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					Fidelity Canadian Bond Fund




Annual Report
June 30, 2010
Fidelity Canadian Bond Fund
Schedule of Investments June 30, 2010
Summary of Investment Portfolio
 Asset Mix                                                                                             Quality Diversification
                                                         % of Fund's    % of Fund's Net Assets                                                                % of Fund's   % of Fund's Net Assets
                                                         Net Assets        as at 6/30/09                                                                      Net Assets       as at 6/30/09
Canadian Bonds . . . . . . . . . . . . . .                 90.7                  91.8                 AAA . . . . . . . . . . . . . . . . . . . . . . . .       32.3                40.3
Foreign Bonds . . . . . . . . . . . . . . . .               6.3                   6.7                 AA . . . . . . . . . . . . . . . . . . . . . . . . .      32.9                31.8
Cash and Cash Equivalents . . . . .                         1.9                   0.8                 A ...........................                             11.1                10.7
Net Other Assets . . . . . . . . . . . . . .                1.1                   0.7                 BBB . . . . . . . . . . . . . . . . . . . . . . . . .     12.4                11.3
Swaps . . . . . . . . . . . . . . . . . . . . . . .         1.7                   0.6                 BB and Below . . . . . . . . . . . . . . . .               0.2                 0.4
                                                                                                      Not Rated . . . . . . . . . . . . . . . . . . . .          8.1                 4.0
 Sector Mix
                                                                                                      Short Term Investments and Net
                                                         % of Fund's    % of Fund's Net Assets          Other Assets . . . . . . . . . . . . . . . .             3.0                 1.5
                                                         Net Assets        as at 6/30/09
                                                                                                      We have used ratings from Moody'sr Investors Service, Inc. Where Moody's
Corporate . . . . . . . . . . . . . . . . . . .            45.8                  40.3                 ratings are not available, we have used S&Pr ratings. All ratings are as of the
Provincial . . . . . . . . . . . . . . . . . . . .         21.6                  22.7                 period end date and do not reflect subsequent downgrades. Securities rated BB
                                                                                                      or below were rated investment grade at the time of acquisition.
Federal . . . . . . . . . . . . . . . . . . . . . .        20.7                  26.5
                                                                                                      Total Fund Net Assets $2,984,135,000 (June 30, 2010) and
Municipal . . . . . . . . . . . . . . . . . . . .           2.6                   2.3                 $2,226,663,000 (June 30, 2009)
Foreign . . . . . . . . . . . . . . . . . . . . . .         6.3                   6.7
Cash and Cash Equivalents . . . . .                         1.9                   0.8
Net Other Assets . . . . . . . . . . . . . .                1.1                   0.7
 Geographic Mix
                                                         % of Fund's    % of Fund's Net Assets
                                                         Net Assets        as at 6/30/09
Canada . . . . . . . . . . . . . . . . . . . . .           90.7                  91.8
United States of America . . . . . . .                      2.8                   4.1
Australia . . . . . . . . . . . . . . . . . . . .           1.9                   1.0
Others (Individually Less Than 1%)                          1.6                   1.6
Cash and Cash Equivalents . . . . .                         1.9                   0.8
Net Other Assets . . . . . . . . . . . . . .                1.1                   0.7
 Maturity Diversification
Years                                                 Market Value ($) of   Market Value ($) of
                                                        Fixed Income          Fixed Income
                                                       Securities (000s)     Securities as at
                                                                             6/30/09 (000s)
0    1.......................                                143,007                94,300
1    3.......................                                586,037               347,970
3    5.......................                                437,864               539,986
Over 5 . . . . . . . . . . . . . . . . . . . . .          1,784,526             1,228,525




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

Annual Report                                                                                     2
Fidelity Canadian Bond Fund
Schedule of Investments - continued
Showing Percentage of Net Assets

 Bonds         97.0%
                                  Principal             Cost (c)     Market Value                                       Principal        Cost (c)     Market Value
                                  Amount                (000s)         (000s)                                           Amount           (000s)         (000s)
                                   (000s)                                                                                (000s)
                                                                                        Bell Canada:
Domestic Bonds 90.7%
                                                                                          6.1% 3/16/35 . . . . . . . . $ 2,125       $     2,084      $     2,120
Corporate 45.8%
                                                                                          6.9% 12/15/11 . . . . . . .        4,330         4,600            4,629
Aeroports de Montreal:
                                                                                          7% 9/24/27 . . . . . . . . . .     1,101         1,020            1,200
  5.17% 9/17/35 . . . . . . . $ 5,415               $     5,169     $       5,283
                                                                                          7.3% 2/23/32 . . . . . . . .       2,515         3,025            2,859
  5.472% 4/16/40 . . . . . .         1,687                1,687             1,718
                                                                                        BMW Canada Auto Trust
  5.67% 10/16/37 . . . . . .           620                  619               649         Series 2009 1 Class A2,
  6.35% 4/16/12 . . . . . . .        1,880                1,911             2,013         3.052% 9/22/14 . . . . . . 14,410               14,410          14,522
Algonquin Credit Card                                                                   BMW Canada, Inc. 3.22%
  Trust:                                                                                  3/28/13 . . . . . . . . . . . . .  8,740         8,739            8,818
  Series 2005 1A, 3.989%                                                                British Columbia Ferry
     10/15/10 . . . . . . . . . .    4,645                4,637             4,677         Services, Inc.:
  Series 2006 1C 5.459%                                                                   5.021% 3/20/37 . . . . . . 10,000                9,203            9,744
     7/15/11 . . . . . . . . . . . . 4,080                4,080             4,049         6.214% 12/19/13 . . . . .          4,420         4,669            4,909
  Series 2007 1:                                                                        Broadcast Centre Trust
     Class B, 4.792%                                                                      7.53% 5/1/27 . . . . . . . .       8,310         9,373          10,617
       6/15/12 . . . . . . . . . .   3,595                3,587             3,643       Broadway Credit Card Trust
     Class C, 5.092%                                                                      Series 2008 1 Class A,
       6/15/12 . . . . . . . . . .   1,435                1,435             1,441         5.234% 6/17/11 . . . . . .         2,890         2,975            2,977
  4.449% 10/15/10 . . . . .          4,110                4,098             4,125       Brookfield Renewable
  4.799% 10/15/10 . . . . .          4,850                4,815             4,861         Power, Inc. 5.84%
                                                                                          11/5/36 . . . . . . . . . . . . .  3,110         3,109            2,753
Alliance Pipeline LP:
                                                                                        Cameco Corp.:
  4.928% 12/16/19 . . . . .          1,290                1,290             1,334
                                                                                          4.7% 9/16/15 . . . . . . . .       4,305         4,211            4,498
  6.765% 12/31/25 . . . . .            374                  374               420
                                                                                          5.67% 9/2/19 . . . . . . . .       8,120         8,270            8,636
AltaGas Income Trust:
                                                                                        Canada Housing Trust No.
  4.41% 9/1/10 . . . . . . . .       1,690                1,690             1,696         1:
  5.07% 1/19/12 . . . . . . .        6,670                6,668             6,867         0.8571% 9/15/15 (a) . . 14,780                  14,780          14,764
  6.94% 6/29/16 . . . . . . .        1,720                1,720             1,912         3.15% 6/15/15 . . . . . . . 87,260              87,145          89,016
  7.42% 4/29/14 . . . . . . .        3,710                3,709             4,107       Canadian Capital Auto
AltaLink Investments LP:                                                                  Receivables Asset Trust II
  5.019% 11/21/12 . . . . .          4,059                4,068             4,251         Series 2010 1:
  5.207% 12/16/16 . . . . .          6,780                6,780             7,100         Class A2, 2.002%
AltaLink LP 5.381%                                                                           11/17/12 . . . . . . . . . .    4,340         4,340            4,340
  3/26/40 . . . . . . . . . . . . .  1,620                1,620             1,677         Class A3, 3.053%
American Express Canada                                                                      7/17/14 . . . . . . . . . . . . 2,890         2,890            2,898
  Credit Corp. 4.853%                                                                   Canadian Credit Card
  10/3/14 . . . . . . . . . . . . .  2,840                2,840             2,969         Master Trust 3.444%
Bank of Montreal:                                                                         7/24/15 . . . . . . . . . . . . .  5,950         5,950            5,959
  3.93% 4/27/15 . . . . . . .        7,400                7,400             7,641       Canadian Imperial Bank of
                                                                                          Commerce:
  5.05% 9/3/13 . . . . . . . .       4,485                4,776             4,794
                                                                                          3.05% 6/3/13 . . . . . . . .       3,300         3,298           3,341
Bank of Nova Scotia:
                                                                                          3.3% 11/19/14 . . . . . . .        2,210         2,206           2,235
  3.43% 7/16/14 . . . . . . . 15,220                     15,431           15,467
                                                                                          4.35% 11/1/11 . . . . . . .        6,205         6,235           6,413
  4.1% 6/8/17 . . . . . . . . . . 17,830                 17,828           18,100
                                                                                          4.55% 3/28/16 (a) . . . .          3,420         3,415           3,489
  4.94% 4/15/19 (a) . . . . 11,470                       12,184           12,091
                                                                                          5% 9/10/12 . . . . . . . . . . 10,845           11,321          11,486
  5% 9/13/10 . . . . . . . . . .     5,900                5,906            5,946
                                                                                          6% 6/6/23 (a) . . . . . . . . 18,585            18,569          20,645
  5.04% 4/8/13 . . . . . . . . 13,830                    14,173           14,725
                                                                                        Canadian Mortgage &
  6.65% 1/22/21 . . . . . . . 12,600                     12,598           14,305
                                                                                          Housing Corp.:
Bell Aliant Regional
                                                                                          4.25% 2/1/16 . . . . . . . . 15,075             14,666          16,108
  Communications LP:
                                                                                          4.35% 2/1/17 . . . . . . . . 11,800             11,779          12,695
  4.72% 9/26/11 . . . . . . .        1,190                1,192             1,226
                                                                                        Canadian Natural
  5.41% 9/26/16 . . . . . . .        5,705                5,428             5,977
                                                                                          Resources Ltd.:
  6.17% 2/26/37 . . . . . . .        6,050                5,661             5,690
                                                                                          4.95% 6/1/15 . . . . . . . .       7,047         6,974            7,480
  6.29% 2/17/15 . . . . . . .        1,090                1,090             1,192
                                                                                          5.5% 12/17/10 . . . . . . .        1,740         1,773            1,772

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

                                                                                    3                                                               Annual Report
Fidelity Canadian Bond Fund
Schedule of Investments - continued


