Fidelity Asset Manager Funds€¦ · Fidelity Asset Manager ... 2019, the Retail Class shares of the seven Asset Manager Funds posted returns ranging from about 0% to 5%, with each

PORTFOLIO MANAGER Q&A | AS OF MARCH 31, 2020

Fidelity Asset Manager® Funds

Key Takeaways

• For the semiannual reporting period ending March 31, 2020, the RetailClass shares of the seven Asset Manager Funds posted returns ranging from about -3% to -12%, all underperforming their respective Composite benchmarks.

• Stocks in the U.S., as well as in international developed and emerging markets (DM and EM), posted double-digit losses, as the spread of thecoronavirus sparked an atmosphere of worry and uncertainty across global financial markets. Meanwhile, U.S. investment-grade bonds delivered a modest gain, while long-term U.S. Treasuries performed exceptionally well, bolstered by declining interest rates.

• Versus Composite indexes, asset class positioning weighed on the Funds' relative results the past six months whereas security selection added value, led by favorable outcomes in both U.S. and DM equities.

• The portfolios' core equity allocation strategy of modestly overweighting U.S. and EM stocks and slightly underweighting international DM equities dampened relative performance. An out-of-benchmark position in REITs (real estate investment trusts) was the primary detractor within the Funds' equity allocation.

• Fixed-income positioning also detracted, mainly due to underweightings in investment-grade bonds and cash. Out-of-benchmark holdings in long-term U.S. Treasuries and Treasury Inflation-Protected Securities (TIPS) helped to partially offset the impact, however.

• Among U.S. equities, stock picks in the health care and information technology sectors contributed the most. Within DM equities, favorable positioning in Australia and the U.K. led the way. By contrast, poor choices across a number of market segments led to negative security selection in investment-grade bonds overall.

• As of March 31, Portfolio Managers Geoff Stein and Avishek Hazrachoudhury have a cautious outlook given the uncertain impact ofthe coronavirus on global markets. They are closely monitoring efforts to restart the U.S. and other major economies.

FUND NAMES

Fidelity Asset Manager 20%







Not FDIC Insured • May Lose Value • No Bank Guarantee


2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Market RecapThe performance of financial assets during the 12-month period ending March 31, 2020, was significantly influenced by the outbreak and spread of a novel coronavirus in the first quarter of 2020. The outbreak curtailed global economic growth and the outlook for corporate earnings in domestic and foreign markets. Declared a pandemic on March 11, the crisis and containment efforts led to increased uncertainty, broad-based contraction in economic activity, higher volatility and dislocation in the financialmarkets.

The shift in the backdrop snapped a favorable longer-term stretch for global assets. For the year ending March 31, 2020, non-U.S. equities returned -15.42%, according to the MSCI ACWI (All Country World Index) ex USA Index. With the exception of Japan (-6%), all regions experienced a double-digit decline. The U.K. and Asia Pacific ex Japan (-23% each) fared worst, followed by resource-rich Canada (-19%) and emerging markets (-17%). Europe ex U.K. returned -12%. By sector, notable laggards included energy (-37%) and real estate (-26%), whereas health care led with a 5% gain.

The Dow Jones U.S. Total Stock Market Index returned -9.28% for the period, pressured by the spreading coronavirus and related "stay at home" guidelines from federal and state officials.By mid-March, the U.S. stock market entered bear-market territory less than a month after hitting an all-time high. Energy stocks (-55%) fared the worst, whereas information technology (+7%) stood out as the only sector with a gain. The defensive-oriented consumer staples and health care sectors (-2% each) held up reasonably well. Large-cap stocks outpaced smaller-caps, while growth outpaced value. Elsewhere, commodities lagged equities.

Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) rose 8.93%, as investors generally sought perceived safer assets and yields plunged. Within the index, U.S. Treasury bonds led the way (+13%). Mortgage-backed securities and Treasury Inflation-Protected Securities (+7% each) lagged, as did corporate bonds (+5%). Notable laggards included several extended (non-core) categories, including floating-rate bank loans (-10%), high-yield bonds (-7%) and emerging-markets debt (-5%). ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING MARCH 31, 2020

Calendar-Year Returns Average Annual Cumulative

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5 Year 3 Year 1 Year 6 Mos 3 Mos

19.7 29.9 18.6 33.5 25.1 4.1 17.5 37.8 1.9 30.9 7.3 13.4 32.6 15.9 20.9

19.2 8.9 18.5 21.2 16.9 1.2 12.6 24.5 0.7 22.8 5.7 4.8 8.9 3.3 3.1

17.5 8.7 16.6 7.4 12.5 0.5 11.8 21.2 0.6 18.9 3.4 3.9 4.5 1.3 0.6

16.8 8.5 16.4 5.4 7.0 0.4 11.6 9.3 0.0 18.4 3.1 3.7 3.0 1.1 0.3

15.1 7.8 15.5 0.1 6.0 0.2 10.4 8.5 -0.3 14.8 2.8 2.5 2.3 -2.6 -2.9

12.0 4.4 12.7 -1.8 5.5 0.1 10.2 8.3 -1.8 14.4 2.7 1.8 -5.3 -9.9 -11.8

10.4 1.5 9.8 -2.0 2.5 0.1 5.3 7.5 -2.3 14.4 2.2 0.5 -7.5 -10.9 -13.1

9.4 1.1 5.0 -2.3 1.8 -0.5 4.9 4.7 -4.1 10.3 1.7 0.4 -9.3 -11.9 -13.5

9.1 0.1 4.2 -5.6 0.9 -1.2 4.0 4.3 -4.6 8.7 1.3 -0.2 -9.6 -13.8 -16.6

6.5 -12.1 3.6 -6.6 0.1 -2.9 3.0 3.5 -5.3 8.7 1.2 -0.9 -10.1 -14.5 -21.0

5.2 -13.3 0.1 -9.5 -1.8 -4.6 2.6 1.9 -11.2 7.7 0.0 -1.3 -14.7 -15.9 -23.2

0.2 -18.2 -1.1 -12.7 -4.2 -14.6 1.3 1.7 -13.9 6.9 -0.6 -1.9 -17.4 -17.2 -23.3

-- -- -- -- -17.0 -24.7 0.3 0.9 -14.2 2.3 -7.8 -8.6 -22.3 -19.9 -23.6

Best

Perfor

mance

Worst

Dispersionof Returns* 19.5 48.1 19.7 46.1 42.1 28.8 17.1 36.9 16.1 28.6 15.1 22.0 54.9 35.8 44.5

■ U.S. Equities

■ Non-U.S. Developed-Markets Equities

■ Emerging-Markets Equities

■ Commodities

■ High-Yield Debt

■ Floating-Rate Debt

■ International Debt

■ Emerging-Markets Debt

■ Real Estate Debt

■ Investment-Grade Debt

■ Inflation-Protected Debt

■ Short-Term Debt

■ Long-Term U.S. Treasury Debt

Source: FMRCo., periods greater than one year are annualized*Difference between best- and worst-performing asset classes over the given time periodYou cannot invest directly in an index. Past performance is no guarantee of future results.U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities - MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - ICE BofA U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, International Debt - Bloomberg Barclays Global Aggregate Credit Ex U.S. Index Hedged (USD), Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation-Protected Debt - Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Long-Term U.S. Treasury Debt -Bloomberg Barclays U.S. Long Treasury Index



Geoff SteinCo-Manager

Avishek HazrachoudhuryCo-Manager

Fund FactsAsset Manager Fund

Trading Symbol

Start DateSize (in millions)

20% FASIX 10/01/1992 $4,995.630% FTANX 10/09/2007 $1,740.840% FFANX 10/09/2007 $1,767.050% FASMX 12/28/1988 $8,424.460% FSANX 10/09/2007 $2,789.170% FASGX 12/30/1991 $4,640.385% FAMRX 09/24/1999 $2,240.4

Investment Approach• Fidelity Asset Manager® Funds are all-in-one

investment strategies delivering broad, diversified asset-class exposure aligned with client risk objectives.

