N-14

Neutral Mix

Stocks (can range from 10-30%)

Bonds (can range from 40-60%)

Short-Term/Money Market (can range from 10-50%)

0001193125-17-358797.txt : 20180412 0001193125-17-358797.hdr.sgml : 20180412 20171201151902 ACCESSION NUMBER: 0001193125-17-358797 CONFORMED SUBMISSION TYPE: N-14 PUBLIC DOCUMENT COUNT: 34 FILED AS OF DATE: 20171201 DATE AS OF CHANGE: 20180122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY CHARLES STREET TRUST CENTRAL INDEX KEY: 0000354046 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-14 SEC ACT: 1933 Act SEC FILE NUMBER: 333-221863 FILM NUMBER: 171234036 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY U S GOVERNMENT RESERVES FUND DATE OF NAME CHANGE: 19880201 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FEDERAL RESERVES DATE OF NAME CHANGE: 19820215 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY UNITED STATES TREASURY TRUST DATE OF NAME CHANGE: 19811020

CENTRAL INDEX KEY: 0000354046

S000019189 Fidelity Asset Manager 60%

C000053001 Fidelity Asset Manager 60% FSANX

CENTRAL INDEX KEY: 0000035315

S000019396 Fidelity Global Strategies Fund

C000053896 Fidelity Global Strategies Fund FDYSX

CENTRAL INDEX KEY: 0000354046

S000017647 Fidelity Global Balanced Fund

C000048772 Fidelity Global Balanced Fund FGBLX

CENTRAL INDEX KEY: 0000354046

S000019189 Fidelity Asset Manager 60%

C000053002 Fidelity Advisor Asset Manager 60%: Class A FSAAX

CENTRAL INDEX KEY: 0000035315

S000019396 Fidelity Global Strategies Fund

C000053897 Fidelity Advisor Global Strategies Fund: Class A FDASX

CENTRAL INDEX KEY: 0000354046

S000017647 Fidelity Global Balanced Fund

C000074277 Fidelity Advisor Global Balanced Fund: Class A FGLAX

CENTRAL INDEX KEY: 0000354046

S000019189 Fidelity Asset Manager 60%

C000053004 Fidelity Advisor Asset Manager 60%: Class C FSCNX

CENTRAL INDEX KEY: 0000035315

S000019396 Fidelity Global Strategies Fund

C000053899 Fidelity Advisor Global Strategies Fund: Class C FDCSX

CENTRAL INDEX KEY: 0000354046

S000017647 Fidelity Global Balanced Fund

C000074279 Fidelity Advisor Global Balanced Fund: Class C FGLCX

CENTRAL INDEX KEY: 0000354046

S000019189 Fidelity Asset Manager 60%

C000053005 Fidelity Advisor Asset Manager 60%: Class M FSATX

CENTRAL INDEX KEY: 0000035315

S000019396 Fidelity Global Strategies Fund

C000053900 Fidelity Advisor Global Strategies Fund: Class M FDTSX

CENTRAL INDEX KEY: 0000354046

S000017647 Fidelity Global Balanced Fund

C000074280 Fidelity Advisor Global Balanced Fund: Class M FGLTX

CENTRAL INDEX KEY: 0000354046

S000019189 Fidelity Asset Manager 60%

C000053006 Fidelity Advisor Asset Manager 60%: Class I FSNIX

CENTRAL INDEX KEY: 0000035315

S000019396 Fidelity Global Strategies Fund

C000053901 Fidelity Advisor Global Strategies Fund: Class I FDYIX

CENTRAL INDEX KEY: 0000354046

S000017647 Fidelity Global Balanced Fund

C000074281 Fidelity Advisor Global Balanced Fund: Class I FGLIX

N-14 1 d485599dn14.htm N-14 N-14

As filed with the Securities and Exchange Commission on December 1, 2017

Registration No. 33-

(Investment Company Act Registration No. 811-03221)

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*
		Pre-Effective Amendment No.		☐
		Post-Effective Amendment No.		☐

Fidelity Charles Street Trust

(Exact Name of Registrant as Specified in Charter)

Registrant’s Telephone Number (617) 563-7000

245 Summer St., Boston, MA 02210

(Address Of Principal Executive Offices)

Marc Bryant, Secretary

245 Summer Street

Boston, MA 02210

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective under the Securities Act of 1933.

The Registrant has registered an indefinite amount of securities under the Securities Act of 1933 pursuant to Section 24(f) under the Investment Company Act of 1940; accordingly, no fee is payable herewith because of reliance upon Section 24(f).

It is proposed that this filing will become effective on January 2, 2018, pursuant to Rule 488.

FIDELITY^® GLOBAL BALANCED FUND

A SERIES OF

FIDELITY CHARLES STREET TRUST

FIDELITY^® GLOBAL STRATEGIES FUND

A SERIES OF

FIDELITY SALEM STREET TRUST

245 SUMMER STREET, BOSTON, MASSACHUSETTS 02210

1-800-544-8544 (RETAIL CLASSES)

1-877-208-0098 (ADVISOR CLASSES)

NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS

To the Shareholders of Fidelity^® Global Balanced Fund:

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders (the Global Balanced Meeting) of Fidelity Global Balanced Fund (Global Balanced) will be held at an office of Fidelity Charles Street Trust, One Spartan Way, Merrimack, New Hampshire 03054 (Industrial Drive, Exit 10, off Route 3) on March 8, 2018 at 8 a.m. Eastern Time (ET). The purpose of the Global Balanced Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before such Meeting or any adjournments thereof.

(1)

To approve an Agreement and Plan of Reorganization providing for the transfer of all of the assets of Global Balanced to Fidelity Asset Manager 60% in exchange solely for corresponding shares of beneficial interest of Fidelity Asset Manager 60% and the assumption by Fidelity Asset Manager 60% of Global Balanced’s liabilities, in complete liquidation of Global Balanced. (Proposal 1)

To the Shareholders of Fidelity^® Global Strategies Fund:

NOTICE IS HEREBY GIVEN that a Special Meeting of Shareholders (the Global Strategies Meeting) of Fidelity Global Strategies Fund (Global Strategies) will be held at an office of Fidelity Salem Street Trust, One Spartan Way, Merrimack, New Hampshire 03054 (Industrial Drive, Exit 10, off Route 3) on March 8, 2018 at 8 a.m. Eastern Time (ET). The purpose of the Global Strategies Meeting is to consider and act upon the following proposal, and to transact such other business as may properly come before such Meeting or any adjournments thereof.

(2)

To approve an Agreement and Plan of Reorganization providing for the transfer of all of the assets of Global Strategies to Fidelity Asset Manager 60% in exchange solely for corresponding shares of beneficial interest of Fidelity Asset Manager 60% and the assumption by Fidelity Asset Manager 60% of Global Strategies’ liabilities, in complete liquidation of Global Strategies. (Proposal 2)

The Boards of Trustees have fixed the close of business on January 12, 2018 as the record date for the determination of the shareholders of each of Global Balanced and Global Strategies entitled to notice of, and to vote at, the Global Balanced Meeting and the Global Strategies Meeting (each, a Meeting and, together, the Meetings), respectively, and any adjournments thereof.

By order of the Board of Trustees,

MARC R. BRYANT, Secretary

January 12, 2018

Your vote is important – please vote your shares promptly.

Shareholders are invited to attend a fund’s Meeting in person. Admission to a Meeting will be on a first-come, first-served basis and will require picture identification. Shareholders arriving after the start of a Meeting may be denied entry. Cameras, cell phones, recording equipment and other electronic devices will not be permitted. Fidelity reserves the right to inspect any persons or items prior to admission to a Meeting.

Any shareholder who does not expect to attend a Meeting is urged to vote using the touch-tone telephone or internet voting instructions on the following page or by indicating voting instructions on the enclosed proxy card, dating and signing it, and returning it in the envelope provided, which needs no postage if mailed in the United States. In order to avoid unnecessary expense, we ask your cooperation in responding promptly, no matter how large or small your holdings may be. If you wish to wait until a Meeting to vote your shares, you will need to request a paper ballot at a Meeting in order to do so.

INSTRUCTIONS FOR EXECUTING PROXY CARD

The following general rules for executing proxy cards may be of assistance to you and help avoid the time and expense involved in validating your vote if you fail to execute your proxy card properly.

Individual Accounts: Your name should be signed exactly as it appears in the registration on the proxy card.

Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.

All other accounts should show the capacity of the individual signing. This can be shown either in the form of the account registration itself or by the individual executing the proxy card. For example:


REGISTRATION		VALID SIGNATURE
A. 1)	ABC Corp.	John Smith, Treasurer
2)	ABC Corp.	John Smith, Treasurer
	c/o John Smith, Treasurer
B. 1)	ABC Corp. Profit Sharing Plan	Ann B. Collins, Trustee
2)	ABC Trust	Ann B. Collins, Trustee
3)	Ann B. Collins, Trustee	Ann B. Collins, Trustee
	u/t/d 12/28/78
C. 1)	Anthony B. Craft, Cust.	Anthony B. Craft
	f/b/o Anthony B. Craft, Jr.
	UGMA

INSTRUCTIONS FOR VOTING BY TOUCH-TONE TELEPHONE OR THROUGH THE INTERNET

Read the proxy statement, and have your proxy card handy.

Call the toll-free number or visit the web site indicated on your proxy card.

Enter the number found in the box on the front of your proxy card.

Follow the recorded or on-line instructions to cast your vote.

FIDELITY^® GLOBAL BALANCED FUND
A SERIES OF
FIDELITY CHARLES STREET TRUST

FIDELITY ASSET MANAGER 60%
A SERIES OF
FIDELITY CHARLES STREET TRUST

FIDELITY^® GLOBAL STRATEGIES FUND

A SERIES OF
FIDELITY SALEM STREET TRUST

245 SUMMER STREET, BOSTON, MASSACHUSETTS 02210

1-800-544-8544 (RETAIL CLASSES)

1-877-208-0098 (ADVISOR CLASSES)

PROXY STATEMENT AND PROSPECTUS

JANUARY 12, 2018

This combined Proxy Statement and Prospectus (Proxy Statement) is furnished to shareholders of Fidelity^® Global Balanced Fund (Global Balanced), a series of Fidelity Charles Street Trust (Charles Street Trust), and Fidelity^® Global Strategies Fund (Global Strategies), a series of Fidelity Salem Street Trust (Salem Street Trust, and together with Charles Street Trust, the trusts), in connection with a solicitation of proxies made by, and on behalf of, the trusts’ Boards of Trustees to be used at the Special Meeting of Shareholders of Global Balanced (the Global Balanced Meeting) and the Special Meeting of Shareholders of Global Strategies (the Global Strategies Meeting) and at any adjournments thereof (together, the Meetings), to be held on March 8, 2018 at 8 a.m. Eastern Time (ET), at One Spartan Way, Merrimack, New Hampshire 03054 (Industrial Drive, Exit 10, off Route 3), an office of the trusts and each fund’s manager, Fidelity Management & Research Company (FMR), Global Balanced’s manager, and FMR Co., Inc. (FMRC), Global Strategies’ manager (each an Adviser).

As more fully described in the Proxy Statement, shareholders of Global Balanced are being asked to consider and vote on an Agreement and Plan of Reorganization (Global Balanced Agreement) relating to the proposed acquisition of Global Balanced by Fidelity Asset Manager 60% (Asset Manager 60%) (Proposal 1) and shareholders of Global Strategies are being asked to consider and vote on an Agreement and Plan of Reorganization (Global Strategies Agreement) relating to the proposed acquisition of Global Strategies by Asset Manager 60% (Proposal 2).

The transactions contemplated by each Agreement are each referred to as a Reorganization and, together, the Reorganizations. Approval of each Reorganization will be determined solely by approval of the shareholders of the individual fund affected. It will not be necessary for both Reorganizations to be approved for either one of them to occur.

If the Agreement relating to your fund is approved by the fund’s shareholders and the related Reorganization occurs, you will become a shareholder of Asset Manager 60%. Your fund will transfer all of its assets to Asset Manager 60% in exchange solely for shares of beneficial interest of Asset Manager 60% and the assumption by Asset Manager 60% of your fund’s liabilities in complete liquidation of the fund. The total value of your fund holdings will not change as a result of each Reorganization. The Reorganizations are currently scheduled to take place as of the close of business of the New York Stock Exchange (the NYSE) on April 27, 2018, or such other time and date as the parties to the respective Agreement may agree (the Closing Date).

Asset Manager 60% (together with Global Balanced and Global Strategies, the funds) is a diversified series of Fidelity Charles Street Trust, an open-end management investment company registered with the Securities and Exchange Commission (the SEC). Asset Manager 60% seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments. Asset Manager 60% seeks to achieve its investment objective by maintaining a neutral mix over time of 60% of assets in stocks, 35% of assets in bonds, and 5% of assets in short-term and money market instruments.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, NOR HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROXY STATEMENT AND PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

This Proxy Statement and the accompanying proxy card are first being mailed on or about January 12, 2018. The Proxy Statement sets forth concisely the information about each Reorganization and Asset Manager 60% that shareholders should know before voting on the proposed Reorganizations. Please read it carefully and keep it for future reference.

The following documents have been filed with the SEC and are incorporated into this Proxy Statement by reference, which means they are part of this Proxy statement for legal purposes:

(i) the Statement of Additional Information dated January 12, 2018, relating to this Proxy Statement;

(ii) the Prospectus for Asset Manager 60% dated November 29, 2017, relating to Fidelity Asset Manager 60% shares, a retail class of Asset Manager 60%, a copy of which, if applicable, accompanies this Proxy Statement;

(iii) the Prospectus for Asset Manager 60% dated November 29, 2017, relating to Class A, Class M, Class C, and Class I shares, a copy of which, if applicable, accompanies this Proxy Statement;

(iv) the Statement of Additional Information for Asset Manager 60% dated November 29, 2017, relating to Fidelity Asset Manager 60% shares, a retail class of Asset Manager 60%;

(v) the Statement of Additional Information for Asset Manager 60% dated November 29, 2017, relating to Class A, Class M, Class C, and Class I shares;

(vi) the Prospectus for Global Balanced dated December 30, 2016, as supplemented, relating to Fidelity Global Balanced shares, a retail class of Global Balanced;

(vii) the Prospectus for Global Balanced dated December 30, 2016, as supplemented, relating to Class A, Class M, Class C, and Class I shares;

(viii) the Prospectus for Global Strategies dated July 29, 2017, as supplemented, relating to Global Strategies shares, a retail class of Global Strategies;

(ix) the Prospectus for Global Strategies dated July 29, 2017, as supplemented, relating to Class A, Class M, Class C, and Class I shares;

(x) the Statement of Additional Information for Global Balanced dated December 30, 2016, relating to Fidelity Global Balanced shares, a retail class of Global Balanced;

(xi) the Statement of Additional Information for Global Balanced dated December 30, 2016, as supplemented, relating to Class A, Class M, Class C, and Class I shares;

(xii) the Statement of Additional Information for Global Strategies dated July 29, 2017, as supplemented, relating to Fidelity Global Strategies shares, a retail class of Global Strategies;

(xiii) the Statement of Additional Information for Global Strategies dated July 29, 2017, as supplemented, relating to Class A, Class M, Class C, and Class I shares; and

(xiv) the Semiannual Report for Global Balanced for the fiscal period ended April 30, 2017.

You can obtain copies of the funds’ current Prospectuses, Statements of Additional Information, or annual or semiannual reports without charge by contacting Salem Street Trust or Charles Street Trust at Fidelity Distributors Corporation (FDC), 245 Summer Street, Boston, Massachusetts 02210, by calling 1-800-544-8544 (retail classes) or 1-877-208-0098 (Advisor classes), or by logging on to www.fidelity.com (retail classes) or institutional.fidelity.com (Advisor classes).

The trusts are subject to the informational requirements of the Securities and Exchange Act of 1934, as amended. Accordingly, each must file proxy material, reports, and other information with the SEC. You can review and copy such information at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington D.C. 20549, the SEC’s Northeast Regional Office, 200 Vesey Street, Suite 400, New York, NY 10281-1022, and the SEC’s Midwest Regional Office, 175 W. Jackson Blvd., Suite 900, Chicago, IL 60604. Such information is also available from the EDGAR database on the SEC’s web site at http://www.sec.gov. You can also obtain copies of such information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the SEC’s Public Reference Room, Office of Consumer Affairs and Information Services, Washington, DC 20549. You may obtain information on the operation of the SEC’s Public Reference Room by calling the SEC at 1-202-551-8090.

An investment in the funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the funds.

TABLE OF CONTENTS


Synopsis			pg 6
Comparison of Principal Risk Factors			pg 23
The Proposed Transactions			pg 30
Additional Information about the Funds			pg 41
Voting Information			pg 41
Miscellaneous			pg 43


Exhibit 1. Form of Agreement and Plan of Reorganization of Fidelity Global Balanced			pg 45
Exhibit 2. Form of Agreement and Plan of Reorganization of Global Strategies			pg 55

Attachment 1A			pg 65

Attachment 1B			pg 69

Attachment 2A			pg 74

Attachment 2B			pg 75

Attachment 3			pg 76

SYNOPSIS

The following is a summary of certain information contained elsewhere in this Proxy Statement, in each Agreement, and/or in the Prospectuses and Statements of Additional Information of Global Balanced and Global Strategies, as applicable, or the Prospectuses and Statements of Additional Information of Asset Manager 60%, each of which are incorporated herein by reference. Shareholders should read the entire Proxy Statement and the Prospectuses of Asset Manager 60% carefully for more complete information.

What proposal am I being asked to vote on?

Shareholders of Global Balanced are being asked to vote on Proposal 1. As more fully described in Proposal 1 below, shareholders of Global Balanced are being asked to approve the Agreement relating to the proposed acquisition of Global Balanced by Asset Manager 60%.

Shareholders of Global Strategies are being asked to vote on Proposal 2. As more fully described in Proposal 2 below, shareholders of Global Strategies are being asked to approve the Agreement relating to the proposed acquisition of Global Strategies by Asset Manager 60%.

Approval of each Reorganization will be determined solely by approval of the shareholders of the individual fund affected. It will not be necessary for both Reorganizations to be approved for either one of them to occur.

Shareholders of record as of the close of business on January 12, 2018 will be entitled to vote at their respective Meeting.

If the Agreement relating to your fund is approved by fund shareholders and the related Reorganization occurs, you will become a shareholder of Asset Manager 60% instead. Your fund will transfer all of its assets to Asset Manager 60% in exchange solely for shares of beneficial interest of Asset Manager 60% and the assumption by Asset Manager 60% of your fund’s liabilities in complete liquidation of your fund. Each shareholder of Global Balanced and Global Strategies will receive shares of the corresponding class of Asset Manager 60% shown in the table below. Each Reorganization is currently scheduled to take place as of the close of business of the NYSE on the Closing Date.


Acquisition of the assets of:		By and in exchange for shares of:
Fidelity Global Balanced Fund*		Fidelity Asset Manager 60%***
Global Balanced: Class A*		Asset Manager 60%: Class A***
Global Balanced: Class C*		Asset Manager 60%: Class C***
Global Balanced: Class I*		Asset Manager 60%: Class I***


Global Balanced: Class M*		Asset Manager 60%: Class M***
Fidelity Global Strategies Fund**		Fidelity Asset Manager 60%***
Global Strategies: Class A**		Asset Manager 60%: Class A***
Global Strategies: Class C**		Asset Manager 60%: Class C***
Global Strategies: Class I**		Asset Manager 60%: Class I***
Global Strategies: Class M**		Asset Manager 60%: Class M***

*	Fidelity Global Balanced Fund is the retail class of Global Balanced. Class A, Class C, Class I, Class M are classes of Global Balanced.

**	Fidelity Global Strategies Fund is the retail class of Global Strategies. Class A, Class C, Class I, Class M are classes of Global Strategies.

***	Fidelity Asset Manager 60% is the retail class of Asset Manager 60%. Class A, Class C, Class I, Class M are classes of Asset Manager 60%.

For more information, shareholders of Global Balanced please refer to the section entitled “The Proposed Transactions – Proposal 1 – Agreement and Plan of Reorganization.” For more information, shareholders of Global Strategies please refer to the section entitled “The Proposed Transactions – Proposal 2 – Agreement and Plan of Reorganization.”

Has the Board of Trustees approved the proposal?

Yes. Each fund’s Board of Trustees has carefully reviewed the proposal and approved the Agreement and the Reorganization for each fund. The Board of Trustees unanimously recommends that you vote in favor of your fund’s Reorganization by approving your fund’s Agreement. The Reorganizations are not contingent on one another and if a Reorganization is not approved by shareholders, the Adviser intends to recommend liquidation of the fund.

What are the reasons for the proposal?

The Board of Trustees considered the following factors, among others, in determining to recommend that you vote in favor of your fund’s Reorganization by approving your fund’s Agreement:

Proposal 1 – Global Balanced

The Board considered that the Reorganization will permit shareholders to pursue a similar asset allocation strategy, primarily differing in its exposure to non-U.S. securities, in a larger combined fund.

The Board also considered that the Reorganization will qualify as a tax-free exchange for federal income tax purposes, and that based on data for the 12 months ended June 30, 2017, and assuming each fund Reorganization is approved, shareholders are expected to benefit from an estimated reduction in net expenses (i.e., taking into account the fund’s current expense arrangements).

Based on data for the 12 months ended June 30, 2017, and assuming all proposals are approved, shareholders are expected to benefit from a net expense reduction as a percentage of average net assets depending on class at the following rates: Fidelity Global Balanced Fund (retail class), 0.27%; Class A, 0.24%; Class M, 0.25%; Class C, 0.27%; and Class I, 0.20% (although these amounts vary for the 12 months ended September 30, 2017, shown in the fees and expenses table in this Proxy Statement).

Other expense comparisons within this document are based on expenses for the 12 months ended September 30, 2017, in order to align with Asset Manager 60%’s most recent fiscal reporting period.

For more information, shareholders of Global Balanced please refer to the section entitled “The Proposed Transactions – Proposal 1 – Reasons for the Reorganization.”

Proposal 2 – Global Strategies

Based on data for the 12 months ended June 30, 2017, and assuming all proposals are approved, shareholders are expected to benefit from a net expense reduction as a percentage of average net assets depending on class at the following rates: Fidelity Global Strategies Fund (retail class), 0.36%; Class A, 0.30%; Class M, 0.28%; Class C, 0.26%; and Class I, 0.31% (although these amounts vary for the 12 months ended September 30, 2017, shown in the fees and expenses table in this Proxy Statement).

Other expense comparisons within this document are based on expenses for the 12 months ended September 30, 2017, in order to align with Asset Manager 60%’s most recent fiscal reporting period.

For more information, shareholders of Global Strategies please refer to the section entitled “The Proposed Transactions – Proposal 2 – Reasons for the Reorganization.”

How will you determine the number of shares of Asset Manager 60% that I will receive?

Although the number of shares you own will most likely change, the total value of your holdings will not change as a result of your fund’s Reorganization.

As provided in the Agreement relating to Proposal 1, Global Balanced will distribute shares of Asset Manager 60% to its shareholders so that each shareholder will receive the number of full and fractional shares of Asset Manager 60% equal in value to the net asset value of shares of Global Balanced held by such shareholder on the Closing Date.

As provided in the Agreement relating to Proposal 2, Global Strategies will distribute shares of Asset Manager 60% to its shareholders so that each shareholder will receive the number of full and fractional shares of Asset Manager 60% equal in value to the net asset value of shares of Global Strategies held by such shareholder on the Closing Date.

What class of shares of Asset Manager 60% will I receive?

Holders of Fidelity Global Balanced Fund (retail class), Class A, Class M, Class C, and Class I shares of Global Balanced will receive Fidelity Asset Manager 60% (retail class), Class A, Class M, Class C, and Class I shares of Asset Manager 60%, respectively. Holders of Fidelity Global Strategies Fund (retail class), Class A, Class M, Class C, and Class I shares of Global Strategies will receive Fidelity Asset Manager 60% (retail class), Class A, Class M, Class C, and Class I shares of Asset Manager 60%, respectively.

Is either Reorganization considered a taxable event for federal income tax purposes?

No. Each fund will receive an opinion of counsel that its Reorganization will not result in any gain or loss for federal income tax purposes to Global Balanced, Global Strategies, or Asset Manager 60% or to the shareholders of any fund, except that Global Balanced and/or Global Strategies may recognize gain or loss with respect to assets (if any) that are subject to “mark-to-market” tax accounting.

For more information, shareholders of Global Balanced please refer to the section entitled “The Proposed Transactions – Proposal 1 – Federal Income Tax Considerations.” For more information, shareholders of Global Strategies please refer to the section entitled “The Proposed Transactions – Proposal 2 – Federal Income Tax Considerations.”

How do the funds’ investment objectives, strategies, policies, and limitations compare?

All of the funds are asset allocation funds, with each fund investing approximately 60% of its assets in equity securities and 40% of its assets in fixed-income securities and other investments. However, each fund’s specific investment objectives and principal investment strategies differ particularly with respect to their international allocations and how they achieve their exposure to various asset classes. Likewise, although the funds also have substantially similar fundamental and non-fundamental investment policies and limitations, there are some differences of which you should be aware as shown in each table below. The following tables compare the investment objectives, principal investment strategies, and policies and limitations of the funds.

Proposal 1 : Global Balanced


Global Balanced		Asset Manager 60%
*Investment Objective* (subject to change only by shareholder approval)		*Investment Objective* (subject to change only by shareholder approval)

Global Balanced seeks income and capital growth consistent with reasonable risk.		Asset Manager 60% seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.


*Principal Investment Strategies*		*Principal Investment Strategies*
FMR normally invests in equity and debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), issued throughout the world.		FMR normally allocates the fund’s assets among three main asset classes: the stock class (equity securities of all types), the bond class (fixed-income securities of all types maturing in more than one year, including lower-quality debt securities which are sometimes referred to as high yield debt securities or junk bonds), and the short-term/money market class (fixed-income securities of all types maturing in one year or less).

FMR always invests at least 25% of total assets in fixed-income senior securities (including debt securities and preferred stock).		FMR maintains a neutral mix over time of 60% of assets in stocks, 35% of assets in bonds, and 5% of assets in short-term and money market instruments. FMR normally adjusts its allocation among asset classes gradually within the following ranges: stock class (40%-90%), bond class (10%-60%), and short-term/money market class (0%-50%).

FMR normally allocates investments across different countries and regions.		FMR invests in domestic and foreign issuers.

FMR normally analyzes an issuer using fundamental factors (e.g., financial condition, earnings outlook, and strategy) and evaluating each security’s current price relative to estimated long-term value to select investments.		No corresponding principal strategy.

FMR normally invests in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).		Same principal strategy.

*Fundamental Policies and Limitations*		*Fundamental Policies and Limitations*
Identical to Asset Manager 60% with the exception of the following policy:		Identical to Global Balanced, except no corresponding policy for “Pooled Funds.”

Pooled Funds The fund may, notwithstanding any other fundamental investment policy or limitation, invest all of its assets in the securities of a single open-end management investment company with substantially the same fundamental investment objective, policies, and limitations as the fund.


*Non-Fundamental Policies and Limitations*		*Non-Fundamental Policies and Limitations*

Identical to Asset Manager 60% with the exception of the following policies:		Identical to Global Balanced with the exception of the following policies;

Short Sales The fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts, options, and swaps are not deemed to constitute selling securities short.		Short Sales The fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, except for sales of to be announced (TBA) securities, and provided that transactions in futures contracts, options, and swaps are not deemed to constitute selling securities short.

Illiquid Securities The fund does not currently intend to purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.		Illiquid Securities The fund does not currently intend to purchase any security if, as a result, more than 10% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

Pooled Funds The fund does not currently intend to invest all of its assets in the securities of a single open-end management investment company with substantially the same fundamental investment objective, policies, and limitations as the fund.		No corresponding policy or limitation

Proposal 2 : Global Strategies


Global Strategies		Asset Manager 60%
*Investment Objective* (subject to change only by shareholder approval)		*Investment Objective* (subject to change only by shareholder approval)

Global Strategies seeks to maximize total return.		Asset Manager 60% seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

*Principal Investment Strategies*		*Principal Investment Strategies*
FMRC normally invests in securities issued throughout the world.		FMR invests in domestic and foreign issuers.

FMRC allocates the fund’s assets between stocks and bonds by investing in Fidelity^® funds (underlying Fidelity^® funds) and non-affiliated exchange traded funds (ETFs), or through direct investments.		FMR normally allocates the fund’s assets among three main asset classes: the stock class (equity securities of all types), the bond class (fixed-income securities of all types maturing in more than one year, including lower-quality debt securities which are sometimes referred to as high yield debt securities or junk bonds), and the short-term/money market class (fixed-income securities of all types maturing in one year or less). FMR maintains a neutral mix over time of 60% of assets in stocks, 35% of assets in bonds, and 5% of assets in short-term and money market instruments. FMR normally adjusts its allocation among asset classes gradually within the following ranges: stock class (40%-90%), bond class (10%-60%), and short-term/money market class (0%-50%).

FMRC normally invests up to 25% of assets in commodity-related ETFs and exchange-traded notes (ETNs) and other commodities and commodity-linked investments through a wholly-owned subsidiary.		No corresponding principal strategy.

FMRC allocates investments across different countries and regions.		No corresponding principal strategy.

FMRC adjusts allocation among asset classes to take advantage of short-term market opportunities and strategic, longer-term opportunities.		No corresponding principal strategy.

No corresponding principal strategy.		FMR normally invests in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).


FMRC allocates assets using a combination of economic research, quantitative analysis, fundamental research and technical analysis.		No corresponding principal strategy.

