Chairman's Message | June 30, 2020

Abigail P. Johnson

Dear Shareholder:

It was a bumpy ride over the past 12 months, marked by a steep but brief decline in asset prices due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, along with elevated uncertainty, volatility and dislocation in financial markets. Rapid and expansive monetary- and fiscal-policy responses provided a partial offset to the economic disruption and fueled a sharp uptrend in riskier assets during the second quarter of 2020. The dramatic recovery reflected abundant liquidity and hopeful expectations about reopening after the global economic shutdown earlierin 2020. Although economic conditions improved from extremely low levels in the second quarter, progress has been uneven and will largely depend on COVID-19's trajectory and on continued policy support. While the worst of the global recession appears to have passed for the U.S. and Europe as well, economic activity generally remains far below normal around the world.

For the year ending June 30, 2020, the U.S. equity bellwether S&P 500® index endured a volatile round trip and finished with a 7.51% return. Among sectors, information technology (+36%) led by a wide margin, riding strong secular-growth trends. Consumer discretionary (+13%) enjoyed resurgent gains within retailing, while health care and communication services (each +11%) also stood out. In contrast, energy (-36%) fell hard along with the price of crude oil, while financials (-14%) struggled due to lower interest rates. Overall, large-caps handily bested small-caps, and growth stocks significantly outperformedvalue. This same pattern held true among international equities, which, like the U.S., rebounded nicely in the spring quarter, but it wasn't enough to offset earlier weakness. The MSCI ACWI (All Country World Index) ex USA Index returned -4.66% for the year. Apart from Japan (+4%), all regions declined this period. The U.K. (-18%) fared worst, followed by Asia Pacific ex Japan (-12%) and Canada (-7%). Emergingmarkets (-3%) and Europe ex U.K. (-2%) marginally outpaced the index.

Returns also varied widely outside of equities. Commodities struggled, as evidenced by the -17.38% result of the Bloomberg Barclays Commodity Index Total Return, while U.S. taxable investment-grade bonds solidly gained (+8.74%), according to the Bloomberg Barclays U.S. Aggregate Bond Index. Investors generally sought debt securities with greater perceived safety and yields plunged. Demand for U.S. Treasuries (+10.45%) and corporate bonds (+9.50%) was strong. Conversely, agency mortgage-backed securities (+5.67%) and asset-backed securities (+4.68%) each lagged. Outside the index, U.S. high-yield bonds gained 0.03%, while Treasury Inflation-Protected Securities (TIPS) advanced 8.28%.

Against this backdrop, our longer-term view of riskier assets remains positive. Fidelity's Business Cycle Board believes that policy actions are playing a larger role in driving economic and market expectations than they have in the past. Board members hold a wide range of views, but they emphasize the need for adiversified and disciplined investment strategy, and some see opportunities within non-U.S. asset categories, U.S. small-cap and value equities, TIPS and gold. Our macro views were reflected in positioning across our multi-asset-class strategies, which, on an asset-weighted basis, moderately lagged their benchmarks this past year, but were competitive versus peers. Our active positioning reflects views that often are contrarian in nature, due to valuation extremes, shifting fundamentals, macroeconomic conditions and other factors we believe aren't reflected in the markets. Rest assured, our focus is on long-term results. We understand that clients have varied needs, and we believe that our differentiated perspective and extensive global research depth will support our efforts to help meet our clients' long-term objectives. Thank you for your confidence in Fidelity's capabilities. For more information, please visitour websites.

Sincerely,

Abigail P. JohnsonChairman of the Board of TrusteesFidelity Fixed Income and Asset Allocation Funds

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Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact your investment professional or visit fidelity.com or advisor.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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 any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Risks: Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market or economic developments. The securities of smaller, less well-known companies can be more volatile than those of larger companies. In general, the bond market is volatile, and fixed-income securities carry interest rate risk. As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities. Fixed-income securities also carry inflation, credit and default risks for both issuers and counterparties. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Income exempt from federal income tax may be subject to state or local tax. Leverage can increase market exposure and magnify investment risk. Foreign securities are subject to interest rate, currency exchange rate, economic and political risks, all of which are magnified in emerging markets. The investment risk of target date funds changes over time as their asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the target date funds' neutral asset allocation strategy shown in their glide path. Target date funds are subject to the volatility of the financial markets, including that of equity and fixed-income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked and foreign securities. No target date fund is considered a complete retirement program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

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