 Bonds        continued
                                  Principal             Cost (c)     Market Value                                           Principal       Cost (c)    Market Value
                                  Amount                (000s)         (000s)                                               Amount          (000s)        (000s)
                                   (000s)                                                                                    (000s)
                                                                                           Enbridge Pipelines, Inc.
Domestic Bonds continued                                                                     6.62% 11/19/18 . . . . . . $       2,570   $     2,569     $     3,054
Corporate continued                                                                        Enbridge, Inc.:
Canadian Tire Ltd. 5.61%                                                                     4.53% 3/9/20 . . . . . . . .       4,950         4,949           4,938
  9/4/35 . . . . . . . . . . . . . . $ 2,000        $     1,833     $       1,863
                                                                                             4.77% 9/2/19 . . . . . . . .       3,700         3,698           3,776
Cards II Trust:
                                                                                             5.17% 5/19/16 . . . . . . .        2,140         2,139           2,295
  1.275% 5/15/12 (a) . . .             5,310              5,310             5,317
                                                                                             5.75% 9/2/39 . . . . . . . .       2,320         2,318           2,387
  3.048% 5/15/13 . . . . . .           5,310              5,310             5,359
                                                                                           ENMAX Corp.:
CBC Monetization Trust
                                                                                             5.85% 4/8/14 . . . . . . . .       2,810         2,807           3,020
  4.688% 5/15/27 . . . . . .           4,001              4,001             4,179
                                                                                             6.15% 6/19/18 . . . . . . .        3,675         3,667           3,943
CI Financial Corp. 3.3%
  12/17/12 . . . . . . . . . . . .     3,440              3,440             3,463          EPCOR Utilities, Inc. 5.75%
                                                                                             11/24/39 . . . . . . . . . . . .   2,570         2,566           2,668
CIBC Capital Trust:
                                                                                           Falcon Trust Commercial
  9.976% 6/30/08 (a) . . .             8,340              9,146           11,070
                                                                                             Mortgage:
  10.25% 6/30/08 (a) . . .             4,140              4,140            6,385
                                                                                             sequential payer:
Citigroup Finance Canada,
                                                                                                Series 2002 SMU Class
  Inc. 5.13% 10/25/10 . . .            2,320              2,319             2,345
                                                                                                  A, 5.151%
Claret Trust sequential                                                                           10/15/19 . . . . . . . . .       34              34            34
  payer Series 2006 1                                                                           Series 2003 SMU Class
  Class A, 4.712%                                                                                 A, 5.057% 1/15/21             2,050         2,089           2,079
  5/15/33 . . . . . . . . . . . . .    1,374              1,378             1,383
                                                                                             Series 2003 SMU:
CNH Capital Canada
  Wholesale Trust 6.4086%                                                                       Class C, 5.057%
  12/15/15 (a) . . . . . . . . .       3,750              3,750             3,750                 1/15/21 . . . . . . . . . .    540             549            481
Column Canada Issuer                                                                            Class D, 5.057%
  Corp.:                                                                                          1/15/21 . . . . . . . . . .   2,960         2,853           2,446
  sequential payer Series                                                                  Finning International, Inc.:
     2006 WEM Class A2,                                                                      4.64% 12/14/11 . . . . . .           895           895             928
     4.934% 1/15/22 . . . .            8,910              8,422             8,734            6.02% 6/1/18 . . . . . . . .       3,050         3,057           3,345
  Series 2002 CCL1:                                                                        First Capital Realty, Inc.:
     Class AX, 1.273%                                                                        5.25% 3/30/11 . . . . . . .        1,650         1,650           1,684
       5/12/34 (a)(b) . . . . . 10,725                       126                 174
                                                                                             5.34% 4/1/13 . . . . . . . .       5,890         5,898           6,142
     Class D, 7.3434%
                                                                                             5.49% 12/1/11 . . . . . . .        1,460         1,461           1,513
       5/12/34 (a) . . . . . . .       2,725              3,021             2,795
                                                                                             5.85% 1/31/17 . . . . . . .        1,704         1,708           1,779
     Class E, 7.3434%
       5/12/34 (a) . . . . . . .         545                 589                 546         5.95% 6/1/15 . . . . . . . .       2,000         2,003           2,138
  Series 2006 WEM:                                                                         Ford Auto Securitization
                                                                                             Trust:
     Class AX, 0.5853%
       1/15/22 (a)(b) . . . . . 164,200                   4,387             3,980            Series 2009 R1A Class
                                                                                                A1, 3.396% 11/15/11              737             738            742
     Class B, 5.003%
       1/15/22 . . . . . . . . . .     2,300              2,155             2,199            Series 2009 R1X:
     Class K, 5.5625%                                                                           Class A1, 3.396%
       1/15/22 . . . . . . . . . .     3,150              3,097             2,237                 11/15/11 . . . . . . . . .    1,584         1,584           1,596
CU, Inc.:                                                                                       Class A2, 4.817%
                                                                                                  10/15/12 . . . . . . . . .    5,500         5,500           5,675
  5.096% 11/18/14 . . . . .            1,105              1,105             1,197
                                                                                                Class A3, 6.341%
  5.58% 5/26/38 . . . . . . .            875                875               924
                                                                                                  1/15/14 . . . . . . . . . .   4,740         4,931           5,089
Eagle Credit Card Trust
                                                                                             Series 2010 R1:
  Series 2006 1 Class A,
  4.441% 3/17/11 . . . . . .           9,370              9,536             9,556               Class A2, 2.75%
                                                                                                  11/15/13 . . . . . . . . .    1,156         1,156           1,161
Emera, Inc.:
  4.1% 10/20/14 . . . . . . .          2,510              2,509             2,568               Class A3, 3.836%
                                                                                                  1/15/15 . . . . . . . . . .   4,535         4,560           4,607
  4.83% 12/2/19 . . . . . . .          2,840              2,838             2,891
                                                                                                Class B, 5.166%
Enbridge Gas Distribution,                                                                        2/15/15 . . . . . . . . . .   4,649         4,768           4,791
  Inc. 5.57% 1/29/14 . . . .             810                 810                 886
                                                                                                Class C, 5.918%
Enbridge Income Fund                                                                              9/15/15 . . . . . . . . . .   3,095         3,197           3,224
  5.25% 12/22/14 . . . . . .           2,760              2,762             2,898

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

Annual Report                                                                          4
 Bonds        continued
                                  Principal             Cost (c)     Market Value                                          Principal        Cost (c)     Market Value
                                  Amount                (000s)         (000s)                                              Amount           (000s)         (000s)
                                   (000s)                                                                                   (000s)
                                                                                           Hydro One, Inc.:
Domestic Bonds continued
                                                                                             4.89% 3/13/37 . . . . . . . $ 6,430        $     6,429      $     6,219
Corporate continued
                                                                                             5.49% 7/16/40 . . . . . . .          910           909              962
Ford Floorplan Auto
                                                                                             5.77% 11/15/12 . . . . . .           825           828              889
  Securities Trust:
                                                                                             6.35% 1/31/34 . . . . . . .          325           325              380
  Series 2006 3A, 4.701%
    11/15/11 . . . . . . . . . . $    2,020         $     2,044     $       2,077          IGM Financial, Inc. 7.35%
                                                                                             4/8/19 . . . . . . . . . . . . . . 4,620         4,853            5,458
  Series 2006 3B, 5.281%
    11/15/11 . . . . . . . . . .        515                  515                 532       Intact Finance Corp. 6.4%
                                                                                             11/23/39 . . . . . . . . . . . . 13,180         13,112          13,537
  Series 2010 1, 2.1586%
    6/15/12 (a) . . . . . . . . .     5,910               5,910             6,023          Investors Group, Inc. 6.65%
                                                                                             12/13/27 . . . . . . . . . . . .     450            482             492
  Series 2010 F1, 4.168%
    6/15/13 . . . . . . . . . . . .   9,460               9,460             9,650          John Deere Credit, Inc.:
Fortis, Inc. 6.51% 7/4/39 .           4,960               4,957             5,684            3.9% 7/29/13 . . . . . . . .         630           629              651
FortisAlberta, Inc. 5.85%                                                                    5.25% 10/18/10 . . . . . .         2,930         2,928            2,964
  4/15/38 . . . . . . . . . . . . .   3,280               3,491             3,567            5.3% 7/27/12 . . . . . . . .       1,300         1,310            1,380
FortisBC, Inc. 6.1% 6/2/39            2,750               2,750             3,032          Loblaw Companies Ltd.:
GE Capital Canada                                                                            4.85% 5/8/14 . . . . . . . .       4,030         4,029            4,251
  Funding Co.:                                                                               6.05% 6/9/34 . . . . . . . .         828           673              819
  5.53% 8/17/17 . . . . . . .         5,765               5,722             6,148            6.15% 1/29/35 . . . . . . .        3,300         2,945            3,308
  5.73% 10/22/37 . . . . . .          4,515               4,426             4,567            6.45% 2/9/28 . . . . . . . .         500           435              520
Genesis Trust Series 2006 2                                                                  7% 6/7/40 . . . . . . . . . . .      930           978            1,017
  Class A, 4.245%                                                                          Mansfield Trust Series
  9/15/11 . . . . . . . . . . . . .   2,430               2,496             2,502            2001 1 Class B, 6.839%
Gloucester Credit Card                                                                       11/15/25 . . . . . . . . . . . .     125            125             126
  Trust:                                                                                   Manulife Finance Holdings
  Series 2004 1, 6.486%                                                                      Ltd. 6.822% 5/31/11 . . .          1,550         1,552            1,617
    5/15/14 . . . . . . . . . . . .   2,000               2,000             2,040          Manulife Financial Capital
  Series 2006 1, 4.994%                                                                      Trust II 7.405%
    3/15/11 . . . . . . . . . . . .   3,540               3,540             3,540            12/31/08 (a) . . . . . . . . .     3,200         3,200            3,727
  Series 2008 1, 5.335%                                                                    Manulife Financial Corp.:
    5/15/13 . . . . . . . . . . . .   8,141               8,271             8,576            5.161% 6/26/15 . . . . . .         5,025         5,124           5,372
  4.909% 11/15/13 . . . . .           3,110               3,117             3,070            7.768% 4/8/19 . . . . . . . 12,810              13,605          15,493
Golden Credit Card Trust                                                                   Maritimes & Northeast
  5.421% 4/15/13 . . . . . .          1,620               1,629             1,741            Pipeline LP 4.34%
Great West Lifeco, Inc.:                                                                     11/30/19 . . . . . . . . . . . .   2,558         2,558            2,633
  5.998% 11/16/39 . . . . .           7,280               7,344             7,751          Master Credit Card Trust:
  6.14% 3/21/18 . . . . . . .           660                 662               742            5.237% 5/21/13 . . . . . .         2,810         2,810           3,013
  6.75% 8/10/15 (a) . . . .           1,250               1,248             1,256            5.297% 8/21/12 . . . . . . 11,289               11,289          11,982
Greater Toronto Airports                                                                   Merrill Lynch Canada
  Authority:                                                                                 Finance 5.8% 5/5/11 . . .          4,913         5,032            5,027
  4.7% 2/15/16 . . . . . . . .        3,420               3,317             3,590          Merrill Lynch Financial
  4.85% 6/1/17 . . . . . . . .        2,855               2,838             3,018            Asset, Inc.:
  5.96% 11/20/19 . . . . . .          4,470               4,777             4,985            sequential payer:
  6.45% 12/3/27 . . . . . . .         7,735               7,521             8,713              Series 2001 CAN5
                                                                                                  Class A2, 6.79%
  6.98% 10/15/32 . . . . . .            595                 603               715                                               8,332         8,531            8,522
                                                                                                  4/15/33 . . . . . . . . . .
  7.05% 6/12/30 . . . . . . .         1,500               1,792             1,800              Series 2001 CAN6
Honda Canada Finance,                                                                             Class A2, 6.38%
  Inc.:                                                                                           11/12/33 . . . . . . . . .    2,800         2,935            2,910
  5.076% 5/9/13 . . . . . . .           850                 892               901              Series 2002 BC2P
  5.613% 9/12/13 . . . . . .          4,987               5,093             5,374                 Class A, 6.673%
  5.675% 9/26/12 . . . . . .          5,835               5,835             6,251                 5/7/21 . . . . . . . . . . .  1,231         1,231            1,296
HSBC Bank of Canada                                                                            Series 2002 CAN7
  3.86% 5/21/15 . . . . . . .                                                                     Class A2, 6.14%
                                      8,280               8,278             8,443
                                                                                                  4/12/34 . . . . . . . . . .   1,120         1,119            1,176


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

                                                                                       5                                                               Annual Report
Fidelity Canadian Bond Fund
Schedule of Investments - continued