*Fundamental policies and limitations* (subject to change only by shareholder vote)		*Fundamental policies and limitations* (subject to change only by shareholder vote)

Identical to Asset Manager 60% with the exception of the following policies:		Identical to Global Strategies with the exception of the following policies:

Concentration The fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry (provided that investments in other investment companies shall not be considered an investment in any particular industry for purposes of this investment limitation).		Concentration The fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities) if, as a result, more than 25% of the fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry.

Commodities The fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the fund from purchasing and selling precious metals, or from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).		Commodities The fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).


*Non-Fundamental Policies and Limitations*		*Non-Fundamental Policies and Limitations*
Identical to Asset Manager 60% with the exception of the following policies:		Identical to Global Strategies with the exception of the following policies:
Short Sales The fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.		Short Sales The fund does not currently intend to sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, except for sales of to be announced (TBA) securities, and provided that transactions in futures contracts, options, and swaps are not deemed to constitute selling securities short.

Loans The fund does not currently intend to lend assets other than securities to other parties, except by (a) lending money (up to 15% of the fund’s net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (b) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.)		Loans The fund does not currently intend to lend assets other than securities to other parties, except by (a) making direct loans to companies in which the fund has a pre-existing investment (b) lending money (up to 15% of the fund’s net assets) to a registered investment company or portfolio for which FMR or an affiliate serves as investment adviser or (c) assuming any unfunded commitments in connection with the acquisition of loans, loan participations, or other forms of debt instruments. (This limitation does not apply to purchases of debt securities, to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.)

For a comparison of the principal risks associated with the funds’ principal investment strategies, please refer to the section entitled “Comparison of Principal Risk Factors.”

For more information about the funds’ investment objectives, strategies, policies, and limitations, please refer to the “Investment Details” section of the funds’ Prospectuses, and to the “Investment Policies and Limitations“ section of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

Following the Reorganizations, the combined fund will be managed in accordance with the investment objective, strategies, policies, and limitations of Asset Manager 60%.

How do the funds’ management and distribution arrangements compare?

The following summarizes the management and distribution arrangements of Global Balanced, Global Strategies, and Asset Manager 60%:

Management of the Funds

The principal business address of FMR, Global Balanced’s and Asset Manager 60%’s manager, and FMRC, Global Strategies’ manager, is 245 Summer Street, Boston, Massachusetts 02210.

As the manager, FMR and FMRC have overall responsibility for directing their respective fund’s investments and handling their business affairs. As the manager, FMR and FMRC are responsible for handling their respective fund’s business affairs. As of December 31, 2016, FMR had approximately $219.0 billion in discretionary assets under management, and approximately $2.13 trillion when combined with all of its affiliates’ assets under management. As of December 31, 2016, FMRC had approximately $919.5 billion in discretionary assets under management, and approximately $2.13 trillion when combined with all of its affiliates’ assets under management.

FMRC serves as sub-adviser to Global Balanced and Asset Manager 60% and has day-to-day responsibility for choosing certain types of investments for Global Balanced and Asset Manager 60%.

Fidelity Investments Money Management, Inc. (FIMM), 245 Summer Street, Boston, Massachusetts 02210, serves as sub-adviser to Asset Manager 60%. FIMM has day-to-day responsibility for choosing certain types of investments for Asset Manager 60%. As of December 31, 2016, FIMM had approximately $689.2 billion in discretionary assets under management.

Fidelity Investment Management (UK) Limited (FMR (UK)), located at 1 St. Martin’s Le Grand, London, EC1A 4AS, United Kingdom, serves as sub-adviser to the funds. FMR UK has day-to-day responsibility for choosing certain types of investments for Global Balanced. FMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Global Strategies and Asset Manager 60%. As of December 31, 2016, FMR UK had approximately $16.9 billion in discretionary assets under management.

Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), located at Floor 19, 41 Connaught Road Central, Hong Kong, serves as sub-adviser to the funds. FMR H.K. has day-to-day responsibility for choosing certain types of investments for Global Balanced. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for Global Strategies and Asset Manager 60%. As of December 31, 2016, FMR H.K. had approximately $12.3 billion in discretionary assets under management.

Fidelity Management & Research (Japan) Limited (FMR Japan), located at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan is also a sub-adviser to the funds. FIL Investment Advisors (FIA), located at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda; FIL Investment Advisors (UK) Limited (FIA(UK)), located at Oakhill House, 130 Tonbridge Road, Hildenborough, TN11 9DZ, United Kingdom; and FIL Investments (Japan) Limited (FIJ), at Shiroyama Trust Tower, 4-3-1, Toranomon, Minato-ku, Tokyo 105-6019, Japan, are also sub-advisers to Global Balanced. Currently, FIA (UK) has day-to-day responsibility for choosing certain types of investments for Global Balanced.

FMR is expected to continue serving as manager, and FIMM, FMRC, FMR UK, FMR H.K., and FMR Japan are expected to continue serving as sub-advisers of the combined fund after the Reorganizations.

Geoff Stein is lead portfolio manager of Global Balanced, which he has managed since June 2009. Mr. Stein is also portfolio manager of Global Strategies, which he has managed since July 2017, and Asset Manager 60%, which he has managed since June 2009. He also manages other funds. Since joining Fidelity Investments in 1994, Mr. Stein has worked as director of the Portfolio Analysis Group, director of Portfolio Strategy for Strategic Advisers, Inc., and as a portfolio manager.

John Dance is co-manager of Global Balanced, which he has managed since May 2016. He also manages other funds. Since joining Fidelity Investments in 2006, Mr. Dance has worked as a research analyst and portfolio manager.

Stephen DuFour is co-manager of Global Balanced, which he has managed since October 2007. He also manages other funds. Since joining Fidelity Investments in 1992, Mr. DuFour has worked as an equity analyst and portfolio manager.

Stefan Lindblad is co-manager of Global Balanced, which he has managed since October 2014. He also manages other funds. Since joining Fidelity Investments in 2010, Mr. Lindblad has worked as a research analyst and portfolio manager.

David Simner is co-manager of Global Balanced, which he has managed since August 2016. He also manages other funds. Since 1996, Mr. Simner has worked as a quantitative analyst, director of quantitative research, and portfolio manager.

Mr. Stein, who is currently the lead portfolio manager of Global Balanced and the portfolio manager of Asset Manager 60% and Global Strategies, is expected to continue to be responsible for portfolio management of the combined fund after each Reorganization.

For information about the compensation of, any other accounts managed by, and any fund shares held by a fund’s portfolio manager(s), please refer to the “Management Contracts” section of the funds’ Statements of Additional Information, which are incorporated herein by reference.

Global Balanced and Asset Manager 60% have entered into a management contract with FMR, pursuant to which FMR furnishes investment advisory and other services.

Global Strategies has entered into a management contract with FMRC, pursuant to which FMRC furnishes investment advisory and other services.

Global Strategies pays FMRC an “all-inclusive” management fee at an annual rate of 0.50% of the fund’s average net assets. Under Global Strategies’ management contract, FMRC is responsible for paying the fund’s operating expenses, with limited exceptions. FMRC has contractually agreed to waive 0.10% of the fund’s management fee through July 31, 2018, after which date FMR in its sole discretion may discontinue the arrangement at any time.

In contrast, under Global Balanced and Asset Manager 60%’s management contract, FMR is not responsible for paying the fund’s operating expenses. Global Balanced and Asset Manager 60% each pay its management fee and other operating expenses separately. Global Balanced and Asset Manager 60% each pay FMR a management fee calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund’s average net assets. The group fee rate is based on the average net assets of all the mutual funds advised by FMR. For this purpose, the average net assets of any mutual funds previously advised by FMR that currently are advised by Fidelity SelectCo, LLC are included. This rate cannot rise above 0.52%, and it drops as total assets under management increase. For September 2017, the group fee rate for Global Balanced and Asset Manager 60% was 0.24%. The individual fund fee rate is 0.45% of average net assets for Global Balanced and 0.30% of average net assets for Asset Manager 60%.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for Global Balanced is available in the fund’s annual report for the fiscal period ended October 31, 2017.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for Global Strategies is available in the fund’s semi-annual report for the fiscal period ended November 30, 2016.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for Asset Manager 60% is available in the fund’s annual report for the fiscal period ended September 30, 2017.

If either or both of the Reorganizations are approved, the combined fund will retain Asset Manager 60%’s management fee structure, requiring payment of a management fee and other operating expenses separately. Under Global Strategies’s all-inclusive management fee structure, Global Strategies shareholders currently have the right to vote on any expense increases over 0.50% of average net assets. Shareholders of the combined fund would also have the right to vote on any increases in FMR’s management fee; however, because the management fee would not be all-inclusive, shareholders would not have the right to vote on all types of expense increases.

For more information about fund management, please refer to the “Fund Management” section of the funds’ Prospectuses, and to the “Control of Investment Advisers” and “Management Contracts” sections of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

Expense Arrangements

Each of the funds has an expense reimbursement arrangement as described below.

Global Balanced: FMR has voluntarily agreed to reimburse Global Balanced to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rates:


Share Class:	Expense Cap:
Fidelity Global Balanced Fund (retail class)		1.20	%
Class A		1.45	%
Class M		1.70	%
Class C		2.20	%
Class I		1.20	%

Voluntary arrangements may be discontinued at any time.

Global Strategies: The fund may invest in a wholly-owned subsidiary (the “Subsidiary”). The Subsidiary has entered into a separate contract with FMRC for the management of its portfolio pursuant to which the Subsidiary pays FMRC a fee at an annual rate of 0.30% of its net assets. The Subsidiary also pays certain other expenses including custody fees. FMRC has contractually agreed to waive the fund’s management fee in an amount equal to the management fee paid to FMRC by the Subsidiary. This arrangement will remain in effect as long as FMRC’s contract with the Subsidiary is in place. If FMRC’s contract with the Subsidiary is terminated, FMRC, in its sole discretion, may discontinue the arrangement. In addition, FMRC has contractually agreed to waive 0.10% of Global Strategies’ management fee through July 31, 2018.

Asset Manager 60%: FMR has voluntarily agreed to reimburse Asset Manager 60% to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rates:


Share Class:	Expense Cap:
Fidelity Asset Manager 60% (retail class)		0.85	%
Class A		1.10	%
Class M		1.35	%
Class C		1.85	%
Class I		0.85	%

Voluntary arrangements may be discontinued at any time.

For more information about the funds’ fees and operating expenses, please refer to the funds’ Prospectuses, which are incorporated herein by reference, and to “Annual Fund and Class Operating Expenses” below.

If either of the proposed Reorganizations is not approved, the fund not approving the Reorganization will maintain its current expense structure; however, the Adviser intends to recommend liquidation if a Reorganization is not approved.

Distribution of Fund Shares

The principal business address of Fidelity Distributors Corporation (FDC), each fund’s principal underwriter and distribution agent, is 100 Salem Street, Smithfield, Rhode Island, 02917.

Fidelity Global Balanced Fund, a retail class of Global Balanced, Fidelity Global Strategies Fund, a retail class of Global Strategies, and Fidelity Asset Manager 60%, a retail class of Asset Manager 60%, have each adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that FMR may use

its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of fund shares and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for shares of each fund.

Class A, Class M, Class C, and Class I of each fund have adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act.

Class A has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class A is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class A shares. Class A may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Currently, the Trustees have not approved such payments. The Trustees may approve 12b-1 (distribution) fee payments at an annual rate of up to 0.50% of Class A’s average net assets when the Trustees believe that it is in the best interests of Class A shareholders to do so.

In addition, pursuant to the Class A plan, Class A pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class A’s average net assets throughout the month for providing shareholder support services.

Class M has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class M is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class M shares. Class M may pay this 12b-1 (distribution) fee at an annual rate of 0.50% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Class M currently pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.25% of its average net assets throughout the month. Class M’s 12b-1 (distribution) fee rate may be increased only when the Trustees believe that it is in the best interests of Class M shareholders to do so.

In addition, pursuant to the Class M plan, Class M pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class M’s average net assets throughout the month for providing shareholder support services.

Class C has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Class C is authorized to pay FDC a monthly 12b-1 (distribution) fee as compensation for providing services intended to result in the sale of Class C shares. Class C currently pays FDC a monthly 12b-1 (distribution) fee at an annual rate of 0.75% of its average net assets throughout the month.

In addition, pursuant to the Class C plan, Class C pays FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class C’s average net assets throughout the month for providing shareholder support services.

Class I has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Class I shares and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries, such as banks, broker-dealers, and other service-providers, that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Class I of each fund.

If either of the Reorganizations is approved, the Distribution and Service Plans for the classes of the combined fund will remain unchanged.

For more information about fund distribution, please refer to the “Fund Distribution” section of the funds’ Prospectuses, and to the “Distribution Services” section of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

How do the funds’ fees and operating expenses compare, and what are the combined fund’s fees and operating expenses estimated to be following the Reorganizations?

The following tables, together with Attachments 1A-1B and 2A-2B allow you to compare the fees and expenses of each fund and to analyze the pro forma estimated fees and expenses of the combined fund.

Annual Fund and Class Operating Expenses

The following tables show the fees and expenses of Global Balanced, Global Strategies, and Asset Manager 60% for the 12 months ended September 30, 2017, and the pro forma estimated fees and expenses of the combined fund based on the same time period after giving effect to both Reorganizations (excluding voluntary expense reimbursements). Sales charges, if applicable, are paid directly to FDC, each fund’s distributor. Annual fund or class operating expenses are paid by each fund or class, as applicable.

The combined pro forma expenses shown below assume that both of the Reorganizations occur. Attachments 1A and 2A provides pro forma expense information for the 12 months ended September 30, 2017 for the combined fund assuming only Proposal 1 is approved. Attachments 1B and 2B provides pro forma expense information for the 12 months ended September 30, 2017 for the combined fund assuming only Proposal 2 is approved.

As shown below, the Reorganization is expected to result in lower total annual operating expenses for Global Balanced and Global Strategies shareholders.

Class A

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Global
Strategies

Asset
Manager
60%

Asset
Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^A	Class A purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00%.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.70	%		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.25	%		0.25	%		0.25	%		0.25	%
Other expenses		0.34	%		0.01	%		0.23	%		0.24	%
Acquired Fund fees and expenses		None			0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.29	%		1.47	%^B		1.05	%^B		1.06	%
Fee waiver and/or expense reimbursement		None			0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.29	%		1.36	%^B		1.05	%^B		1.06	%

The fund may invest in the Subsidiary. The Subsidiary has entered into a separate contract with FMRC for the management of its portfolio pursuant to which the Subsidiary pays FMRC a fee at an annual rate of 0.30% of its net assets. The Subsidiary also pays certain other expenses including custody fees. FMRC has contractually agreed to waive the fund’s management fee in an amount equal to the management fee paid to FMRC by the Subsidiary. This arrangement will remain in effect for at least one year from the effective date of the prospectus, and will remain in effect thereafter as long as FMRC’s contract with the Subsidiary is in place. If FMRC’s contract with the Subsidiary is terminated, FMRC, in its sole discretion, may discontinue the arrangement. In addition, FMRC has contractually agreed to waive 0.10% of the fund’s management fee. This arrangement will remain in effect through July 31, 2018.

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Class M

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Global
Strategies

Asset
Manager
60%

Asset
Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

3.50

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^A	Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.25%.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.70	%		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.50	%		0.50	%		0.50	%		0.50	%
Other expenses		0.38	%		0.01	%		0.23	%		0.26	%
Acquired Fund fees and expenses		None			0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.58	%		1.72	%^B		1.30	%^B		1.33	%
Fee waiver and/or expense reimbursement		None			0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.58	%		1.61	%^B		1.30	%^B		1.33	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Class C

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Global
Strategies

Asset Manager
60%

Asset Manager
60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

1.00

%^A

1.00

%^A

1.00

%^A

1.00

%^A

^A	On Class C shares redeemed less than one year after purchase.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.70	%		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		1.00	%		1.00	%		1.00	%		1.00	%
Other expenses		0.41	%		0.01	%		0.23	%		0.28	%
Acquired Fund fees and expenses		None			0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		2.11	%		2.22	%^B		1.80	%^B		1.85	%
Fee waiver and/or expense reimbursement		None			0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		2.11	%		2.11	%^B		1.80	%^B		1.85	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Class I

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Global
Strategies

Asset

Manager

60%

Asset
Manager

60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.70	%		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		None			None			None			None
Other expenses		0.29	%		0.01	%		0.20	%		0.23	%
Acquired Fund fees and expenses		None			0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		0.99	%^B		1.22	%^B		0.77	%^B		0.80	%
Fee waiver and/or expense reimbursement		None			0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		0.99	%		1.11	%^B		0.77	%^B		0.80	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Retail Class

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Global
Strategies

Asset

Manager
60%

Asset Manager
60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.70	%		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		None			None			None			None
Other expenses		0.31	%		0.01	%		0.16	%		0.17	%
Acquired Fund fees and expenses		None			0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.01	%^B		1.22	%^B		0.73	%^B		0.74	%
Fee waiver and/or expense reimbursement		None			0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.01	%		1.11	%^B		0.73	%^B		0.74	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Examples of Effect of Fund Expenses

The following tables illustrate the expenses on a hypothetical $10,000 investment in each fund under the current and pro forma (combined fund) expenses calculated at the rates stated above, assuming a 5% annual return after giving effect to the Reorganizations. The tables illustrate how much a shareholder would pay in total expenses if the shareholder sells all of his or her shares at the end of each time period indicated and if the shareholder holds his or her shares.

Global Balanced


	Class A				Class M				Class C				Class I				Global Balanced Fund (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	699	$	699	$	505	$	505	$	314	$	214	$	101	$	101	$	103	$	103
3 Year	$	960	$	960	$	831	$	831	$	661	$	661	$	315	$	315	$	322	$	322
5 Year	$	1,242	$	1,242	$	1,180	$	1,180	$	1,134	$	1,134	$	547	$	547	$	558	$	558
10 Year	$	2,042	$	2,042	$	2,163	$	2,163	$	2,441	$	2,441	$	1,213	$	1,213	$	1,236	$	1,236

Global Strategies


	Class A				Class M				Class C				Class I				Global Strategies Fund (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	706	$	706	$	508	$	508	$	314	$	214	$	113	$	113	$	113	$	113
3 Year	$	1,001	$	1,001	$	861	$	861	$	682	$	682	$	374	$	374	$	374	$	374
5 Year	$	1,320	$	1,320	$	1,239	$	1,239	$	1,178	$	1,178	$	658	$	658	$	658	$	658
10 Year	$	2,221	$	2,221	$	2,299	$	2,299	$	2,544	$	2,544	$	1,466	$	1,466	$	1,466	$	1,466

Asset Manager 60%


	Class A				Class M				Class C				Class I				Asset Manager 60% (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	676	$	676	$	478	$	478	$	283	$	183	$	79	$	79	$	75	$	75
3 Year	$	890	$	890	$	748	$	748	$	566	$	566	$	246	$	246	$	233	$	233
5 Year	$	1,121	$	1,121	$	1,038	$	1,038	$	975	$	975	$	428	$	428	$	406	$	406
10 Year	$	1,784	$	1,784	$	1,863	$	1,863	$	2,116	$	2,116	$	954	$	954	$	906	$	906

Asset Manager 60% Pro Forma Combined


	Class A				Class M				Class C				Class I				Asset Manager 60% (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	677	$	677	$	481	$	481	$	288	$	188	$	82	$	82	$	76	$	76
3 Year	$	893	$	893	$	757	$	757	$	582	$	582	$	255	$	255	$	237	$	237
5 Year	$	1,126	$	1,126	$	1,053	$	1,053	$	1,001	$	1,001	$	444	$	444	$	411	$	411
10 Year	$	1,795	$	1,795	$	1,895	$	1,895	$	2,169	$	2,169	$	990	$	990	$	918	$	918

These examples assume that all dividends and other distributions are reinvested and that the percentage amounts listed under Annual Operating Expenses remain the same in the years shown. These examples illustrate the effect of expenses, but are not meant to suggest actual or expected expenses, which may vary. The assumed return of 5% is not a prediction of, and does not represent, actual or expected performance of any fund.

The combined fund pro forma expenses shown above assume that both of the Reorganizations occur. Attachment 2A provides pro forma expenses for the combined fund if only Proposal 1 is approved. Attachment 2B provides pro forma expenses for the combined fund if only Proposal 2 is approved.

Do the procedures for purchasing and redeeming shares of the funds differ?

On August 11, 2017, Global Balanced and Global Strategies closed to new accounts. Shareholders of Global Balanced and Global Strategies as of that date can continue to purchase shares of their respective fund. Shareholders of Global Balanced and Global Strategies may redeem shares of their respective fund through the Closing Date of their fund’s Reorganization. Aside from the closing of Global Balanced and Global Strategies, the procedures for purchasing and redeeming shares of the funds are the same. If one or both Reorganizations are approved, the procedures for purchasing and redeeming shares of the combined fund will remain unchanged.

For more information about the procedures for purchasing and redeeming the funds’ shares, including a description of the policies and procedures designed to discourage excessive or short-term trading of fund shares, please refer to the “Additional Information about the Purchase and Sale of Shares” section of the funds’ Prospectuses, and to the “Buying, Selling and Exchanging Information” section of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

Do the funds’ exchange privileges differ?

No. The exchange privileges currently offered by the funds are the same. If one or both Reorganizations is approved, the exchange privilege offered by the combined fund will remain unchanged.

For more information about the funds’ exchange privileges, please refer to the “Exchanging Shares” section of the funds’ Prospectuses, and to the “Buying, Selling and Exchanging Information” section of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

Do the funds’ dividend and distribution policies differ?

Global Balanced and Asset Manager 60% have the same dividend and distribution policies. Global Strategies and Asset Manager 60%’s dividend and distribution policies differ.


Fund Name:		Usual frequency of payment of dividend and capital gains distributions:
Global Balanced		December
Global Strategies		July and December
Asset Manager 60%		December

If one or both Reorganizations is/are approved, the dividend and distribution policies of the combined fund will be the same as the current dividend and distribution policies of Asset Manager 60%.

On or before the Closing Date, Global Balanced and Global Strategies may declare additional dividends or other distributions in order to distribute substantially all of its investment company taxable income and net realized capital gain (including any gain resulting from any portfolio repositioning prior to the applicable Reorganization).

For more information about the funds’ dividend and distribution policies, please refer to the “Dividends and Capital Gain Distributions” section of the funds’ Prospectuses, and to the “Distributions and Taxes” section of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

Who bears the expenses associated with the Reorganizations?

Global Balanced will bear the cost of its Reorganization, provided the expenses do not exceed its classes’ existing voluntary expense caps. Expenses exceeding a class’s voluntary expense cap will be paid by FMR. Any transaction costs associated with portfolio adjustments to Global Balanced due to the Reorganization that occur prior to the Closing Date will be borne by the fund notwithstanding each class’s voluntary expense cap.

For Global Strategies, pursuant to its all-inclusive management contract, FMRC will bear the cost of its Reorganization.

For more information, please refer to the section entitled “Voting Information – Solicitation of Proxies; Expenses.”

COMPARISON OF PRINCIPAL RISK FACTORS

Many factors affect each fund’s performance. Each fund’s share price changes daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund’s reaction to these developments will be affected by the types of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund’s level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following is a summary of the principal risks associated with an investment in the funds.

Because the funds have some different principal investment strategies as described above, the funds are also subject to some different investment risks, of which you should be aware.

What risks are associated with an investment in each of the funds?

Each fund is subject to the following principal risks:

Stock Market Volatility. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, and “growth” stocks can react differently from “value” stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Interest Rate Changes. Debt securities, including money market securities, have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and certain types of securities, such as mortgage securities and the securities of issuers in the financial services sector, can be more sensitive to interest rate changes, meaning the longer the maturity of a security, the greater the impact a change in interest rates could have on the security’s price. Short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. Securities with floating interest rates can be less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much as interest rates in general. Securities whose payment at maturity is based on the movement of all or part of an index and inflation-protected debt securities may react differently from other types of debt securities.

Foreign Exposure. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

Prepayment. Many types of debt securities, including mortgage securities, are subject to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior to the security’s maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility.

Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security’s or instrument’s credit quality or value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities tend to be particularly sensitive to these changes.

Lower-quality debt securities and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities often fluctuates in response to company, political, or economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic difficulty.

Commodity-Linked Investing. The performance of commodities, commodity-linked swaps, futures, notes, and other commodity-related investments may depend on the performance of individual commodities and the overall commodities markets and on other factors that affect the value of commodities, including weather, political, tax, and other regulatory and market developments. Commodity-linked instruments may be leveraged. For example, the price of a three-times leveraged commodity-linked note may change by a magnitude of three for every percentage change (positive or negative) in the value of the underlying index. Commodity-linked investments may be hybrid instruments that can have substantial risk of loss with respect to both principal and interest. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures, and may be subject to the credit risks associated with the issuer or counterparty. As a result, returns of commodity-linked investments may deviate significantly from the return of the underlying commodity, instruments, or measures. In addition, the regulatory and tax environment for commodity linked derivative instruments is evolving, and changes in the regulation or taxation of such investments may have a material adverse impact on the fund.

What additional risks are associated with an investment in Global Balanced and/or Global Strategies?

Global Balanced is not subject to additional risks. Global Strategies is subject to the following additional principal risks, which are not principal risks generally associated with an investment in Asset Manager 60%:

Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, and in certain cases further limit investments to the extent a fund’s shares are already held by the Adviser or its affiliates. The fund bears all risks of investment strategies employed by the underlying funds. The fund does not control the investments of the underlying funds, which may have different investment objectives and may engage in investment strategies that the fund would not engage in directly. Aggregation of underlying fund holdings may result in indirect concentration of assets in a particular industry or group of industries, or in a single issuer, which may increase volatility.

Geographic Exposure. Social, political, and economic conditions and changes in regulatory, tax, or economic policy in a country or region could significantly affect the market in that country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic, currency, or regulatory developments. Similarly, from time to time, an underlying fund may invest a large portion of its assets in the securities of issuers located in a single country or a limited number of countries. If an underlying fund invests in this manner, there is a higher risk that social, political, economic, tax (such as a tax on foreign investments or financial transactions), currency, or regulatory developments in those countries may have a significant impact on the underlying fund’s investment performance.

Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. In addition, from time to time, a small number of companies may represent a large portion of a single industry or a group of related industries as a whole, and these companies can be sensitive to adverse economic, regulatory, or financial developments.

Subsidiary Risk. The investments held by the Subsidiary are generally similar to those that are permitted to be held by the fund and, therefore, the Subsidiary is subject to risks similar to those of the fund, including the risks associated with investing in ETFs, ETNs, other derivatives and commodities and commodity-linked investing in general. Because the Subsidiary is organized under Cayman Islands law and is not registered under the 1940 Act, the Subsidiary is not subject to the investor protections of the 1940 Act. The fund relies on a private letter ruling received by other Fidelity^® funds from the Internal Revenue Service with respect to its investment in the Subsidiary. Changes in U.S. or Cayman Islands laws could result in the inability of the fund and/or the Subsidiary to operate as described in Global Strategies’ prospectus.

Market Neutral Strategies. A market neutral strategy is a long/short strategy in which roughly equal dollar amounts are held long and short in seeking to protect against market risk. The strategy seeks profits by taking long positions in those securities believed to have attractive appreciation potential and taking short positions in those securities believed to have depreciation potential. However, there is no assurance that a market neutral strategy will be successful. Losses are incurred when long positions depreciate or the value of stocks sold short appreciate. In addition, a market neutral strategy may cause a fund to underperform the broad equity and debt markets during any given period of rising or strong-performing markets.

Investing in ETFs and ETNs. ETFs and ETNs are listed on an exchange and traded in the secondary market. Returns are based on the performance of the assets (typically stocks but also commodities or other instruments) underlying the ETF, or the index or other reference asset of the ETN. ETFs and ETNs may trade in the secondary market (e.g., on a stock exchange) at prices below the value of their underlying assets and may not be liquid. An ETF that is not actively managed cannot sell poorly performing stocks or other assets as long as they are represented in its index or other benchmark. ETFs that track an index are subject to tracking error risk (the risk of errors in matching the ETF’s underlying assets to its index or benchmark). Unlike ETFs, ETNs can be held until maturity and are subject to the risks associated with debt securities, including counterparty risk of the issuer; unlike regular bonds, ETNs typically do not make periodic interest payments and principal typically is not protected.

What additional risks are associated with an investment in Asset Manager 60% and Global Strategies?

Asset Manager 60% and Global Strategies are subject to the following principal risk, which is not a principal risk generally associated with an investment in Global Balanced:

Leverage Risk. Derivatives, forward-settling securities, and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Assets segregated to cover these transactions may decline in value and are not available to meet redemptions. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund’s ability to pursue its investment strategies.

For more information about the principal risks associated with an investment in the funds, please refer to the “Investment Details” section of the funds’ Prospectuses, and to the “Investment Policies and Limitations“ section of the funds’ Statements of Additional Information, each of which are incorporated herein by reference.

How do the funds compare in terms of their performance?

The following information provides some indication of the risks associated with an investment in the funds. The information illustrates the changes in the performance of each fund’s shares from year to year and compares the performance of each fund’s shares to the performance of a securities market index and a hypothetical composite of market indices over various periods of time. The index description appears in the Additional Index Information section of the funds’ prospectuses. Prior to June 1, 2011, Global Strategies operated under certain different investment policies and compared its performance to different indexes. Global Strategies’ historical performance may not represent its current investment policies. Past performance (before and after taxes) is not an indication of future performance.