• Each of the seven Asset Manager Funds is named for its neutral strategic allocation to stocks, ranging from conservative (20%) to aggressive growth (85%).

• The Funds leverage asset-class investment specialists to incorporate investment and research expertise from across the Fidelity organization.

• Assets are divided among several specialized Fidelity central funds, and the managers of these underlying funds seek to add value chiefly through security selection.

• In making asset allocation decisions for the Funds, thelead portfolio managers have the flexibility to make moderate tactical shifts around target mixes – including investing in "extended" asset classes – to capitalize on changing market conditions.

• Our disciplined approach to risk management affects all aspects of the investment process.

Q&AAn interview with Portfolio Managers Geoff Stein and Avishek Hazrachoudhury

Q: Avishek, how did the Funds perform for the six months ending March 31, 2020

A.H. The Retail Class shares of the seven Asset Manager Funds posted returns ranging from about -3% to -12%, all underperforming their respective Composite benchmarks. Each of the Funds outpaced their respective Morningstar peer group averages.

Overall, asset class positioning hampered the portfolios' relative results the past six months whereas security selectionadded value, led by favorable outcomes in both U.S. and international developed-markets (DM) equities.

Looking a bit longer term, the Funds again lagged their Composite benchmarks but topped the peer group averagesfor the trailing 12 months.

(For specific Fund results, please refer to the Fiscal Performance Summaries.)

Q: Would you elaborate on the impact of the Funds' asset allocation strategy

A.H. Each Fund has a target asset mix that corresponds to the asset-class weightings of its respective Composite benchmark. Our objective as co-managers is to deliver portfolios that, over the long term, reflect the risk level offered by each Fund's corresponding target asset mix.

At the same time, we seek to generate returns that will outperform these target mixes by tactically over- and underweighting asset classes, in addition to investing in assetclasses not represented in the Composite benchmarks, such as high-yield bonds and commodities.

We increased the portfolios' U.S. equity exposure to moderate overweightings in October, which helped their performance during the fourth quarter of 2019. However, thispositioning worked against relative results during the late-period, coronavirus-induced market sell-off. For the six-month period as a whole, our core strategy of modestly overweighting U.S. and emerging-markets (EM) stocks and slightly underweighting international DM equities dampenedrelative performance.

The Funds' out-of-benchmark position in REITs (real estate investment trusts) was the biggest factor weighing on



performance from an equity positioning standpoint. REITs struggled along with other risk assets amid March's market turmoil, particularly those focused on shopping malls, hotels and health care facilities. Also, despite the rate-sensitive nature of REITs, plummeting market interest rates failed to support the asset class this period.

Q: What about the portfolios' fixed-income allocation

A.H. We maintained the Fund's fixed-income positioning strategy that has been in place for some time: underweighting cash and investment-grade bonds in favor ofout-of-benchmark exposure to high-yield bonds, bank loans, Treasury Inflation-Protected Securities (TIPS), EM debt, long-term U.S. Treasuries and international credit.

Unfortunately, this strategy also detracted from the Funds' relative results. Investment-grade (IG) bonds performed well compared with other risk assets, fueled by solid results from corporate credit for much of the period, and then later by U.S. government securities. Consequently, our lower-than-benchmark exposure there hurt. Additionally, underweighting cash also proved disadvantageous the past six months given that its marginally positive gain outperformed the Funds' Composite benchmarks.

Helping to partially offset this negative impact was the portfolio's positioning in long-term U.S. Treasuries and TIPS, as both asset classes generated positive performance. What's more, long-term U.S. Treasuries dramatically outperformed the broad investment-grade fixed-income market, given their much greater sensitivity to declining interest rates.

Q: Geoff, please tell us more about how security selection influenced performance.

G.S. Let me first mention, by way of background, that the Funds' assets are allocated among up to 21 dedicated investment portfolios – Fidelity central funds – and the managers of these underlying funds seek to add value chieflythrough security selection.

U.S. stock picks added the most value this period and the U.S. equity central fund beat its benchmark. In fact, six of its underlying sector central funds outpaced their respective index components while one performed roughly in line. More specifically, stock picks in the health care sector contributed the most, followed by information technology.