 Bonds        continued
                                  Principal             Cost (c)     Market Value                                         Principal        Cost (c)    Market Value
                                  Amount                (000s)         (000s)                                             Amount           (000s)        (000s)
                                   (000s)                                                                                  (000s)
                                                                                            Series 2006 CA19:
Domestic Bonds continued
                                                                                               Class A1, 4.64%
Corporate continued                                                                              6/12/39 . . . . . . . . . . $ 1,140   $     1,140     $     1,154
Merrill Lynch Financial                                                                        Class XP1, 0.4888%
 Asset, Inc.: continued                                                                          6/12/39 (a)(b) . . . . . 84,542                877            906
 sequential payer:                                                                          Series 2006 CA20:
   Series 2002 CAN8                                                                            Class A1, 4.51%
      Class A2, 5.74%                                                                            10/12/39 (a) . . . . . .        701            701            703
      11/12/34 . . . . . . . . . $    1,500         $     1,529     $       1,562
                                                                                               Class XP1, 0.6284%
   Series 2003 CA10                                                                              10/12/39 (a)(b) . . . . 116,722             1,396           1,414
      Class A2, 5.245%
      6/12/35 . . . . . . . . . .       800                  791                 829        Series 2007 CA21 Class
                                                                                               XP1, 0.4635%
   Series 2004 CA12                                                                            1/12/40 (a)(b) . . . . . . 145,155            1,601           1,565
      Class A2, 5.441%
      3/12/36 . . . . . . . . . .     6,500               6,500             6,775           Series 2007 CA22 Class
                                                                                               A1, 4.613% 3/12/49 .              464            464            471
   Series 2005 CA16
      Class A1, 4.071%                                                                     Merrill Lynch Mortgage
      7/12/37 . . . . . . . . . .     3,938               3,756             3,987           Loans, Inc. Series
                                                                                            2000 CAN4:
 Series 2001 CAN6 Class
   C, 6.8% 11/12/33 . . .               300                  290                 311        Class C, 7.5438%
                                                                                               11/15/32 (a) . . . . . . . .      794            794            802
 Series 2002 CAN7 Class
   C, 7.19% 4/12/34 . . .               485                  550                 509        Class X, 1.1651%
                                                                                               11/15/32 (a)(b) . . . . . 12,613                   53            55
 Series 2002 CAN8 Class
   X1, 1.1804%                                                                             N 45 Degrees First CMBS
   11/12/34 (a)(b) . . . . .          8,885                  146                 232        Issuer Corp.:
 Series 2003 CA10 Class                                                                     sequential payer:
   XC1, 1.5034%                                                                                Series 2000 1 Class
   6/12/35 (a)(b) . . . . . .        41,877               1,387             1,338                A2, 6.868%
 Series 2004 CA12:                                                                               7/15/15 . . . . . . . . . .   2,650         2,834           2,654
   Class B, 5.635%                                                                             Series 2002 1 Class
      3/12/36 . . . . . . . . . .     1,250               1,250             1,255                A2, 5.972%
                                                                                                 5/15/16 . . . . . . . . . .   1,041         1,041           1,069
   Class C, 5.5%
      3/12/36 . . . . . . . . . .     1,060               1,096             1,055              Series 2003 2:
   Class XP1, 0.6185%                                                                            Class A1, 4.968%
      3/12/36 (a)(b) . . . . .       19,058                    81                 96                11/15/20 . . . . . . .       126            126            128
 Series 2004 CA14:                                                                               Class A2, 5.667%
                                                                                                    11/15/20 . . . . . . .     1,000         1,000           1,041
   Class XC1, 0.3274%
      10/12/36 (a)(b) . . . .        16,031                  251                 274           Series 2003 3 Class
                                                                                                 A2, 5.3% 12/15/19               862            898            884
   Class XP1, 0.6668%
      10/12/36 (a)(b) . . . .        12,211                    75                 92        Series 2000 1 Class B,
                                                                                               7.064% 7/15/15 . . . .          1,170         1,227           1,171
 Series 2005 CA15:
                                                                                            Series 2003 1 Class B1,
   Class B, 5.036%
                                                                                               5.098% 12/15/19 . . .             225            225            229
      3/12/15 . . . . . . . . . .     1,625               1,625             1,526
                                                                                           National Bank of Canada:
   Class D1, 5.7709%
      3/12/15 (a) . . . . . . .         405                  401                 334        3.147% 2/11/15 . . . . . .         3,730         3,730           3,712
   Class E1, 5.7709%                                                                        4.03% 5/26/15 . . . . . . .        2,060         2,060           2,121
      3/12/15 (a) . . . . . . .         190                  183                 150        4.456% 11/2/16 (a) . . .           2,010         2,010           2,068
   Class XC1, 0.3677%                                                                       5.55% 11/15/18 (a) . . .           4,900         4,898           5,251
      8/12/15 (a)(b) . . . . .       15,628                  317                 292       NAV Canada:
   Class XP1, 0.8991%                                                                       1.0971% 4/29/13 (a) . .            3,670         3,670           3,670
      2/12/37 (a)(b) . . . . .        5,574                    67                 75        3.434% 4/17/12 . . . . . .         2,630         2,630           2,688
 Series 2005 CA16 Class                                                                     5.304% 4/17/19 . . . . . .         2,900         2,900           3,122
   XP1, 0.9042%
                                     42,492                  562                 705       NBC Asset Trust 7.235% (a)          2,400         2,425           2,743
   7/12/37 (a)(b) . . . . . .
 Series 2005 CA17 Class                                                                    Nova Scotia Power, Inc.:
   XP1, 0.377%                                                                              5.61% 6/15/40 . . . . . . .        2,470         2,468           2,567
   11/12/37 (a)(b) . . . . .         83,173                  591                 630        5.95% 7/27/39 . . . . . . .          740           738             805


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

Annual Report                                                                          6
 Bonds        continued
                                  Principal             Cost (c)     Market Value                                        Principal     Cost (c)     Market Value
                                  Amount                (000s)         (000s)                                            Amount        (000s)         (000s)
                                   (000s)                                                                                 (000s)
                                                                                           Rogers Communications,
Domestic Bonds continued                                                                     Inc.:
Corporate continued                                                                          5.8% 5/26/16 . . . . . . . . $ 10,480    $ 10,472      $   11,366
Power Corp. of Canada:                                                                       6.68% 11/4/39 . . . . . . .      3,580      3,613           3,812
  7.57% 4/22/19 . . . . . . . $       1,890         $     1,889     $       2,238            7.625% 12/15/11 . . . . .        5,979      6,052           6,448
  8.57% 4/22/39 . . . . . . .           500                 500               668          RONA, Inc. 5.4%
RBC Capital Trust 7.183% .            1,640               1,771             1,720            10/20/16 . . . . . . . . . . . . 1,630      1,627            1,682
RBC Subordinated Notes                                                                     Royal Bank of Canada:
  Trust 4.58% 4/30/17 (a)             1,320               1,277             1,370            3.66% 1/25/17 . . . . . . . 10,000          9,996           9,964
Real Estate Asset Liquidity                                                                  4.35% 6/15/20 (a) . . . . 15,870           15,864          16,244
  Trust:
                                                                                             4.84% 3/11/18 (a) . . . .        6,220      6,136           6,538
  sequential payer:
                                                                                             4.97% 6/5/14 . . . . . . . .     3,690      3,882           3,959
    Series 2004 1 Class
                                                                                             5% 6/6/18 (a) . . . . . . . . 22,000       21,845          23,231
      A2, 5.07%
      10/12/36 . . . . . . . . .      5,015               4,943             5,209            5.06% 7/17/13 . . . . . . . 14,050         14,304          15,052
    Series 2006 2 Class                                                                      5.2% 8/15/12 . . . . . . . . 29,485        30,920          31,335
      A1, 4.437%                                                                             5.45% 11/4/18 (a) . . . .        1,320      1,290           1,415
      9/12/38 . . . . . . . . . .     3,352               3,093             3,432            5.95% 6/18/03 (a) . . . .        2,243      2,446           2,437
    Series 2006 3 Class                                                                    Royal Office Finance LP
      A1, 4.449%                                                                             Series A, 5.209%
      12/12/38 . . . . . . . . .      2,366               2,199             2,417            11/12/32 . . . . . . . . . . . . 4,585      4,585            4,712
    Series 2007 2 Class                                                                    Schooner Trust:
      A1, 5.195%
                                     10,882              11,002           11,392             sequential payer:
      3/12/46 . . . . . . . . . .
  Series 2004 1 Class C,                                                                       Series 2004 CCF1:
    5.5% 10/12/36 . . . . . .           465                  485                 426              Class A1, 4.58%
                                                                                                    6/12/37 . . . . . . . .     842         847             860
  Series 2005 1:
    Class B, 5.047%                                                                               Class A2, 5.34%
      3/12/37 . . . . . . . . . .                                                                   6/12/37 . . . . . . . .   4,990      5,037            5,248
                                        675                  675                 673
    Class C, 5.235%                                                                            Series 2004 CF2:
      3/12/37 . . . . . . . . . .       233                  241                 209              Class A1, 4.639%
                                                                                                    9/12/19 . . . . . . . .   1,365      1,365            1,410
    Class D1, 5.5661%
      3/12/37 (a) . . . . . . .       1,355               1,345             1,174                 Class B, 5.291%
                                                                                                    9/12/19 . . . . . . . .   1,000      1,000            1,006
    Class E1, 5.5661%
      3/12/37 (a) . . . . . . .         225                  209                 195         Series 2004 CCF1:
  Series 2005 2 Class XC1,                                                                     Class D1, 6% 6/12/37             680         696             676
    0.1816%                                                                                    Class IO2, 1.1777%
    10/12/20 (a)(b) . . . . .        59,166                  714                 701              6/12/37 (a)(b) . . . . . 29,936           704             767
  Series 2006 2:                                                                             Series 2005 3:
    Class XC1, 0.1237%                                                                         Class B:
      9/12/38 (a)(b) . . . . .       46,068                  691                 638              0.3644%
    Class XP1, 0.716%                                                                               4/12/20 (a)(b) . . . 28,044             693             640
      9/12/38 (a)(b) . . . . .       38,874                  602                 602              4.881% 4/12/20 . . .          730         730             719
  Series 2006 3 Class XP1,                                                                     Class C, 5.088%
    0.6391%                                                                                       4/12/20 . . . . . . . . . .   395         394             380
    12/12/38 (a)(b) . . . . .        41,844                  586                 585
                                                                                             Series 2006 5:
  Series 2007 1 Class XP1,
    0.4385%                                                                                    Class XC, 0.127%
    4/12/14 (a)(b) . . . . . .       37,360                 430              432                  2/12/21 (a)(b) . . . . . 196,978       1,996            1,986
Reliance LP 7.3% 4/3/13 .            12,460              12,445           13,075               Class XP, 0.4216%
                                                                                                  2/12/21 (a)(b) . . . . . 32,913           285             296
RioCan (REIT):
                                                                                             Series 2006 6 Class XP,
  4.91% 3/8/11 . . . . . . . .        1,975               1,970             2,011
                                                                                               0.6603%
  5.65% 3/31/15 . . . . . . .         1,630               1,633             1,721              10/12/38 (a)(b) . . . . . 37,056             510             513
  8.33% 4/3/14 . . . . . . . .        2,610               2,610             2,968            Series 2007 7 Class XP,
Rogers Cable, Inc. 7.25%                                                                       0.4828%
  12/15/11 . . . . . . . . . . . .    1,850               1,853             1,984              2/12/22 (a)(b) . . . . . . 122,566        1,351            1,401


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

                                                                                       7                                                          Annual Report
Fidelity Canadian Bond Fund
Schedule of Investments - continued