Year-by-Year Returns

Global Balanced – Retail Class

LOGO


During the periods shown in the chart:	Returns			Quarter ended
Highest Quarter Return		14.80	%	June 30, 2009
Lowest Quarter Return		-12.35	%	September 30, 2008
Year-to-Date Return		14.75	%	September 30, 2017

Global Strategies – Retail Class

LOGO


During the periods shown in the chart:	Returns			Quarter ended
Highest Quarter Return		16.19	%	June 30, 2009
Lowest Quarter Return		-18.08	%	December 31, 2008
Year-to-Date Return		13.99	%	September 30, 2017

Asset Manager 60% – Retail Class

LOGO


During the periods shown in the chart:	Returns			Quarter ended
Highest Quarter Return		16.85	%	June 30, 2009
Lowest Quarter Return		-15.59	%	December 31, 2008
Year-to-Date Return		12.24	%	September 30, 2017

Average Annual Returns

The returns in the tables below reflect the maximum applicable sales charges. For each fund after-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for the retail class and Class A shares of the funds are shown in the tables below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

Global Balanced


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Fidelity^® Global Balanced Fund
Fidelity Global Balanced Fund (Retail Class)
Return Before Taxes		0.88	%		5.20	%		4.22	%
Return After Taxes on Distributions		0.82	%		4.00	%		3.23	%
Return After Taxes on Distributions and Sale of Fund Shares		0.62	%		3.90	%		3.19	%
MSCI World Index (reflects no deduction for fees or expenses)		8.01	%		10.88	%		4.25	%
Fidelity Global Balanced Composite Index^SM (reflects no deduction for fees or expenses)		5.62	%		6.16	%		4.09	%

For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A - Return Before Taxes		-5.21	%		3.66	%		7.47	%
Return After Taxes on Distributions		-5.26	%		2.53	%		6.61	%
Return After Taxes on Distributions and Sale of Fund Shares		-2.84	%		2.72	%		5.91	%
Class M - Return Before Taxes		-3.19	%		3.87	%		7.52	%
Class C - Return Before Taxes		-1.23	%		4.05	%		7.43	%
Class I - Return Before Taxes		0.89	%		5.19	%		8.59	%
MSCI World Index (reflects no deduction for fees or expenses)		8.01	%		10.88	%		13.46	%
Fidelity Global Balanced Composite Index^SM (reflects no deduction for fees or expenses)		5.62	%		6.16	%		8.95	%

(a)	From February 19, 2009

Global Strategies


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Fidelity^® Global Strategies Fund
Fidelity Global Strategies Fund (Retail Class)
Return Before Taxes		5.87	%		5.85	%		2.88	%
Return After Taxes on Distributions		4.92	%		4.19	%		1.62	%
Return After Taxes on Distributions and Sale of Fund Shares		3.68	%		4.22	%		1.95	%
MSCI ACWI (All Country World Index) Index (reflects no deduction for fees or expenses)		8.32	%		9.78	%		2.40	%
Fidelity Global Strategies Composite Index^SM (reflects no deduction for fees or expenses)		5.98	%		6.59	%		3.71	%

(a)	From October 31, 2007


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A - Return Before Taxes		-0.35	%		4.35	%		1.97	%
Return After Taxes on Distributions		-1.13	%		2.82	%		0.81	%
Return After Taxes on Distributions and Sale of Fund Shares		0.14	%		3.08	%		1.28	%
Class M - Return Before Taxes		1.67	%		4.57	%		1.97	%
Class C - Return Before Taxes		3.79	%		4.78	%		1.85	%
Class I - Return Before Taxes		5.87	%		5.83	%		2.87	%
MSCI ACWI (All Country World Index) Index (reflects no deduction for fees or expenses)		8.32	%		9.78	%		2.40	%
Fidelity Global Strategies Composite Index^SM (reflects no deduction for fees or expenses)		5.98	%		6.59	%		3.71	%

(a)	From October 31, 2007


	Past 1 year			Past 5 years			Life of class^(a)
Asset Manager 60%
For the periods ended December 31, 2016
Fidelity Asset Manager^® 60%
Fidelity Asset Manager 60% (Retail Class)
Return Before Taxes		6.76	%		8.15	%		4.35	%
Return After Taxes on Distributions		6.21	%		6.95	%		3.44	%
Return After Taxes on Distributions and Sale of Fund Shares		3.99	%		6.13	%		3.17	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.24	%
Fidelity Asset Manager 60% Composite Index^SM (reflects no deduction for fees or expenses)		7.21	%		8.27	%		4.55	%

(a)	From October 9, 2007


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A - Return Before Taxes		0.39	%		6.55	%		3.39	%
Return After Taxes on Distributions		0.01	%		5.50	%		2.59	%
Return After Taxes on Distributions and Sale of Fund Shares		0.37	%		4.92	%		2.46	%
Class M - Return Before Taxes		2.48	%		6.78	%		3.38	%
Class C - Return Before Taxes		4.68	%		7.01	%		3.27	%
Class I - Return Before Taxes		6.74	%		8.10	%		4.32	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.24	%
Fidelity Asset Manager 60% Composite Index^SM (reflects no deduction for fees or expenses)		7.21	%		8.27	%		4.55	%

(a)	From October 9, 2007

THE PROPOSED TRANSACTIONS

PROPOSAL 1

TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION BETWEEN FIDELITY GLOBAL BALANCED FUND AND FIDELITY ASSET MANAGER 60%.

Agreement and Plan of Reorganization

The terms and conditions under which the proposed transaction may be consummated are set forth in the Agreement. Significant provisions of the Agreement are summarized below in this Proposal 1; however, this summary is qualified in its entirety by reference to the Agreement, a copy of which is attached as Exhibit 1 to this Proxy Statement.

The Agreement contemplates (a) Asset Manager 60% acquiring as of the Closing Date all of the assets of Global Balanced in exchange solely for shares of Asset Manager 60% and the assumption by Asset Manager 60% of Global Balanced’s liabilities; and (b) the distribution of shares of Asset Manager 60% to the shareholders of Global Balanced as provided for in the Agreement.

The value of Global Balanced’s assets to be acquired by Asset Manager 60% and the amount of its liabilities to be assumed by Asset Manager 60% will be determined as of the close of business of the NYSE on the Closing Date, using the valuation procedures set forth in Asset Manager 60%’s then-current Prospectuses and Statements of Additional Information. The net asset value of a share of Asset Manager 60% will be determined as of the same time using the valuation procedures set forth in its then-current Prospectuses and Statements of Additional Information.

As of the Closing Date, Asset Manager 60% will deliver to Global Balanced, and Global Balanced will distribute to its shareholders of record, shares of Asset Manager 60% so that each Global Balanced shareholder will receive the number of full and fractional shares of Asset Manager 60% equal in value to the aggregate net asset value of shares of Global Balanced held by such shareholder on the Closing Date; Global Balanced will be liquidated as soon as practicable thereafter. Each Global Balanced shareholder’s account shall be credited with the respective pro rata number of full and fractional shares of Asset Manager 60% due that shareholder. The net asset value per share of Asset Manager 60% will be unchanged by the transaction. Thus, the Reorganization will not result in a dilution of any shareholder’s interest.

Any transfer taxes payable upon issuance of shares of Asset Manager 60% in a name other than that of the registered holder of the shares on the books of Global Balanced as of that time shall be paid by the person to whom such shares are to be issued as a condition of such transfer. Any reporting responsibility of Global Balanced is and will continue to be its responsibility up to and including the Closing Date and such later date on which Global Balanced is liquidated.

Global Balanced will bear the cost of the Reorganization, including professional fees, expenses associated with the filing of registration statements, and the cost of soliciting proxies for the Meeting, which will consist principally of printing and mailing prospectuses and the Proxy Statement, together with the cost of any supplementary solicitation, provided the expenses do not exceed its classes’ existing voluntary expense caps. Expenses exceeding a class’s voluntary expense cap will be paid by FMR.

If shareholders approve the Reorganization, FMR will sell all or substantially all of the securities held by Global Balanced and purchase other securities. Transaction costs associated with portfolio adjustments to Global Balanced due to the Reorganization that occur prior to the Closing Date will be borne by Global Balanced notwithstanding the voluntary expense caps in place with respect to each class of the fund. Any transaction costs associated with portfolio adjustments to Global Balanced and Asset Manager 60% due to the Reorganization that occur after the Closing Date and any additional merger-related costs attributable to Asset Manager 60% that occur after the Closing Date will be borne by Asset Manager 60%. The funds may recognize a taxable gain or loss on the disposition of securities pursuant to these portfolio adjustments.

The consummation of the Reorganization is subject to a number of conditions set forth in the Agreement, some of which may be waived by a fund. In addition, the Agreement may be amended in any mutually agreeable manner, except that no amendment that may have a materially adverse effect on Global Balanced shareholders’ interests may be made subsequent to the Meeting.

Reasons for the Reorganization

In determining whether to approve the Reorganization, each fund’s Board of Trustees (the Board) considered a number of factors, including the following:

(1)

the compatibility of the investment objectives, strategies, and policies of the funds;

(2)

the historical performance of the funds;

(3)

the fees and expenses and the relative expense ratios of the funds;

(4)

the potential benefit of the Reorganization to shareholders of the funds;

(5)

the costs to be incurred by each fund as a result of the Reorganization;

(6)

the tax consequences of the Reorganization;

(7)

the relative size of the funds;

(8)

the elimination of duplicative funds; and

(9)

the potential benefit of the Reorganization to FMR and its affiliates.

FMR proposed the Reorganization to each fund’s Board at a meeting of the Board held on September 14, 2017. In proposing the Reorganization, FMR advised the Board that the Reorganization will permit Global Balanced shareholders to pursue a similar asset allocation strategy, primarily differing in its exposure to non-U.S. securities, in a larger combined fund. The Board noted that if Global Balanced were combined with Asset Manager 60%, based on data for the twelve months ended June 30, 2017, and assuming the other Reorganization also occurred, Global Balanced shareholders would have experienced a net expense reduction. Based on data for the 12 months ended June 30, 2017, and assuming both proposals are approved, Global Balanced shareholders are expected to benefit from a net expense reduction as a percentage of average net assets depending on class at the following rates: Fidelity Global Balanced Fund (retail class), 0.27%; Class A, 0.24%; Class M, 0.25%; Class C, 0.27%; and Class I, 0.20%.

The Board considered that the Reorganization would qualify as tax-free for federal income tax purposes but noted that the Reorganization could still have tax implications for shareholders in taxable accounts. The Board considered that Global Balanced will realize substantially all of its unrealized gains and losses when the fund’s assets are repositioned and will distribute its taxable income and net realized gains (including the gains/losses realized in the repositioning) to prevent taxation at the fund level. The Board also considered that the combined fund would have proportionally more net gains than Global Balanced will have after it distributes realized gains prior to the Reorganization, causing Global Balanced’s shareholders to receive capital gains distributions sooner and/or in larger amounts than they would in the absence of a Reorganization. However, the Board noted FMR’s view that the anticipated benefits of the Reorganization, including net expense reductions, would overshadow the fairly modest tax consequences.

In recommending the Reorganization, FMR advised the Board that the Reorganization would combine a smaller fund into a larger fund, reducing the number of funds managed by FMR. The Board considered the proposed Reorganization will streamline Fidelity’s product offerings by reducing the number of asset allocation funds available, making it easier for investors to select a fund that meets their needs. FMR also noted that Asset Manager 60% shareholders are expected to benefit from the potential efficiencies associated with a larger fund. However, because Asset Manager 60%’s transfer agent fee rates are expected to initially increase as a result of the Reorganizations, FMR intends to mitigate the impact by waiving a portion of transfer agent fees for two years following the Reorganizations.

The Board considered that the Reorganization is not contingent on shareholder approval of Proposal 2, and if shareholders of Global Balanced do not approve the Reorganization, FMR intends to recommend liquidation of the fund.

Each fund’s Board carefully reviewed the proposal and determined that the Reorganization is in the best interests of the shareholders of each fund and that the Reorganization will not result in a dilution of the interests of the shareholders of either fund.

The pro forma expense information shown above under “Annual Fund and Class Operating Expenses” for the combined fund based on the 12 month period ending September 30, 2017 assumes both Proposal 1 and Proposal 2 are approved. Attachments 1A-1B and 2A-2B provide pro forma expense information for the combined fund for the 12 months ended September 30, 2017 assuming only Proposal 1 or Proposal 2, respectively, are approved.

Description of the Securities to be Issued

Holders of Fidelity Global Balanced Fund (retail class), Class A, Class M, Class C, and Class I shares of Global Balanced will receive, respectively, Fidelity Asset Manager 60% (retail class), Class A, Class M, Class C, and Class I shares of Asset Manager 60%.

Asset Manager 60% is a series of Charles Street Trust (the trust). The Trustees of the trust are authorized to issue an unlimited number of shares of beneficial interest of separate series. Each share of Asset Manager 60% represents an equal proportionate interest with each other share of the fund, and each such share of Asset Manager 60% is entitled to equal voting, dividend, liquidation, and redemption rights. Each shareholder of Asset Manager 60% is entitled to one vote for each dollar of net asset value of the fund that shareholder owns, with fractional dollar amounts entitled to a proportionate fractional vote. Shares of Asset Manager 60% have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth in the “Description of the Trust – Shareholder Liability” section of the fund’s Statements of Additional Information, which are incorporated herein by reference.

The trust does not hold annual meetings of shareholders. There will normally be no meetings of shareholders for the purpose of electing Trustees unless less than a majority of the Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholder meeting for the election of Trustees. Under the 1940 Act, shareholders of record of at least two-thirds of the outstanding shares of an investment company may remove a Trustee by votes cast in person or by proxy at a meeting called for that purpose. The Trustees are required to call a meeting of shareholders for the purpose of voting upon the question of removal of any Trustee when requested in writing to do so by the shareholders of record holding at least 10% of the trust’s outstanding shares.

For more information about voting rights and dividend rights, please refer to the “Description of the Trust – Voting Rights” and the “Distributions and Taxes” sections, respectively, of Asset Manager 60%’s Statements of Additional Information, which are incorporated herein by reference. For more information about redemption rights and exchange privileges, please refer to the “Additional Information about the Purchase and Sale of Shares” and the “Exchanging Shares” sections, respectively, of Asset Manager 60%’s Prospectuses, which are incorporated herein by reference.

Federal Income Tax Considerations

The exchange of Global Balanced’s assets for Asset Manager 60%’s shares and the assumption of the liabilities of Global Balanced by Asset Manager 60% is intended to qualify for federal income tax purposes as a tax-free reorganization under the Internal Revenue Code (the Code). With respect to the Reorganization, the participating funds will receive an opinion from Dechert LLP, counsel to Global Balanced and Asset Manager 60%, substantially to the effect that:

(i) The acquisition by Asset Manager 60% of substantially all of the assets of Global Balanced in exchange solely for Asset Manager 60% shares and the assumption by Asset Manager 60% of all liabilities of Global Balanced followed by the distribution of Asset Manager 60% shares to the Global Balanced shareholders in exchange for their Global Balanced shares in complete liquidation and termination of Global Balanced will constitute a tax-free reorganization under Section 368(a) of the Code;

(ii) Global Balanced will recognize no gain or loss upon the transfer of substantially all of its assets to Asset Manager 60% in exchange solely for Asset Manager 60% shares and the assumption by Asset Manager 60% of all liabilities of Global Balanced, except that Global Balanced may be required to recognize gain or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code;

(iii) Global Balanced will recognize no gain or loss upon the distribution to its shareholders of the Asset Manager 60% shares received by Global Balanced in the Reorganization;

(iv) Asset Manager 60% will recognize no gain or loss upon the receipt of the assets of Global Balanced in exchange solely for Asset Manager 60% shares and the assumption of all liabilities of Global Balanced;

(v) The adjusted basis to Asset Manager 60% of the assets of Global Balanced received by Asset Manager 60% in the Reorganization will be the same as the adjusted basis of those assets in the hands of Global Balanced immediately before the exchange;

(vi) Asset Manager 60%’s holding periods with respect to the assets of Global Balanced that Asset Manager 60% acquires in the Reorganization will include the respective periods for which those assets were held by Global Balanced (except where investment activities of Asset Manager 60% have the effect of reducing or eliminating a holding period with respect to an asset);

(vii) The Global Balanced shareholders will recognize no gain or loss upon receiving Asset Manager 60% shares in exchange solely for Global Balanced shares;

(viii) The aggregate basis of the Asset Manager 60% shares received by a Global Balanced shareholder in the Reorganization will be the same as the aggregate basis of the Global Balanced shares surrendered by the Global Balanced shareholder in exchange therefor; and

(ix) A Global Balanced shareholder’s holding period for the Asset Manager 60% shares received by the Global Balanced shareholder in the Reorganization will include the holding period during which the Global Balanced shareholder held Global Balanced shares surrendered in exchange therefor, provided that the Global Balanced shareholder held such shares as a capital asset on the date of the Reorganization.

The table below shows each fund’s approximate net assets, capital loss carryforwards, net realized gains/losses and net unrealized gains/losses as of October 31, 2017. The Reorganization could trigger tax rules that would impose certain limits on Asset Manager 60%’s ability to use Global Balanced’s net realized losses (if any) and net unrealized losses (if any) following the Reorganization. Given that Global Balanced did not have net realized or unrealized losses as of October 31, 2017 and given the expected size of the potential limits (in the event that Global Balanced ends up having net realized and/or unrealized losses as of the time of the Reorganization), these limits (if applicable) are not expected to be impactful.

Prior to the merger, Global Balanced will distribute its net taxable income and net realized gains (including the net realized gains shown in the table below and gains/losses realized in the repositioning) to prevent taxation at the fund level. Asset Manager 60% is not required to distribute its net realized gains before the merger, but will distribute its net realized gains through October 31, 2017 (shown in the table below) as part of its normal capital gain distribution in December 2017. Accordingly, capital gains realized by Asset Manager 60% after October 31, 2017 and before the date of the merger will be undistributed at the time of the merger.

Based on the data as of October 31, 2017, Asset Manager 60% could have proportionally more net gains following the Reorganization than Global Balanced would have in the absence of a Reorganization, which could result in Global Balanced shareholders receiving capital gains distributions sooner and/or in larger amounts following the Reorganization than they would in the absence of a Reorganization. The actual impact of the Reorganization on the funds’ losses and on future capital gain distributions will depend on each fund’s net assets, net realized gains/losses and net unrealized gains/losses as of the time of the Reorganization, as well as the timing and amount of gains and losses recognized by Asset Manager 60% following the Reorganization, and thus cannot be determined precisely at this time.

Tax Position as of October 31, 2017


Fund Name	Fiscal Year End		Net Assets		Capital Loss Carryforwards		Current Fiscal Year Net Realized Gains/(Losses)		Net Unrealized Gains/(Losses)
Global Balanced		October	$	478,667,481	$	0	$	27,022,363	$	60,869,233
Asset Manager 60%		September	$	2,013,690,582	$	0	$	8,167	$	326,347,926

Shareholders of Global Balanced should consult their tax advisers regarding the effect, if any, of the proposed Reorganization in light of their individual circumstances. Because the foregoing discussion relates only to the federal income tax consequences of the Reorganization, those shareholders also should consult their tax advisers as to state and local tax consequences, if any, of the Reorganization.

Forms of Organization

Global Balanced and Asset Manager 60% are diversified series of Charles Street Trust, an open-end management investment company organized as a Massachusetts business trust on July 7, 1981. The trust is authorized to issue an unlimited number of shares of beneficial interest. Because the funds are series of the same Massachusetts business trust, governed by the same Declaration of Trust, the rights of the security holders of Global Balanced under state law and the governing documents are expected to remain unchanged after the Reorganization.

For more information regarding shareholder rights, please refer to the “Description of the Trust” section of the funds’ Statements of Additional Information, which are incorporated herein by reference.

Operations of Asset Manager 60% Following the Reorganization

FMR does not expect Asset Manager 60% to revise its investment policies as a result of the Reorganization. In addition, FMR does not anticipate significant changes to Asset Manager 60%’s management or to entities that provide the fund with services. Specifically, the Trustees and officers, the investment adviser, distributor, and other entities will continue to serve Asset Manager 60% in their current capacities. Geoff Stein, who is currently the portfolio manager of Asset Manager 60% and lead portfolio manager of Global Balanced, is expected to continue to be responsible for portfolio management of the combined fund after the Reorganization.

Capitalization

The following table shows the capitalization of Global Balanced and Asset Manager 60% as of September 30, 2017, and on a pro forma combined basis (unaudited) as of that date giving effect to the Reorganization. As of September 30, 2017, the net assets of Global Balanced was $476,341,320, or 24.2% of Asset Manager 60%.

Global Balanced ^(a)


	Net Assets		Net Asset Value Per Share		Shares Outstanding
Class A	$	41,993,658	$	24.99		1,680,463
Class M	$	14,704,097	$	24.71		595,110
Class C	$	26,602,482	$	24.07		1,105,141
Class I	$	10,150,083	$	25.29		401,318
Fidelity Global Balanced Fund (retail class)	$	382,891,000	$	25.36		15,095,730

Asset Manager 60%


Class A	$	59,048,809	$	12.42	4,756,089
Class M	$	20,859,714	$	12.34	1,689,804
Class C	$	37,384,313	$	12.18	3,068,469
Class I	$	26,423,276	$	12.48	2,117,765
Fidelity Asset Manager 60% (retail class)	$	1,821,025,025	$	12.47	145,994,226

Asset Manager 60% Pro Forma


Class A	$	101,042,467	$	12.42	8,137,221
Class M	$	35,563,811	$	12.34	2,881,384
Class C	$	63,986,795	$	12.18	5,252,581
Class I	$	36,573,359	$	12.48	2,931,073
Fidelity Asset Manager 60% (retail class)	$	2,203,916,025	$	12.47	176,699,198

^a	Global Balanced’s estimated one time proxy cost of $46,000 not included in the Pro Forma.

The combined fund pro forma capitalization shown above assumes that only the Reorganization described in this Proposal 1 occurs. Attachment 3 provides pro forma capitalization for the combined fund if both of the Reorganizations occur. If only this Reorganization were to occur, pro forma combined capitalization for each participating class of Asset Manager 60% after the applicable Reorganization would still appear exactly as shown above.

The table above assumes that the Reorganization described in this Proposal 1 occurred on September 30, 2017. The table is for information purposes only. No assurance can be given as to how many Asset Manager 60% shares will be received by shareholders of Global Balanced on the date that the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Asset Manager 60% that actually will be received on or after that date.

Conclusion

The Agreement and the Reorganization were approved by the Board of Trustees of the trust at a meeting held on September 14, 2017. The Board of Trustees determined that the proposed Reorganization is in the best interests of shareholders of Global Balanced and Asset Manager 60% and that the interests of existing shareholders of Global Balanced and Asset Manager 60% would not be diluted as a result of the Reorganization. In the event that the Reorganization does not occur, Global Balanced will continue to engage in business as a fund of a registered investment company and FMR intends to recommend liquidation of the fund to the Board of Trustees.

The Board of Trustees of Global Balanced unanimously recommends that shareholders vote in favor of the Reorganization by approving the Agreement.

THE PROPOSED TRANSACTIONS

PROPOSAL 2

TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION BETWEEN FIDELITY GLOBAL STRATEGIES FUND AND FIDELITY ASSET MANAGER 60%.

Agreement and Plan of Reorganization

The terms and conditions under which the proposed transaction may be consummated are set forth in the Agreement. Significant provisions of the Agreement are summarized below in this Proposal 2; however, this summary is qualified in its entirety by reference to the Agreement, a copy of which is attached as Exhibit 2 to this Proxy Statement.

The Agreement contemplates (a) Asset Manager 60% acquiring as of the Closing Date all of the assets of Global Strategies in exchange solely for shares of Asset Manager 60% and the assumption by Asset Manager 60% of Global Strategies’ liabilities; and (b) the distribution of shares of Asset Manager 60% to the shareholders of Global Strategies as provided for in the Agreement.

The value of Global Strategies’ assets to be acquired by Asset Manager 60% and the amount of its liabilities to be assumed by Asset Manager 60% will be determined as of the close of business of the NYSE on the Closing Date, using the valuation procedures set forth in Asset Manager 60%’s then-current Prospectuses and Statements of Additional Information. The net asset value of a share of Asset Manager 60% will be determined as of the same time using the valuation procedures set forth in its then-current Prospectuses and Statements of Additional Information.

As of the Closing Date, Asset Manager 60% will deliver to Global Strategies, and Global Strategies will distribute to its shareholders of record, shares of Asset Manager 60% so that each Global Strategies shareholder will receive the number of full and fractional shares of Asset Manager 60% equal in value to the aggregate net asset value of shares of Global Strategies held by such shareholder on the Closing Date; Global Strategies will be liquidated as soon as practicable thereafter. Each Global Strategies shareholder’s account shall be credited with the respective pro rata number of full and fractional shares of Asset Manager 60% due that shareholder. The net asset value per share of Asset Manager 60% will be unchanged by the transaction. Thus, the Reorganization will not result in a dilution of any shareholder’s interest.

Any transfer taxes payable upon issuance of shares of Asset Manager 60% in a name other than that of the registered holder of the shares on the books of Global Strategies as of that time shall be paid by the person to whom such shares are to be issued as a condition of such transfer. Any reporting responsibility of Global Strategies is and will continue to be its responsibility up to and including the Closing Date and such later date on which Global Strategies is liquidated.

For Global Strategies, pursuant to its all-inclusive management contract, FMRC will bear the cost of the Reorganization, including professional fees, expenses associated with the filing of registration statements, and the cost of soliciting proxies for the Meeting, which will consist principally of printing and mailing prospectuses and proxy statements, together with the cost of any supplementary solicitation.

If shareholders approve the Reorganization, FMRC will sell all or substantially all of the securities held by Global Strategies and purchase other securities. Transaction costs associated with portfolio adjustments to Global Strategies due to the Reorganization that occur prior to the Closing Date will be borne by Global Strategies. Any transaction costs associated with portfolio adjustments to Global Strategies and Asset Manager 60% due to the Reorganization that occur after the Closing Date and any additional merger-related costs attributable to Asset Manager 60% that occur after the Closing Date will be borne by Asset Manager 60%. The funds may recognize a taxable gain or loss on the disposition of securities pursuant to these portfolio adjustments.

The consummation of the Reorganization is subject to a number of conditions set forth in the Agreement, some of which may be waived by a fund. In addition, the Agreement may be amended in any mutually agreeable manner, except that no amendment that may have a materially adverse effect on Global Strategies shareholders’ interests may be made subsequent to the Meeting.

Reasons for the Reorganization

In determining whether to approve the Reorganization, each fund’s Board of Trustees (the Board) considered a number of factors, including the following:

(1)

the compatibility of the investment objectives, strategies, and policies of the funds;

(2)

the historical performance of the funds;

(3)

the fees and expenses and the relative expense ratios of the funds;

(4)

the potential benefit of the Reorganization to shareholders of the funds;

(5)

the costs to be incurred by each fund as a result of the Reorganization;

(6)

the tax consequences of the Reorganization;

(7)

the relative size of the funds;

(8)

the elimination of duplicative funds; and

(9)

the potential benefit of the Reorganization to FMR and its affiliates.

FMR proposed the Reorganization to each fund’s Board at a meeting of the Boards held on September 14, 2017. In proposing the Reorganization, FMR advised the Board that the merger Reorganization will permit Global Strategies shareholders to pursue a similar asset allocation strategy, primarily differing in its exposure to non-U.S. securities, in a larger combined fund. The Board noted that if Global Strategies were combined with Asset Manager 60%, based on data for the twelve months ended June 30, 2017, and assuming the other Reorganization also occurred, Global Strategies shareholders would have experienced a net expense reduction. Based on data for the 12 months ended June 30, 2017, and assuming both proposals are approved, Global Strategies shareholders are expected to benefit from a net expense reduction as a percentage of average net assets depending on class at the following rates: Fidelity Global Strategies Fund (retail class), 0.36%; Class A, 0.30%; Class M, 0.28%; Class C, 0.26%; and Class I, 0.31%.

The Board considered that the Reorganization would qualify as tax-free for federal income tax purposes but noted that the Reorganization could still have tax implications for shareholders in taxable accounts. The Board considered that Global Strategies will realize substantially all of its unrealized gains and losses when the fund’s assets are repositioned and will distribute its taxable income and net realized gains (including the gains/losses realized in the repositioning) to prevent taxation at the fund level. The Board also considered that the combined fund would have proportionally more net gains than Global Strategies will have after it distributes realized gains prior to the Reorganization, causing Global Strategies’ shareholders to receive capital gains distributions sooner and/or in larger amounts than they would in the absence of a Reorganization. However, the Board noted FMR’s view that the anticipated benefits of the Reorganization, including net expense reductions, would overshadow the fairly modest tax consequences.

In recommending the Reorganization, FMR advised the Board that the Reorganization would combine a smaller fund into a larger fund, reducing the number of funds managed by FMR and its affiliates. The Board considered the proposed Reorganization will streamline Fidelity’s product offerings by reducing the number of asset allocation funds available, making it easier for investors to select a fund that meets their needs. FMR also noted that Asset Manager 60% shareholders are expected to benefit from the potential efficiencies associated with a larger fund. However, because Asset Manager 60%’s transfer agent fee rates are expected to initially increase as a result of the Reorganizations, FMR intends to mitigate the impact by waiving a portion of transfer agent fees for two years following the Reorganizations.

The Board considered that the Reorganization is not contingent on shareholder approval of Proposal 1, and if shareholders of Global Strategies do not approve the Reorganization, FMR intends to recommend liquidation of the fund.

Description of the Securities to be Issued

Holders of Fidelity Global Strategies Fund (retail class), Class A, Class M, Class C, and Class I shares of Global Strategies will receive, respectively, Fidelity Asset Manager 60% (retail class), Class A, Class M, Class C, and Class I shares of Asset Manager 60%.