During the market downturn in March, the stocks of large-cap technology companies, as well as other companies with steady earnings growth, held up relatively well. These factorsprovided a degree of support for our U.S. equity managers during the sharp pullback.

Overseas, within DM equities a sizable underweighting in

poor-performing Australia, along with solid investment choices in that market, contributed the most. Stock picking inthe U.K., Japan and across several continental European markets also added notable value this period.

On the downside, our investment-grade bond central fund had uncharacteristically weak relative performance the past six months. A dramatic flight from risk, resulting in poor liquidity in the corporate credit market during late February and into March, created pricing irregularities in fixed-income markets. (Liquidity is a critical factor in ease of trading, price transparency and market stability.) This dislocation resulted in adverse security selection effects across many market segments, including corporate credit, asset-backed securities, commercial mortgage-backed securities and government-agency bonds.

Q: What is your outlook as of March 31, Geoff

G.S. A key near-term question is whether the global crisis created by the coronavirus pandemic will grow into a full-fledged financial crisis. To understand how this will develop, we are closely monitoring efforts to safely restart the U.S. and other major economies. We think it is crucial to achieve this without triggering a second wave of infections. The efforts by federal policymakers and state governors will greatly influence the extent to which temporary employee layoffs become terminations, which, in turn, will dictate the severity of a potential recession.

The unprecedented policy measures implemented to address the crisis aided risk assets. The Trump administrationsigned a $2.3 trillion stimulus package into law — the largest economic relief package in U.S. history. Furthermore, the U.S. Federal Reserve rapidly unveiled a range of new lendingfacilities designed to help corporations facing a cash-flow crisis avoid defaulting on their debt. These programs also provide support for money market funds, commercial debt markets, local governments and private businesses. Dozens of other central banks across Europe, Asia and elsewhere also announced emergency stimulus measures. Those markets that were most directly influenced by this policy support showed signs of stabilizing during the final week of the period. All told, investors appeared hopeful that massive government stimulus programs would help reduce the severity and duration of the recession. ■



Avishek Hazrachoudhury expands on the team's outlook and its implications for Fund positioning:

"In our view, analysts have been reluctant to make punitive adjustments to corporate earnings estimates in the wake of the coronavirus pandemic. Most of the estimate revisions have either been triggered by specific company developments, or have been in sectors that have been negatively affected by declining commodity prices, such as energy and industrials. Consensus earnings-per-share estimates are being constantly revised, but areexpected to fall substantially for the remainder of 2020 at a minimum. Despite this, stocks rallied sharply during the last week of March.

"Given the uncertain outlook and potentially painful process that will be needed to get the U.S. economyback on track, we believe the magnitude and swiftness of the equity rally may reflect an overly optimistic scenario. Furthermore, our business cycle research team believes the U.S. has entered a recession. It is not uncommon to see strong rallies within bear markets. As a result, we think a cautious stance toward risk positioning is warranted. In light of this, we may consider shifting to a modest underweighting in U.S. equities while also slightly increasing the portfolios' underweighting in international DM stocks.

"On the fixed-income side, we were close to the maximum underweighting in investment-grade bonds throughout the period and expect to continue that positioning for now. This underweighting is partially offset by moderate allocations to long-term U.S. Treasuries and TIPS, which we expect to maintain. The former provides the Funds with a hedge against equity market volatility. We view TIPS as a low-cost hedge against an unexpected uptick in inflation. We may look to slightly increase the Funds' allocation to high-yield bonds in an effort to capitalize on newly attractive valuations following a dramatic widening of credit spreads in March. (Credit spreads are the yield advantage investors demand to hold bonds with more risk than U.S. Treasuries. Bond prices fall as spreads widen and rise as spreads tighten.)

"Overall, we have a cautious outlook and believe there will be a better time to add risk to the portfolios. For now, however, we think it is prudent to see how the current environment continues to develop."