 Bonds        continued
                                  Principal             Cost (c)     Market Value                                          Principal        Cost (c)   Market Value
                                  Amount                (000s)         (000s)                                              Amount           (000s)       (000s)
                                   (000s)                                                                                   (000s)
                                                                                             5.9% 2/26/35 . . . . . . . . $       725   $        721   $        802
Domestic Bonds continued
                                                                                           Terasen Pipelines Corridor,
Corporate continued                                                                          Inc. 5.033% 2/2/15 . . . .           700            700            736
Schooner Trust: continued                                                                  The Hospital for Sick
  Series 2007 8:                                                                             Children 5.217%
     Class XC, 0.0541%                                                                       12/16/49 . . . . . . . . . . . .   9,600         9,600           9,519
       6/12/22 (a)(b) . . . . $ 247,720             $        541    $            562       Toronto Hospital 5.64%
     Class XP, 0.0046%                                                                       12/8/22 . . . . . . . . . . . . .  1,185         1,194           1,288
       6/12/22 (a)(b) . . . . . 201,409                        10                 11       Toronto Hydro Corp. 6.11%
Scotiabank Capital Trust                                                                     5/7/13 . . . . . . . . . . . . . .   500            500            548
  6.626% 6/30/52 . . . . . .            4,080             4,087             4,387          Toronto Dominion Bank:
Scotiabank Tier I Trust                                                                      4.779% 12/14/05 (a) . .            3,520         3,520           3,622
  7.802% 6/30/08 (a) . . .              3,310             3,310             3,972            4.854% 2/13/13 . . . . . .         2,840         2,843           3,013
Shaw Communications,                                                                         5.141% 11/19/12 . . . . . 10,050                10,050          10,716
  Inc.:                                                                                      5.382% 11/1/17 (a) . . .           3,255         3,255           3,451
  5.65% 10/1/19 . . . . . . .           4,780             4,831             4,936            5.69% 6/3/18 (a) . . . . . .       4,325         4,292           4,652
  5.7% 3/2/17 . . . . . . . . . .       1,590             1,586             1,685            5.763% 12/18/06 (a) . .            7,020         6,744           7,508
  6.1% 11/16/12 . . . . . . .           2,230             2,216             2,387            5.828% 7/9/23 (a) . . . . 27,630                28,033          30,331
  6.15% 5/9/16 . . . . . . . .          2,720             2,672             2,984          Toyota Credit Canada, Inc.
  6.5% 6/2/14 . . . . . . . . . .       4,290             4,285             4,716            5.05% 7/27/12 . . . . . . .        6,000         6,163           6,306
  6.75% 11/9/39 . . . . . . .           8,230             8,223             8,392          TransCanada PipeLines Ltd.:
Sobeys, Inc. 6.64% 6/7/40               8,290             8,327             8,444            4.65% 10/3/16 . . . . . . .        1,400         1,452           1,470
Solar Trust:                                                                                 5.05% 8/20/13 . . . . . . .        1,395         1,393           1,491
  Series 2000 1 Class C,                                                                     7.31% 1/15/27 . . . . . . .          370           352             446
     7.24% 11/15/13 . . . .               718                752                 727       Union Gas Ltd.:
  Series 2003 CC1:                                                                           5.35% 4/27/18 . . . . . . .        2,965         2,961           3,211
     Class D1, 6.4%                                                                          6.05% 9/2/38 . . . . . . . .       7,205         7,383           8,109
       5/12/16 . . . . . . . . . .        220                226                 225
                                                                                             7.9% 2/24/14 . . . . . . . .       3,900         4,483           4,531
     Class IO1, 1.4728%
       5/12/16 (a)(b) . . . . . 12,630                       288                 347       Wells Fargo Financial
                                                                                             Canada Corp.:
Summit (REIT) 5.38%
  3/1/12 . . . . . . . . . . . . . .    4,280             4,261             4,378            3.97% 11/3/14 . . . . . . .        7,800         7,800           7,939
Sun Life Assurance Co. of                                                                    4.45% 2/28/11 . . . . . . .        4,310         4,340           4,389
  Canada 6.15%                                                                             Westcoast Energy, Inc.:
  6/30/22 (a) . . . . . . . . . .       1,100             1,098             1,173            4.57% 7/2/20 . . . . . . . .       2,070         2,070           2,096
Suncor Energy, Inc.:                                                                         5.6% 1/16/19 . . . . . . . .       9,510         9,517          10,376
  5.39% 3/26/37 . . . . . . .           2,000             1,764            1,902             8.85% 7/21/25 . . . . . . .        2,220         2,482           3,071
  5.8% 5/22/18 . . . . . . . . 11,795                    11,812           12,771           Winnipeg Airport Authority,
  6.7% 8/22/11 . . . . . . . .          1,166             1,162            1,229             Inc. 5.205% 9/28/40 . . .          1,195         1,195           1,155
Talisman Energy, Inc. 4.44%                                                                Yukon Development Corp.
  1/27/11 . . . . . . . . . . . . .     3,419             3,439             3,476            5% 6/29/40 . . . . . . . . . .     8,060       8,005              8,265
TD Capital Trust III                                                                                                                    1,303,396          1,363,993
  7.243% (a) . . . . . . . . . . . .    9,280             9,745           10,707           Federal 20.7%
TD Capital Trust IV:
                                                                                           Canada Housing Trust No.
  6.631% 6/30/08 (a) . . .              8,000             8,000             9,018            1:
  9.523% 6/30/08 (a) . . .              2,710             2,710             3,563            2.75% 12/15/14 . . . . . . 22,800               22,635          22,913
  10% (a) . . . . . . . . . . . . . . . 4,070             4,070             6,249            3.55% 9/15/13 . . . . . . . 33,950              35,181          35,337
TELUS Corp.:                                                                                 4% 6/15/12 . . . . . . . . . . 99,103          100,973         103,663
  4.95% 5/15/14 . . . . . . .           4,280             4,280             4,527            4.55% 12/15/12 . . . . . . 103,766             108,388         110,385
  5.95% 4/15/15 . . . . . . .           5,325             5,320             5,799          Canadian Government:
Terasen Gas Vancouver                                                                        Real Return Bond 2%
  Island, Inc. 6.05%                                                                           12/1/41 . . . . . . . . . . . . 13,070        14,172          15,825
  2/15/38 . . . . . . . . . . . . .     3,680             3,677             3,967
                                                                                             Real Return Bond 4.25%
Terasen Gas, Inc.:                                                                             12/1/21 . . . . . . . . . . . . 20,345        31,666          37,569
  5.8% 5/13/38 . . . . . . . .            300                299                 329

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

Annual Report                                                                          8
 Bonds         continued
                                       Principal      Cost (c)       Market Value                                                Principal       Cost (c)     Market Value
                                       Amount         (000s)           (000s)                                                    Amount          (000s)         (000s)
                                        (000s)                                                                                    (000s)
                                                                                           University of Toronto
Domestic Bonds continued                                                                     Governing Council 6.78%
Federal continued                                                                            7/18/31 . . . . . . . . . . . . . $    2,400    $     2,848      $     2,949
Canadian Government: -                                                                     University of Western
  continued                                                                                  Ontario 4.798%
  1.5% 6/1/12 . . . . . . . . . . $     25,300      $ 25,076        $     25,352             5/24/47 . . . . . . . . . . . . .      2,750          2,750            2,592
  2% 12/1/14 . . . . . . . . . .         4,450         4,332               4,402           University of Windsor
                                                                                             5.37% 6/29/46 . . . . . . .            2,363          2,363            2,357
  2.5% 9/1/13 . . . . . . . . . .        9,310         9,280               9,465
                                                                                           York Region District School
  3% 12/1/15 . . . . . . . . . .        20,130        20,352              20,665
                                                                                             Board:
  3.5% 6/1/20 . . . . . . . . . .        7,000         6,901               7,247
                                                                                             5.3% 6/3/25 . . . . . . . . . .        1,193          1,192            1,256
  3.75% 6/1/19 . . . . . . . .          65,960        67,921              69,776
                                                                                             6.45% 6/4/24 . . . . . . . .             548            548              638
  4% 6/1/17 . . . . . . . . . . .       31,930        33,299              34,426
                                                                                           York University 6.48%
  4% 6/1/41 . . . . . . . . . . .       50,403        51,728              53,973             3/7/42 . . . . . . . . . . . . . .       950            984           1,133
  5.75% 6/1/29 . . . . . . . .          42,840        51,384              55,308                                                                  73,481          78,198
Farm Credit Canada 4.55%
  4/12/21 . . . . . . . . . . . . .     10,690         10,789             11,592           Provincial 21.6%
                                                      594,077            617,898           Alberta Treasury Branches:
                                                                                             3.85% 6/3/13 . . . . . . . .           3,830          3,890           3,999
Municipal 2.6%
                                                                                             4.1% 12/1/11 . . . . . . . .          20,100         20,009          20,871
City of Montreal 4.95%
                                                                                           British Columbia Province:
  12/10/14 . . . . . . . . . . . .      11,010         10,971             11,794
                                                                                             4.65% 12/18/18 . . . . . .             9,240          9,388           9,889
City of Toronto:
                                                                                             4.7% 12/18/12 . . . . . . .            7,220          7,625           7,702
  5.05% 7/18/17 . . . . . . .             3,105          3,097             3,337
                                                                                             4.95% 6/18/40 . . . . . . .           13,000         13,416          13,961
  5.2% 6/1/40 . . . . . . . . . .         9,980          9,908            10,365
                                                                                             5.5% 4/24/13 . . . . . . . .           4,070          4,373           4,441
  5.342% 7/18/27 . . . . . .              2,187          2,187             2,313
                                                                                           Financement Quebec 5%
  5.45% 11/29/12 . . . . . .                350            349               376
                                                                                             11/1/12 . . . . . . . . . . . . .      3,450          3,430            3,669
  5.6% 12/18/18 . . . . . . .             2,000          1,992             2,213
                                                                                           Hydro Quebec 6%
  6.4% 7/26/11 . . . . . . . .            1,700          1,698             1,788             8/15/31 . . . . . . . . . . . . .      3,400          3,392            3,985
Concordia University 6.55%                                                                 Manitoba Province:
  9/2/42 . . . . . . . . . . . . . .      1,000          1,000              1,176
                                                                                             3.05% 9/1/14 . . . . . . . .           3,900          3,899           3,960
Durham Regional
                                                                                             4.15% 6/3/20 . . . . . . . .           5,000          4,992           5,100
  Municipality 5.05%
  1/25/20 . . . . . . . . . . . . .       1,209          1,204              1,285            4.65% 3/5/40 . . . . . . . .          15,000         13,898          15,371
Greater Toronto Airports                                                                     4.8% 12/3/14 . . . . . . . .           1,950          2,085           2,116
  Authority:                                                                                 5.5% 11/15/18 . . . . . . .           15,923         17,040          17,977
  5.63% 6/7/40 . . . . . . . .            6,500          6,493              6,772            7.75% 12/22/25 . . . . . .            11,219         13,622          15,479
  5.89% 12/6/13 . . . . . . .             8,015          8,013              8,777          Municipal Finance Authority
McGill University 6.15%                                                                      of British Columbia:
  9/22/42 . . . . . . . . . . . . .         725            721                   826         4.65% 4/19/16 . . . . . . .            4,110          4,141            4,395
Peel Regional Municipality                                                                   5.1% 11/20/18 . . . . . . .            5,550          5,529            6,032
  5.1% 6/29/40 . . . . . . . .            8,400          8,337              8,559          New Brunswick Province:
Queens University 6.1%                                                                       3.35% 6/1/13 . . . . . . . .          13,490         13,647          13,923
  11/19/32 . . . . . . . . . . . .          900            898              1,006            4.45% 3/26/18 . . . . . . .            4,434          4,437           4,677
Simcoe County District                                                                       4.55% 3/26/37 . . . . . . .            2,330          2,143           2,291
  School Board of Ed. 6.8%
  6/19/26 . . . . . . . . . . . . .       1,500          1,498              1,842            4.65% 9/26/35 . . . . . . .            5,600          5,357           5,585
Simon Fraser University                                                                      4.8% 9/26/39 . . . . . . . .           2,250          2,209           2,312
  5.613% 6/10/43 . . . . . .                805            805                   864         5.5% 1/27/34 . . . . . . . .           1,000          1,017           1,120
Toronto Metro Municipality                                                                 Newfoundland Province:
  Ontario 6.1% 12/12/17                   1,000            989              1,139            5.7% 10/17/35 . . . . . . .            3,570          4,067           4,143
University of Ontario                                                                        6.15% 4/17/28 . . . . . . .           13,385         13,676          15,999
  Institute of Technology                                                                    6.5% 10/17/29 . . . . . . .            8,630          9,321          10,739
  6.351% 10/15/34 . . . . .               2,037          2,037              2,140
                                                                                             6.55% 10/17/30 . . . . . .             1,000          1,051           1,257
University of Ottawa 6.28%
  4/15/43 . . . . . . . . . . . . .         600            599                   701       Nova Scotia Province:
                                                                                             4.15% 11/25/19 . . . . . .             4,190          4,179            4,288

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

                                                                                       9                                                                    Annual Report
Fidelity Canadian Bond Fund
Schedule of Investments - continued


 Bonds        continued
                                  Principal             Cost (c)     Market Value                                         Principal       Cost (c)   Market Value
                                  Amount                (000s)         (000s)                                             Amount          (000s)       (000s)
                                   (000s)                                                                                  (000s)