Asset Manager 60% is a series of Charles Street Trust (Charles Street Trust). The Trustees of Charles Street Trust are authorized to issue an unlimited number of shares of beneficial interest of separate series. Each share of Asset Manager 60% represents an equal proportionate interest with each other share of the fund, and each such share of Asset Manager 60% is entitled to equal voting, dividend, liquidation, and redemption rights. Each shareholder of Asset Manager 60% is entitled to one vote for each dollar of net asset value of the fund that shareholder owns, with fractional dollar amounts entitled to a proportionate fractional vote. Shares of Asset Manager 60% have no preemptive or conversion rights. Shares are fully paid and nonassessable, except as set forth in the “Description of the Trust – Shareholder Liability” section of the fund’s Statements of Additional Information, which are incorporated herein by reference.

Charles Street Trust does not hold annual meetings of shareholders. There will normally be no meetings of shareholders for the purpose of electing Trustees unless less than a majority of the Trustees holding office have been elected by shareholders, at which time the Trustees then in office will call a shareholder meeting for the election of Trustees. Under the 1940 Act, shareholders of record of at least two-thirds of the outstanding shares of an investment company may remove a Trustee by votes cast in person or by proxy at a meeting called for that purpose. The Trustees are required to call a meeting of shareholders for the purpose of voting upon the question of removal of any Trustee when requested in writing to do so by the shareholders of record holding at least 10% of the trust’s outstanding shares.

Federal Income Tax Considerations

The exchange of Global Strategies’ assets for Asset Manager 60%’s shares and the assumption of the liabilities of Global Strategies by Asset Manager 60% is intended to qualify for federal income tax purposes as a tax-free reorganization under the Internal Revenue Code (the Code). With respect to the Reorganization, the participating funds will receive an opinion from Dechert LLP, counsel to Global Strategies and Asset Manager 60%, substantially to the effect that:

(i) The acquisition by Asset Manager 60% of substantially all of the assets of Global Strategies in exchange solely for Asset Manager 60% shares and the assumption by Asset Manager 60% of all liabilities of Global Strategies followed by the distribution of Asset Manager 60% shares to the Global Strategies shareholders in exchange for their Global Strategies shares in complete liquidation and termination of Global Strategies will constitute a tax-free reorganization under Section 368(a) of the Code;

(ii) Global Strategies will recognize no gain or loss upon the transfer of substantially all of its assets to Asset Manager 60% in exchange solely for Asset Manager 60% shares and the assumption by Asset Manager 60% of all liabilities of Global Strategies, except that Global Strategies may be required to recognize gain or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code;

(iii) Global Strategies will recognize no gain or loss upon the distribution to its shareholders of the Asset Manager 60% shares received by Global Strategies in the Reorganization;

(iv) Asset Manager 60% will recognize no gain or loss upon the receipt of the assets of Global Strategies in exchange solely for Asset Manager 60% shares and the assumption of all liabilities of Global Strategies;

(v) The adjusted basis to Asset Manager 60% of the assets of Global Strategies received by Asset Manager 60% in the Reorganization will be the same as the adjusted basis of those assets in the hands of Global Strategies immediately before the exchange;

(vi) Asset Manager 60%’s holding periods with respect to the assets of Global Strategies that Asset Manager 60% acquires in the Reorganization will include the respective periods for which those assets were held by Global Strategies (except where investment activities of Asset Manager 60% have the effect of reducing or eliminating a holding period with respect to an asset);

(vii) The Global Strategies shareholders will recognize no gain or loss upon receiving Asset Manager 60% shares in exchange solely for Global Strategies shares;

(viii) The aggregate basis of the Asset Manager 60% shares received by a Global Strategies shareholder in the Reorganization will be the same as the aggregate basis of the Global Strategies shares surrendered by the Global Strategies shareholder in exchange therefor; and

(ix) A Global Strategies shareholder’s holding period for the Asset Manager 60% shares received by the Global Strategies shareholder in the Reorganization will include the holding period during which the Global Strategies shareholder held Global Strategies shares surrendered in exchange therefor, provided that the Global Strategies shareholder held such shares as a capital asset on the date of the Reorganization.

The table below shows each fund’s approximate net assets, capital loss carryforwards, net realized gains/losses and net unrealized gains/losses as of October 31, 2017. The Reorganization could trigger tax rules that would impose certain limits on Asset Manager 60%’s ability to use Global Strategies’ net realized losses (if any) and net unrealized losses (if any) following the Reorganization. Given that Global Strategies did not have net realized or unrealized losses as of October 31, 2017 and given the expected size of the potential limits (in the event that Global Strategies ends up having net realized and/or unrealized losses as of the time of the Reorganization), these limits (if applicable) are not expected to be impactful.

Prior to the merger, Global Strategies will distribute its net taxable income and net realized gains (including the net realized gains shown in the table below and gains/losses realized in the repositioning) to prevent taxation at the fund level. Asset Manager 60% is not required to distribute its net realized gains before the merger, but will distribute its net realized gains through October 31, 2017 (shown in the table below) as part of its normal capital gain distribution in December 2017. Accordingly, capital gains realized by Asset Manager 60% after October 31, 2017 and before the date of the merger will be undistributed at the time of the merger.

Based on the data as of October 31, 2017, Asset Manager 60% could have proportionally more net gains following the Reorganization than Global Strategies would have in the absence of a Reorganization, which could result in Global Strategies shareholders receiving capital gains distributions sooner and/or in larger amounts following the Reorganization than they would in the absence of a Reorganization. The actual impact of the Reorganization on the funds’ losses and on future capital gain distributions will depend on each fund’s net assets, net realized gains/losses and net unrealized gains/losses as of the time of the Reorganization, as well as the timing and amount of gains and losses recognized by Asset Manager 60% following the Reorganization, and thus cannot be determined precisely at this time.

Tax Position as of October 31, 2017


Fund Name	Fiscal Year End	Net Assets		Capital Loss Carryforwards		Current Fiscal Year Net Realized Gains/(Losses)		Net Unrealized Gains/(Losses)
Global Strategies	May	$	173,996,385	$	0	$	9,643,042	$	9,686,786
Asset Manager 60%	September	$	2,013,690,582	$	0	$	8,167	$	326,347,926

Shareholders of Global Strategies should consult their tax advisers regarding the effect, if any, of the proposed Reorganization in light of their individual circumstances. Because the foregoing discussion relates only to the federal income tax consequences of the Reorganization, those shareholders also should consult their tax advisers as to state and local tax consequences, if any, of the Reorganization.

Forms of Organization

Global Strategies is a diversified series of Salem Street Trust, an open-end management investment company organized as a Massachusetts business trust on September 5, 1984. Asset Manager 60% is a diversified series of Charles Street Trust, an open-end management investment company organized as a Massachusetts business trust on July 7, 1981. The trusts are authorized to issue an unlimited number of shares of beneficial interest. Because the funds are series of Massachusetts business trusts, governed by substantially similar Declarations of Trust, the rights of the security holders of Global Strategies under state law and the governing documents are expected to remain unchanged after the Reorganizations.

Operations of Asset Manager 60% Following the Reorganization

FMR does not expect Asset Manager 60% to revise its investment policies as a result of the Reorganization. In addition, FMR does not anticipate significant changes to Asset Manager 60%’s management or to entities that provide the fund with services. Specifically, the Trustees and officers, the investment adviser, distributor, and other entities will continue to serve Asset Manager 60% in their current capacities. Geoff Stein, who is currently the portfolio manager of Asset Manager 60% and Global Strategies, is expected to continue to be responsible for portfolio management of the combined fund after the Reorganization.

Capitalization

The following table shows the capitalization of Global Strategies and Asset Manager 60% as of September 30, 2017, and on a pro forma combined basis (unaudited) as of that date giving effect to the Reorganization. As of September 30, 2017, the net assets of Global Strategies was $173,549,010, or 8.8% of Asset Manager 60%.


Global Strategies^(a)
	Net Assets		Net Asset Value Per Share		Shares Outstanding
Class A	$	25,019,830	$	9.63		2,598,991
Class M	$	19,337,480	$	9.59		2,017,096
Class C	$	24,942,174	$	9.45		2,638,633
Class I	$	22,946,395	$	9.67		2,374,015
Fidelity Global Strategies Fund (retail class)	$	81,303,131	$	9.66		8,413,108

Asset Manager 60%


Class A	$	59,048,809	$	12.42	4,756,089
Class M	$	20,859,714	$	12.34	1,689,804
Class C	$	37,384,313	$	12.18	3,068,469
Class I	$	26,423,276	$	12.48	2,117,765
Fidelity Asset Manager 60% (retail class)	$	1,821,025,025	$	12.47	145,994,226

Asset Manager 60% Pro Forma


Class A	$	84,068,639	$	12.42	6,770,568
Class M	$	40,197,194	$	12.34	3,256,861
Class C	$	62,326,487	$	12.18	5,116,267
Class I	$	49,369,671	$	12.48	3,956,418
Fidelity Asset Manager 60% (retail class)	$	1,902,328,156	$	12.47	152,514,124

^(a)	Global Strategies’ estimated one time proxy cost of $22,000 is not included in the Pro Forma. FMRC (the investment adviser) pays all other expenses of the fund, with limited exceptions, and will bear the fund’s one time proxy cost.

The combined fund pro forma capitalization shown above assumes that only the Reorganization described in this Proposal 2 occurs. Attachment 3 provides pro forma capitalization for the combined fund if both of the Reorganizations occur. If only this Reorganization were to occur, pro forma combined capitalization for each participating class of Asset Manager 60% after the applicable Reorganization would still appear exactly as shown above.

The table above assumes that the Reorganization described in this Proposal 2 occurred on September 30, 2017. The table is for information purposes only. No assurance can be given as to how many Asset Manager 60% shares will be received by shareholders of Global Strategies on the date that the Reorganization takes place, and the foregoing should not be relied upon to reflect the number of shares of Asset Manager 60% that actually will be received on or after that date.

Conclusion

The Agreement and the Reorganization were approved by the Boards of Trustees of Salem Street Trust and Charles Street Trust at a meeting held on September 14, 2017. The Boards of Trustees determined that the proposed Reorganization is in the best interests of shareholders of Global Strategies and Asset Manager 60% and that the interests of existing shareholders of Global Strategies and Asset Manager 60% would not be diluted as a result of the Reorganization. In the event that the Reorganization does not occur, Global Strategies will continue to engage in business as a fund of a registered investment company and the Adviser intends to recommend liquidation of the fund to the Board of Trustees.

The Board of Trustees of Global Strategies unanimously recommends that shareholders vote in favor of the Reorganization by approving the Agreement.

ADDITIONAL INFORMATION ABOUT THE FUNDS

Asset Manager 60%’s financial highlights for the fiscal year ended September 30, 2017, which are included in the fund’s Prospectuses and incorporated herein by reference, have been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report thereon is included in the Annual Report to Shareholders. Global Balanced’s financial highlights for the fiscal year ended October 31, 2017, which are included in the fund’s Prospectuses and incorporated herein by reference, have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report thereon is included in the Annual Report to Shareholders. Global Strategies’ financial highlights for the fiscal year ended May 31, 2017, which are included in the fund’s prospectuses and incorporated herein by reference have been audited by Deloitte and Touche LLP, whose report thereon is included in the Annual Report to Shareholders. The financial highlights audited by Deloitte & Touche LLP and PricewaterhouseCoopers LLP have been incorporated by reference in reliance on their reports given on their authority as experts in auditing and accounting.

VOTING INFORMATION

Solicitation of Proxies; Expenses

This Proxy Statement is furnished in connection with a solicitation of proxies made by, and on behalf of, the trusts’ Boards of Trustees to be used at the Meetings. The purpose of the Meetings is set forth in the accompanying Notice.

The solicitation is being made primarily by the mailing of this Proxy Statement and the accompanying proxy card on or about January 12, 2018. Supplementary solicitations may be made by mail, telephone, facsimile or electronic means, or by personal interview by representatives of the trusts. In addition, D.F. King & Co., Inc. may be paid on a per-call basis to solicit shareholders by telephone on behalf of Global Balanced and Global Strategies. Global Balanced and Global Strategies may also arrange to have votes recorded by telephone. D.F. King & Co., Inc. may be paid on a per-call basis for vote-by-phone solicitations on behalf of Global Balanced and Global Strategies. The approximate anticipated cost of these services is as follows:


Fund Name	Estimated aggregate cost for D.F. King & Co., Inc. to call and solicit votes		Estimated aggregate cost for D.F. King & Co., Inc. to receive votes over the phone
Global Balanced	$	9,800	$	2,450
Global Strategies	$	10,200	$	2,550

If a fund records votes by telephone or through the internet, it will use procedures designed to authenticate shareholders’ identities, to allow shareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Proxies voted by telephone or through the internet may be revoked at any time before they are voted in the same manner that proxies voted by mail may be revoked.

The expenses in connection with preparing this Proxy Statement and its enclosures and all solicitations will be paid by the fund for Global Balanced, provided the expenses do not exceed a class’s existing voluntary expense cap set forth below. Expenses exceeding a class’s voluntary expense cap will be paid by FMR.


	Class A *			Class M *			Class C *			Class I *			Fidelity Global Balanced Fund (retail class)
Global Balanced		1.45	%		1.70	%		2.20	%		1.20	%		1.20	%

*	Fidelity Global Balanced Fund is a retail class of Global Balanced. Class A, Class M, Class C, and Class I are classes of Global Balanced.

For Global Strategies, the expenses in connection with preparing this Proxy Statement and its enclosures and all solicitations will be borne by FMRC pursuant to the fund’s all-inclusive management contract.

Global Balanced will reimburse brokerage firms and others for their reasonable expenses in forwarding solicitation material to the beneficial owners of shares. FMRC will reimburse brokerage firms and others for their reasonable expenses in forwarding solicitation material to the beneficial owners of shares of Global Strategies.

For a free copy of the Global Balanced’s annual report for the fiscal year ended October 31, 2017 and semiannual report for the fiscal period ended April 30, 2017 call 1-800-544-8544 (retail classes) or 1-877-208-0098 (Advisor classes), log on to www.fidelity.com (retail class) or institutional.fidelity.com (Advisor classes), or write to FDC at 100 Salem Street, Smithfield, Rhode Island 02917.

For a free copy of the Global Strategies’ annual report for the fiscal year ended May 31, 2017 call 1-800-544-8544 (retail class) or 1-877-208-0098 (Advisor classes), log on to www.fidelity.com (retail classes) or institutional.fidelity.com (Advisor classes), or write to FDC at 100 Salem Street, Smithfield, Rhode Island 02917.

For a free copy of the Asset Manager 60%’s annual report for the fiscal year ended September 30, 2017 and semiannual report for the fiscal period ended March 31, 2017 call 1-800-544-8544 (retail classes) or 1-877-208-0098 (Advisor classes), log on to www.fidelity.com (retail class) or institutional.fidelity.com (Advisor classes), or write to FDC at 100 Salem Street, Smithfield, Rhode Island 02917.

Record Date; Quorum; and Method of Tabulation

Shareholders of record as of the close of business on January 12, 2018 will be entitled to vote at the Meeting of the fund in which they hold shares. Each such shareholder will be entitled to one vote for each dollar of net asset value held as of that date, with fractional dollar amounts entitled to a proportional fractional vote.

If the enclosed proxy card is executed and returned, or an internet or telephonic vote is delivered, that vote may nevertheless be revoked at any time prior to its use by written notification received by the trust, by the execution of a later–dated proxy card, by the trust’s receipt of a subsequent valid telephonic or internet vote, or by attending a fund’s Meeting and voting in person.

All proxies solicited by the Board of Trustees that are properly executed and received by the Secretary prior to the Meeting, and that are not revoked, will be voted at the Meeting. Shares represented by such proxies will be voted in accordance with the instructions thereon. If no specification is made on a proxy card, it will be voted FOR the matters specified on the proxy card. All shares that are voted and votes to ABSTAIN will be counted toward establishing a quorum, as will broker non-votes. (Broker non-votes are shares for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter.)

With respect to fund shares held in Fidelity individual retirement accounts (including Traditional, Rollover, SEP, SAR-SEP, Roth and SIMPLE IRAs), the IRA Custodian will vote those shares for which it has received instructions from shareholders only in accordance with such instructions. If Fidelity IRA shareholders do not vote their shares, the IRA Custodian will vote their shares for them, in the same proportion as other Fidelity IRA shareholders have voted.

One-third of each fund’s outstanding voting securities entitled to vote constitutes a quorum for the transaction of business at the applicable Meeting. For each Meeting, if a quorum is not present, or if a quorum is present but sufficient votes to approve the proposal are not received, or if other matters arise requiring shareholder attention, the persons named as proxy agents may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of those shares present at the Meeting or represented by proxy. When voting on a proposed adjournment, the persons named as proxy agents will vote FOR the proposed adjournment all shares that they are entitled to vote FOR the proposal, unless directed to vote AGAINST the proposal, in which case such shares will be voted AGAINST the proposed adjournment. Please visit www.fidelity.com/proxies to determine the status of this scheduled Meeting.

FMR has advised the trust that certain shares are registered to FMR or an FMR affiliate. To the extent that FMR or an FMR affiliate has discretion to vote, these shares will be voted at the Meeting FOR each proposal. Otherwise, these shares will be voted in accordance with the plan or agreement governing the shares. Although the terms of the plans and agreements vary, generally the shares must be voted either (i) in accordance with instructions received from shareholders or (ii) in accordance with instructions received from shareholders and, for shareholders who do not vote, in the same proportion as certain other shareholders have voted.

[Share Ownership

As of November 30, 2017, shares of each class of each fund issued and outstanding were as follows:


		Number of Shares
Global Balanced: [Class Name]
Global Balanced: [Class Name]
Global Strategies: [Class Name]
Global Strategies: [Class Name]
Asset Manager 60%: [Class Name]

[As of November 30, 2017, the Trustees, Members of the Advisory Board (if any), and officers of each fund owned, in the aggregate less than 1% of each class’s total outstanding shares with respect to each fund.]

[To the knowledge of each trust and [Name of Registrant], no [other] shareholder owned of record and/or beneficially 5% or more of the outstanding shares of each fund on that date. [It is not anticipated that any of the above shareholders will own of record and/or beneficially 5% or more of the outstanding shares of the combined fund as a result of the Reorganizations.]/[If the Reorganizations became effective on , [Owner Name] would have owned of record and/or beneficially % of the outstanding shares of the combined fund.]

Required Vote

Approval of each Reorganization requires the affirmative vote of a “majority of the outstanding voting securities” of the specific fund involved in that Reorganization. Under the 1940 Act, the vote of a “majority of the outstanding voting securities” means the affirmative vote of the lesser of (a) 67% or more of the voting securities present at the Meeting or represented by proxy if the holders of more than 50% of the outstanding voting securities are present or represented by proxy or (b) more than 50% of the outstanding voting securities. Votes to ABSTAIN and broker non-votes will have the same effect as votes cast AGAINST a proposal.

Other Business

The Board knows of no business other than the matters set forth in this Proxy Statement to be brought before each Meeting. However, if any other matters properly come before each Meeting, it is the intention that proxies that do not contain specific instructions to the contrary will be voted on such matters in accordance with the judgment of the persons therein designated.

MISCELLANEOUS

Legal Matters

Certain legal matters in connection with the issuance of Asset Manager 60% shares have been passed upon by Dechert LLP, counsel to Charles Street Trust.

Experts

The audited financial statements of Global Balanced are incorporated by reference into the Statement of Additional Information relating to this Proxy Statement and have been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report thereon is included in the fund’s Annual Report to Shareholders for the fiscal year ended October 31, 2017. The financial statements audited by PricewaterhouseCoopers LLP have been incorporated by reference in reliance on their reports given on their authority as experts in auditing and accounting.

The audited financial statements of Global Strategies are incorporated by reference into the Statement of Additional Information relating to this Proxy Statement and have been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report thereon is included in the fund’s Annual Report to Shareholders for the fiscal year ended May 31, 2017. The financial statements audited by Deloitte & Touche LLP have been incorporated by reference in reliance on their reports given on their authority as experts in auditing and accounting.

The audited financial statements of Asset Manager 60% are incorporated by reference into the Statement of Additional Information relating to this Proxy Statement and have been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report thereon is included in the fund’s Annual Report to Shareholders for the fiscal year ended September 30, 2017. The financial statements audited by Deloitte & Touche LLP have been incorporated by reference in reliance on their reports given on their authority as experts in auditing and accounting.

Notice to Banks, Broker-Dealers and Voting Trustees and Their Nominees

Please advise Charles Street Trust and Salem Street Trust, in care of Fidelity Investments Institutional Operations Company, Inc., 100 Salem St., Smithfield, RI, 02197, whether other persons are beneficial owners of shares for which proxies are being solicited and, if so, the number of copies of the Proxy Statement and Annual Reports you wish to receive in order to supply copies to the beneficial owners of the respective shares.

Exhibit 1

FORM OF AGREEMENT AND PLAN OF REORGANIZATION OF FIDELITY^® GLOBAL BALANCED FUND

THIS AGREEMENT AND PLAN OF REORGANIZATION (the Agreement) is made as of [ ], by and between Fidelity Charles Street Trust, a Massachusetts business trust, on behalf of its series Fidelity^® Global Balanced Fund (the Acquired Fund) and Fidelity^® Asset Manager 60% (the Acquiring Fund). Fidelity Charles Street Trust may be referred to herein as the “Trust.” The Trust is a duly organized business trust under the laws of the Commonwealth of Massachusetts with its principal place of business at 245 Summer Street, Boston, Massachusetts 02210. The Acquiring Fund and the Acquired Fund may be referred to herein collectively as the “Funds” or each individually as the “Fund.”

This Agreement is intended to be, and is adopted as, a plan of reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the Code). The reorganization will comprise: (a) the transfer of all of the assets of the Acquired Fund to the Acquiring Fund solely in exchange for shares of beneficial interest in the Acquiring Fund (the Acquiring Fund Shares) and the assumption by the Acquiring Fund of the Acquired Fund’s liabilities; and (b) the constructive distribution of such shares by the Acquired Fund pro rata to its shareholders in complete liquidation and termination of the Acquired Fund, all upon the terms and conditions set forth in this Agreement. The foregoing transactions are referred to herein as the “Reorganization.”

In consideration of the mutual promises and subject to the terms and conditions herein, the parties covenant and agree as follows:

1. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRED FUND. The Acquired Fund represents and warrants to and agrees with the Acquiring Fund that:

(a) The Acquired Fund is a series of the Trust, a business trust duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and has the power to own all of its properties and assets and to carry out its obligations under this Agreement. It has all necessary federal, state, and local authorizations to carry on its business as now being conducted and to carry out this Agreement;

(b) The Trust is an open-end, management investment company duly registered under the Investment Company Act of 1940, as amended (the 1940 Act), and such registration is in full force and effect;

(c) The Prospectuses and Statements of Additional Information of the Acquired Fund dated [December 30, 2017], as supplemented, previously furnished to the Acquiring Fund, did not and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(d) Except as disclosed in writing to the Acquiring Fund, there are no material legal, administrative, or other proceedings pending or, to the knowledge of the Acquired Fund, threatened against the Acquired Fund which assert liability on the part of the Acquired Fund. The Acquired Fund knows of no facts which might reasonably form the basis for the institution of such proceedings, except as otherwise disclosed to the Acquiring Fund;

(e) The Acquired Fund is not in, and the execution, delivery, and performance of this Agreement will not result in, violation of any provision of its Amended and Restated Declaration of Trust or By-laws, or, to the knowledge of the Acquired Fund, of any agreement, indenture, instrument, contract, lease, or other undertaking to which the Acquired Fund is a party or by which the Acquired Fund is bound or result in the acceleration of any obligation or the imposition of any penalty under any agreement, judgment or decree to which the Acquired Fund is a party or is bound;

position as of such date and said Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights fairly reflect the Acquired Fund’s results of operations, changes in financial position, and financial highlights for the periods covered thereby in conformity with generally accepted accounting principles consistently applied;

(g) The Acquired Fund has no known liabilities of a material nature, contingent or otherwise, other than those shown as belonging to it on its statement of assets and liabilities as of October 31, 2017 and those incurred in the ordinary course of the Acquired Fund’s business as an investment company since October 31, 2017;

(h) The registration statement (Registration Statement) filed with the Securities and Exchange Commission (Commission) by the Trust on Form N–14 relating to the shares of the Acquiring Fund issuable hereunder and the proxy statement of the Acquired Fund included therein (Proxy Statement), on the effective date of the Registration Statement and insofar as they relate to the Acquired Fund (i) comply in all material respects with the provisions of the Securities Act of 1933, as amended (the 1933 Act), the Securities Exchange Act of 1934, as amended (the 1934 Act), and the 1940 Act, and the rules and regulations thereunder, and (ii) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at the time of the shareholders’ meeting referred to in Section 7 and on the Closing Date (as defined in Section 6), the prospectus contained in the Registration Statement of which the Proxy Statement is a part (the Prospectus), as amended or supplemented, insofar as it relates to the Acquired Fund, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(i) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated by this Agreement, except such as have been obtained under the 1933 Act, the 1934 Act, the 1940 Act, and state securities or blue sky laws (which term as used in this Agreement shall include the District of Columbia and Puerto Rico);

(j) The Acquired Fund has filed or will file all federal and state tax returns which, to the knowledge of the Acquired Fund’s officers, are required to be filed by the Acquired Fund and has paid or will pay all federal and state taxes shown to be due on said returns or provision shall have been made for the payment thereof, and, to the best of the Acquired Fund’s knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

(k) The Acquired Fund has met the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment company for all prior taxable years and intends to meet such requirements for its current taxable year ending on the Closing Date;

(l) All of the issued and outstanding shares of the Acquired Fund are, and at the Closing Date will be, duly and validly issued and outstanding and fully paid and nonassessable as a matter of Massachusetts law (except as disclosed in the Acquired Fund’s Statements of Additional Information), and have been offered for sale and in conformity with all applicable federal securities laws. All of the issued and outstanding shares of the Acquired Fund will, at the Closing Date, be held by the persons and in the amounts set forth in the list of shareholders submitted to the Acquiring Fund in accordance with this Agreement;

(m) As of both the Valuation Time (as defined in Section 4) and the Closing Date, the Acquired Fund will have the full right, power, and authority to sell, assign, transfer, and deliver its portfolio securities and any other assets of the Acquired Fund to be transferred to the Acquiring Fund pursuant to this Agreement. As of the Closing Date, subject only to the delivery of the Acquired Fund’s portfolio securities and any such other assets as contemplated by this Agreement, the Acquiring Fund will acquire the Acquired Fund’s portfolio securities and any such other assets subject to no encumbrances, liens, or security interests (except for those that may arise in the ordinary course and are disclosed to the Acquiring Fund) and without any restrictions upon the transfer thereof; and

(n) The execution, delivery, and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary corporate action on the part of the Acquired Fund, and this Agreement constitutes a valid and binding obligation of the Acquired Fund enforceable in accordance with its terms, subject to approval by the shareholders of the Acquired Fund.

2. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRING FUND. The Acquiring Fund represents and warrants to and agrees with the Acquired Fund that:

(a) The Acquiring Fund is a series of the Trust, a business trust duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and has the power to own all of its properties and assets and to carry out its obligations under this Agreement. It has all necessary federal, state, and local authorizations to carry on its business as now being conducted and to carry out this Agreement;

(b) The Trust is an open–end, management investment company duly registered under the 1940 Act, and such registration is in full force and effect;

(c) The Prospectuses and Statements of Additional Information of the Acquiring Fund, dated November 29, 2017, as supplemented, previously furnished to the Acquired Fund did, not and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(d) Except as disclosed in writing to the Acquired Fund, there are no material legal, administrative, or other proceedings pending or, to the knowledge of the Acquiring Fund, threatened against the Acquiring Fund which assert liability on the part of the Acquiring Fund. The Acquiring Fund knows of no facts which might reasonably form the basis for the institution of such proceedings, except as otherwise disclosed to the Acquired Fund;

(e) The Acquiring Fund is not in, and the execution, delivery, and performance of this Agreement will not result in, violation of any provision of its Amended and Restated Declaration of Trust or By–laws, or, to the knowledge of the Acquiring Fund, of any agreement, indenture, instrument, contract, lease, or other undertaking to which the Acquiring Fund is a party or by which the Acquiring Fund is bound or result in the acceleration of any obligation or the imposition of any penalty under any agreement, judgment, or decree to which the Acquiring Fund is a party or is bound;

(f) The Statement of Assets and Liabilities, the Statement of Operations, the Statement of Changes in Net Assets, Financial Highlights, and the Schedule of Investments (including market values) of the Acquiring Fund at September 30, 2017, have been audited by Deloitte & Touche LLP, independent registered public accounting firm, and have been furnished to the Acquired Fund. Said Statement of Assets and Liabilities and Schedule of Investments fairly present the Acquiring Fund’s financial position as of such date and said Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights fairly reflect the Acquiring Fund’s results of operations, changes in financial position, and financial highlights for the periods covered thereby in conformity with generally accepted accounting principles consistently applied;

(g) The Acquiring Fund has no known liabilities of a material nature, contingent or otherwise, other than those shown as belonging to it on its statement of assets and liabilities as of September 30, 2017 and those incurred in the ordinary course of the Acquiring Fund’s business as an investment company since September 30, 2017;

(h) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Fund of the transactions contemplated by this Agreement, except such as have been obtained under the 1933 Act, the 1934 Act, the 1940 Act, and state securities or blue sky laws;

(i) The Acquiring Fund has filed or will file all federal and state tax returns which, to the knowledge of the Acquiring Fund’s officers, are required to be filed by the Acquiring Fund and has paid or will pay all federal and state taxes shown to be due on said returns or provision shall have been made for the payment thereof, and, to the best of the Acquiring Fund’s knowledge, no such return is currently under audit and no assessment has been asserted with respect to such returns;

(j) The Acquiring Fund has met the requirements of Subchapter M of the Code for qualification and treatment as a regulated investment company for all prior taxable years and intends to meet such requirements for its current taxable year ending on September 30, 2018;

(k) As of the Closing Date, the shares of beneficial interest of the Acquiring Fund to be issued to the Acquired Fund will have been duly authorized and, when issued and delivered pursuant to this Agreement, will be legally and validly issued and will be fully paid and nonassessable (except as disclosed in the Acquiring Fund’s Statements of Additional Information) by the Acquiring Fund, and no shareholder of the Acquiring Fund will have any preemptive right of subscription or purchase in respect thereof;

(l) The execution, delivery, and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary corporate action on the part of the Acquiring Fund, and this Agreement constitutes a valid and binding obligation of the Acquiring Fund enforceable in accordance with its terms, subject to approval by the shareholders of the Acquired Fund;

(m) The Registration Statement and the Proxy Statement, on the effective date of the Registration Statement and insofar as they relate to the Acquiring Fund, (i) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act, and the rules and regulations thereunder, and (ii) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at the time of the shareholders’ meeting referred to in Section 7 and on the Closing Date, the Prospectus, as amended or supplemented, insofar as it relates to the Acquiring Fund, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(n) The issuance of the Acquiring Fund Shares pursuant to this Agreement will be in compliance with all applicable federal securities laws; and

(o) All of the issued and outstanding shares of beneficial interest of the Acquiring Fund have been offered for sale and sold in conformity with the federal securities laws.