ASSET ALLOCATION

Asset Class Portfolio Weight Strategic Allocation Relative Weight

Relative Change From Six Months

Ago

Domestic Equities 13.96% 14.00% -0.04% -3.20%

Equities 13.96% -- -- --

Commodities & Related Investments 0.00% -- -- --

International Equities 7.19% 6.00% 1.19% 0.85%

Bonds 51.59% 50.00% 1.59% 5.54%

Short-Term/Money Market & Net Other Assets 27.26% 30.00% -2.74% -3.19%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any ofthe portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for futuresettlement, Net Other Assets can be a negative number.

EQUITY MARKET-SEGMENT DIVERSIFICATION

Market SegmentPortfolio Weight*

Portfolio Weight Six

Months Ago*

Information Technology 17.89% 14.25%

Multi Sector 15.20% 7.96%

Financials 12.88% 21.32%

Health Care 11.38% 8.73%

Consumer Discretionary 8.97% 8.99%

Communication Services 7.68% 6.78%

Industrials 7.51% 7.77%

Consumer Staples 6.08% 5.74%

Real Estate 4.84% 9.03%

Materials 2.71% 2.99%

Utilities 2.45% 2.64%

Energy 2.40% 3.80%

Other 0.01% 0.00%

*% of equity assets.

FIXED-INCOME MARKET-SEGMENT DIVERSIFICATION



Months Ago*

U.S. Treasury 28.74% 34.01%

U.S. Agency 0.00% 0.00%

Mortgage Pass-Through 18.65% 18.80%

Asset-Backed Securities 4.05% 2.38%

CMBS 3.30% 1.65%

CMOs 1.57% 1.32%

Investment-Grade Credit 26.75% 23.68%

Municipal Bonds 0.94% 0.88%

High-Yield Credit 4.66% 5.01%

Non-U.S. Developed 6.52% 6.64%

Emerging Markets 2.86% 3.42%

Other Debt Assets 1.96% 2.21%

*% of debt assets.



Fidelity Asset Manager 20% (continued)

ASSET ALLOCATION PERFORMANCE SUMMARY

Asset Class Benchmark

Average Relative Weight

Relative Contribution

(basis points)*

DOMESTIC EQUITY FUNDS DJ US Total Stk Mkt 1.1% -6

COMMODITY FUNDS

BBG Commodity IndTR (ends 11/12/19) 0.0% 0

INTERNATIONAL EQUITY FUNDS

MSCI AC Wld exUS (Net MA) 2.0% -20

BOND FUNDS BBgBarc U.S. Agg Bond -2.4% -162

SHORT-TERM FUNDS & OTHER ASSETS

BBgBarc 3M t-bill -0.8% -16

INVESTED ASSETS SUBTOTALS

Fid AM 20% Comp Idx 0.0% -204

NET EXPENSES -- -- -26

Total Value Added -230

*1 basis point = 0.01%.

Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that areheld for future settlement, Net Other Assets can be a negative number.

10 LARGEST HOLDINGS

HoldingPortfolio Weight

Portfolio Weight Six Months Ago

U.S. Treasury Bonds 3% 2/15/49 2.76% 1.66%

iShares S&P 500 Index ETF 1.87% 1.80%

Ginnie Mae 4% 30 Year 1.82% 0.56%

U.S. Treasury Notes 2.625% 2/15/29 1.63% 1.48%

iShares Core MSCI EAFE ETF 1.37% --

UMBS 3.5% 30 Year 1.29% 0.04%

U.S. Treasury Inflation-Indexed Notes 0.125% 1/15/30 0.93% --

Fannie Mae 4% 30 Year 0.85% 0.81%

Microsoft Corp. 0.75% 0.60%

Freddie Mac 3.5% 30 Year 0.71% 1.02%

10 Largest Holdings as a % of Net Assets

13.99% 11.75%

Total Number of Holdings 3516 3553

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

FISCAL PERFORMANCE SUMMARY:Periods ending March 31, 2020

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Asset Manager 20% Gross Expense Ratio: 0.53%2 -3.24% -5.41% 0.27% 2.55% 2.49% 3.91%

Bloomberg Barclays U.S. Aggregate Bond Index 3.33% 3.15% 8.93% 4.82% 3.36% 3.88%

Fidelity Asset Manager 20% Composite Index -0.93% -2.87% 3.02% 3.62% 3.01% 3.90%

Morningstar Fund Allocation--15% to 30% Equity -6.50% -8.58% -3.24% 1.20% 1.78% 3.88%

% Rank in Morningstar Category (1% = Best) -- -- 19% 15% 23% 44%

# of Funds in Morningstar Category -- -- 198 180 155 901 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/01/1992.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.