Domestic Bonds continued                                                                 Foreign Bonds 6.3%
Provincial continued                                                                     Australia & New Zealand
Nova Scotia Province: -                                                                    Banking Group Ltd.
  continued                                                                                3.75% 1/22/15 . . . . . . . $      4,330   $     4,319    $     4,359
  4.5% 6/1/37 . . . . . . . . . . $    4,805        $     4,622     $       4,696        Bank of America Corp.:
  4.7% 6/1/41 . . . . . . . . . .      6,450              6,402             6,496          4.81% 6/1/16 (a) . . . . . .         565           566            573
  4.9% 6/1/35 . . . . . . . . . .      3,290              3,292             3,406          5.15% 5/30/17 . . . . . . .        5,305         5,256          5,005
  5.8% 6/1/33 . . . . . . . . . .      1,270              1,437             1,472        Bayview Commercial Asset
                                                                                           Trust:
  6.6% 12/1/31 . . . . . . . .           780                856               986
                                                                                           Series 2006 CD1A Class
Ontario Province:                                                                             A1, 0.7943%
  3.15% 9/8/15 . . . . . . . .         6,350              6,236            6,383              7/25/23 (a) . . . . . . . . .   1,754         1,751          1,563
  3.25% 9/8/14 . . . . . . . .        23,030             23,162           23,538           Series 2006 CD1X:
  4.2% 6/2/20 . . . . . . . . . .     59,750             59,481           60,824              Class A1, 0.7943%
  4.4% 3/8/16 . . . . . . . . . .     23,050             24,369           24,484                7/25/23 (a) . . . . . . .     1,046         1,046            932
  4.4% 6/2/19 . . . . . . . . . .     41,960             42,762           43,637              Class B1, 1.7543%
  4.6% 6/2/39 . . . . . . . . . .     10,590             10,313           10,695                7/25/23 (a) . . . . . . .      285             285           167
  5% 3/8/14 . . . . . . . . . . .     21,550             23,210           23,411              Class B2, 2.5043%
                                                                                                7/25/23 (a) . . . . . . .      365             365           200
  5.85% 3/8/33 . . . . . . . .        12,650             14,568           14,944
                                                                                              Class M1, 0.9543%
  8.5% 12/2/25 . . . . . . . .         8,170             10,945           11,902
                                                                                                7/25/23 (a) . . . . . . .      500             500           388
Ontario School Boards
                                                                                              Class M3, 1.0543%
  Financing Corp.:
                                                                                                7/25/23 (a) . . . . . . .      383             383           270
  4.789% 8/8/30 . . . . . . .          1,432              1,432             1,377
                                                                                              Class M4, 1.1043%
  5.07% 4/18/31 . . . . . . .          7,627              7,627             7,801               7/25/23 (a) . . . . . . .      305             305           200
  5.3% 11/7/13 . . . . . . . .         2,500              2,500             2,708             Class M5, 1.1543%
  5.376% 6/25/32 . . . . . .           3,469              3,469             3,603               7/25/23 (a) . . . . . . .      325             325           208
  5.7% 10/11/17 . . . . . . .          1,185              1,182             1,310             Class M6, 1.2543%
  5.9% 10/19/11 . . . . . . .          1,300              1,298             1,369               7/25/23 (a) . . . . . . .      335             335           204
Prince Edward Island                                                                       Series 2007 CD1X:
  Province:                                                                                   Class A, 0.94%
  4.25% 9/24/19 . . . . . . .          3,480              3,476             3,558               3/25/21 (a) . . . . . . .      385             385           326
  4.65% 11/19/37 . . . . . .          10,040              9,883             9,996             Class B1, 1.7529%
  5.6% 2/21/34 . . . . . . . .         1,540              1,534             1,737               3/25/21 (a) . . . . . . .     1,620         1,620          1,000
  6.1% 7/29/27 . . . . . . . .         2,240              2,554             2,639             Class B2, 2.5043%
                                                                                                3/25/21 (a) . . . . . . .     1,230         1,230            753
  6.25% 1/29/32 . . . . . . .          3,490              3,546             4,228
                                                                                              Class B3, 3.2543%
Quebec Province:
                                                                                                3/25/21 (a) . . . . . . .      965             965           590
  4.5% 12/1/18 . . . . . . . .        13,580             13,609           14,221
                                                                                              Class M1, 0.9443%
  4.5% 12/1/19 . . . . . . . .        35,800             36,125           37,280                3/25/21 (a) . . . . . . .     1,220         1,220            850
  4.5% 12/1/20 . . . . . . . .         4,350              4,389            4,495              Class M2, 1.0043%
  5% 12/1/38 . . . . . . . . . .      19,240             19,354           20,176                3/25/21 (a) . . . . . . .      855             855           588
  5% 12/1/41 . . . . . . . . . .      47,510             49,140           50,019              Class M3, 1.0543%
  5.35% 6/1/25 . . . . . . . .         7,735              7,693            8,431                3/25/21 (a) . . . . . . .     1,140         1,140            780
  5.75% 12/1/36 . . . . . . .         10,760             12,271           12,474              Class M4, 1.1043%
  6% 10/1/12 . . . . . . . . . .       8,260              8,936            8,996                3/25/21 (a) . . . . . . .      940             940           641
Saskatchewan Province                                                                         Class M5, 1.1543%
  6.35% 1/25/30 . . . . . . .          5,835              6,974            7,236                3/25/21 (a) . . . . . . .      855             855           584
                                                        620,480          645,809              Class M6, 1.2543%
                                                                                                3/25/21 (a) . . . . . . .      855             855           582
  TOTAL DOMESTIC BONDS . . . . . . . . . . .       2,591,434            2,705,898        Bear Stearns Companies,
                                                                                           Inc.:
                                                                                           4.3% 1/12/11 . . . . . . . .         926           923            939
                                                                                           4.35% 7/20/12 . . . . . . .        6,590         6,492          6,806
                                                                                         Citigroup, Inc. 4.65%
                                                                                           10/11/22 (a) . . . . . . . . .     3,235         3,138          2,893
See accompanying notes which are an integral part of the financial statements.

Annual Report                                                                       10
 Bonds        continued                                                                  Short Term Investments                     1.9%
                                  Principal           Cost (c)       Market Value                                       Principal              Cost           Market Value
                                  Amount              (000s)           (000s)                                           Amount                (000s)            (000s)
                                   (000s)                                                                                (000s)
                                                                                         Investments in reverse
Foreign Bonds continued                                                                    repurchase agreements
Commerzbank AG 4.5%                                                                        in a joint trading
  12/15/16 (a) . . . . . . . . . $ 10,990           $ 10,834        $     10,105           account at 0.44%, dated
Commonwealth Bank of                                                                       6/30/10 due 7/2/10
  Australia:                                                                               (Collateralized by
  4.39% 11/29/15 (a) . . .           6,610              6,586              6,660           Canadian Government
                                                                                           Obligations) # . . . . . . . $ 56,327             $56,327         $     56,327
  5.15% 4/9/20 . . . . . . . .       5,400              5,383              5,616
  5.57% 10/26/17 (a) . . . 12,535                      12,965             13,133
Goldman Sachs Group,                                                                     TOTAL INVESTMENT
  Inc.:                                                                                   PORTFOLIO - 98.9% . . . . . . . . $ 2,841,574                      2,951,434
  4.8% 6/1/11 . . . . . . . . . .    4,165               4,174              4,231
  5.25% 6/1/16 . . . . . . . .       4,565               4,520              4,535        NET OTHER ASSETS (LIABILITIES)                 1.1% . . . . .             32,701
HBOS PLC 5.109%                                                                          NET ASSETS        100% . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,984,135
  6/21/17 (a) . . . . . . . . . .    5,775               5,775              5,247
JPMorgan Chase & Co.:
  3.877% 9/8/15 (a) . . . .          5,180               5,069              5,195        Swap Agreements
  5.058% 2/22/21 (a) . . .           9,420               9,365              9,582                                      Expiration            Notional            Value (000s)
Kimco North Trust III 5.99%                                                                                              Date                Amount
  4/13/18 . . . . . . . . . . . . .  2,870               2,874              2,942                                                             (000s)
Metropolitan Life Global                                                                 Interest Rate Swaps
  Funding I:
                                                                                         Receive semi annually a
  4.45% 11/8/13 . . . . . . .        1,050               1,055              1,088          fixed rate equal to
  4.5% 2/10/11 . . . . . . . .       3,220               3,253              3,279          3.081% and pay
Morgan Stanley:                                                                            quarterly a floating
  0.9314% 2/23/12 (a) . .            5,520               5,520              5,350          rate based on
                                                                                           3 month Canadian
  4.5% 2/23/12 . . . . . . . .       5,520               5,512              5,614
                                                                                           Dollar Offered Rate
National Australia Bank Ltd.                                                               with Toronto Dominion
  4.55% 9/21/16 (a) . . . .          6,400               6,495              6,539          Bank                     May 2015             $      38,000        $        1,128
National Grid PLC 4.98%                                                                  Receive semi annually a
  6/22/11 . . . . . . . . . . . . . 13,960             14,173             14,312           floating rate based on
Nordea Bank AB 3.95%                                                                       3 month Canadian
  8/5/15 (a) . . . . . . . . . . . . 2,090               2,089              2,094          Dollar Offered Rate
Royal Bank of Scotland PLC                                                                 and pay semi annual
  1.6043% 3/30/15 (a) . .            5,135               4,794              4,332          ly a fixed rate equal to
                                                                                           3.0084% with Royal
St. George Bank Ltd. 4.65%
                                                                                           Bank of Canada           May 2019                    12,020                   192
  4/23/17 (a) . . . . . . . . . . 19,985               20,079             20,387
TD Banknorth, N.A.
  4.644% 9/20/22 (a) . . .           1,480               1,494              1,516                                                        $      50,020        $        1,320
Total Capital SA 4.875%
  9/22/11 . . . . . . . . . . . . .  3,000               2,986              3,125        Legend
Transpower Finance Ltd.                                                                  (a) The coupon rate shown on floating or adjustable rate securities represents
  4.614% 5/15/12 . . . . . .         4,305               4,305              4,444            the rate at period end.
US Bank NA, Minneapolis                                                                  (b) Security represents right to receive monthly interest payments on an
  3.8% 8/9/15 (a) . . . . . . . 18,459                 18,459             18,482             underlying pool of mortgages or assets. Principal shown is the
                                                                                             outstanding par amount of the pool held as of the end of the period.
  TOTAL FOREIGN BONDS . . . . . . . . . . . . . .     193,813            189,209
                                                                                         (c) Includes broker commissions and other trading expenses, if any.
TOTAL BONDS . . . . . . . . . . . . . . . . .     2,785,247          2,895,107




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

                                                                                    11                                                                     Annual Report
Fidelity Canadian Bond Fund
Schedule of Investments - continued


# Additional information on each counterparty to the reverse repurchase agreement is as follows:

       Reverse Repurchase Agreement / Counterparty                                       Value
                                                                                        (000s)
$56,327,000 due 7/02/10 at 0.44%
Bank of Montreal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $        14,653
CIBC World Markets, Inc. . . . . . . . . . . . . . . . . . . . . . . . . .                  23,444
RBC Dominion Securities, Inc. . . . . . . . . . . . . . . . . . . . . . .                    1,465
Royal Bank of Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 1,465
The Toronto Dominion Bank . . . . . . . . . . . . . . . . . . . . . . . .                   15,300
                                                                                   $        56,327

Other Information
The following is a summary of the inputs used, as of June 30, 2010, involving the Fund's assets and liabilities carried at 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 in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

                                                                                       Valuation Inputs at Reporting Date:
Description                                                                                                         Total         Level 1        Level 2            Level 3
(Amounts in thousands)
 Investments in Securities:
 Bonds                                                                                                       $   2,895,107    $             $   2,895,107       $
 Short Term Investments                                                                                             56,327                         56,327
 Total Investments in Securities:                                                                            $   2,951,434    $             $   2,951,434       $
 Derivative Instruments:
 Assets
     Swap Agreements                                                                                         $        1,320   $             $       1,320       $

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)
 Investments in Securities:
    Beginning Balance                                                                                                                                       $       11,153
    Total Realized Gain (Loss)
    Total Unrealized Gain (Loss)
    Cost of Purchases
    Proceeds of Sales
    Amortization/Accretion
    Transfers in to Level 3
    Transfers out of Level 3                                                                                                                                        (11,153)
    Ending Balance                                                                                                                                          $
    The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2010                                            $

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the
beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the
pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered
through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's
Statement of Operations.