3.	REORGANIZATION.

(a) Subject to the requisite approval of the shareholders of the Acquired Fund and to the other terms and conditions contained herein, the Acquired Fund agrees to assign, sell, convey, transfer, and deliver to the Acquiring Fund as of the Closing Date all of the assets of the Acquired Fund of every kind and nature existing on the Closing Date. The Acquiring Fund agrees in exchange therefor: (i) to assume all of the Acquired Fund’s liabilities existing on or after the Closing Date, whether or not determinable on the Closing Date, and (ii) to issue and deliver to the Acquired Fund the number of full and fractional shares of the Acquiring Fund having an aggregate net asset value equal to the value of the assets of the Acquired Fund transferred hereunder, less the value of the liabilities of the Acquired Fund, determined as provided for under Section 4.

(b) The assets of the Acquired Fund to be acquired by the Acquiring Fund shall include, without limitation, all cash, cash equivalents, securities, commodities and futures interests, receivables (including interest or dividends receivables), claims, choses in action, and other property owned by the Acquired Fund, and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the Closing Date. The Acquired Fund will pay or cause to be paid to the Acquiring Fund any dividend or interest payments received by it on or after the Closing Date with respect to the assets transferred to the Acquiring Fund hereunder, and the Acquiring Fund will retain any dividend or interest payments received by it after the Valuation Time with respect to the assets transferred hereunder without regard to the payment date thereof.

(c) The liabilities of the Acquired Fund to be assumed by the Acquiring Fund shall include (except as otherwise provided for herein) all of the Acquired Fund’s liabilities, debts, obligations, and duties, of whatever kind or nature, whether absolute, accrued, contingent, or otherwise, whether or not arising in the ordinary course of business, whether or not determinable on the Closing Date, and whether or not specifically referred to in this Agreement. Notwithstanding the foregoing, the Acquired Fund agrees to use its best efforts to discharge all of its known liabilities prior to the Closing Date, other than liabilities incurred in the ordinary course of business.

(d) Pursuant to this Agreement, as soon after the Closing Date as is conveniently practicable, the Acquired Fund will constructively distribute pro rata to its shareholders of record, determined as of the Valuation Time on the Closing Date, the Acquiring Fund Shares in exchange for such shareholders’ shares of beneficial interest in the Acquired Fund and the Acquired Fund will be liquidated in accordance with the Acquired Fund’s Amended and Restated Declaration of Trust. Such distribution shall be accomplished by the Funds’ transfer agent opening accounts on the Acquiring Fund’s share transfer books in the names of the Acquired Fund shareholders and transferring the Acquiring Fund shares thereto. Each Acquired Fund shareholder’s

account shall be credited with the respective pro rata number of full and fractional Acquiring Fund shares due that shareholder. All outstanding Acquired Fund shares, including any represented by certificates, shall simultaneously be canceled on the Acquired Fund’s share transfer records. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with the Reorganization.

(e) Any reporting responsibility of the Acquired Fund is and shall remain its responsibility up to and including the date on which it is terminated.

(f) Any transfer taxes payable upon issuance of the Acquiring Fund shares in a name other than that of the registered holder on the Acquired Fund’s books of the Acquired Fund shares constructively exchanged for the Acquiring Fund Shares shall be paid by the person to whom such Acquiring Fund Shares are to be issued, as a condition of such transfer.

4.	VALUATION.

(a) The Valuation Time shall be as of the close of business of the New York Stock Exchange on the Closing Date, or such other date as may be mutually agreed upon in writing by the parties hereto (the Valuation Time).

(b) As of the Closing Date, the Acquiring Fund will deliver to the Acquired Fund the number of Acquiring Fund Shares having an aggregate net asset value equal to the value of the assets of the Acquired Fund transferred hereunder less the liabilities of the Acquired Fund, determined as provided in this Section 4.

(c) The net asset value per share of the Acquiring Fund shares to be delivered to the Acquired Fund, the value of the assets of the Acquired Fund transferred hereunder, and the value of the liabilities of the Acquired Fund to be assumed hereunder shall in each case be determined as of the Valuation Time.

(d) The net asset value per share of the Acquiring Fund shares and the value of the assets and liabilities of the Acquired Fund shall be computed in the manner set forth in the then–current Acquiring Fund Prospectuses and Statements of Additional Information.

(e) All computations pursuant to this Section shall be made by or under the direction of Fidelity Service Company, Inc., a wholly–owned subsidiary of FMR LLC, in accordance with its regular practice as pricing agent for the Acquired Fund and the Acquiring Fund.

5.	FEES; EXPENSES.

(a) The Acquired Fund shall be responsible for all expenses, fees and other charges in connection with the transactions contemplated by this Agreement, provided that they do not exceed the fund’s or each class’s expense cap, as applicable. Expenses exceeding the fund’s or each class’s voluntary expense cap, as applicable, will be paid by Fidelity Management & Research Company (FMR) (but not including transaction costs incurred in connection with the purchase or sale of portfolio securities).

(b) Any expenses incurred in connection with the transactions contemplated by this Agreement which may be attributable to the Acquiring Fund will be borne by the Acquiring Fund provided that they do not exceed the fund’s or each class’s expense cap, as applicable. Expenses exceeding the fund’s or each class’s voluntary expense cap, as applicable, will be paid by FMR (but not including transaction costs incurred in connection with the purchase or sale of portfolio securities).

(c) Each of the Acquiring Fund and the Acquired Fund represents that there is no person who has dealt with it who by reason of such dealings is entitled to any broker’s or finder’s or other similar fee or commission arising out of the transactions contemplated by this Agreement.

6.	CLOSING DATE.

(a) The Reorganization, together with related acts necessary to consummate the same (the Closing), unless otherwise provided herein, shall occur at the principal office of the Trust, 245 Summer Street, Boston, Massachusetts, as of the Valuation Time on April 27, 2017, or at some other time, date, and place agreed to by the Acquired Fund and the Acquiring Fund (the Closing Date).

(b) In the event that on the Closing Date: (i) any of the markets for securities held by the Funds is closed to trading, or (ii) trading thereon is restricted, or (iii) trading or the reporting of trading on said market or elsewhere is disrupted, all so that accurate appraisal of the total net asset value of the Acquired Fund and the net asset value per share of the Acquiring Fund is impracticable, the Valuation Time and the Closing Date shall be postponed until the first business day after the day when such trading shall have been fully resumed and such reporting shall have been restored, or such other date as the parties may agree.

7.	SHAREHOLDER MEETING AND TERMINATION OF THE ACQUIRED FUND.

(a) The Acquired Fund agrees to call a meeting of its shareholders after the effective date of the Registration Statement, to consider transferring its assets to the Acquiring Fund as herein provided, adopting this Agreement, and authorizing the liquidation of the Acquired Fund.

(b) The Acquired Fund agrees that as soon as reasonably practicable after distribution of the Acquiring Fund Shares, the Acquired Fund shall be terminated as a series of the Trust pursuant to its Amended and Restated Declaration of Trust, any further actions shall be taken in connection therewith as required by applicable law, and on and after the Closing Date the Acquired Fund shall not conduct any business except in connection with its liquidation and termination.

8.	CONDITIONS TO OBLIGATIONS OF THE ACQUIRING FUND.

(a) That the Acquired Fund furnishes to the Acquiring Fund a statement, dated as of the Closing Date, signed by an authorized officer of the Trust, certifying that as of the Valuation Time and the Closing Date all representations and warranties of the Acquired Fund made in this Agreement are true and correct in all material respects and that the Acquired Fund has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such dates;

(b) That the Acquired Fund furnishes the Acquiring Fund with copies of the resolutions, certified by an authorized officer of the Trust, evidencing the adoption of this Agreement and the approval of the transactions contemplated herein by the requisite vote of the holders of the outstanding shares of beneficial interest of the Acquired Fund;

(c) That, on or prior to the Closing Date, the Acquired Fund will declare one or more dividends or distributions which, together with all previous such dividends or distributions attributable to its current taxable year, shall have the effect of distributing to the shareholders of the Acquired Fund substantially all of the Acquired Fund’s investment company taxable income and all of its net realized capital gain, if any, as of the Closing Date;

(d) That the Acquired Fund shall deliver to the Acquiring Fund at the Closing a statement of its assets and liabilities, together with a list of its portfolio securities showing each such security’s adjusted tax basis and holding period by lot, with values determined as provided in Section 4 of this Agreement, all as of the Valuation Time, certified on the Acquired Fund’s behalf by its Treasurer or Assistant Treasurer;

(e) That the Acquired Fund’s custodian shall deliver to the Acquiring Fund a certificate identifying the assets of the Acquired Fund held by such custodian as of the Valuation Time on the Closing Date and stating that as of the Valuation Time: (i) the assets held by the custodian will be transferred to the Acquiring Fund; (ii) the Acquired Fund’s assets have been duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof; and (iii) to the best of the custodian’s knowledge, all applicable taxes (including stock transfer taxes, if any) in conjunction with the delivery of the assets, that the custodian has been notified are due, have been paid or provision for payment has been made;

(f) That the Acquired Fund’s transfer agent shall deliver to the Acquiring Fund at the Closing a certificate setting forth the number of shares of the Acquired Fund outstanding as of the Valuation Time and the name and address of each holder of record of any such shares and the number of shares held of record by each such shareholder;

(g) That the Acquired Fund calls a meeting of its shareholders to be held after the effective date of the Registration Statement, to consider transferring its assets to the Acquiring Fund as herein provided, adopting this Agreement, and authorizing the liquidation and termination of the Acquired Fund;

(h) That the Acquired Fund delivers to the Acquiring Fund a certificate of an authorized officer of the Trust, dated as of the Closing Date, that there has been no material adverse change in the Acquired Fund’s financial position since October 31, 2017, other than changes in the market value of its portfolio securities, or changes due to net redemptions of its shares, dividends paid, or losses from operations; and

(i) That all of the issued and outstanding shares of beneficial interest of the Acquired Fund shall have been offered for sale and sold in conformity with all applicable state securities laws and, to the extent that any audit of the records of the Acquired Fund or its transfer agent by the Acquiring Fund or its agents shall have revealed otherwise, the Acquired Fund shall have taken all actions that in the opinion of the Acquiring Fund are necessary to remedy any prior failure on the part of the Acquired Fund to have offered for sale and sold such shares in conformity with such laws.

9.	CONDITIONS TO OBLIGATIONS OF THE ACQUIRED FUND.

(a) That the Acquiring Fund shall have executed and delivered to the Acquired Fund an Assumption of Liabilities, certified by an authorized officer of the Trust, dated as of the Closing Date pursuant to which the Acquiring Fund will assume all of the liabilities of the Acquired Fund existing at the Valuation Time in connection with the transactions contemplated by this Agreement;

(b) That the Acquiring Fund furnishes to the Acquired Fund a statement, dated as of the Closing Date, signed by an authorized officer of the Trust, certifying that as of the Valuation Time and the Closing Date all representations and warranties of the Acquiring Fund made in this Agreement are true and correct in all material respects, and the Acquiring Fund has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such dates; and

(c) That the Acquired Fund shall have received an opinion of Dechert LLP, counsel to the Acquired Fund and the Acquiring Fund, to the effect that the Acquiring Fund shares are duly authorized and upon delivery to the Acquired Fund as provided in this Agreement will be validly issued and will be fully paid and nonassessable by the Acquiring Fund (except as disclosed in the Acquiring Fund’s Statements of Additional Information) and no shareholder of the Acquiring Fund has any preemptive right of subscription or purchase in respect thereof.

10.

CONDITIONS TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND.

(a) That this Agreement shall have been adopted and the transactions contemplated herein shall have been approved by the requisite vote of the holders of the outstanding shares of beneficial interest of the Acquired Fund;

(b) That all consents of other parties and all other consents, orders, and permits of federal, state, and local regulatory authorities (including those of the Commission and of state blue sky and securities authorities, and including “no action” positions of such federal or state authorities) deemed necessary by the Acquiring Fund or the Acquired Fund to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund, provided that either party hereto may for itself waive any of such conditions;

(c) That all proceedings taken by either Fund in connection with the transactions contemplated by this Agreement and all documents incidental thereto shall be satisfactory in form and substance to it and its counsel, Dechert LLP;

(d) That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement;

(e) That the Registration Statement shall have become effective under the 1933 Act, and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of the Acquiring Fund and the Acquired Fund, threatened by the Commission; and

(f) That the Acquiring Fund and the Acquired Fund shall have received an opinion of Dechert LLP satisfactory to the Acquiring Fund and the Acquired Fund substantially to the effect that for federal income tax purposes:

(i) The Reorganization will constitute a tax–free reorganization under Section 368(a) of the Code.

(ii) The Acquired Fund will not recognize gain or loss upon the transfer of substantially all of its assets to the Acquiring Fund in exchange solely for the Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund, except that the Acquired Fund may be required to recognize gain or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

(iii) The Acquired Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund Shares received by the Acquired Fund in the Reorganization.

(iv) The Acquiring Fund will recognize no gain or loss upon receiving the properties of the Acquired Fund in exchange solely for the Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund.

(v) The adjusted basis to the Acquiring Fund of the properties of the Acquired Fund received by the Acquiring Fund in the Reorganization will be the same as the adjusted basis of those properties in the hands of the Acquired Fund immediately before the exchange.

(vi) The Acquiring Fund’s holding periods with respect to the properties of the Acquired Fund that the Acquiring Fund acquires in the Reorganization will include the respective periods for which those properties were held by the Acquired Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating a holding period with respect to an asset).

(vii) The Acquired Fund shareholders will recognize no gain or loss upon receiving the Acquiring Fund Shares solely in exchange for the Acquired Fund shares.

(viii) The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund shareholder in the Reorganization will be the same as the aggregate basis of the Acquired Fund shares surrendered by the Acquired Fund shareholder in exchange therefor.

(ix) An Acquired Fund shareholder’s holding period for the Acquiring Fund Shares received by the Acquired Fund shareholder in the Reorganization will include the holding period during which the Acquired Fund shareholder held the Acquired Fund shares surrendered in exchange therefor, provided that the Acquired Fund shareholder held such shares as a capital asset on the date of the Reorganization.

Notwithstanding anything herein to the contrary, neither the Acquired Fund nor the Acquiring Fund may waive the conditions set forth in this subsection 10(f).

11.

COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND.

(a) The Acquiring Fund and the Acquired Fund each covenants to operate its respective business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the payment of customary dividends and distributions;

(b) The Acquired Fund covenants that it is not acquiring the Acquiring Fund shares for the purpose of making any distribution other than in accordance with the terms of this Agreement;

(c) The Acquired Fund covenants that it will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Fund’s shares; and

(d) The Acquired Fund covenants that its liquidation and termination will be effected in the manner provided in its Amended and Restated Declaration of Trust in accordance with applicable law, and after the Closing Date, the Acquired Fund will not conduct any business except in connection with its liquidation and termination.

12.

TERMINATION; WAIVER.

The Acquiring Fund and the Acquired Fund may terminate this Agreement by mutual agreement. In addition, either the Acquiring Fund or the Acquired Fund may at its option terminate this Agreement at or prior to the Closing Date because:

(i) of a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or prior to the Closing Date; or

(ii) a condition herein expressed to be precedent to the obligations of the terminating party has not been met and it reasonably appears that it will not or cannot be met.

In the event of any such termination, there shall be no liability for damages on the part of the Acquired Fund or the Acquiring Fund, or their respective Trustees or officers.

13.

SOLE AGREEMENT; AMENDMENTS; WAIVERS; SURVIVAL OF WARRANTIES.

(a) This Agreement supersedes all previous correspondence and oral communications between the parties regarding the subject matter hereof, constitutes the only understanding with respect to such subject matter, may not be changed except by a letter of agreement signed by each party hereto and shall be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts.

(b) This Agreement may be amended, modified, or supplemented in such manner as may be mutually agreed upon in writing by the respective President, any Vice President, or Treasurer of the Acquiring Fund or the Acquired Fund; provided, however, that following the shareholders’ meeting called by the Acquired Fund pursuant to Section 7 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of the Acquiring Fund Shares to be paid to the Acquired Fund shareholders under this Agreement to the detriment of such shareholders without their further approval.

(c) Either Fund may waive any condition to its obligations hereunder, provided that such waiver does not have any material adverse effect on the interests of such Fund’s shareholders.

The representations, warranties, and covenants contained in the Agreement, or in any document delivered pursuant hereto or in connection herewith, shall survive the consummation of the transactions contemplated hereunder.

14.

DECLARATIONS OF TRUST.

A copy of each Fund’s Amended and Restated Declaration of Trust is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of each Fund as trustees and not individually and that the obligations of each Fund under this instrument are not binding upon any of such Fund’s Trustees, officers, or shareholders individually but are binding only upon the assets and property of such Fund. Each Fund agrees that its obligations hereunder apply only to such Fund and not to its shareholders individually or to the Trustees of such Fund.

15.

ASSIGNMENT.

This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer of any rights or obligations hereunder shall be made by any party without the written consent of the other parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation other than the parties hereto and their respective successors and assigns any rights or remedies under or by reason of this Agreement.

This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by an appropriate officer.

SIGNATURE LINES OMITTED

Exhibit 2

FORM OF AGREEMENT AND PLAN OF REORGANIZATION OF FIDELITY^® GLOBAL STRATEGIES FUND

THIS AGREEMENT AND PLAN OF REORGANIZATION (the Agreement) is made as of [____], by and between Fidelity Salem Street Trust, a Massachusetts business trust, on behalf of its series Fidelity^® Global Strategies Fund (the Acquired Fund), and Fidelity Charles Street Trust, a Massachusetts business trust, on behalf of its series Fidelity^® Asset Manager 60% (the Acquiring Fund). Fidelity Salem Street Trust and Fidelity Charles Street Trust may be referred to herein collectively as the “Trusts” or each individually as a “Trust.” The Trusts are duly organized business trusts under the laws of the Commonwealth of Massachusetts with their principal place of business at 245 Summer Street, Boston, Massachusetts 02210. The Acquiring Fund and the Acquired Fund may be referred to herein collectively as the “Funds” or each individually as the “Fund.”

In consideration of the mutual promises and subject to the terms and conditions herein, the parties covenant and agree as follows:

1. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRED FUND. The Acquired Fund represents and warrants to and agrees with the Acquiring Fund that:

(a) The Acquired Fund is a series of the Acquired Fund Trust, a business trust duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and has the power to own all of its properties and assets and to carry out its obligations under this Agreement. It has all necessary federal, state, and local authorizations to carry on its business as now being conducted and to carry out this Agreement;

(b) The Acquired Fund Trust is an open-end, management investment company duly registered under the Investment Company Act of 1940, as amended (the 1940 Act), and such registration is in full force and effect;

(c) The Prospectuses and Statements of Additional Information of the Acquired Fund dated July 29, 2017, as supplemented, previously furnished to the Acquiring Fund, did not and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

Fund, together with such unaudited financial statements and schedule of investments (including market values) for the six month period ended November 30, 2017. Said Statements of Assets and Liabilities and Schedule of Investments fairly present the Acquired Fund’s financial position as of such date and said Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights fairly reflect the Acquired Fund’s results of operations, changes in financial position, and financial highlights for the periods covered thereby in conformity with generally accepted accounting principles consistently applied;

(g) The Acquired Fund has no known liabilities of a material nature, contingent or otherwise, other than those shown as belonging to it on its statement of assets and liabilities as of May 31, 2017 and those incurred in the ordinary course of the Acquired Fund’s business as an investment company since May 31, 2017;

(h) The registration statement (Registration Statement) filed with the Securities and Exchange Commission (Commission) by Acquiring Fund Trust on Form N–14 relating to the shares of the Acquiring Fund issuable hereunder and the proxy statement of the Acquired Fund included therein (Proxy Statement), on the effective date of the Registration Statement and insofar as they relate to the Acquired Fund (i) comply in all material respects with the provisions of the Securities Act of 1933, as amended (the 1933 Act), the Securities Exchange Act of 1934, as amended (the 1934 Act), and the 1940 Act, and the rules and regulations thereunder, and (ii) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at the time of the shareholders’ meeting referred to in Section 7 and on the Closing Date (as defined in Section 6), the prospectus contained in the Registration Statement of which the Proxy Statement is a part (the Prospectus), as amended or supplemented, insofar as it relates to the Acquired Fund, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

2. REPRESENTATIONS AND WARRANTIES OF THE ACQUIRING FUND. The Acquiring Fund represents and warrants to and agrees with the Acquired Fund that:

(a) The Acquiring Fund is a series of the Acquiring Fund Trust, a business trust duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts, and has the power to own all of its properties and assets and to carry out its obligations under this Agreement. It has all necessary federal, state, and local authorizations to carry on its business as now being conducted and to carry out this Agreement;

(b) The Acquiring Fund Trust is an open–end, management investment company duly registered under the 1940 Act, and such registration is in full force and effect;

(c) The Prospectuses and Statements of Additional Information of the Acquiring Fund, dated [November 29, 2017] previously furnished to the Acquired Fund did, not and do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;

(n) The issuance of the Acquiring Fund Shares pursuant to this Agreement will be in compliance with all applicable federal securities laws; and

(o) All of the issued and outstanding shares of beneficial interest of the Acquiring Fund have been offered for sale and sold in conformity with the federal securities laws.

3.	REORGANIZATION.

Fund will be liquidated in accordance with the Acquired Fund’s Amended and Restated Declaration of Trust. Such distribution shall be accomplished by the Funds’ transfer agent opening accounts on the Acquiring Fund’s share transfer books in the names of the Acquired Fund shareholders and transferring the Acquiring Fund shares thereto. Each Acquired Fund shareholder’s account shall be credited with the respective pro rata number of full and fractional Acquiring Fund shares due that shareholder. All outstanding Acquired Fund shares, including any represented by certificates, shall simultaneously be canceled on the Acquired Fund’s share transfer records. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with the Reorganization.

(e) Any reporting responsibility of the Acquired Fund is and shall remain its responsibility up to and including the date on which it is terminated.

4.	VALUATION.

5.	FEES; EXPENSES.

(a) Pursuant to the Acquired Fund’s all–inclusive management contract with FMR Co., Inc. (FMRC), FMRC will pay all fees and expenses, including legal, accounting, printing, filing, and proxy solicitation expenses, portfolio transfer taxes (if any), or other similar expenses incurred in connection with the transactions contemplated by this Agreement (but not including costs incurred in connection with the purchase or sale of portfolio securities).

(b) Any expenses incurred in connection with the transactions contemplated by this Agreement which may be attributable to the Acquiring Fund will be borne by the Acquiring Fund provided they do not exceed the fund’s or each class’s expense cap, as applicable. Expenses exceeding the fund’s or each class’s voluntary expense cap, as applicable, will be paid by Fidelity Management and Research Company (but not including transaction costs incurred in connection with the purchase or sale of portfolio securities).

6.	CLOSING DATE.

(a) The Reorganization, together with related acts necessary to consummate the same (the Closing), unless otherwise provided herein, shall occur at the principal office of the Trusts, 245 Summer Street, Boston, Massachusetts, as of the Valuation Time on April 27, 2017, or at some other time, date, and place agreed to by the Acquired Fund and the Acquiring Fund (the Closing Date).

7.	SHAREHOLDER MEETING AND TERMINATION OF THE ACQUIRED FUND.

(b) The Acquired Fund agrees that as soon as reasonably practicable after distribution of the Acquiring Fund Shares, the Acquired Fund shall be terminated as a series of the Acquired Fund Trust pursuant to its Amended and Restated Declaration of Trust, any further actions shall be taken in connection therewith as required by applicable law, and on and after the Closing Date the Acquired Fund shall not conduct any business except in connection with its liquidation and termination.

8.	CONDITIONS TO OBLIGATIONS OF THE ACQUIRING FUND.

(a) That the Acquired Fund furnishes to the Acquiring Fund a statement, dated as of the Closing Date, signed by an authorized officer of the Acquired Fund Trust, certifying that as of the Valuation Time and the Closing Date all representations and warranties of the Acquired Fund made in this Agreement are true and correct in all material respects and that the Acquired Fund has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such dates;

(b) That the Acquired Fund furnishes the Acquiring Fund with copies of the resolutions, certified by an authorized officer of the Acquired Fund Trust, evidencing the adoption of this Agreement and the approval of the transactions contemplated herein by the requisite vote of the holders of the outstanding shares of beneficial interest of the Acquired Fund;

(h) That the Acquired Fund delivers to the Acquiring Fund a certificate of an authorized officer of the Acquired Fund Trust, dated as of the Closing Date, that there has been no material adverse change in the Acquired Fund’s financial position since May 31, 2017, other than changes in the market value of its portfolio securities, or changes due to net redemptions of its shares, dividends paid, or losses from operations; and

9.	CONDITIONS TO OBLIGATIONS OF THE ACQUIRED FUND.

(a) That the Acquiring Fund shall have executed and delivered to the Acquired Fund an Assumption of Liabilities, certified by an authorized officer of the Acquiring Fund Trust, dated as of the Closing Date pursuant to which the Acquiring Fund will assume all of the liabilities of the Acquired Fund existing at the Valuation Time in connection with the transactions contemplated by this Agreement;

(b) That the Acquiring Fund furnishes to the Acquired Fund a statement, dated as of the Closing Date, signed by an authorized officer of the Acquiring Fund Trust, certifying that as of the Valuation Time and the Closing Date all representations and warranties of the Acquiring Fund made in this Agreement are true and correct in all material respects, and the Acquiring Fund has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such dates; and

10.

CONDITIONS TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND.

(d) That there shall not be any material litigation pending with respect to the matters contemplated by this Agreement;

(i) The Reorganization will constitute a tax–free reorganization under Section 368(a) of the Code.

(iii) The Acquired Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund Shares received by the Acquired Fund in the Reorganization.

(vii) The Acquired Fund shareholders will recognize no gain or loss upon receiving the Acquiring Fund Shares solely in exchange for the Acquired Fund shares.

Notwithstanding anything herein to the contrary, neither the Acquired Fund nor the Acquiring Fund may waive the conditions set forth in this subsection 10(f).

11.

COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND.

(b) The Acquired Fund covenants that it is not acquiring the Acquiring Fund shares for the purpose of making any distribution other than in accordance with the terms of this Agreement;

12.

TERMINATION; WAIVER.

(i) of a material breach by the other of any representation, warranty, or agreement contained herein to be performed at or prior to the Closing Date; or

(ii) a condition herein expressed to be precedent to the obligations of the terminating party has not been met and it reasonably appears that it will not or cannot be met.

In the event of any such termination, there shall be no liability for damages on the part of the Acquired Fund or the Acquiring Fund, or their respective Trustees or officers.

13.

SOLE AGREEMENT; AMENDMENTS; WAIVERS; SURVIVAL OF WARRANTIES.

(c) Either Fund may waive any condition to its obligations hereunder, provided that such waiver does not have any material adverse effect on the interests of such Fund’s shareholders.

14.

DECLARATIONS OF TRUST.

15.

ASSIGNMENT.

This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by an appropriate officer.

SIGNATURE LINES OMITTED

Attachment 1A

The following tables show the fees and expenses of Global Balanced and Asset Manager 60% for the 12 months ended September 30, 2017, and the pro forma estimated fees and expenses of the combined fund based on the same time period after giving effect to the Reorganization if only Proposal 1 is approved. Sales charges, if applicable, are paid directly to FDC, each fund’s distributor. Annual fund or class operating expenses are paid by each fund or class, as applicable.

Class A

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Asset
Manager
60%

Asset
Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^A	Class A purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00%.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Asset Manager 60%			Asset Manager 60% Pro forma Combined^B
Management fee		0.70	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses		0.34	%		0.23	%		0.24	%
Acquired Fund fees and expenses		None			0.02	%		0.02	%

Total annual operating expenses		1.29	%		1.05	%^A		1.06	%

^A	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^B	Estimated for the 12 months ending September 30, 2017.

Class M

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

3.50

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^A	Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.25%.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Asset Manager 60%			Asset Manager 60% Pro forma Combined^B
Management fee		0.70	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.50	%		0.50	%		0.50	%
Other expenses		0.38	%		0.23	%		0.26	%
Acquired Fund fees and expenses		None			0.02	%		0.02	%

Total annual operating expenses		1.58	%		1.30	%^A		1.33	%

^A	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^B	Estimated for the 12 months ending September 30, 2017.