ASSET ALLOCATION



Ago


Equities 20.10% -- -- --


International Equities 10.70% 9.00% 1.70% -0.23%

Bonds 52.12% 50.00% 2.12% 6.59%






Months Ago*












Energy 2.53% 3.95%

Other 0.00% 0.01%





Months Ago*

U.S. Treasury 28.51% 33.43%

U.S. Agency 0.00% 0.00%



CMBS 3.31% 1.66%

CMOs 1.58% 1.33%







*% of debt assets.








(basis points)*

DOMESTIC EQUITY FUNDS DJ US Total Stk Mkt -0.1% 22

COMMODITY FUNDS













10 LARGEST HOLDINGS




Ginnie Mae 4% 30 Year 1.84% 0.56%


UMBS 3.5% 30 Year 1.31% 0.04%



Apple, Inc. 1.02% 0.90%

U.S. Treasury Inflation-Indexed Notes 0.125% 1/15/30 0.94% --

iShares MSCI Japan ETF 0.91% 1.04%

Fannie Mae 4% 30 Year 0.86% 0.81%


13.82% 12.78%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Asset Manager 30% Gross Expense Ratio: 0.55%2 -4.55% -7.67% -0.82% 2.65% 2.79% 4.67%










ASSET ALLOCATION



Ago


Equities 26.74% -- -- --



Bonds 46.76% 45.00% 1.76% 6.03%






Months Ago*












Energy 2.57% 4.11%

Other 0.01% 0.00%





Months Ago*

U.S. Treasury 28.93% 33.87%

U.S. Agency 0.00% 0.00%



CMBS 3.26% 1.63%

CMOs 1.55% 1.30%







*% of debt assets.








(basis points)*


COMMODITY FUNDS













10 LARGEST HOLDINGS




Ginnie Mae 4% 30 Year 1.63% 0.49%



Apple, Inc. 1.41% 1.23%

UMBS 3.5% 30 Year 1.15% 0.03%

iShares 20+ Year Treasury Bond ETF 1.03% 1.69%





13.60% 12.67%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1











ASSET ALLOCATION



Ago


Equities 33.67% -- -- --


International Equities 17.24% 15.00% 2.24% -0.11%

Bonds 41.17% 40.00% 1.17% 5.28%






Months Ago*












Energy 2.57% 4.22%

Other -0.01% 0.01%





Months Ago*

U.S. Treasury 29.20% 34.43%

U.S. Agency 0.00% 0.00%



CMBS 3.20% 1.58%

CMOs 1.52% 1.27%







*% of debt assets.








(basis points)*


COMMODITY FUNDS



MSCI AC Wld exUS (Net MA) 4.0% 3



BBgBarc 3M t-bill 0.0% -27







10 LARGEST HOLDINGS





Apple, Inc. 1.77% 1.55%


Ginnie Mae 4% 30 Year 1.41% 0.42%





UMBS 3.5% 30 Year 1.00% 0.03%


14.21% 12.81%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index -12.31% -19.60% -6.98% 5.10% 6.73% 10.53%

Fidelity Asset Manager 50% Composite Index -5.86% -9.98% -1.65% 3.56% 3.74% 5.89%








ASSET ALLOCATION



Ago


Equities 40.71% -- -- --



Bonds 35.60% 35.00% 0.60% 4.57%






Months Ago*












Energy 2.50% 4.23%

Other -0.01% 0.00%





Months Ago*

U.S. Treasury 30.33% 35.08%

U.S. Agency 0.00% 0.00%



CMBS 3.10% 1.53%

CMOs 1.48% 1.23%







*% of debt assets.