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

Annual Report                                                                                         12
Financial Statements

 Statements of Net Assets
Amounts in thousands (except per unit amounts)
As at June 30, 2010 and June 30, 2009                                                                                                                                                 June 30, 2010       June 30, 2009
Assets
  Investments at market value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,951,434           $ 2,210,781
  Cash and foreign currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                478             39
  Receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               52,727
  Swap agreements, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              1,320               469
  Accrued interest and dividends receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       20,882            17,476
  Receivable on sale of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            7,166             7,884
                                                                                                                                                                                        3,034,007          2,236,649
Liabilities
  Payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                   43,026             7,390
  Payable on redemption of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 6,246             1,946
  Distributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           67                62
  Management and advisory fees payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             435               446
  Other payables to affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              72                96
  Other payables and accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                           26                46
                                                                                                                                                                                            49,872             9,986
Net assets, representing unitholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  2,984,135          2,226,663
Adjustment from bid to last traded market price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net asset value, representing unitholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,984,135                         $ 2,226,663



Reverse repurchase agreements included in market value of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                                       56,327          $       17,933
Net assets per unit
Series A:
  ($224,882 / 16,729 units and $267,443 / 20,506 units, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                                   13.4424           $      13.0420

Series B:
  ($255,507 / 19,013 units and $217,548 / 16,685 units, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                                   13.4384           $      13.0382

Series F:
  ($5,625 / 419 units and $4,579 / 352 units, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                         13.4226           $      13.0222

Series O:
  ($2,498,121 / 185,898 units and $1,737,093 / 133,230 units, respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                                         13.4381           $      13.0383




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

                                                                                                                  13                                                                                        Annual Report
Financial Statements - continued


 Statements of Changes in Net Assets
Amounts in thousands
For the period ended June 30, 2010                                                                 Fund               Series A        Series B       Series F       Series O
Increase (decrease) in net assets
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $   207,685          $    15,536     $    16,817    $       373    $   174,959
Distributions to unitholders
  From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . .                 (110,403)              (6,902)        (7,978)          (187)        (95,336)
  From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              (20,094)              (1,697)        (1,773)           (36)        (16,588)
  Management fee reduction . . . . . . . . . . . . . . . . . . . . . . . . . . .                      (24)                 (15)            (9)
                                                                                                 (130,521)              (8,614)        (9,760)          (223)       (111,924)
Unit transactions
  Net proceeds from sales of units . . . . . . . . . . . . . . . . . . . . . .                  945,340                 79,350         99,037          3,702         763,251
  Reinvestment of distributions . . . . . . . . . . . . . . . . . . . . . . . . . .             129,532                  7,959          9,458            191         111,924
  Cost of units redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           (394,564)              (136,792)       (77,593)        (2,997)       (177,182)
  Net increase (decrease) in net assets resulting from unit
    transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    680,308                (49,483)        30,902            896        697,993
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . .                   757,472                (42,561)        37,959          1,046        761,028
Net assets
  Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           2,226,663               267,443         217,548          4,579      1,737,093
  End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,984,135           $   224,882     $   255,507    $     5,625    $ 2,498,121




For the period ended June 30, 2009                                                                 Fund               Series A        Series B       Series F       Series O
Increase (decrease) in net assets
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $   137,637          $    17,766     $    11,656    $       288    $   107,927
Distributions to unitholders
  From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . .                  (96,242)             (11,090)        (7,463)          (191)        (77,498)
  Management fee reduction . . . . . . . . . . . . . . . . . . . . . . . . . . .                     (581)                (568)           (13)
                                                                                                  (96,823)             (11,658)        (7,476)          (191)        (77,498)
Unit transactions
  Net proceeds from sales of units . . . . . . . . . . . . . . . . . . . . . .                  745,769                 92,001         83,478          2,470         567,820
  Reinvestment of distributions . . . . . . . . . . . . . . . . . . . . . . . . . .              96,078                 11,189          7,226            164          77,499
  Cost of units redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           (669,040)              (178,584)       (64,283)        (2,141)       (424,032)
  Net increase (decrease) in net assets resulting from unit
    transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    172,807                (75,394)        26,421            493        221,287
Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . .                   213,621                (69,286)        30,601            590        251,716
Net assets
  Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           2,013,042               336,729         186,947          3,989      1,485,377
  End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,226,663           $   267,443     $   217,548    $     4,579    $ 1,737,093




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

Annual Report                                                                                                14
 Statements of Operations
Amounts in thousands (except per unit amounts)
For the periods ended June 30,                                                                                                                                                                           2010             2009
Investment Income
  Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $   109,149    $      94,993
  Less foreign taxes withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                      (13)
                                                                                                                                                                                                         109,136           94,993

Expenses
  Management and advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                           5,352            5,531
  Administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  591
  Pricing and bookkeeping fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                          28               96
  Independent Review Committee fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                  2                3
  Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 2                6
  Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             2                8
  Transfer agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                314            1,107
  Filing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            5               18
  Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            49                5
  Goods and services tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                     318              336
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           6,663            7,110
  Expenses waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             6,663            7,110
Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                   102,473           87,883
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
  Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               20,382           26,483
  Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           (309)           4,583
  Foreign currency transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                         (18)
Total net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                20,073           31,048
Change in net unrealized appreciation (depreciation) on:
  Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               84,288           19,464
  Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            851             (758)
Total change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                      85,139           18,706
Commissions and other portfolio costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        105,212           49,754
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $                                        207,685    $     137,637




Other information:                                                                                                                                                                                       2010             2009
Net increase (decrease) in net assets resulting from operations
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $      15,536    $      17,766
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $    16,817    $      11,656
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $      373     $         288
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $     174,959    $     107,927


Net increase (decrease) in net assets resulting from operations per unit
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $       .8810    $       .6972
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $     .9173    $       .7530
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $    1.0124    $       .8365
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $      1.0933    $       .8953




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

                                                                                                                             15                                                                                         Annual Report
Notes to Financial Statements
For the periods ended June 30, 2010 and 2009
(Amounts in thousands except per unit amounts)

1. Formation of the Fund
Fidelity Canadian Bond Fund (Fund) is an open end mutual fund trust formed under the laws of Ontario and governed by a Master Declaration of Trust
dated February 1, 1988 (Inception Date), as amended thereafter from time to time. The Fund is authorized to issue an unlimited amount of units.
Fidelity Investments Canada ULC (Fidelity), as manager and trustee of the Fund, is responsible for the day to day operations and provides all general
management and administrative services. Pyramis Global Advisors, LLC (Pyramis), an affiliate of Fidelity, is responsible for the investment manage
ment of the Fund's portfolio.
The Fund offers Series A, Series B, Series F and Series O units. Series A units are available to all investors in a deferred sales charge (DSC) option.
Series B units are available to all investors in an initial sales charge (ISC) option and have lower fees than Series A units. Series A units purchased
under the DSC option will be converted to lower management and advisory fee Series B units one year after completion of their redemption schedule.
Series F units have lower fees than Series A and Series B units and are usually only available to investors who have fee based accounts with dealers who
have signed an eligibility agreement with Fidelity. Series O units are only available to selected investors who have been approved by Fidelity and have
entered into a Series O Account Agreement with Fidelity.

2. Summary of Significant Accounting Policies
The financial statements have been prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP), which require manage
ment to make certain estimates and assumptions at the date of the financial statements. The principal financial statement components subject to
measurement uncertainty include accruals and fair value of investments. Actual results could differ from those estimates. The following summarize the
significant accounting policies of the Fund:
Future Accounting Standards
The manager is reviewing and developing a plan to meet the timetable published by the Canadian Institute of Chartered Accountants (CICA) for
changeover to International Financial Reporting Standards (IFRS). The key elements of the plan will include disclosures of the qualitative and quanti
tative impact, if any, in the June 30, 2011 financial statements and the preparation of the December 31, 2011 financial statements in accordance with
IFRS with comparatives. The manager has currently not identified any changes that will impact net asset value per unit (NAVPU) as a result of the
changeover to IFRS. However, this present determination is subject to change resulting from the issuance of new standards or new interpretations of
existing standards.
The impact of IFRS on accounting policies and implementation decisions will mainly be in the areas of presentations and disclosures in the financial
statements of the Fund. Currently, two significant areas that may impact the presentation are IAS 32 Financial Instruments: Presentation, and IAS 27
Consolidated and Separate Financial Statements. The manager is currently assessing the Fund's unitholder structure and investments to determine
the impact of these standards. In June 2010, the Accounting Standards Board (AcSB) of the CICA published for comment an Exposure Draft proposing
that investment companies, which include investment funds, can defer adoption by one year. Investment companies may continue to apply existing
GAAP standards until fiscal years beginning on or after January 1, 2012.
Adoption of New Accounting Standards
The Fund adopted the September 2009 amendments to Section 3862, Financial Instruments - Disclosures. The amendments require that an entity
disclose the classification, for each class of financial instrument, of fair value measurements within a fair value hierarchy. The new standard applies to
investment funds with fiscal years ending after September 30, 2009.
Security Valuation
Investments are valued as of the close of business of the Toronto Stock Exchange (TSX), normally 4:00 p.m. Toronto time. Investments are classified as
held for trading." GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at
measurement date. These inputs are classified into three levels: Level 1 includes readily available unadjusted quoted prices in active markets for
identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or
indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in
transfers in or out of an investment's assigned level within the hierarchy. Disclosure of the Fund's investments by input level, as of June 30, 2010, as well
as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of
the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities are as follows:
Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who
make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available
dealer supplied prices. Short term securities may be valued using market quotations, amortized cost or original cost plus accrued interest.




Annual Report                                                                16
2. Summary of Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with proce
dures adopted by the Fund's manager. Factors used in determining value may include significant market or security specific events, changes in interest
rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and
exchange traded funds. These valuation methods may result in transfers between Level 1 and Level 2. With the exception of these fair value proce
dures, there were no significant transfers during the period between Level 1 and Level 2. The frequency with which these procedures are used is
unpredictable and they may be utilized to a significant extent. The value of securities used for NAVPU calculation under fair value pricing may differ
from published prices for the same securities.
The current value of individual securities may be estimated using valuation techniques based on assumptions that are not supported by observable
market prices or rates. Assumptions used in these techniques may include the cost paid for the security, recent news reports about the issuer and
general market indicators. Their fair value may be determined using valuation models that have been tested against the prices of actual market
transactions and using Pyramis' best estimate of the most appropriate model inputs. These are adjusted to reflect the spread for bid and ask prices to
reflect costs to close out positions, counterparty credit spread and limitations in the models.
Foreign Currency Translation
Securities and other assets and liabilities denominated in a foreign currency are translated into Canadian dollars at the period end exchange rates.
Purchases and sales of securities, income and expenses denominated in foreign currencies are translated into Canadian dollars at the exchange rate on
the date of the respective transaction. The effects of exchange rate fluctuations on investments are included in the net realized and unrealized gain
(loss) on investment securities and exchange rate fluctuations on other foreign currency transactions are included in the net realized and unrealized
gain (loss) on foreign currency transactions in the Statements of Operations.
Security Transactions, Income Recognition and Transaction Costs
For financial reporting purposes, the Fund's investment holdings and net assets per unit (NAPU) include trades executed through the end of the last
business day of the period. The NAVPU for processing unitholder transactions is calculated as of the close of business of the TSX and includes trades
executed through the end of the prior business day. The cost of investments is determined on an average cost basis, excluding commissions and other
portfolio transaction costs. Income from investments is recognized on an accrual basis. Interest income is accrued as earned and includes coupon
interest and accretion of discount and amortization of premium on debt securities. Realized gains and losses from the sale of investment securities and
unrealized appreciation (depreciation) in value of investment securities are calculated with reference to average cost of the related investment
securities which exclude transaction costs and may include proceeds received from litigation.
Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities by the Fund are recognized as Commissions and
other portfolio costs" on the Statements of Operations. Investment income and net realized and unrealized gains and losses are allocated daily on a pro
rata basis to each Series based on the relative net assets of each Series to the total net assets of the Fund. 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. Investment income is recorded net of foreign taxes
withheld where recovery of such taxes is uncertain. All investment income, net realized and unrealized gains (losses), and transactions costs (apart
from an insignificant amount of income arising from cash and cash equivalents) are attributable to investments which are classified as held for trading.
Cash and Foreign Currencies
Cash, including cash equivalents, is comprised of cash on deposit and short term debt instruments with terms to maturity of less than 90 days at
acquisition. Foreign currencies are comprised of cash amounts denominated in currencies other than Canadian dollars which are on deposit with the
custodian to facilitate the settlement of foreign denominated security transactions. Cash, including cash equivalents and foreign currencies, is classi
fied as held for trading and is therefore carried at fair value.
Other Assets and Liabilities
Accrued interest and dividends receivable, receivable for investments sold, receivable on sale of units, amounts due from brokers, the manager, other
funds, and other assets, as applicable, are classified as loans and receivables and recorded at fair value. Similarly, bank overdrafts, amounts due to
brokers and other funds, payable for investments purchased, payable on redemption of units, accrued expenses and other liabilities, as applicable, are
classified as financial liabilities and reported at fair value.
Short Term Trading Fees
Units redeemed or transferred within 90 days of purchase may be subject to a short term trading fee equal to 1.00% of the proceeds of the redeemed or
transferred units. All short term trading fees are retained by the Fund, accounted for as an addition to paid in capital and are included in net increase
(decrease) in net assets resulting from unit transactions" in the Statements of Changes in Net Assets.