Class C

Shareholder Fees (fees paid directly from your investment)

Global

Balanced

Asset

Manager 60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

1.00

%^A

1.00

%^A

1.00

%^A

^A	On Class C shares redeemed less than one year after purchase.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Asset Manager 60%			Asset Manager 60% Pro forma Combined^B
Management fee		0.70	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		1.00	%		1.00	%		1.00	%
Other expenses		0.41	%		0.23	%		0.27	%
Acquired Fund fees and expenses		None			0.02	%		0.02	%

Total annual operating expenses		2.11	%		1.80	%^A		1.84	%

^A	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^B	Estimated for the 12 months ending September 30, 2017.

Class I

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Asset Manager 60%			Asset Manager 60% Pro forma Combined^B
Management fee		0.70	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		None			None			None
Other expenses		0.29	%		0.20	%		0.20	%
Acquired Fund fees and expenses		None			0.02	%		0.02	%

Total annual operating expenses		0.99	%		0.77	%^A		0.77	%

^A	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^B	Estimated for the 12 months ending September 30, 2017.

Retail Class

Shareholder Fees (fees paid directly from your investment)

Global
Balanced

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Balanced			Asset Manager 60%			Asset Manager 60% Pro forma Combined^B
Management fee		0.70	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		None			None			None
Other expenses		0.31	%		0.16	%		0.17	%
Acquired Fund fees and expenses		None			0.02	%		0.02	%

Total annual operating expenses		1.01	%		0.73	%^A		0.74	%

^A	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^B	Estimated for the 12 months ending September 30, 2017.

Attachment 1B

The following tables show the fees and expenses of Global Strategies and Asset Manager 60% for the 12 months ended September 30, 2017, and the pro forma estimated fees and expenses of the combined fund based on the same time period after giving effect to the Reorganization if only Proposal 2 is approved. Sales charges, if applicable, are paid directly to FDC, each fund’s distributor. Annual fund or class operating expenses are paid by each fund or class, as applicable.

Class A

Shareholder Fees (fees paid directly from your investment)

Global
Strategies

Asset
Manager
60%

Asset
Manager
60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^A	Class A purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00%.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses		0.01	%		0.23	%		0.23	%
Acquired Fund fees and expenses		0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.47	%^B		1.05	%^B		1.05	%
Fee waiver and/or expense reimbursement		0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.36	%^B		1.05	%^B		1.05	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Class M

Shareholder Fees (fees paid directly from your investment)

Global
Strategies

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

3.50

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^A	Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.25%.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.50	%		0.50	%		0.50	%
Other expenses		0.01	%		0.23	%		0.24	%
Acquired Fund fees and expenses		0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.72	%^B		1.30	%^B		1.31	%
Fee waiver and/or expense reimbursement		0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.61	%^B		1.30	%^B		1.31	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Class C

Shareholder Fees (fees paid directly from your investment)

Global
Strategies

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

1.00

%^A

1.00

%^A

1.00

%^A

^A	On Class C shares redeemed less than one year after purchase.

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		1.00	%		1.00	%		1.00	%
Other expenses		0.01	%		0.23	%		0.25	%
Acquired Fund fees and expenses		0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		2.22	%^B		1.80	%^B		1.82	%
Fee waiver and/or expense reimbursement		0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		2.11	%^B		1.80	%^B		1.82	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Class I

Shareholder Fees (fees paid directly from your investment)

Global
Strategies

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		None			None			None
Other expenses		0.01	%		0.20	%		0.23	%
Acquired Fund fees and expenses		0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.22	%^B		0.77	%^B		0.80	%
Fee waiver and/or expense reimbursement		0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.11	%^B		0.77	%^B		0.80	%

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Retail Class

Shareholder Fees (fees paid directly from your investment)

Global
Strategies

Asset
Manager
60%

Asset Manager 60%
Pro forma
Combined

Maximum sales charge (load) on purchases (as a % of offering price)

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

Annual Class Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Global Strategies			Asset Manager 60%			Asset Manager 60% Pro forma Combined^C
Management fee		0.50	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		None			None			None
Other expenses		0.01	%		0.16	%		0.16	%
Acquired Fund fees and expenses		0.71	%^A		0.02	%		0.02	%

Total annual operating expenses		1.22	%^B		0.73	%^B		0.73	%
Fee waiver and/or expense reimbursement		0.11	%^A		None			None

Total annual operating expenses after fee waiver and/ or expense reimbursement		1.11	%^B		0.73	%^B		0.73	%

^A	The fund may invest in the Subsidiary. The Subsidiary has entered into a separate contract with FMRC for the management of its portfolio pursuant to which the Subsidiary pays FMRC a fee at an annual rate of 0.30% of its net assets. The Subsidiary also pays certain other

expenses including custody fees. FMRC has contractually agreed to waive the fund’s management fee in an amount equal to the management fee paid to FMRC by the Subsidiary. This arrangement will remain in effect for at least one year from the effective date of the prospectus, and will remain in effect thereafter as long as FMRC’s contract with the Subsidiary is in place. If FMRC’s contract with the Subsidiary is terminated, FMRC, in its sole discretion, may discontinue the arrangement. In addition, FMRC has contractually agreed to waive 0.10% of the fund’s management fee. This arrangement will remain in effect through July 31, 2018.

^B	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

^C	Estimated for the 12 months ending September 30, 2017.

Attachment 2A

The following table illustrates the expenses on a hypothetical $10,000 investment in Global Balanced and Asset Manager 60% under the current and pro forma (combined fund) expenses calculated at the rates shown in Attachment 1A, assuming a 5% annual return if only Proposal 1 is approved. The table illustrates how much a shareholder would pay in total expenses if the shareholder sells all of his or her shares at the end of each time period indicated and if the shareholder holds his or her shares.

Global Balanced


	Class A				Class M				Class C				Class I				Global Balanced Fund (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	699	$	699	$	505	$	505	$	314	$	214	$	101	$	101	$	103	$	103
3 Year	$	960	$	960	$	831	$	831	$	661	$	661	$	315	$	315	$	322	$	322
5 Year	$	1,242	$	1,242	$	1,180	$	1,180	$	1,134	$	1,134	$	547	$	547	$	558	$	558
10 Year	$	2,042	$	2,042	$	2,163	$	2,163	$	2,441	$	2,441	$	1,213	$	1,213	$	1,236	$	1,236

Asset Manager 60%


	Class A				Class M				Class C				Class I				Asset Manager 60% (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	676	$	676	$	478	$	478	$	283	$	183	$	79	$	79	$	75	$	75
3 Year	$	890	$	890	$	748	$	748	$	566	$	566	$	246	$	246	$	233	$	233
5 Year	$	1,121	$	1,121	$	1,038	$	1,038	$	975	$	975	$	428	$	428	$	406	$	406
10 Year	$	1,784	$	1,784	$	1,863	$	1,863	$	2,116	$	2,116	$	954	$	954	$	906	$	906

Asset Manager 60% Pro Forma Combined


	Class A				Class M				Class C				Class I				Asset Manager 60% Pro Forma (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	677	$	677	$	481	$	481	$	287	$	187	$	79	$	79	$	76	$	76
3 Year	$	893	$	893	$	757	$	757	$	579	$	579	$	246	$	246	$	237	$	237
5 Year	$	1,126	$	1,126	$	1,053	$	1,053	$	995	$	995	$	428	$	428	$	411	$	411
10 Year	$	1,795	$	1,795	$	1,895	$	1,895	$	2,159	$	2,159	$	954	$	954	$	918	$	918

Attachment 2B

The following table illustrates the expenses on a hypothetical $10,000 investment in Global Strategies and Asset Manager 60% under the current and pro forma (combined fund) expenses calculated at the rates shown in Attachment 1B, assuming a 5% annual return if only Proposal 2 is approved. The table illustrates how much a shareholder would pay in total expenses if the shareholder sells all of his or her shares at the end of each time period indicated and if the shareholder holds his or her shares.

Global Strategies


	Class A				Class M				Class C				Class I				Global Strategies Fund (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	706	$	706	$	508	$	508	$	314	$	214	$	113	$	113	$	113	$	113
3 Year	$	1,001	$	1,001	$	861	$	861	$	682	$	682	$	374	$	374	$	374	$	374
5 Year	$	1,320	$	1,320	$	1,239	$	1,239	$	1,178	$	1,178	$	658	$	658	$	658	$	658
10 Year	$	2,221	$	2,221	$	2,299	$	2,299	$	2,544	$	2,544	$	1,466	$	1,466	$	1,466	$	1,466

Asset Manager 60%


	Class A				Class M				Class C				Class I				Asset Manager 60% (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	676	$	676	$	478	$	478	$	283	$	183	$	79	$	79	$	75	$	75
3 Year	$	890	$	890	$	748	$	748	$	566	$	566	$	246	$	246	$	233	$	233
5 Year	$	1,121	$	1,121	$	1,038	$	1,038	$	975	$	975	$	428	$	428	$	406	$	406
10 Year	$	1,784	$	1,784	$	1,863	$	1,863	$	2,116	$	2,116	$	954	$	954	$	906	$	906

Asset Manager 60% Pro Forma Combined


	Class A				Class M				Class C				Class I				Asset Manager 60% Pro Forma (Retail Class)
	Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All		Sell All		Hold All
1 Year	$	676	$	676	$	479	$	479	$	285	$	185	$	82	$	82	$	75	$	75
3 Year	$	890	$	890	$	751	$	751	$	573	$	573	$	255	$	255	$	233	$	233
5 Year	$	1,121	$	1,121	$	1,043	$	1,043	$	985	$	985	$	444	$	444	$	406	$	406
10 Year	$	1,784	$	1,784	$	1,874	$	1,874	$	2,137	$	2,137	$	990	$	990	$	906	$	906

Attachment 3

The following table shows the capitalization of Global Balanced, Global Strategies, and Asset Manager 60% as of September 30, 2017, and on a pro forma combined basis (unaudited) as of that date giving effect to the Reorganization if both Proposal 1 and Proposal 2 are approved.

Global Balanced^(A)


	Net Assets		Net Asset Value Per Share		Shares Outstanding
Class A	$	41,993,658	$	24.99		1,680,463
Class M	$	14,704,097	$	24.71		595,110
Class C	$	26,602,482	$	24.07		1,105,141
Class I	$	10,150,083	$	25.29		401,318
Fidelity Global Balanced Fund (retail class)	$	382,891,000	$	25.36		15,095,730

Global Strategies^(B)


	Net Assets		Net Asset Value Per Share		Shares Outstanding
Class A	$	25,019,830	$	9.63		2,598,991
Class M	$	19,337,480	$	9.59		2,017,096
Class C	$	24,942,174	$	9.45		2,638,633
Class I	$	22,946,395	$	9.67		2,374,015
Fidelity Global Strategies Fund (retail class)	$	81,303,131	$	9.66		8,413,108

Asset Manager 60%


Class A	$	59,048,809	$	12.42	4,756,089
Class M	$	20,859,714	$	12.34	1,689,804
Class C	$	37,384,313	$	12.18	3,068,469
Class I	$	26,423,276	$	12.48	2,117,765
Fidelity Asset Manager 60% (retail class)	$	1,821,025,025	$	12.47	145,994,226

Asset Manager 60% Pro Forma


Class A	$	126,062,297	$	12.42	10,151,700
Class M	$	54,901,291	$	12.34	4,448,441
Class C	$	88,928,969	$	12.18	7,300,378
Class I	$	59,519,754	$	12.48	4,769,726
Fidelity Asset Manager 60% (retail class)	$	2,285,219,156	$	12.47	183,219,096

(A)

Global Balanced’s estimated one time proxy cost of $46,000 not included in the Pro Forma.

(B)

Global Strategies’ estimated one time proxy cost of $22,000 is not included in the Pro Forma. FMRC (the investment adviser) pays all other expenses of the fund, with limited exceptions, and will bear the fund’s one time proxy cost.

The third-party marks appearing above are the marks of their respective owners.


1.9885990.100		GLOBAL-PXS-0118

Fidelity Asset Manager^® Funds

Fidelity Asset Manager^® 20%

Class/Ticker

Fidelity Asset Manager^® 20%/FASIX

Fidelity Asset Manager^® 30%

Class/Ticker

Fidelity Asset Manager^® 30%/FTANX

Fidelity Asset Manager^® 40%

Class/Ticker

Fidelity Asset Manager^® 40%/FFANX

Fidelity Asset Manager^® 50%

Class/Ticker

Fidelity Asset Manager^® 50%/FASMX

Fidelity Asset Manager^® 60%

Class/Ticker

Fidelity Asset Manager^® 60%/FSANX

Fidelity Asset Manager^® 70%

Class/Ticker

Fidelity Asset Manager^® 70%/FASGX

Fidelity Asset Manager^® 85%

Class/Ticker

Fidelity Asset Manager^® 85%/FAMRX

In this prospectus, the term “shares” (as it relates to a fund) means the class of shares offered through this prospectus.

Prospectus

November 29, 2017


Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
		245 Summer Street, Boston, MA 02210

Contents




Fund Summary		Fidelity Asset Manager^® 20%


		Fidelity Asset Manager^® 30%


		Fidelity Asset Manager^® 40%


		Fidelity Asset Manager^® 50%


		Fidelity Asset Manager^® 60%


		Fidelity Asset Manager^® 70%


		Fidelity Asset Manager^® 85%


Fund Basics		Investment Details


		Valuing Shares


Shareholder Information		Additional Information about the Purchase and Sale of Shares


		Exchanging Shares


		Features and Policies


		Dividends and Capital Gain Distributions


		Tax Consequences


Fund Services		Fund Management


		Fund Distribution


Appendix		Financial Highlights


		Additional Index Information

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 20%/Fidelity Asset Manager^® 20%

Investment Objective

The fund seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments and other investments. The fund also considers the potential for capital appreciation.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.41	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.11	%
Acquired fund fees and expenses	0.01	%

Total annual operating expenses^(a)	0.53	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let’s say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here’s how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:


1 year	$	54
3 years	$	170
5 years	$	296
10 years	$	665

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 22% of the average value of its portfolio.

Principal Investment Strategies

•

Allocating the fund’s assets among three main asset classes: the stock class (equity securities of all types), the bond class (fixed-income securities of all types maturing in more than one year, including lower-quality debt securities which are sometimes referred to as high yield debt securities or junk bonds), and the short-term/money market class (fixed-income securities of all types maturing in one year or less).

•

Maintaining a neutral mix over time of 20% of assets in stocks, 50% of assets in bonds, and 30% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (10%-30%), bond class (40%-60%), and short-term/money market class (10%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund’s shares from year to year and compares the performance of the fund’s shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The indexes have characteristics relevant to the fund’s investment strategies. Index descriptions appear in the “Additional Index Information” section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

LOGO


During the periods shown in the chart:	Returns		Quarter ended
Highest Quarter Return	8.80	%	June 30, 2009
Lowest Quarter Return	(7.78	)%	December 31, 2008
Year-to-Date Return	5.32	%	September 30, 2017

Average Annual Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Fidelity Asset Manager^® 20%
Return Before Taxes		4.70	%		4.07	%		3.90	%
Return After Taxes on Distributions		3.83	%		2.89	%		2.74	%
Return After Taxes on Distributions and Sale of Fund Shares		2.77	%		2.80	%		2.67	%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)		2.65	%		2.23	%		4.34	%
Fidelity Asset Manager 20% Composite Index^SM (reflects no deduction for fees or expenses)		3.54	%		3.66	%		3.70	%

Investment Adviser

Fidelity Management & Research Company (FMR) (the Adviser) is the fund’s manager. Fidelity Investments Money Management, Inc. (FIMM), FMR Co., Inc. (FMRC), and other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investments
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

Payments to Broker-Dealers and Other Financial Intermediaries

The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary’s web site for more information.

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 30%/Fidelity Asset Manager^® 30%

Investment Objective

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.41	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.13	%
Acquired fund fees and expenses	0.01	%

Total annual operating expenses^(a)	0.55	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


1 year	$	56
3 years	$	176
5 years	$	307
10 years	$	689

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 30% of assets in stocks, 50% of assets in bonds, and 20% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (20%-40%), bond class (40%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

LOGO


During the periods shown in the chart:	Returns		Quarter ended
Highest Quarter Return	10.91	%	June 30, 2009
Lowest Quarter Return	(10.59	)%	December 31, 2008
Year-to-Date Return	7.22	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Fidelity Asset Manager^® 30%
Return Before Taxes		5.50	%		5.29	%		3.93	%
Return After Taxes on Distributions		4.70	%		4.20	%		2.85	%
Return After Taxes on Distributions and Sale of Fund Shares		3.19	%		3.79	%		2.72	%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)		2.65	%		2.23	%		4.29	%
Fidelity Asset Manager 30% Composite Index^SM (reflects no deduction for fees or expenses)		4.56	%		4.89	%		3.87	%

(a)	From October 9, 2007

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investment
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 40%/Fidelity Asset Manager^® 40%

Investment Objective

The fund seeks current income as well as total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments. The fund also considers the potential for capital appreciation.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.41	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.13	%
Acquired fund fees and expenses	0.02	%

Total annual operating expenses^(a)	0.56	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


1 year	$	57
3 years	$	179
5 years	$	313
10 years	$	701

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 40% of assets in stocks, 45% of assets in bonds, and 15% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (20%-60%), bond class (30%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

LOGO


During the periods shown in the chart:	Returns		Quarter ended
Highest Quarter Return	12.87	%	June 30, 2009
Lowest Quarter Return	(12.42	)%	December 31, 2008
Year-to-Date Return	8.89	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Fidelity Asset Manager^® 40%
Return Before Taxes		6.00	%		6.35	%		4.12	%
Return After Taxes on Distributions		5.26	%		5.29	%		3.12	%
Return After Taxes on Distributions and Sale of Fund Shares		3.50	%		4.66	%		2.91	%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)		2.65	%		2.23	%		4.29	%
Fidelity Asset Manager 40% Composite Index^SM (reflects no deduction for fees or expenses)		5.45	%		6.02	%		4.13	%

(a)	From October 9, 2007

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investments
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 50%/Fidelity Asset Manager^® 50%

Investment Objective

The fund seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.50	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.15	%
Acquired fund fees and expenses	0.02	%

Total annual operating expenses^(a)	0.67	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


1 year	$	68
3 years	$	214
5 years	$	373
10 years	$	835

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 50% of assets in stocks, 40% of assets in bonds, and 10% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (30%-70%), bond class (20%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns


During the periods shown in the chart:	Returns		Quarter ended
Highest Quarter Return	15.23	%	June 30, 2009
Lowest Quarter Return	(14.74	)%	December 31, 2008
Year-to-Date Return	10.57	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Fidelity Asset Manager^® 50%
Return Before Taxes		6.43	%		7.24	%		4.87	%
Return After Taxes on Distributions		5.68	%		5.74	%		3.54	%
Return After Taxes on Distributions and Sale of Fund Shares		3.83	%		5.30	%		3.44	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.95	%
Fidelity Asset Manager 50% Composite Index^SM (reflects no deduction for fees or expenses)		6.33	%		7.14	%		4.83	%

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investments
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 60%/Fidelity Asset Manager^® 60%

Investment Objective

The fund seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.16	%
Acquired fund fees and expenses	0.02	%

Total annual operating expenses^(a)	0.73	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


1 year	$	75
3 years	$	233
5 years	$	406
10 years	$	906

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 60% of assets in stocks, 35% of assets in bonds, and 5% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (40%-90%), bond class (10%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

LOGO


During the periods shown in the chart:	Returns		Quarter ended
Highest Quarter Return	16.85	%	June 30, 2009
Lowest Quarter Return	(15.59	)%	December 31, 2008
Year-to-Date Return	12.24	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Fidelity Asset Manager^® 60%
Return Before Taxes		6.76	%		8.15	%		4.35	%
Return After Taxes on Distributions		6.21	%		6.95	%		3.44	%
Return After Taxes on Distributions and Sale of Fund Shares		3.99	%		6.13	%		3.17	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.24	%
Fidelity Asset Manager 60% Composite Index^SM (reflects no deduction for fees or expenses)		7.21	%		8.27	%		4.55	%

(a)	From October 9, 2007

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investments
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 70%/Fidelity Asset Manager^® 70%

Investment Objective

The fund seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.16	%
Acquired fund fees and expenses	0.02	%

Total annual operating expenses^(a)	0.73	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


1 year	$	75
3 years	$	233
5 years	$	406
10 years	$	906

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 70% of assets in stocks, 25% of assets in bonds, and 5% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (50%-100%), bond class (0%-50%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

LOGO


During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	18.44%	June 30, 2009
Lowest Quarter Return	(18.82)%	December 31, 2008
Year-to-Date Return	13.87%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Fidelity Asset Manager^® 70%
Return Before Taxes		7.08	%		9.04	%		4.98	%
Return After Taxes on Distributions		6.58	%		7.93	%		4.17	%
Return After Taxes on Distributions and Sale of Fund Shares		4.20	%		6.94	%		3.76	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.95	%
Fidelity Asset Manager 70% Composite Index^SM (reflects no deduction for fees or expenses)		7.95	%		9.27	%		5.17	%

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investments
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 85%/Fidelity Asset Manager^® 85%

Investment Objective

The fund seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.


Shareholder fees
(fees paid directly from your investment)	None

Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee	0.55	%
Distribution and/or Service (12b-1) fees	None
Other expenses	0.18	%
Acquired fund fees and expenses	0.02	%

Total annual operating expenses^(a)	0.75	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


1 year	$	77
3 years	$	240
5 years	$	417
10 years	$	930

Portfolio Turnover

Principal Investment Strategies

•

Allocating the fund’s assets between two main asset classes: the stock class (equity securities of all types) and the bond and short-term/money market class (fixed-income securities of all types and maturities, including lower-quality debt securities which are sometimes referred to as high yield debt securities or junk bonds).

•

Maintaining a neutral mix over time of 85% of assets in stocks and 15% of assets in bonds and short-term and money market instruments.

•

Adjusting allocation between asset classes gradually within the following ranges: stock class (60%-100%) and bond and short-term/money market class (0%-40%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit www.fidelity.com for more recent performance information.

Year-by-Year Returns

LOGO


During the periods shown in the chart:	Returns		Quarter ended
Highest Quarter Return	20.85	%	June 30, 2009
Lowest Quarter Return	(20.95	)%	December 31, 2008
Year-to-Date Return	16.36	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Fidelity Asset Manager^® 85%
Return Before Taxes		7.38	%		10.41	%		5.14	%
Return After Taxes on Distributions		7.01	%		9.23	%		4.40	%
Return After Taxes on Distributions and Sale of Fund Shares		4.42	%		8.06	%		3.96	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.95	%
Fidelity Asset Manager 85% Composite Index^SM (reflects no deduction for fees or expenses)		9.22	%		10.92	%		5.42	%

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a Fidelity^® brokerage or mutual fund account, through a retirement account, or through an investment professional. You may buy or sell shares in various ways:

Internet

www.fidelity.com

Phone

Fidelity Automated Service Telephone (FAST^®) 1-800-544-5555

To reach a Fidelity representative 1-800-544-6666

Mail


Additional purchases:		Redemptions:

Fidelity Investments		Fidelity Investments
P.O. Box 770001		P.O. Box 770001
Cincinnati, OH 45277-0003		Cincinnati, OH 45277-0035

TDD- Service for the Deaf and Hearing Impaired

1-800-544-0118

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
For Fidelity^® Simplified Employee Pension-IRA, Keogh, Investment Only Retirement accounts, and effective January 1, 2016, Health Savings Accounts recordkept by Fidelity	$	500
Through regular investment plans in Fidelity^® Traditional IRAs, Roth IRAs, and Rollover IRAs (requires monthly purchases of $200 until fund balance is $2,500)	$	200

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Basics

Investment Details

Investment Objective

Fidelity Asset Manager^® 20% seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments and other investments. The fund also considers the potential for capital appreciation (may be changed without shareholder vote).

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 20% stock class, 50% bond class; and 30% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

14% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

6% MSCI ACWI ex USA Index (foreign stocks)

•

50% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

30% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

The Adviser allocates the fund’s assets among the three asset classes, generally using different Fidelity managers to handle investments within each asset class. The fund gains exposure to each asset class mainly by investing in central funds, which are specialized Fidelity^® investment vehicles designed to be used by Fidelity^® funds. Fidelity uses central funds to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the fund may invest in a central fund that buys bonds. Fidelity does not charge any additional management fees for central funds. The fund may gain exposure to each asset class also by investing directly in individual securities through one or more subportfolios, which are portions of the fund’s assets assigned to different managers. In addition, the fund may, directly or through central funds, make investments that do not fall into any of the three asset classes.

The Adviser regularly reviews the fund’s allocation and makes changes gradually to favor investments that it believes will provide the most favorable outlook for achieving the fund’s objective. The Adviser will not try to pinpoint the precise moment when a major reallocation should be made.

Stock Class

The fund invests in stocks mainly by investing in sector central funds, which are managed in an effort to outperform different sectors of the U.S. stock market. At present, these sectors include consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, telecom services, and utilities. The fund invests in all of the sector central funds in combination in an effort to outperform the U.S. market as a whole.

The Adviser expects the fund’s equity sector allocations will approximate the sector weightings of the S&P 500^® Index, a broadly diversified measure of the performance of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. While the Adviser may overweight or underweight one or more sectors from time to time, the Adviser expects the returns of the equity portion of the fund to be driven primarily by the security selections of the managers of each sector.

The fund invests in stocks also by investing in one or more international central funds, which are managed in an effort to outperform foreign stock markets. At present, these central funds include Fidelity^® International Equity Central Fund and Fidelity^® Emerging Markets Equity Central Fund. The Adviser decides what portion of the fund’s assets to allocate to international central funds based mainly on the allocation to foreign stocks in the fund’s composite benchmark.

The sector central funds are managed against U.S. benchmarks, but are not limited to U.S. stocks, and the sector central fund managers have discretion to make foreign investments. As a result, the fund’s total allocation to foreign stocks could be substantially higher than the fund’s composite benchmark might suggest.

Bond Class

Short-Term/Money Market Class

The fund invests in short-term and money market instruments mainly by investing in central funds that focus on particular types of fixed-income securities maturing in one year or less. At present, these central funds include Fidelity^® Money Market Central Fund (money market instruments).

Although the central funds are categorized generally as stock, bond, and short-term/money market funds, many of the central funds may invest in a mix of securities of foreign (including emerging markets) and domestic issuers, investment-grade and lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), and other securities, and may engage in transactions that have a leveraging effect, including investments in derivatives—such as swaps (interest rate, total return, and credit default), options (including options on futures and swaps), and futures contracts—and forward-settling securities. Central funds may also focus on other types of securities, including commodity-linked derivative instruments such as commodity-linked notes and commodity futures and swaps. The Adviser may invest the fund’s assets in central funds created in the future, as determined from time to time by the Adviser.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

The Adviser may also use derivatives, such as buying and selling futures contracts (both long and short positions), to manage the allocation of the fund’s assets among asset classes. For example, the Adviser may buy stock index futures to increase the fund’s allocation to the stock class.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 30% seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments and other investments. The fund also considers the potential for capital appreciation (may be changed without shareholder vote).

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 30% stock class, 50% bond class; and 20% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

21% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

9% MSCI ACWI ex USA Index (foreign stocks)

•

50% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

20% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 40% seeks current income as well as total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments. The fund also considers the potential for capital appreciation (may be changed without shareholder vote).

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 40% stock class, 45% bond class; and 15% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

28% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

12% MSCI ACWI ex USA Index (foreign stocks)

•

45% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

15% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 50% seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 50% stock class, 40% bond class; and 10% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

35% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

15% MSCI ACWI ex USA Index (foreign stocks)

•

40% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

10% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 60% seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 60% stock class, 35% bond class; and 5% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

42% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

18% MSCI ACWI ex USA Index (foreign stocks)

•

35% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

5% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 70% seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 70% stock class, 25% bond class; and 5% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

49% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

21% MSCI ACWI ex USA Index (foreign stocks)

•

25% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

5% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 85% seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

The fund organizes its investments into two main asset classes: the stock class and the bond and short-term/money market class. The fund’s neutral mix is 85% stock class and 15% bond and short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

60% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

25% MSCI ACWI ex USA Index (foreign stocks)

•

15% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds and short term/money market instruments)

The Adviser allocates the fund’s assets between the two asset classes, generally using different Fidelity managers to handle investments within each asset class. The fund gains exposure to each asset class mainly by investing in central funds, which are specialized Fidelity^® investment vehicles designed to be used by Fidelity^® funds. Fidelity uses central funds to invest in particular security types or investment disciplines; for example, rather than buy bonds directly, the fund may invest in a central fund that buys bonds. Fidelity does not charge any additional management fees for central funds. The fund may gain exposure to each asset class also by investing directly in individual securities through one or more subportfolios, which are portions of the fund’s assets assigned to different managers. In addition, the fund may, directly or through central funds, make investments that do not fall into either of the two asset classes.

Stock Class

Bond and Short-Term/Money Market Class

The fund invests in bonds mainly by investing in central funds that focus on particular types of fixed-income securities. At present, these central funds include Fidelity^® Investment Grade Bond Central Fund (investment-grade bonds), Fidelity^® High Income Central Fund 1 (high yield securities), Fidelity^® Floating Rate Central Fund (floating rate loans and other floating rate securities), Fidelity^® Emerging Markets Debt Central Fund (emerging markets debt securities), and Fidelity^® Inflation-Protected Bond Index Central Fund (inflation-protected securities). The fund invests in short-term and money market instruments mainly by investing in central funds that focus on particular types of fixed-income securities maturing in one year or less. At present, these central funds include Fidelity^® Money Market Central Fund (money market instruments).

