open ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts), except fund positions not subject to balance minimums.</R>

The following information replacessimilar information foundin the "Features and Policies" section on page 17.

You will be given 30 days' notice to reestablish the minimum balance if your fund balance falls below $2,000 ($500 for fund balances in <R>Fidelity Simplified Employee Pension-IRA and Keogh</R> accounts), for any reason, including solely due to declines in a fund's NAV. If you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you. Your shares will be sold at the NAV, minus the short-term trading fee, if applicable, on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

Supplement to the
Fidelity® Inflation-Protected Bond Fund
June 23, 2002
Prospectus

Effective September 29, 2002, Inflation-Protected Bond is composed of multiple classes of shares. References to the fund are deemed to include class where applicable. The features and policies related to your shares of the fund will not change.

The following information updates the similar information on the cover of the prospectus:

Fidelity® Inflation-Protected Bond Fund

(fund number 794, trading symbol FINPX)

<R>The following information replaces similar information found in the "Buying and Selling Shares" section on page 10.</R>

<R>Fund Minimums</R>

<R>Initial Purchase

$2,500</R>

<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts

$500</R>

<R>Through regular investment plans in Fidelity Traditional IRA, Roth IRA, and Rollover IRAsA

$200</R>

<R>Subsequent Purchase

$250</R>

<R>Through regular investment plans

$100</R>

<R>Balance

$2,000</R>

<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts

$500</R>

A Requires monthly purchases of $200 until fund balance is $2,500.

<R>The following information replaces similar information found in the "Buying and Selling Shares" section on page 11.</R>

  • <R>If you are selling some but not all of your shares, keep your fund balance above $2,000 to keep your fund position open ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts), except fund positions not subject to balance minimums.</R>

<R>The following information replaces similar information found in the "Features and Policies" section on page 14.</R>

<R>You will be given 30 days' notice to reestablish the minimum balance if your </R>fund balance falls below $2,000 ($500 for fund balances in Fidelity Simplified Employee Pension-IRA and Keogh accounts), for any reason, including solely due to declines in the fund's NAV. If you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you. Your shares will be sold at the NAV on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

IFB-03-0<R>1</R> January 1, 2003
1.774739.102