                                                                            17                                                              Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except per unit amounts)


2. Summary of Significant Accounting Policies - continued
Per Unit from Operations
Net increase (decrease) in net assets resulting from operations per unit in the Statements of Operations represent the net increase (decrease) in net
assets resulting from operations for each Series, divided by the average units outstanding for each Series during the period.
Reverse Repurchase Agreements
The Fund may enter into reverse repurchase transactions either on its own or in conjunction with other Fidelity Funds. Uninvested cash balances are
transferred into one or more joint trading accounts where these balances are invested in reverse repurchase transactions. In reverse repurchase
transactions, the Fund buys U.S. or Canadian Government securities from a counterparty and agrees to sell the securities back to the same counterpar
ty at a higher price at a specified future date. The difference in price is reported as interest income. Credit risk arises from the potential for a counter
party to default on its obligation to repurchase the security. The risk is managed by the use of counterparties acceptable to Fidelity and by the receipt of
the securities as collateral. The value of the collateral must be at least 102% of the market value of the cash invested. Any reverse repurchase agree
ments open at period end are included in the Schedule of Investments.
Swap Agreements
The Fund may invest in swaps for the purpose of managing its exposure to interest rate or credit risk.
Interest rate swaps are agreements to exchange cash flows based on a notional principal amount, for example, the exchange of fixed rate interest
payments for floating rate interest payments. The periodic payments received or made by the Fund were $(309) (2009: $4,583) and are recorded in the
Statements of Operations as Net realized gain (loss) on derivatives." The primary risk associated with interest rate swaps is that unfavorable fluctua
tion of interest rates could adversely impact the Fund.
Swaps are marked to market daily based on dealer supplied valuations and changes in value are recorded in the Statements of Operations as change
in unrealized appreciation (depreciation) on derivatives." Gains or losses are realized upon termination of the swap agreement. Collateral, in the form
of cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with swap contracts. Risks may exceed
amounts recognized on the Statements of Net Assets. These risks include changes in the returns of the underlying instruments, failure of the counter
parties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of any swap agreements
open at period end are included in the Schedule of Investments under the caption Swap Agreements."

3. Expenses
Management and Advisory Fees
Fidelity serves as the manager of the Fund and Pyramis serves as investment advisor of the Fund. The Fund pays Fidelity and Pyramis a monthly
management and advisory fee for their services, based on the average net assets of each Series, calculated daily and payable monthly. Fidelity may
reduce the management and advisory fee or fund expenses for certain investors by reducing the management and advisory fee it charges to the Fund or
reducing the amount charged to the Fund for certain expenses and having the Fund pay out the amount of the reduction to the investors as a distribu
tion. These distributions are disclosed as Management fee reduction" in the Statements of Changes in Net Assets. No management and advisory fees
are charged with respect to the Series O units, but investors will be charged a negotiated administrative fee. The annual management and advisory fee
rates for each Series were as follows:
                                                                                                                                                                                                                                       Annual Management
                                                                                                                                                                                                                                          and Advisory
                                                                                                                                                                                                                                            Fee Rate
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           1.25%
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         1.00%
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         0.50%

Administration Fee
Effective November 1, 2009, Fidelity began charging the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all
of the operating expenses of the Fund, other than certain specified fund costs, including the fees and expenses of the Independent Review Committee
(IRC), taxes, brokerage commissions and interest charges. The Fund is no longer charged for transfer agency, pricing and bookkeeping, custodian,
audit, legal and filing fees. The administration fee is in addition to the management and advisory fee. No administration fees are charged with respect
to the Series O units. The annual rate of the administration fee will fall under one of three tiers, depending on the net asset value of the Fund: Under
$100 Million (Tier 1), $100 Million to $1 Billion (Tier 2) and Over $1 Billion (Tier 3). The administration fee is calculated as a fixed annual percent
age, accrued daily and payable monthly, of the net asset value of each Series as follows:




Annual Report                                                                                                                      18
3. Expenses - continued
Administration Fee - continued
                                                                                                                                                                           Tier 1                          Tier 2               Tier 3
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                   0.230%                         0.220%                0.210%
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 0.180%                         0.170%                0.160%
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 0.136%                         0.136%                0.136%

Transfer Agent and Pricing & Bookkeeping Fees
Fidelity is the registrar and transfer agent of the Fund. The Fund pays fees calculated at a fixed rate per unitholder account plus a percentage of the
average net assets of each Series of the Fund. Fidelity also has an arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR LLC
(parent company of Fidelity), under which FSC maintains the Fund's accounting records. The pricing and bookkeeping fee is based on the level of
average net assets of the Fund and is charged on a monthly basis. These fees are disclosed separately in the Statements of Operations. For Series O,
Fidelity pays the transfer agent and pricing & bookkeeping fees. Effective November 1, 2009, these fees are no longer charged to the Fund. The amount
disclosed on the Statements of Operations represents the fees charged prior to November 1, 2009.
Independent Review Committee Fees
The IRC, as required under National Instrument 81 107, reviews conflict of interest matters referred to it by the manager and provides recommenda
tions or approves actions, as appropriate, that are in the best interest of the funds. There are currently four members of the IRC who are independent of
Fidelity and its affiliates. IRC members are compensated by way of an annual retainer fee and a per meeting attendance fee, as well as reimbursed for
expenses associated with IRC duties. These costs are allocated among the individual funds proportionately by assets.
Other Operating Expenses
Each Series is responsible for the payment of its proportionate share of common operating expenses such as custodian fees, audit fees, filing fees, legal
fees, goods and services tax and other administrative expenses in addition to expenses that it alone incurs. The common operating expenses incurred
by the manager on behalf of the Fund are allocated daily on a pro rata basis to each Series based on the relative net assets of each Series to the total net
assets of the Fund. For Series O, Fidelity pays common and specific expenses. Effective November 1, 2009, these expenses, with the exception of goods
and services tax, are no longer charged to the Fund. The amount disclosed on the Statements of Operations represents the expenses charged prior to
November 1, 2009.
Expenses Waived
Fidelity may absorb or waive certain expenses otherwise payable by some of the Series. Fidelity can terminate the absorption or waiver at any time. The
expenses absorbed or waived during the periods are disclosed as Expenses waived" in the Statements of Operations, if applicable.

4. Taxation and Distributions
The Fund qualifies as a mutual fund trust under the provisions of the Income Tax Act (Canada). For tax purposes, the Fund has a December year end.
In each tax year, the Fund distributes sufficient net income and net capital gains to unitholders such that the Fund will not be subject to income taxes.
Such distributions are taxable in unitholders' hands. Distributions are declared separately for each Series.
Distributions per unit for each Series were as follows:
                                                                                                                                                                                                          Period ended        Period ended
Net Investment Income                                                                                                                                                                                    June 30, 2010       June 30, 2009
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $     .3948         $     .4392
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     .4342               .4808
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     .5037               .5543
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       .5912               .6422

Net Realized Gain
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       .0939
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     .0962
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     .1003
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       .1055




                                                                                                                                   19                                                                                        Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except per unit amounts)


4. Taxation and Distributions - continued
Net capital losses may be carried forward indefinitely to reduce future realized capital gains. Non capital losses may be carried forward to reduce future
taxable income, but expire in December of the year noted. As at the last taxation year end, the Fund had no net capital and/or non capital losses
available to be carried forward.

5. Sales Charges
Under the ISC option, Fidelity deducts the sales charge from the amount the unitholder invested and pays it to the dealers as a commission. The sales
charge can be 0% to 5% for selling Series B units.
Under the DSC option, Fidelity pays the dealers a commission of 4.9% on the amount invested. Fidelity receives, from the unitholder, proceeds on Series
A unit redemptions occurring within six years of purchase. Deferred sales charges are based on declining rates, ranging from 6% to 1.5% of the original
cost of the units.
Under the low load DSC option, Fidelity pays the dealers a commission of 1% on the amount invested. Fidelity receives, from the unitholder, proceeds
from redemptions of Series A units occurring within two years of purchase. Low load deferred sales charges are 2% of the original cost of the units.
Under the low load 2 DSC option, Fidelity pays the dealers a commission of 2.5% on the amount invested. Fidelity receives, from the unitholder, pro
ceeds from redemptions of Series A units occurring within three years of purchase. Low load 2 deferred sales charges are based on declining rates
ranging from 3% to 2% of the original cost of the units.
No ISC is paid when purchasing Series A, Series F or Series O units of the Fund. No DSC is paid when redeeming Series B, Series F or Series O units of
the Fund.

6. Reconciliation of Net Assets
The following tables provide a reconciliation between the NAVPU and the NAPU. NAVPU is calculated using investment values based on the last traded
price of a security. NAPU is calculated using investment values based on the last reported bid price of a security.
                                                                                                                                                                            Bid Price
Net Assets Per Unit as at June 30, 2010                                                                                                                       NAVPU        Adjustment        NAPU
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $   13.4424   $                $   13.4424
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13.4384                        13.4384
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13.4226                        13.4226
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     13.4381                        13.4381


Net Assets Per Unit as at June 30, 2009
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     13.0420                        13.0420
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13.0382                        13.0382
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   13.0222                        13.0222
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     13.0383                        13.0383


7. Unitholders' Equity
The Fund is available in four series of units: Series A, Series B, Series F and Series O. The capital of each Series of the Fund is divided into an unlimited
number of units of equal value. All units in a series of a fund rank equally with respect to distributions. A unitholder of a fund is entitled to one vote for
each one dollar in value of units owned. Fractional units are proportionately entitled to these rights. The Fund generally has no restrictions or specific
capital requirements on the subscriptions and redemptions of units, although, on rare occasions, Fidelity may temporarily suspend unitholders' right to
redeem units and postpone paying sale proceeds. The relevant movements attributable to unitholders are shown on the Statements of Changes in Net
Assets. In accordance with the objectives and the risk management policies outlined in the Financial Instruments Risk notes, the Fund endeavors to
invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions. Such liquidity is managed by
investing the majority of assets in investments that can be readily disposed and via the Fund's ability to borrow up to 5% of total net assets.
Series A units purchased under the DSC option, the low load DSC option and the low load 2 DSC option will be automatically converted to the lower
management and advisory fee Series B units one year after the completion of their respective redemption fee schedules.