(basis points)*


COMMODITY FUNDS













10 LARGEST HOLDINGS





Apple, Inc. 2.14% 1.86%



Amazon.com, Inc. 1.19% 0.90%

Ginnie Mae 4% 30 Year 1.18% 0.35%



Alphabet, Inc. Class A 0.92% 1.00%


15.78% 13.37%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index -12.31% -19.60% -6.98% 5.10% 6.73% 10.53%









ASSET ALLOCATION



Ago


Equities 47.53% -- -- --



Bonds 24.79% 25.00% -0.21% 2.96%






Months Ago*












Energy 2.53% 4.31%

Other 0.01% -0.01%





Months Ago*

U.S. Treasury 35.06% 38.26%

U.S. Agency 0.00% 0.00%



CMBS 2.70% 1.32%

CMOs 1.28% 1.06%







*% of debt assets.








(basis points)*


COMMODITY FUNDS













10 LARGEST HOLDINGS





Apple, Inc. 2.53% 2.18%







Facebook, Inc. Class A 0.88% 0.64%


16.36% 13.60%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index -12.31% -19.60% -6.98% 5.10% 6.73% 10.53%









ASSET ALLOCATION



Ago


Equities 59.88% -- -- --



Bonds 6.44% 15.00% -8.56% -6.76%

Short-Term/Money Market & Net Other Assets 5.66% 0.00% 5.66% 6.06%





Months Ago*












Energy 2.47% 4.21%

Other 0.00% 0.01%





Months Ago*

U.S. Treasury 39.81% 43.66%

U.S. Agency 0.00% 0.00%



CMBS 2.17% 0.91%

CMOs 1.03% 0.73%







*% of debt assets.








(basis points)*

DOMESTIC EQUITY FUNDS DJ US Total Stk Mkt 0.7% 185

COMMODITY FUNDS






BBgBarc 3M t-bill 3.5% 1


Fid AM 85% Comp Idx 0.0% 32





10 LARGEST HOLDINGS




Apple, Inc. 3.08% 2.55%






Facebook, Inc. Class A 1.07% 0.74%


Roche Holding AG (participation certificate) 1.04% 0.78%


20.27% 15.01%





6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index -12.31% -19.60% -6.98% 5.10% 6.73% 10.53%







20 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

BROAD ASSET CLASS RETURNS A graphical representation of historical market performance and the variations in returns among asset classes, as represented by thefollowing indexes:

Bloomberg Barclays Global Aggregate Credit Ex US Index Hedged (USD) is a market value weighted index that measures theperformance, hedged in USD, of the global non-US dollar denominated investment-grade corporate fixed-rate debt issues with maturities of one year or more.

Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted indexthat measures the performance of inflation-protected securities issued by the U.S. Treasury that have a remaining average life between 1 and 10 years.

Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate publicobligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Bloomberg Barclays U.S. Long Treasury Index is a market value–weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of ten years or more.

ICE BofA U.S. High Yield Constrained Index is a modified market capitalization–weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of ICE BofA U.S. High Yield Index but caps issuer exposure at 2%.

Bloomberg Commodity Index Total Return measures the performance of the commodities market. It consists of exchange-traded futures contracts on physical commodities that are weighted to account for the economic significance and market liquidity of each commodity.

Dow Jones U.S. Total Stock Market Index is a float-adjusted market capitalization–weighted index of all equity securities of U.S.headquartered companies with readily available price data.

Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The ICE BofA US Real Estate Index - 40%; MSCI REIT Preferred Index - 40%; and FTSE NAREIT All REITs Index - 20%.

J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued byEmerging Market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds.

MSCI World ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside theUnited States.

MSCI Emerging Markets Index is a market capitalization-weightedindex that is designed to measure the investable equity market performance for global investors in emerging markets.

S&P/LSTA Leveraged Performing Loan Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments.

FUND RISKSStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer or counterparty default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increase market exposure and magnify investment risks.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid


21 |

ARM pass-throughs), ABS, and CMBS.