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, convertible securities, and warrants.

Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay current interest but are sold at a discount from their face values. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities believed to have debt-like characteristics, including hybrids and synthetic securities.

Money market securities are high-quality, short-term securities that pay a fixed, variable, or floating interest rate. Securities are often specifically structured so that they are eligible investments for a money market fund. For example, in order to satisfy the maturity restrictions for a money market fund, some money market securities have demand or put features, which have the effect of shortening the security’s maturity. Money market securities include bank certificates of deposit, bankers’ acceptances, bank time deposits, notes, commercial paper, and U.S. Government securities. Certain issuers of U.S. Government securities, including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are sponsored or chartered by Congress but their securities are neither issued nor guaranteed by the U.S. Treasury.

Derivatives are investments whose values are tied to an underlying asset, instrument, currency, or index. Derivatives include futures, options, forwards, and swaps, such as interest rate swaps (exchanging a floating rate for a fixed rate), total return swaps (exchanging a floating rate for the total return of an index, security, or other instrument or investment) and credit default swaps (buying or selling credit default protection).

Forward-settling securities involve a commitment to purchase or sell specific securities when issued, or at a predetermined price or yield. When a fund does not already own or have the right to obtain securities equivalent in kind and amount, a commitment to sell securities is equivalent to a short sale. Payment and delivery take place after the customary settlement period.

Central funds are special types of investment vehicles created by Fidelity for use by Fidelity^® funds and other advisory clients. Central funds incur certain costs related to their investment activity (such as custodial fees and expenses), but do not pay additional management fees. The investment results of the portions of the fund’s assets invested in the central funds will be based upon the investment results of those funds.

Principal Investment Risks

Many factors affect each fund’s performance. A fund’s share price and yield change daily based on changes in market conditions and interest rates and in response to other economic, political, or financial developments. A fund’s reaction to these developments will be affected by the types and maturities of securities in which the fund invests, the financial condition, industry and economic sector, and geographic location of an issuer, and the fund’s level of investment in the securities of that issuer. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following factors can significantly affect a fund’s performance:

Issuer-Specific Changes. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security’s or instrument’s credit quality or value. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers. Entities providing credit support or a maturity-shortening structure also can be affected by these types of changes, and if the structure of a security fails to function as intended, the security could decline in value. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities tend to be particularly sensitive to these changes.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

Fundamental Investment Policies

The following is fundamental, that is, subject to change only by shareholder approval:

Fidelity Asset Manager^® 20% seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments and other investments.

Fidelity Asset Manager^® 30% seeks a high level of current income by allocating its assets among stocks, bonds, short-term instruments and other investments.

Fidelity Asset Manager^® 40% seeks current income as well as total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Fidelity Asset Manager^® 50% seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Fidelity Asset Manager^® 60% seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fidelity Asset Manager^® 70% seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fidelity Asset Manager^® 85% seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Valuing Shares

Each fund is open for business each day the New York Stock Exchange (NYSE) is open.

The net asset value per share (NAV) is the value of a single share. Fidelity normally calculates NAV as of the close of business of the NYSE, normally 4:00 p.m. Eastern time. Each fund’s assets normally are valued as of this time for the purpose of computing NAV. Fidelity calculates NAV separately for each class of shares of a multiple class fund.

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

To the extent that a fund’s assets are traded in other markets on days when the fund is not open for business, the value of the fund’s assets may be affected on those days. In addition, trading in some of a fund’s assets may not occur on days when the fund is open for business.

opinion, are deemed unreliable for a security, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. For example, if, in the Adviser’s opinion, a security’s value has been materially affected by events occurring before a fund’s pricing time but after the close of the exchange or market on which the security is principally traded, then that security will be fair valued in good faith by the Adviser in accordance with applicable fair value pricing policies. Fair value pricing will be used for high yield debt securities when available pricing information is determined to be stale or for other reasons not to accurately reflect fair value.

Arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume before a fund calculates its NAV. These arbitrage opportunities may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the overseas markets but prior to the close of the U.S. market. Fair valuation of a fund’s portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of NAV by short-term traders.

Policies regarding excessive trading may not be effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.

Fair value pricing is based on subjective judgments and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold.

Shareholder Information

Additional Information about the Purchase and Sale of Shares

As used in this prospectus, the term “shares” generally refers to the shares offered through this prospectus.

General Information

Information on Fidelity

Fidelity Investments was established in 1946 to manage one of America’s first mutual funds. Today, Fidelity is one of the world’s largest providers of financial services.

In addition to its mutual fund business, the company operates one of America’s leading brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in providing tax-advantaged retirement plans for individuals investing on their own or through their employer.

Ways to Invest

Subject to the purchase and sale requirements stated in this prospectus, you may buy or sell shares through a Fidelity^® brokerage account or a Fidelity^® mutual fund account. If you buy or sell shares (other than by exchange) through a Fidelity^® brokerage account, your transactions generally involve your Fidelity^® brokerage core (a settlement vehicle included as part of your Fidelity^® brokerage account).

If you do not currently have a Fidelity^® brokerage account or a Fidelity^® mutual fund account and would like to invest in a fund, you may need to complete an application. For more information about a Fidelity^® brokerage account or a Fidelity^® mutual fund account, please visit Fidelity’s web site at www.fidelity.com, call 1-800-FIDELITY, or visit a Fidelity Investor Center (call 1-800-544-9797 for the center nearest you).

You may also buy or sell shares through a retirement account (such as an IRA or an account funded through salary deduction) or an investment professional. Retirement specialists are available at 1-800-544-4774 to answer your questions about Fidelity^® retirement products. If you buy or sell shares through a retirement account or an investment professional, the procedures for buying, selling, and exchanging shares and the account features, policies, and fees may differ from those discussed in this prospectus. Fees in addition to those discussed in this prospectus may apply. For example, you may be charged a transaction fee if you buy or sell shares through a non-Fidelity broker or other investment professional.

Information on Placing Orders

You should include the following information with any order:

•

Your name

•

Your account number

•

Type of transaction requested

•

Name(s) of fund(s) and class(es)

•

Dollar amount or number of shares

Certain methods of contacting Fidelity may be unavailable or delayed (for example, during periods of unusual market activity). In addition, the level and type of service available may be restricted.

Frequent Purchases and Redemptions

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to a fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund’s NAV.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

Excessive Trading Policy

The Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Excessive trading activity in a fund is measured by the number of roundtrip transactions in a shareholder’s account and each class of a multiple class fund is treated separately. A roundtrip transaction occurs when a shareholder sells fund shares (including exchanges) within 30 days of the purchase date.

Shareholders with two or more roundtrip transactions in a single fund within a rolling 90-day period will be blocked from making additional purchases or exchange purchases of the fund for 85 days. Shareholders with four or more roundtrip transactions across all Fidelity^® funds within any rolling 12-month period will be blocked for at least 85 days from additional purchases or exchange purchases across all Fidelity^® funds. Any roundtrip within 12 months of the expiration of a multi-fund block will initiate another multi-fund block. Repeat offenders may be subject to long-term or permanent blocks on purchase or exchange purchase transactions in any account under the shareholder’s control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases or exchanges that, in the Adviser’s opinion, may be disruptive to the management of the fund or otherwise not be in the fund’s interests.

Exceptions

The following transactions are exempt from the fund’s excessive trading policy described above: (i) transactions of $1,000 or less, (ii) systematic withdrawal and/or contribution programs, (iii) mandatory retirement distributions, and (iv) transactions initiated by a plan sponsor or sponsors of certain employee benefit plans or other related accounts. In addition, the fund’s excessive trading policy does not apply to transactions initiated by the trustee or adviser to a donor-advised charitable gift fund, qualified fund of fund(s), or other strategy funds. A qualified fund of fund(s) is a mutual fund, qualified tuition program, or other strategy fund consisting of qualified plan assets that either applies the fund’s excessive trading policies to shareholders at the fund of fund(s) level, or demonstrates that the fund of fund(s) has an investment strategy coupled with policies designed to control frequent trading that are reasonably likely to be effective as determined by the fund’s Treasurer.

Omnibus Accounts

Omnibus accounts, in which shares are held in the name of an intermediary on behalf of multiple investors, are a common form of holding shares among retirement plans and financial intermediaries such as brokers, advisers, and third-party administrators. Individual trades in omnibus accounts are often not disclosed to the fund, making it difficult to determine whether a particular shareholder is engaging in excessive trading. Excessive trading in omnibus accounts is likely to go undetected by the fund and may increase costs to the fund and disrupt its portfolio management.

Under policies adopted by the Board of Trustees, intermediaries will be permitted to apply the fund’s excessive trading policy (described above), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive individual account data but will rely on the intermediary to monitor trading activity in good faith in accordance with its or the fund’s policies. Reliance on intermediaries increases the risk that excessive trading may go undetected. For other intermediaries, the fund will generally monitor trading activity at the omnibus account level to attempt to identify disruptive trades. The fund may request transaction information, as frequently as daily, from any intermediary at any time, and may apply the fund’s policy to transactions that exceed thresholds established by the Board of Trustees. The fund may prohibit purchases of fund shares by an intermediary or by some or all of any intermediary’s clients. There is no assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in omnibus accounts effectively.

If you purchase or sell fund shares through a financial intermediary, you may wish to contact the intermediary to determine the policies applicable to your account.

Retirement Plans

For employer-sponsored retirement plans, only participant directed exchanges count toward the roundtrip limits. Employer-sponsored retirement plan participants whose activity triggers a purchase or exchange block will be permitted one trade every calendar quarter. In the event of a block, employer and participant contributions and loan repayments by the participant may still be invested in the fund.

Qualified Wrap Programs

The fund will monitor aggregate trading activity of adviser transactions to attempt to identify excessive trading in qualified wrap programs, as defined below. Excessive trading by an adviser will lead to fund blocks and the wrap program will lose its qualified status. Transactions of an adviser will not be matched with client-directed transactions unless the wrap program ceases to be a qualified wrap program (but all client-directed transactions will be subject to the fund’s excessive trading policy).

A qualified wrap program is: (i) a program whose adviser certifies that it has investment discretion over $100 million or more in client assets invested in mutual funds at the time of the certification, (ii) a program in which the adviser directs transactions in the accounts participating in the program in concert with changes in a model portfolio, and (iii) managed by an adviser who agrees to give the Adviser sufficient information to permit the Adviser to identify the individual accounts in the wrap program.

Other Information about the Excessive Trading Policy

The fund’s Treasurer is authorized to suspend the fund’s policies during periods of severe market turbulence or national emergency. The fund reserves the right to modify its policies at any time without prior notice.

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

As described in “Valuing Shares,” the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund’s excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

Buying Shares

Eligibility

Shares are generally available only to investors residing in the United States.

Minimum Waivers

There is no minimum balance or purchase minimum for investments through Portfolio Advisory Services, a mutual fund, a qualified tuition program or an ABLE program for which Fidelity serves as investment manager, a health savings account for which Fidelity serves as recordkeeper, certain Fidelity^® retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts or from a Fidelity^® systematic withdrawal service. In addition, each fund may waive or lower purchase minimums in other circumstances.

Price to Buy

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after your investment is received in proper form.

Each fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

If your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees a fund or Fidelity has incurred.

Certain financial institutions that have entered into sales agreements with Fidelity Distributors Corporation (FDC) may enter confirmed purchase orders on behalf of customers by phone, with payment to follow no later than the time when fund shares are priced on the following business day. If payment is not received by that time, the order will be canceled and the financial institution could be held liable for resulting fees or losses.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

Selling Shares

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form. Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

Each fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary. Orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

See “Policies Concerning the Redemption of Fund Shares” below for additional redemption information.

A signature guarantee is designed to protect you and Fidelity from fraud. If you hold your shares in a Fidelity^® mutual fund account and submit your request to Fidelity by mail, Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:

•

When you wish to sell more than $100,000 worth of shares.

•

When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to an address different than the record address.

•

When you are requesting that redemption proceeds be paid to someone other than the account owner.

•

In certain situations when the redemption proceeds are being transferred to a Fidelity^® mutual fund account with a different registration.

You should be able to obtain a signature guarantee from a bank, broker (including Fidelity^® Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.

When you place an order to sell shares, note the following:

•

If you are selling some but not all of your shares, keep your fund balance above the required minimum to keep your fund position open, except fund positions not subject to balance minimums.

•

Redemption proceeds (other than exchanges) may be delayed until money from prior purchases sufficient to cover your redemption has been received and collected.

•

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

•

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.

•

You will not receive interest on amounts represented by uncashed redemption checks.

•

If you hold your shares in a Fidelity^® mutual fund account and your redemption check remains uncashed for six months, the check may be invested in additional shares at the NAV next calculated on the day of the investment.

•

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Policies Concerning the Redemption of Fund Shares

If your account is held directly with a fund, the length of time that a fund typically expects to pay redemption proceeds depends on the method you have elected to receive such proceeds. A fund typically expects to make payment of redemption proceeds by wire, automated clearing house (ACH) or by issuing a check by the next business day following receipt of a redemption order in proper form. Proceeds from the periodic and automatic sale of shares of a Fidelity^® money market fund that are used to buy shares of another Fidelity^® fund are settled simultaneously.

If your account is held through an intermediary, the length of time that a fund typically expects to pay redemption proceeds depends, in part, on the terms of the agreement in place between the intermediary and a fund. For redemption proceeds that are paid either directly to you from a fund or to your intermediary for transmittal to you, a fund typically expects to make payments by wire, by ACH or by issuing a check on the next business day following receipt of a redemption order in proper form from the intermediary by a fund. Redemption orders that are processed through investment professionals that utilize the National Securities Clearing Corporation will generally settle one to three business days following receipt of a redemption order in proper form.

As noted elsewhere, payment of redemption proceeds may take longer than the time a fund typically expects and may take up to seven days from the date of receipt of the redemption order as permitted by applicable law.

Redemption Methods Available. Generally a fund expects to pay redemption proceeds in cash. To do so, a fund typically expects to satisfy redemption requests either by using available cash (or cash equivalents) or by selling portfolio securities. On a less regular basis, a fund may also satisfy redemption requests by utilizing one or more of the following sources, if permitted: borrowing from another Fidelity^® fund; drawing on an available line or lines of credit from a bank or banks; or using reverse repurchase agreements. These methods may be used during both normal and stressed market conditions.

In addition to paying redemption proceeds in cash, a fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash (redemption in-kind). Redemption in-kind proceeds will typically be made by delivering the selected securities to the redeeming shareholder within seven days after the receipt of the redemption order in proper form by a fund.

Exchanging Shares

An exchange involves the redemption of all or a portion of the shares of one fund and the purchase of shares of another fund.

As a shareholder, you have the privilege of exchanging shares for shares of other Fidelity^® funds.

However, you should note the following policies and restrictions governing exchanges:

•

The exchange limit may be modified for accounts held by certain institutional retirement plans to conform to plan exchange limits and Department of Labor regulations. See your retirement plan materials for further information.

•

Each fund may refuse any exchange purchase for any reason. For example, each fund may refuse exchange purchases by any person or group if, in the Adviser’s judgment, the fund would be unable to invest the money effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected.

•

Before any exchange, read the prospectus for the shares you are purchasing, including any purchase and sale requirements.

•

The shares you are acquiring by exchange must be available for sale in your state.

•

Exchanges may have tax consequences for you.

•

If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.

•

Under applicable anti-money laundering rules and other regulations, exchange requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

The funds may terminate or modify exchange privileges in the future.

Other funds may have different exchange restrictions and minimums, and may impose redemption fees of up to 2.00% of the amount exchanged. Check each fund’s prospectus for details.

Features and Policies

Features

The following features may be available to buy and sell shares of a fund or to move money to and from your account, depending on whether you are investing through a Fidelity^® brokerage account or a Fidelity^® mutual fund account. Please visit Fidelity’s web site at www.fidelity.com or call 1-800-544-6666 for more information.

Electronic Funds Transfer: electronic money movement through the Automated Clearing House

•

To transfer money between a bank account and a Fidelity^® brokerage account or Fidelity^® mutual fund account.

•

You can use electronic funds transfer to:

•

Make periodic (automatic) purchases of Fidelity^® fund shares or payments to your Fidelity^® brokerage account.

•

Make periodic (automatic) redemptions of Fidelity^® fund shares or withdrawals from your Fidelity^® brokerage account.

Wire: electronic money movement through the Federal Reserve wire system

•

To transfer money between a bank account and a Fidelity^® brokerage account or Fidelity^® mutual fund account.

Automatic Transactions: periodic (automatic) transactions

•

To directly deposit all or a portion of your compensation from your employer (or the U.S. Government, in the case of Social Security) into a Fidelity^® brokerage account or Fidelity^® mutual fund account.

•

To make contributions from a Fidelity^® mutual fund account to a Fidelity^® mutual fund IRA.

•

To sell shares of a Fidelity^® money market fund and simultaneously to buy shares of another Fidelity^® fund in a Fidelity^® mutual fund account.

Policies

The following policies apply to you as a shareholder.

Statements that Fidelity sends to you, if applicable, include the following:

•

Confirmation statements (after transactions affecting your fund balance except, to the extent applicable, reinvestment of distributions in the fund or another fund and certain transactions through automatic investment or withdrawal programs).

•

Monthly or quarterly account statements (detailing fund balances and all transactions completed during the prior month or quarter).

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity^® funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

Electronic copies of most financial reports and prospectuses are available at Fidelity’s web site. To participate in Fidelity’s electronic delivery program, call Fidelity or visit Fidelity’s web site for more information.

You may initiate many transactions by telephone or electronically. Fidelity will not be responsible for any loss, cost, expense, or other liability resulting from unauthorized transactions if it follows reasonable security procedures designed to verify the identity of the investor. Fidelity will request personalized security codes or other information, and may also record calls. For transactions conducted through the Internet, Fidelity recommends the use of an Internet browser with 128-bit encryption. You should verify the accuracy of your confirmation statements upon receipt and notify Fidelity immediately of any discrepancies in your account activity. If you do not want the ability to sell and exchange by telephone, call Fidelity for instructions.

You may also be asked to provide additional information in order for Fidelity to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, each fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to the funds related to opening the accounts. Your shares will be sold at the NAV, minus any applicable shareholder fees, calculated on the day Fidelity closes your fund position.

Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value of less than $2,000 in shares. It is expected that fund balances will be valued after November 1 but prior to December 31 of each calendar year. Fund positions opened after September 30 will not be subject to the fee for that calendar year. The fee, which is payable to Fidelity, is designed to offset in part the relatively higher costs of servicing smaller fund positions. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use certain regular investment plans.

If your fund balance falls below $2,000 worth of shares ($500 for fund balances in Fidelity^® Simplified Employee Pension-IRA, Keogh, and Investment Only Retirement accounts) for any reason, including solely due to declines in NAV, and you do not increase your balance, Fidelity may sell all of your shares and send the proceeds to you after providing you with at least 30 days’ notice to reestablish the minimum balance. Your shares will be sold at the NAV, minus any applicable shareholder fees, on the day Fidelity closes your fund position. Certain fund positions are not subject to these balance requirements and will not be closed for failure to maintain a minimum balance.

Fidelity may charge a fee for certain services, such as providing historical account documents.

Dividends and Capital Gain Distributions

Each fund earns dividends, interest, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each of Fidelity Asset Manager^® 40% and Fidelity Asset Manager^® 50% normally pays dividends in April, July, October, and December and capital gain distributions in December. Each of Fidelity Asset Manager^® 60%, Fidelity Asset Manager^® 70%, and Fidelity Asset Manager^® 85% normally pays dividends and capital gain distributions in December.

Each of Fidelity Asset Manager^® 20% and Fidelity Asset Manager^® 30% normally pays dividends monthly (except January) and capital gain distributions in December.

Distribution Options

When you open an account, specify on your application how you want to receive your distributions. The following distribution options are available:

1. Reinvestment Option. Any dividends and capital gain distributions will be automatically reinvested in additional shares. If you do not indicate a choice on your application, you will be assigned this option.

2. Income-Earned Option. Any capital gain distributions will be automatically reinvested in additional shares. Any dividends will be paid in cash.

3. Cash Option. Any dividends and capital gain distributions will be paid in cash.

4. Directed Dividends^® Option. Any dividends will be automatically invested in shares of another identically registered Fidelity^® fund. Any capital gain distributions will be automatically invested in shares of another identically registered Fidelity^® fund, automatically reinvested in additional shares of the fund, or paid in cash.

Not all distribution options may be available for every account and certain restrictions may apply. If the distribution option you prefer is not listed on your account application, or if you want to change your current distribution option, visit Fidelity’s web site at www.fidelity.com or call 1-800-544-6666 for more information.

If you elect to receive distributions paid in cash by check and the U.S. Postal Service does not deliver your checks, your distribution option may be converted to the Reinvestment Option. You will not receive interest on amounts represented by uncashed distribution checks.

If your dividend check(s) remains uncashed for six months, your check(s) may be invested in additional shares at the NAV next calculated on the day of the investment.

Tax Consequences

As with any investment, your investment in a fund could have tax consequences for you. If you are not investing through a tax-advantaged retirement account, you should consider these tax consequences.

Taxes on Distributions Distributions you receive from each fund are subject to federal income tax, and may also be subject to state or local taxes.

For federal tax purposes, certain of each fund’s distributions, including dividends and distributions of short-term capital gains, are taxable to you as ordinary income, while certain of each fund’s distributions, including distributions of long-term capital gains, are taxable to you generally as capital gains. A percentage of certain distributions of dividends may qualify for taxation at long-term capital gains rates (provided certain holding period requirements are met). Because each bond fund’s income is primarily derived from interest, dividends from each bond fund generally will not qualify for the long-term capital gains tax rates available to individuals.

If you buy shares when a fund has realized but not yet distributed income or capital gains, you will be “buying a dividend” by paying the full price for the shares and then receiving a portion of the price back in the form of a taxable distribution.

Any taxable distributions you receive from a fund will normally be taxable to you when you receive them, regardless of your distribution option.

Taxes on Transactions

Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment in a fund generally is the difference between the cost of your shares and the price you receive when you sell them.

Fund Services

Fund Management

Each fund is a mutual fund, an investment that pools shareholders’ money and invests it toward a specified goal.

Adviser

Fidelity Management & Research Company (FMR). The Adviser is each fund’s manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As of December 31, 2016, the Adviser had approximately $219.0 billion in discretionary assets under management, and approximately $2.13 trillion when combined with all of its affiliates’ assets under management.

As the manager, the Adviser has overall responsibility for directing each fund’s investments and handling its business affairs.

Sub-Adviser(s)

Fidelity Investments Money Management, Inc. (FIMM), at 245 Summer Street, Boston, Massachusetts 02210, serves as a sub-adviser for the funds. FIMM has day-to-day responsibility for choosing certain types of investments for the funds.

FIMM is an affiliate of the Adviser. As of December 31, 2016, FIMM had approximately $689.2 billion in discretionary assets under management.

FMR Co., Inc. (FMRC), at 245 Summer Street, Boston, Massachusetts 02210, serves as a sub-adviser for each fund. FMRC has day-to-day responsibility for choosing certain types of investments for each fund.

FMRC is an affiliate of the Adviser. As of December 31, 2016, FMRC had approximately $919.5 billion in discretionary assets under management.

FMR Investment Management (UK) Limited (FMR UK), at 1 St. Martin’s Le Grand, London, EC1A 4AS, United Kingdom, serves as a sub-adviser for each fund. As of December 31, 2016, FMR UK had approximately $16.9 billion in discretionary assets under management. FMR UK may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR UK is an affiliate of the Adviser.

Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for each fund. As of December 31, 2016, FMR H.K. had approximately $12.3 billion in discretionary assets under management. FMR H.K. may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR H.K. is an affiliate of the Adviser.

Fidelity Management & Research (Japan) Limited (FMR Japan), at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan, serves as a sub-adviser for each fund. FMR Japan was organized in 2008 to provide investment research and advice on issuers based outside the United States. FMR Japan may provide investment research and advice on issuers based outside the United States and may also provide investment advisory services for each fund. FMR Japan is an affiliate of the Adviser.

Portfolio Manager(s)

Geoff Stein is portfolio manager of the funds, which he has managed since June 2009. He also manages other funds. Since joining Fidelity Investments in 1994, Mr. Stein has worked as director of the Portfolio Analysis Group, director of Portfolio Strategy for Strategic Advisers, Inc., and as a portfolio manager.

The statement of additional information (SAI) provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager.

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity^® fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity^® fund.

Advisory Fee(s)

Each fund pays a management fee to the Adviser. The management fee is calculated and paid to the Adviser every month. The fee is calculated by adding a group fee rate to an individual fund fee rate, dividing by twelve, and multiplying the result by the fund’s average net assets throughout the month.

The group fee rate is based on the average net assets of all the mutual funds advised by FMR. For this purpose, the average net assets of any mutual funds previously advised by FMR that currently are advised by Fidelity SelectCo, LLC are included. This rate cannot rise above 0.52% for Fidelity Asset Manager^® 50%, Fidelity Asset Manager^® 60%, Fidelity Asset Manager^® 70%, and Fidelity Asset Manager^® 85% or 0.37% for Fidelity Asset Manager^® 20%, Fidelity Asset Manager^® 30%, and Fidelity Asset Manager^® 40%, and it drops as total assets under management increase.

For September 2017, the group fee rate was 0.11% for Fidelity Asset Manager^® 20%, Fidelity Asset Manager^® 30%, and Fidelity Asset Manager^® 40% and the group fee rate was 0.24% for Fidelity Asset Manager^® 50%, Fidelity Asset Manager^® 60%, Fidelity Asset Manager^® 70%, and Fidelity Asset Manager^® 85%. The individual fund fee rate is 0.25% for Fidelity Asset Manager^® 50% and 0.30% for Fidelity Asset Manager^® 20%, Fidelity Asset Manager^® 30%, Fidelity Asset Manager^® 40%, Fidelity Asset Manager^® 60%, Fidelity Asset Manager^® 70%, and Fidelity Asset Manager^® 85%.

The total management fee, as a percentage of a fund’s average net assets, for the fiscal year ended September 30, 2017, for each fund is shown in the following table. Because each fund’s management fee rate may fluctuate, a fund’s management fee may be higher or lower in the future.


Fidelity Asset Manager^® 20%	0.41	%
Fidelity Asset Manager^® 30%	0.41	%
Fidelity Asset Manager^® 40%	0.41	%
Fidelity Asset Manager^® 50%	0.50	%
Fidelity Asset Manager^® 60%	0.55	%
Fidelity Asset Manager^® 70%	0.55	%
Fidelity Asset Manager^® 85%	0.55	%

The Adviser pays FIMM, FMRC, FMR UK, FMR H.K., and FMR Japan for providing sub-advisory services.

The basis for the Board of Trustees approving the management contract and sub-advisory agreements for each fund is available in each fund’s annual report for the fiscal period ended September 30, 2017.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

The Adviser has voluntarily agreed to reimburse fund shares to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of average net assets, exceed the following rates. Voluntary arrangements may be discontinued at any time.


Fidelity Asset Manager^® 30%
Rate	0.65	%
Fidelity Asset Manager^® 40%
Rate	0.65	%
Fidelity Asset Manager^® 60%
Rate	0.85	%

Fund Distribution

Each fund is composed of multiple classes of shares. All classes of a fund have a common investment objective and investment portfolio.

FDC distributes each fund’s shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for providing recordkeeping and administrative services, as well as other retirement plan expenses, and compensation for services intended to result in the sale of fund shares. These payments are described in more detail in this section and in the SAI.

Distribution and Service Plan(s)

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) with respect to its shares that recognizes that the Adviser may use its management fee revenues, as well as its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of shares of each fund and/or shareholder support services. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for shares of each fund.

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a class’s assets on an ongoing basis, they might increase the cost of your investment and might cost you more than paying other types of sales charges.

From time to time, FDC may offer special promotional programs to investors who purchase shares of Fidelity^® funds. For example, FDC may offer merchandise, discounts, vouchers, or similar items to investors who purchase shares of certain Fidelity^® funds during certain periods. To determine if you qualify for any such programs, contact Fidelity or visit our web site at www.fidelity.com.

No dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this prospectus and in the related SAI, in connection with the offer contained in this prospectus. If given or made, such other information or representations must not be relied upon as having been authorized by the funds or FDC. This prospectus and the related SAI do not constitute an offer by the funds or by FDC to sell shares of the funds to or to buy shares of the funds from any person to whom it is unlawful to make such offer.

Appendix

Financial Highlights

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

Fidelity Asset Manager 20%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	13.26		$	12.94		$	13.57		$	13.44		$	13.39

Income from Investment Operations
Net investment income (loss)^A		.20			.23			.22			.20			.18
Net realized and unrealized gain (loss)		.37			.60			(.22	)		.43			.31

Total from investment operations		.57			.83			–			.63			.49

Distributions from net investment income		(.20	)		(.24	)		(.21	)		(.20	)		(.18	)
Distributions from net realized gain		(.07	)		(.27	)		(.42	)		(.30	)		(.27	)

Total distributions		(.26	)^B		(.51	)		(.63	)		(.50	)		(.44	)^C

Net asset value, end of period	$	13.57		$	13.26		$	12.94		$	13.57		$	13.44

Total Return^D		4.40	%		6.58	%		(.04	)%		4.80	%		3.79	%
Ratios to Average Net Assets^E,F
Expenses before reductions		.52	%		.52	%		.53	%		.53	%		.53	%
Expenses net of fee waivers, if any		.52	%		.52	%		.53	%		.53	%		.53	%


Expenses net of all reductions		.52	%		.52	%		.52	%		.52	%		.52	%
Net investment income (loss)		1.52	%		1.78	%		1.63	%		1.46	%		1.32	%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,880,833		$	4,802,797		$	4,685,019		$	4,923,702		$	4,708,494
Portfolio turnover rate^G		22	%		19	%		20	%		13	%		27	%

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

^B	Total distributions of $.26 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.065 per share.