Annual Report                                                                                                                     20
7. Unitholders' Equity - continued
Transactions for each Series were as follows:
                                                                                                             Units Outstanding,                                     Units Outstanding,
                                                                                                               Beginning of                                               End of
Period ended June 30, 2010                                                                                         Period          Issued   Reinvested   Redeemed         Period
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         20,506            5,978       600       (10,355)       16,729
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       16,685            7,469       713        (5,854)       19,013
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          352              280        14          (227)          419
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        133,230           57,586     8,430       (13,348)      185,898


Period ended June 30, 2009
Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         26,335            7,195       877       (13,901)       20,506
Series B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       14,624            6,519       566        (5,024)       16,685
Series F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          312              194        13          (167)          352
Series O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        116,109           44,471     6,071       (33,421)      133,230

As at June 30, 2010 and June 30, 2009, Fidelity or its affiliates held approximately 61% and approximately 51%, respectively, of the total outstanding
units of the Fund.

8. Financial Instruments Risk
The Fund's activities expose it to a variety of financial instruments risks: credit risk, liquidity risk, other price risk, interest rate risk and currency risk.
Pyramis seeks to minimize potential adverse effects of these risks on the Fund's performance by employing professional, experienced portfolio advisors,
by daily monitoring of the Fund's positions and market events, and by diversifying the investment portfolio within the constraints of the investment
mandate. The Fund may use derivative financial instruments to moderate certain risk exposures.
Risk, as defined by Pyramis, is the mismatch of certain risk factors, such as the market capitalization, beta, common factors (e.g., size, price earnings
ratio, price to book ratio) and industry exposures, between a portfolio and its benchmark. Such mismatches may result in divergence of returns
relative to the benchmark. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A
beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means that the security will be less volatile than the market.
A beta of greater than 1 indicates that the security's price will be more volatile than the market. For example, if a stock's beta is 1.2, it's theoretically
20% more volatile than the market.
Pyramis' objective is to provide consistent value added return over the benchmark. Unsystematic risk is mitigated primarily through investments in a
diverse portfolio of securities across many sectors of the market. Pyramis' qualitative fundamental security selection is also well diversified across
many analysts. Rather than relying on a single valuation process or quantitative model that implicitly assumes that past value added returns of some
sectors or styles will persist into the future, Pyramis' analysts select securities based on their own unique valuation processes.
The Fund aims to provide a steady flow of income. It invests primarily in Canadian fixed income securities. The Fund's benchmark is the DEXSM
Universe Bond Index.
Pyramis uses the benchmark as a guide to structuring the Fund and selecting investments. Pyramis manages the Fund to have similar overall interest
rate risk to the index. Pyramis allocates the Fund's assets among different market sectors, like corporate or government securities, and different
maturities based on their view of the relative value of each sector or maturity.
When buying and selling fixed income securities, Pyramis analyzes the security's features, its current price compared to its estimated long term value,
the credit quality of the issuer and any short term trading opportunities resulting from market inefficiencies.
The Fund may invest in fixed income securities of any quality or term and may invest up to approximately 30% of its assets in foreign securities.
Portfolio risk is monitored daily by an investment compliance group and reviewed monthly. In addition, there is a formal quarterly review of each fund.
The investment compliance group, portfolio managers and the senior analysts attend a quarterly portfolio review. Portfolios within each strategy are
reviewed relative to each other and to their benchmark. Active industry and security allocations are analyzed.




                                                                                                                          21                                         Annual Report
Notes to Financial Statements - continued
(Amounts in thousands except per unit amounts)


8. Financial Instruments Risk - continued
Credit Risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the
Fund. The fair value of debt securities includes consideration of the credit worthiness of the debt issuer. The carrying amount of investments repre
sents the maximum credit risk exposure as at June 30, 2010 and June 30, 2009. This also applies to other assets, as they have a short term settlement.
Credit risk arising on Canadian debt securities is mitigated by investing primarily in rated instruments or instruments issued by rated counterparties
with credit ratings of at least BB" or better as determined by Moody'sr Investor Services, Inc. or S&Pr at the date of purchase. Pyramis monitors the
Fund's securities at time of purchase to ensure no more than 5% of the Fund is invested in Canadian debt securities rated BB or below, and no more
than 35% of the Fund is invested in Canadian debt securities rated BBB or below. The Fund's Summary of Investment Portfolio includes disclosure of
the credit ratings of all debt securities as at June 30, 2010 and June 30, 2009.
The Fund may enter into collateralized reverse repurchase agreements that may result in credit exposure in the event that the counterparty to the
transaction is unable to fulfill its contractual obligations. The risk is managed by the receipt of the underlying securities as collateral and use of coun
terparties whose credit worthiness is considered sufficient based on Fidelity's independent review.
Credit risk exposure for over the counter derivative instruments is based on the Fund's unrealized gain on the contractual obligations with the counter
party as at the reporting date. The Fund restricts its exposure to credit losses on the trading derivative instruments it holds by entering into master
netting arrangements with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master netting arrange
ments do not result in an offset of balance sheet assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk
associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the
counterparty are terminated and settled on a net basis. The Fund's overall exposure to credit risk on derivative instruments subject to a master netting
arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement. As at June 30, 2010 and
June 30, 2009, master netting arrangements reduced the credit risk on contracts that have a fair value of $1,320 (June 30, 2009: $469).
Pyramis analyzes credit concentration based on the counterparty, industry and geographical location of the financial assets that the Fund holds. The
Fund's Schedule of Investments includes disclosure of the Fund's financial assets exposure to credit risk concentrations in certain geographies.
Other than outlined above, there were no significant concentrations of credit risk to counterparties as at June 30, 2010 and June 30, 2009.
Liquidity Risk
Liquidity risk is defined as the risk that the Fund may not be able to settle or meet its obligations on time or at a reasonable price. The Fund is exposed
to daily cash redemptions of redeemable units. Redeemable units are redeemed on demand at the unitholder's option based on the Fund's NAVPU at the
time of redemption.
The Fund maintains sufficient liquidity by investing the majority of its assets in investments that are traded in an active market and can be readily
disposed. In accordance with securities regulations, investment funds must maintain at least 90% of assets in liquid investments (i.e. investments that
are traded in an active market and can be readily disposed of). In addition, the Fund aims to retain sufficient cash and cash equivalent positions to
maintain liquidity, and has the ability to borrow up to 5% of its net assets from the custodian for the purpose of funding redemptions.
The Fund may, from time to time, invest in securities that are not traded in an active market and may be illiquid. Private and/or restricted securities
held at period end, if any, are identified in the Schedule of Investments. The liquidity position of the Fund is monitored on a daily basis.
The Fund may invest in futures contracts, index options and other index linked derivatives in order to maintain a fully invested position while at the
same time accommodating liquidity requirements. When required, the Fund may also invest in Canadian treasury bills to be posted as collateral for the
derivatives.
As at June 30, 2010 and June 30, 2009, the Fund did not have financial liabilities with maturities greater than 3 months.
Other Price Risk
Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from
interest rate risk or currency risk on monetary instruments), whether caused by factors specific to an individual investment, its issuer, or other factors
affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. The Fund moderates this risk through a
careful selection of securities and other financial instruments within the parameters of the investment strategy. The maximum risk resulting from
financial instruments is equivalent to their fair value. The Fund's investments and derivatives are susceptible to other price risk arising from uncer
tainties about future prices of the instruments.
Pyramis regularly monitors the relative weights of individual securities, sectors, countries, and also monitors the market capitalization and trading
liquidity of each holding.


Annual Report                                                                22
8. Financial Instruments Risk - continued
Other Price Risk - continued
If the benchmark had increased or decreased by 5% on June 30, 2010 and June 30, 2009, with all other variables held constant, the net assets of the
Fund would have increased or decreased by approximately $141,669 (June 30, 2009: $110,539). This change is estimated using the Fund's beta which is
calculated based on the historical correlation between the return of the Fund as compared to the return of the benchmark. In practice, the actual
trading results may differ from this sensitivity analysis and the difference could be material.
Interest Rate Risk
Interest rate risk arises on interest bearing financial instruments held in the investment portfolio such as bonds. The Fund is exposed to the risk that
the value of interest bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. Any excess cash and
cash equivalents are invested in short term investments at market interest rates.
The fixed income investment strategy adheres to independent quantitative understanding of all benchmark and portfolio risk and return characteris
tics with an explicit understanding of all active exposures relative to the investment benchmark. Interest rate anticipation is not a significant compo
nent of the fixed income investment strategy.
The Schedule of Investments includes disclosure of the Fund's investments at period end categorized by the earlier of contractual interest rate reset or
maturity dates.
As at June 30, 2010 and June 30, 2009, had prevailing interest rates raised or lowered by 25 basis points, with all other variables remaining constant, net
assets would have decreased or increased by approximately $44,440 (June 30, 2009: $34,219). In practice, the actual trading results may differ from this
sensitivity analysis and the difference could be material.
Currency Risk
Currency risk arises from financial instruments that are denominated in a currency other than Canadian dollar, which is the Fund's functional curren
cy. The Fund is exposed to the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates. Cur
rency risk is not considered to arise from financial instruments that are non monetary items (e.g. equity investments), or forward foreign exchange
contracts related to such non monetary items. The Fund considers the foreign exchange exposure relating to non monetary assets and liabilities to be a
component of other price risk, not foreign currency risk. The Schedule of Investments identifies all bonds denominated in foreign currencies. Bonds
from other countries are presumed to be denominated in that country's currency unless otherwise noted.
As at June 30, 2010 and June 30, 2009, the majority of the Fund's assets and liabilities are denominated in Canadian dollars. As a result, the Fund is not
subject to significant amounts of risk due to fluctuations in exchange rates.

9. Subsequent Event
Harmonized Sales Tax (HST)
The Governments of Ontario and British Columbia have taken steps to harmonize the provincial sales tax with the federal goods and services tax. The
HST will result in an increase in the management expense ratio of each Series of the Fund effective July 1, 2010.




                                                                            23                                                              Annual Report
Management Report and Auditors' Report
As at June 30, 2010


Management Responsibility for Financial Reporting
To the Unitholders of Fidelity Canadian Bond Fund (Fund)
The accompanying financial statements have been prepared by Fidelity Investments Canada ULC (Fidelity). Fidelity is responsible for the
information and representations contained in these financial statements. The Board of Directors of Fidelity is responsible for reviewing and
approving the financial statements.
Fidelity maintains appropriate processes to ensure that relevant and reliable financial information is produced. The financial statements
have been prepared in accordance with Canadian generally accepted accounting principles and include certain amounts that are based on
estimates and judgments. The significant accounting policies, which management believes are appropriate for the Fund, are described in
Note 2 to the financial statements.
PricewaterhouseCoopers LLP are the external auditors of the Fund. They have audited the financial statements in accordance with
Canadian generally accepted auditing standards to enable them to express to the unitholders their opinion on the financial statements.
Their report is set out below.

Peter Bowen
Vice President & Fund Treasurer
Fidelity Investments Canada ULC


Auditors' Report
To the Unitholders of Fidelity Canadian Bond Fund (Fund)
We have audited the schedule of investments of the Fund as at June 30, 2010, the statements of net assets as at June 30, 2010 and 2009, and
the statements of operations and changes in net assets for the years then ended. These financial statements are the responsibility of the
Fund's manager. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and
perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the Fund's manager, as well as evaluating the overall financial statement
presentation.
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Fund as at June 30, 2010 and
2009, and the results of its operations and changes in its net assets for the years then ended, in accordance with Canadian generally
accepted accounting principles.

PricewaterhouseCoopers LLP
Chartered Accountants, Licensed Public Accountants
Toronto, Ontario
September 9, 2010




Annual Report                                                         24
25   Annual Report
Annual Report   26
27   Annual Report
Fidelity Investments Canada ULC
483 Bay Street, Suite 200
Toronto, Ontario M5G 2N7
Manager, Transfer Agent
and Registrar
Fidelity Investments Canada ULC
483 Bay Street, Suite 200
Toronto, Ontario M5G 2N7
Portfolio Adviser
Pyramis Global Advisors, LLC
Boston, Massachusetts
Custodian
CIBC Mellon Trust Company
Toronto, Ontario
Auditors
PricewaterhouseCoopers LLP
Toronto, Ontario
Visit us online at
www.fidelity.ca
or call Fidelity Client Services
at 1 800 263 4077




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




                                                                                                                                     1.744300.110
62.107446E                                                                                                                    FICL CBON ANN 0810

				
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