Dow Jones U.S. Total Stock Market Index is a float-adjusted market-capitalization-weighted index of all equity securities of U.S. headquartered companies with readily available price data.

Fidelity Asset Manager 20% Composite Index is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index - 14%; Bloomberg Barclays U.S. Aggregate Bond Index - 50%; MSCI ACWI (All Country World Index) ex USA Index - 6%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 30%. The composition differed in periods prior to October 1, 2015.






Fidelity Asset Manager 85% Composite Index is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index - 60%; Bloomberg Barclays U.S. Aggregate Bond Index - 15%; and MSCI ACWI (All Country World Index) ex USAIndex - 25%. The composition differed in periods prior to October 1,2015.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MARKET-SEGMENT WEIGHTS

Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same MorningstarCategory. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTSRelative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listedimmediately under the fund name in the Performance Summary.



Manager Facts

Geoff Stein is a portfolio manager in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financialintermediaries, and individuals.

In this role, Mr. Stein serves as manager for a number of multi-asset class mutual funds and subadvisory accounts for U.S. and Canadian investors. Such funds include the Fidelity and Fidelity Advisor Stock Selector All Cap Funds, Fidelity and Fidelity Advisor Asset Manager® Funds, Fidelity VIP Asset Manager and VIP FundsManager® Portfolios, and various other Canadian funds. He focuses primarily on active asset allocation.

Prior to assuming his current position in April 2009, Mr. Stein waschief investment officer of Fidelity Charitable Gift Fund from 2007 to 2009. Previously, he worked as a portfolio manager and director of portfolio management for Strategic Advisers LLC from1998 to 2007, focusing on Fidelity Portfolio Advisory Service Accounts® (formerly Fidelity Portfolio Advisory Service), and as an investment consultant for Fidelity Investments Institutional Services Company, Inc,. and Fidelity Management & Research Company from 1994 to 1998.

Before joining Fidelity in 1994, Mr. Stein served as a director of client services at Jacobs Levy Equity Management from 1992 to 1994, and as a consultant for Cambridge Associates from 1988 to 1992. He has been in the financial industry since 1988.

Mr. Stein earned his bachelor of arts degree in economics from Yale and his master of business administration degree from Stanford University. He is also a CFA® charterholder and member of the CFA Institute and CFA Society Boston.

Avishek Hazrachoudhury is a portfolio manager in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Hazrachoudhury serves as co-manager for a number of multi-asset class mutual funds and sub advisory accounts. Such funds include the Fidelity and Fidelity Advisor Asset Manager® Funds, Fidelity VIP Asset Manager and VIP FundsManager® Portfolios, and various other portfolios.

Previously, Mr. Hazrachoudhury worked closely with the portfolio management team for both the Asset Manager funds and the Canadian Asset Allocation funds. He was responsible foractive asset allocation research and also provided quantitative research and analysis to support investment decision making, including portfolio construction and risk management.

Prior to joining Fidelity in 2013, Mr. Hazrachoudhury served as vice president of quantitative research at AllianceBernstein, and as a quantitative research associate at Neuberger Berman. He also was a quantitative research associate at Merrill Lynch. He has been in the financial industry since 2006.

Mr. Hazrachoudhury earned his bachelor of arts degree in physics and mathematics from Cornell University and his master of business administration degree in finance and economics from the University of Chicago.

PERFORMANCE SUMMARY:Quarter ending March 31, 2020

Annualized1

Year3

Year5

Year10 Year/

LOF1

InceptionDate

Fidelity Asset Manager 20% Gross Expense Ratio: 0.53%2 0.27% 2.55% 2.49% 3.91% 10/01/1992

Fidelity Asset Manager 30% Gross Expense Ratio: 0.55%2 -0.82% 2.65% 2.79% 4.67% 10/09/2007






1 Life of Fund (LOF) if performance is less than 10 years.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.Information included on this page is as of the most recent calendar quarter.

S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC.Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2020 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

702309.13.0

Documents

Fidelity Asset Manager Funds€¦ · Fidelity Asset Manager ... 2019, the Retail Class shares of the seven Asset Manager Funds posted returns ranging from about 0% to 5%, with each