^C	Total distributions of $.44 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.266 per share.

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

Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

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

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

Fidelity Asset Manager 30%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	10.63		$	10.20		$	10.71		$	10.43		$	10.15

Income from Investment Operations
Net investment income (loss)^A		.17			.20			.19			.17			.15
Net realized and unrealized gain (loss)		.49			.59			(.22	)		.46			.44

Total from investment operations		.66			.79			(.03	)		.63			.59

Distributions from net investment income		(.16	)		(.20	)		(.18	)		(.17	)		(.14	)
Distributions from net realized gain		(.02	)		(.16	)		(.30	)		(.18	)		(.17	)

Total distributions		(.18	)		(.36	)		(.48	)		(.35	)		(.31	)

Net asset value, end of period	$	11.11		$	10.63		$	10.20		$	10.71		$	10.43

Total Return^B		6.32	%		7.94	%		(.38	)%		6.19	%		5.96	%
Ratios to Average Net Assets^C,D
Expenses before reductions		.54	%		.54	%		.55	%		.55	%		.56	%
Expenses net of fee waivers, if any		.54	%		.54	%		.55	%		.55	%		.56	%
Expenses net of all reductions		.53	%		.53	%		.54	%		.55	%		.56	%
Net investment income (loss)		1.55	%		1.90	%		1.76	%		1.59	%		1.46	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,139,197		$	937,285		$	820,206		$	757,908		$	560,306
Portfolio turnover rate^E		24	%		24	%		22	%		13	%		20	%

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

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

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

Fidelity Asset Manager 40%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	10.95		$	10.39		$	10.96		$	10.66		$	10.11

Income from Investment Operations
Net investment income (loss)^A		.17			.19			.19			.17			.16
Net realized and unrealized gain (loss)		.73			.70			(.28	)		.59			.65

Total from investment operations		.90			.89			(.09	)		.76			.81

Distributions from net investment income		(.16	)		(.20	)		(.17	)		(.18	)		(.13	)
Distributions from net realized gain		(.02	)		(.13	)		(.31	)		(.28	)		(.13	)

Total distributions		(.18	)		(.33	)		(.48	)		(.46	)		(.26	)

Net asset value, end of period	$	11.67		$	10.95		$	10.39		$	10.96		$	10.66

Total Return^B		8.35	%		8.76	%		(.90	)%		7.29	%		8.21	%
Ratios to Average Net Assets^C,D
Expenses before reductions		.54	%		.54	%		.55	%		.56	%		.57	%
Expenses net of fee waivers, if any		.54	%		.54	%		.55	%		.56	%		.57	%
Expenses net of all reductions		.53	%		.54	%		.54	%		.56	%		.56	%
Net investment income (loss)		1.52	%		1.83	%		1.74	%		1.60	%		1.51	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,344,514		$	1,084,411		$	917,607		$	769,619		$	495,019
Portfolio turnover rate^E		20	%		22	%		22	%		11	%		22	%

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

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

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

Fidelity Asset Manager 50%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	16.98		$	16.39		$	18.06		$	17.84		$	16.41

Income from Investment Operations
Net investment income (loss)^A		.24			.28			.29			.28			.24
Net realized and unrealized gain (loss)		1.47			1.22			(.52	)		1.14			1.44

Total from investment operations		1.71			1.50			(.23	)		1.42			1.68

Distributions from net investment income		(.24	)		(.30	)		(.27	)		(.29	)		(.24	)
Distributions from net realized gain		(.09	)		(.62	)		(1.17	)		(.91	)		(.02	)

Total distributions		(.32	)^B		(.91	)^C		(1.44	)		(1.20	)		(.25	)^D

Net asset value, end of period	$	18.37		$	16.98		$	16.39		$	18.06		$	17.84

Total Return^E		10.26	%		9.56	%		(1.45	)%		8.33	%		10.38	%
Ratios to Average Net Assets^F,G
Expenses before reductions		.65	%		.65	%		.66	%		.66	%		.68	%
Expenses net of fee waivers, if any		.64	%		.65	%		.66	%		.66	%		.67	%
Expenses net of all reductions		.64	%		.65	%		.65	%		.66	%		.66	%
Net investment income (loss)		1.39	%		1.72	%		1.63	%		1.53	%		1.43	%
Supplemental Data
Net assets, end of period (000 omitted)	$	8,324,452		$	7,566,062		$	7,504,374		$	7,956,041		$	7,384,756
Portfolio turnover rate^H		20	%		19	%		17	%		10	%		21	%

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

^B	Total distributions of $.32 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.087 per share.

^C	Total distributions of $.91 per share is comprised of distributions from net investment income of $.297 and distributions from net realized gain of $.616 per share.

^D	Total distributions of $.25 per share is comprised of distributions from net investment income of $.239 and distributions from net realized gain of $.015 per share.

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

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

Fidelity Asset Manager 60%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	11.29		$	10.66		$	11.59		$	11.22		$	10.21

Income from Investment Operations
Net investment income (loss)^A		.15			.17			.17			.16			.14
Net realized and unrealized gain (loss)		1.21			.90			(.39	)		.84			1.10

Total from investment operations		1.36			1.07			(.22	)		1.00			1.24

Distributions from net investment income		(.15	)		(.19	)		(.16	)		(.13	)		(.12	)
Distributions from net realized gain		(.02	)		(.25	)		(.56	)		(.50	)		(.11	)

Total distributions		(.18	)^B		(.44	)		(.71	)^C		(.63	)		(.23	)

Net asset value, end of period	$	12.47		$	11.29		$	10.66		$	11.59		$	11.22

Total Return^D		12.19	%		10.31	%		(2.03	)%		9.26	%		12.45	%
Ratios to Average Net Assets^E,F
Expenses before reductions		.71	%		.71	%		.72	%		.72	%		.74	%
Expenses net of fee waivers, if any		.71	%		.71	%		.72	%		.72	%		.74	%
Expenses net of all reductions		.71	%		.71	%		.71	%		.72	%		.73	%
Net investment income (loss)		1.30	%		1.61	%		1.51	%		1.39	%		1.34	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,821,025		$	1,426,502		$	1,275,181		$	1,187,056		$	850,361
Portfolio turnover rate^G		18	%		21	%		22	%		11	%		22	%

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

^B	Total distributions of $.18 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.022 per share.

^C	Total distributions of $.71 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.555 per share.

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

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

Fidelity Asset Manager 70%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	19.84		$	18.89		$	21.30		$	19.66		$	17.38

Income from Investment Operations
Net investment income (loss)^A		.25			.28			.28			.27			.24
Net realized and unrealized gain (loss)		2.54			1.71			(.80	)		1.67			2.32

Total from investment operations		2.79			1.99			(.52	)		1.94			2.56

Distributions from net investment income		(.26	)		(.31	)		(.28	)		(.23	)		(.25	)
Distributions from net realized gain		(.04	)		(.73	)		(1.60	)		(.07	)		(.03	)

Total distributions		(.30	)		(1.04	)		(1.89	)^B		(.30	)		(.28	)

Net asset value, end of period	$	22.33		$	19.84		$	18.89		$	21.30		$	19.66

Total Return^C		14.25	%		10.97	%		(2.69	)%		9.98	%		14.94	%
Ratios to Average Net Assets^D,E
Expenses before reductions		.71	%		.72	%		.72	%		.73	%		.75	%
Expenses net of fee waivers, if any		.71	%		.71	%		.72	%		.73	%		.75	%
Expenses net of all reductions		.70	%		.71	%		.71	%		.72	%		.73	%
Net investment income (loss)		1.20	%		1.48	%		1.38	%		1.31	%		1.29	%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,673,798		$	3,996,905		$	3,745,336		$	3,729,256		$	3,253,088
Portfolio turnover rate^F		19	%		21	%		20	%		13	%		20	%

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

^B	Total distributions of $1.89 per share is comprised of distributions from net investment income of $.282 and distributions from net realized gain of $1.604 per share.

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

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

Fidelity Asset Manager 85%


Years ended September 30,	2017			2016			2015			2014			2013
Selected Per–Share Data
Net asset value, beginning of period	$	16.60		$	15.56		$	17.79		$	16.52		$	14.14

Income from Investment Operations
Net investment income (loss)^A		.19			.19			.20			.21			.18
Net realized and unrealized gain (loss)		2.63			1.60			(.78	)		1.65			2.40

Total from investment operations		2.82			1.79			(.58	)		1.86			2.58

Distributions from net investment income		(.17	)		(.22	)		(.23	)		(.17	)		(.18	)
Distributions from net realized gain		(.05	)		(.53	)		(1.43	)		(.42	)		(.02	)

Total distributions		(.22	)		(.75	)		(1.65	)^B		(.59	)		(.20	)

Net asset value, end of period	$	19.20		$	16.60		$	15.56		$	17.79		$	16.52

Total Return^C		17.20	%		11.92	%		(3.54	)%		11.54	%		18.52	%
Ratios to Average Net Assets^D,E
Expenses before reductions		.73	%		.74	%		.75	%		.74	%		.77	%
Expenses net of fee waivers, if any		.73	%		.74	%		.75	%		.74	%		.77	%
Expenses net of all reductions		.73	%		.74	%		.74	%		.74	%		.75	%
Net investment income (loss)		1.05	%		1.21	%		1.16	%		1.21	%		1.19	%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,832,601		$	1,454,033		$	1,350,006		$	1,433,196		$	1,100,838
Portfolio turnover rate^F		23	%		22	%		29	%		14	%		22	%

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

^B	Total distributions of $1.65 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $1.427 per share.

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

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

Additional Index Information

Fidelity Asset Manager 20% Composite Index^SM is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index^SM - 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 30% Composite Index^SM is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index^SM - 21%; Bloomberg Barclays U.S. Aggregate Bond Index - 50%; MSCI ACWI (All Country World Index) ex USA Index - 9%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 20%. The composition differed in periods prior to October 1, 2015.

Fidelity Asset Manager 40% Composite Index^SM is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index^SM - 28%; Bloomberg Barclays U.S. Aggregate Bond Index - 45%; MSCI ACWI (All Country World Index) ex USA Index - 12%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 15%. The composition differed in periods prior to October 1, 2015.

Fidelity Asset Manager 50% Composite Index^SM is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index^SM - 35%; Bloomberg Barclays U.S. Aggregate Bond Index - 40%; MSCI ACWI (All Country World Index) ex USA Index - 15%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 10%. The composition differed in periods prior to October 1, 2015.

Fidelity Asset Manager 60% Composite Index^SM is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index^SM - 42%; Bloomberg Barclays U.S. Aggregate Bond Index - 35%; MSCI ACWI (All Country World Index) ex USA Index - 18%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 5%. The composition differed in periods prior to October 1, 2015.

Fidelity Asset Manager 70% Composite Index^SM is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index^SM - 49%; Bloomberg Barclays U.S. Aggregate Bond Index - 25%; MSCI ACWI (All Country World Index) ex USA Index - 21%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 5%. The composition differed in periods prior to October 1, 2015.

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

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 ARM pass-throughs), ABS, and CMBS.

S&P 500^® Index 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.

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account.

For individual investors opening an account: When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver’s license.

For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN). You will be asked to provide information about the entity’s control person and beneficial owners, and person(s) with authority over the account, including name, address, date of birth and social security number. You may also be asked to provide documents, such as drivers’ licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity.

You can obtain additional information about the funds. A description of each fund’s policies and procedures for disclosing its holdings is available in the funds’ SAI and on Fidelity’s web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund’s annual and semi-annual reports also include additional information. Each fund’s annual report includes a discussion of the fund’s holdings and recent market conditions and the fund’s investment strategies that affected performance.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-800-544-8544. In addition, you may visit Fidelity’s web site at www.fidelity.com for a free copy of a prospectus, SAI, or annual or semi-annual report or to request other information.

The SAI, the funds’ annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC’s web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds’ SAI, at the SEC’s Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC’s Public Reference Room.

Investment Company Act of 1940, File Number, 811-03221

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity Asset Manager 20% Composite Index, Fidelity Asset Manager 30% Composite Index, Fidelity Asset Manager 40% Composite Index, Fidelity Asset Manager 50% Composite Index, Fidelity Asset Manager 60% Composite Index, Fidelity Asset Manager 70% Composite Index, and Fidelity Asset Manager 85% Composite Index are service marks of FMR LLC.

Any third-party marks that may appear above are the marks of their respective owners.


1.878275.109		AR-PRO-1117

Fidelity Advisor Asset Manager^® Funds

Fidelity Asset Manager^® 20%

Class/Ticker

Fidelity Advisor Asset Manager^® 20%

A/FTAWX M*/FTDWX C/FTCWX I/FTIWX

Fidelity Asset Manager^® 30%

Class/Ticker

Fidelity Advisor Asset Manager^® 30%

A/FTAAX M*/FTTNX C/FCANX I/FTINX

Fidelity Asset Manager^® 40%

Class/Ticker

Fidelity Advisor Asset Manager^® 40%

A/FFNAX M*/FFNTX C/FFNCX I/FFNIX

Fidelity Asset Manager^® 50%

Class/Ticker

Fidelity Advisor Asset Manager^® 50%

A/FFAMX M*/FFTMX C/FFCMX I/FFIMX

Fidelity Asset Manager^® 60%

Class/Ticker

Fidelity Advisor Asset Manager^® 60%

A/FSAAX M*/FSATX C/FSCNX I/FSNIX

Fidelity Asset Manager^® 70%

Class/Ticker

Fidelity Advisor Asset Manager^® 70%

A/FAASX M*/FTASX C/FCASX I/FAAIX

Fidelity Asset Manager^® 85%

Class/Ticker

Fidelity Advisor Asset Manager^® 85%

A/FEYAX M*/FEYTX C/FEYCX I/FEYIX

* This class name was formerly known as Class T.

Prospectus

November 29, 2017


Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
		245 Summer Street, Boston, MA 02210

Contents



Fund Summary		Fidelity Asset Manager^® 20%

		Fidelity Asset Manager^® 30%

		Fidelity Asset Manager^® 40%

		Fidelity Asset Manager^® 50%

		Fidelity Asset Manager^® 60%

		Fidelity Asset Manager^® 70%



		Fidelity Asset Manager^® 85%

Fund Basics		Investment Details

		Valuing Shares

Shareholder Information		Additional Information about the Purchase and Sale of Shares

		Exchanging Shares

		Account Features and Policies

		Dividends and Capital Gain Distributions

		Tax Consequences

Fund Services		Fund Management

		Fund Distribution

Appendix		Financial Highlights

		Additional Index Information

		Sales Charge Waiver Policies Applied by Certain Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 20%/Fidelity Advisor Asset Manager^® 20% A, M, C, I

Investment Objective

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity^® funds. More information about these and other discounts is available from your investment professional and in the “Fund Distribution” section beginning on page 50 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)	Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.

^(b)	On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.41	%		0.41	%		0.41	%		0.41	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.18	%		0.19	%		0.18	%		0.15	%
Acquired fund fees and expenses		0.01	%		0.01	%		0.01	%		0.01	%

Total annual operating expenses^(a)		0.85	%		1.11	%		1.60	%		0.57	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	657	$	657	$	459	$	459	$	263	$	163	$	58	$	58
3 years	$	831	$	831	$	691	$	691	$	505	$	505	$	183	$	183
5 years	$	1,019	$	1,019	$	940	$	940	$	871	$	871	$	318	$	318
10 years	$	1,564	$	1,564	$	1,654	$	1,654	$	1,900	$	1,900	$	714	$	714

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 20% of assets in stocks, 50% of assets in bonds, and 30% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (10%-30%), bond class (40%-60%), and short-term/money market class (10%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.

LOGO


During the periods shown in the chart for Class A:	Returns		Quarter ended
Highest Quarter Return	8.73	%	June 30, 2009
Lowest Quarter Return	(7.79	)%	December 31, 2008
Year-to-Date Return	5.12	%	September 30, 2017

Average Annual Returns

Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Class A—Return Before Taxes		(1.62	)%		2.54	%		2.99	%
Return After Taxes on Distributions		(2.31	)%		1.50	%		1.94	%
Return After Taxes on Distributions and Sale of Fund Shares		(0.82	)%		1.67	%		1.99	%
Class M—Return Before Taxes		0.49	%		2.74	%		2.97	%
Class C—Return Before Taxes		2.55	%		2.96	%		2.80	%
Class I—Return Before Taxes		4.68	%		4.02	%		3.88	%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)		2.65	%		2.23	%		4.34	%
Fidelity Asset Manager 20% Composite Index^SM (reflects no deduction for fees or expenses)		3.54	%		3.66	%		3.70	%

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail

Fidelity Investments

P.O. Box 770002

Cincinnati, OH 45277-0081

Overnight Express:

Fidelity Investments

100 Crosby Parkway

Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver. The price to buy one share of Class C or Class I is its NAV. Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.

The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC). The price to sell one share of Class I is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 30%/Fidelity Advisor Asset Manager^® 30% A, M, C, I

Investment Objective

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)	Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.

^(b)	On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.41	%		0.41	%		0.41	%		0.41	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.19	%		0.20	%		0.20	%		0.21	%
Acquired fund fees and expenses		0.01	%		0.01	%		0.01	%		0.01	%

Total annual operating expenses^(a)		0.86	%		1.12	%		1.62	%		0.63	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	658	$	658	$	460	$	460	$	265	$	165	$	64	$	64
3 years	$	834	$	834	$	694	$	694	$	511	$	511	$	202	$	202
5 years	$	1,024	$	1,024	$	945	$	945	$	881	$	881	$	351	$	351
10 years	$	1,575	$	1,575	$	1,665	$	1,665	$	1,922	$	1,922	$	786	$	786

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 30% of assets in stocks, 50% of assets in bonds, and 20% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (20%-40%), bond class (40%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.


During the periods shown in the chart for Class A:	Returns		Quarter ended
Highest Quarter Return	10.97	%	June 30, 2009
Lowest Quarter Return	(10.67	)%	December 31, 2008
Year-to-Date Return	7.00	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A—Return Before Taxes		(0.88	)%		3.72	%		2.97	%
Return After Taxes on Distributions		(1.50	)%		2.78	%		2.01	%
Return After Taxes on Distributions and Sale of Fund Shares		(0.42	)%		2.62	%		2.01	%
Class M—Return Before Taxes		1.24	%		3.94	%		2.97	%


Class C—Return Before Taxes	3.45	%	4.16	%	2.85	%
Class I—Return Before Taxes	5.46	%	5.20	%	3.89	%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)	2.65	%	2.23	%	4.29	%
Fidelity Asset Manager 30% Composite Index^SM (reflects no deduction for fees or expenses)	4.56	%	4.89	%	3.87	%

(a)	From October 9, 2007

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail

Fidelity Investments

P.O. Box 770002

Cincinnati, OH 45277-0081

Overnight Express:

Fidelity Investments

100 Crosby Parkway

Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 40%/Fidelity Advisor Asset Manager^® 40% A, M, C, I

Investment Objective

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)	Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.

^(b)	On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.41	%		0.41	%		0.41	%		0.41	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.18	%		0.21	%		0.20	%		0.15	%
Acquired fund fees and expenses		0.02	%		0.02	%		0.02	%		0.02	%

Total annual operating expenses^(a)		0.86	%		1.14	%		1.63	%		0.58	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	658	$	658	$	462	$	462	$	266	$	166	$	59	$	59
3 years	$	834	$	834	$	700	$	700	$	514	$	514	$	186	$	186
5 years	$	1,024	$	1,024	$	956	$	956	$	887	$	887	$	324	$	324
10 years	$	1,575	$	1,575	$	1,688	$	1,688	$	1,933	$	1,933	$	726	$	726

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 40% of assets in stocks, 45% of assets in bonds, and 15% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (20%-60%), bond class (30%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.

LOGO


During the periods shown in the chart for Class A:	Returns		Quarter ended
Highest Quarter Return	12.78	%	June 30, 2009
Lowest Quarter Return	(12.40	)%	December 31, 2008
Year-to-Date Return	8.61	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A—Return Before Taxes		(0.30	)%		4.78	%		3.17	%
Return After Taxes on Distributions		(0.87	)%		3.87	%		2.29	%
Return After Taxes on Distributions and Sale of Fund Shares		(0.07	)%		3.48	%		2.21	%
Class M—Return Before Taxes		1.78	%		5.00	%		3.16	%
Class C—Return Before Taxes		3.89	%		5.21	%		3.04	%


Class I—Return Before Taxes	5.96	%	6.30	%	4.09	%
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)	2.65	%	2.23	%	4.29	%
Fidelity Asset Manager 40% Composite Index^SM (reflects no deduction for fees or expenses)	5.45	%	6.02	%	4.13	%

(a)

From October 9, 2007

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail


		Overnight Express:
Fidelity Investments		Fidelity Investments
P.O. Box 770002		100 Crosby Parkway
Cincinnati, OH 45277-0081		Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 50%/Fidelity Advisor Asset Manager^® 50% A, M, C, I

Investment Objective

The fund seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)

Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.

^(b)

On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.50	%		0.50	%		0.50	%		0.50	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.21	%		0.21	%		0.22	%		0.18	%
Acquired fund fees and expenses		0.02	%		0.02	%		0.02	%		0.02	%

Total annual operating expenses^(a)		0.98	%		1.23	%		1.74	%		0.70	%

(a)

Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	669	$	669	$	471	$	471	$	277	$	177	$	72	$	72
3 years	$	869	$	869	$	727	$	727	$	548	$	548	$	224	$	224
5 years	$	1,086	$	1,086	$	1,002	$	1,002	$	944	$	944	$	390	$	390
10 years	$	1,707	$	1,707	$	1,787	$	1,787	$	2,052	$	2,052	$	871	$	871

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 50% of assets in stocks, 40% of assets in bonds, and 10% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (30%-70%), bond class (20%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.


During the periods shown in the chart for Class A:	Returns		Quarter ended
Highest Quarter Return	15.11	%	June 30, 2009
Lowest Quarter Return	(14.80	)%	December 31, 2008
Year-to-Date Return	10.32	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Class A—Return Before Taxes		(0.03	)%		5.65	%		3.93	%
Return After Taxes on Distributions		(0.61	)%		4.29	%		2.73	%
Return After Taxes on Distributions and Sale of Fund Shares		0.17	%		4.10	%		2.74	%
Class M—Return Before Taxes		2.09	%		5.90	%		3.92	%
Class C—Return Before Taxes		4.30	%		6.11	%		3.76	%
Class I—Return Before Taxes		6.32	%		7.19	%		4.84	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.95	%
Fidelity Asset Manager 50% Composite Index^SM (reflects no deduction for fees or expenses)		6.33	%		7.14	%		4.83	%

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail


		Overnight Express:
Fidelity Investments		Fidelity Investments
P.O. Box 770002		100 Crosby Parkway
Cincinnati, OH 45277-0081		Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 60%/Fidelity Advisor Asset Manager^® 60% A, M, C, I

Investment Objective

The fund seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)

^(b)

On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.55	%		0.55	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.23	%		0.23	%		0.23	%		0.20	%
Acquired fund fees and expenses		0.02	%		0.02	%		0.02	%		0.02	%

Total annual operating expenses^(a)		1.05	%		1.30	%		1.80	%		0.77	%

(a)

Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	676	$	676	$	478	$	478	$	283	$	183	$	79	$	79
3 years	$	890	$	890	$	748	$	748	$	566	$	566	$	246	$	246
5 years	$	1,121	$	1,121	$	1,038	$	1,038	$	975	$	975	$	428	$	428
10 years	$	1,784	$	1,784	$	1,863	$	1,863	$	2,116	$	2,116	$	954	$	954

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 60% of assets in stocks, 35% of assets in bonds, and 5% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (40%-90%), bond class (10%-60%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.


During the periods shown in the chart for Class A:	Returns		Quarter ended
Highest Quarter Return	16.69	%	June 30, 2009
Lowest Quarter Return	(15.65	)%	December 31, 2008
Year-to-Date Return	11.99	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A—Return Before Taxes		0.39	%		6.55	%		3.39	%
Return After Taxes on Distributions		0.01	%		5.50	%		2.59	%
Return After Taxes on Distributions and Sale of Fund Shares		0.37	%		4.92	%		2.46	%
Class M—Return Before Taxes		2.48	%		6.78	%		3.38	%
Class C—Return Before Taxes		4.68	%		7.01	%		3.27	%
Class I—Return Before Taxes		6.74	%		8.10	%		4.32	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.24	%
Fidelity Asset Manager 60% Composite Index^SM (reflects no deduction for fees or expenses)		7.21	%		8.27	%		4.55	%

(a)	From October 9, 2007

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail

Fidelity Investments

Overnight Express:

P.O. Box 770002

Cincinnati, OH 45277-0081

Fidelity Investments

100 Crosby Parkway

Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 70%/Fidelity Advisor Asset Manager^® 70% A, M, C, I

Investment Objective

The fund seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)	Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.

^(b)	On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.55	%		0.55	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.22	%		0.22	%		0.22	%		0.19	%
Acquired fund fees and expenses		0.02	%		0.02	%		0.02	%		0.02	%

Total annual operating expenses^(a)		1.04	%		1.29	%		1.79	%		0.76	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	675	$	675	$	477	$	477	$	282	$	182	$	78	$	78
3 years	$	887	$	887	$	745	$	745	$	563	$	563	$	243	$	243
5 years	$	1,116	$	1,116	$	1,033	$	1,033	$	970	$	970	$	422	$	422
10 years	$	1,773	$	1,773	$	1,852	$	1,852	$	2,105	$	2,105	$	942	$	942

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 70% of assets in stocks, 25% of assets in bonds, and 5% of assets in short-term and money market instruments.

•

Adjusting allocation among asset classes gradually within the following ranges: stock class (50%-100%), bond class (0%-50%), and short-term/money market class (0%-50%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.


During the periods shown in the chart for Class A:	Returns		Quarter ended
Highest Quarter Return	18.36	%	June 30, 2009
Lowest Quarter Return	(13.21	)%	September 30, 2011
Year-to-Date Return	13.57	%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Life of class^(a)
Class A—Return Before Taxes		0.62	%		7.43	%		6.42	%
Return After Taxes on Distributions		0.28	%		6.46	%		5.64	%
Return After Taxes on Distributions and Sale of Fund Shares		0.53	%		5.70	%		4.98	%
Class M—Return Before Taxes		2.77	%		7.65	%		6.45	%
Class C—Return Before Taxes		4.94	%		7.89	%		6.39	%


Class I—Return Before Taxes	7.11	%	9.01	%	7.49	%
S&P 500^® Index(reflects no deduction for fees, expenses, or taxes)	11.96	%	14.66	%	10.33	%
Fidelity Asset Manager 70% Composite Index^SM (reflects no deduction for fees or expenses)	7.95	%	9.27	%	7.10	%

(a)	From September 23, 2008

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail

Fidelity Investments

P.O. Box 770002

Cincinnati, OH 45277-0081

Overnight Express:

Fidelity Investments

100 Crosby Parkway

Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Summary

Fund/Class:

Fidelity Asset Manager^® 85%/Fidelity Advisor Asset Manager^® 85% A, M, C, I

Investment Objective

The fund seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees

(fees paid directly from your investment)

Class A

Class M

Class C

Class I

Maximum sales charge (load) on purchases (as a % of offering price)

5.75

3.50

None

Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)

None

^(a)

None

^(a)

1.00

%^(b)

None

^(a)	Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.

^(b)	On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)


	Class A			Class M			Class C			Class I
Management fee		0.55	%		0.55	%		0.55	%		0.55	%
Distribution and/or Service (12b-1) fees		0.25	%		0.50	%		1.00	%		None
Other expenses		0.24	%		0.26	%		0.24	%		0.21	%
Acquired fund fees and expenses		0.02	%		0.02	%		0.02	%		0.02	%

Total annual operating expenses^(a)		1.06	%		1.33	%		1.81	%		0.78	%

(a)	Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This example helps compare the cost of investing in the fund with the cost of investing in other funds.


	Class A				Class M				Class C				Class I
	Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares		Sell All Shares		Hold Shares
1 year	$	677	$	677	$	481	$	481	$	284	$	184	$	80	$	80
3 years	$	893	$	893	$	757	$	757	$	569	$	569	$	249	$	249
5 years	$	1,126	$	1,126	$	1,053	$	1,053	$	980	$	980	$	433	$	433
10 years	$	1,795	$	1,795	$	1,895	$	1,895	$	2,127	$	2,127	$	966	$	966

Portfolio Turnover

Principal Investment Strategies

•

Maintaining a neutral mix over time of 85% of assets in stocks and 15% of assets in bonds and short-term and money market instruments.

•

Adjusting allocation between asset classes gradually within the following ranges: stock class (60%-100%) and bond and short-term/money market class (0%-40%).

•

Investing in domestic and foreign issuers.

•

Investing in Fidelity’s central funds (specialized investment vehicles used by Fidelity^® funds to invest in particular security types or investment disciplines).

Principal Investment Risks

•

Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.

•

Prepayment. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can cause greater price volatility if interest rates change.

•

Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

Performance

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.


During the periods shown in the chart for Class A:	Returns	Quarter ended
Highest Quarter Return	20.68%	June 30, 2009
Lowest Quarter Return	(20.98)%	December 31, 2008
Year-to-Date Return	16.05%	September 30, 2017

Average Annual Returns


For the periods ended December 31, 2016	Past 1 year			Past 5 years			Past 10 years
Class A—Return Before Taxes		0.97	%		8.79	%		4.24	%
Return After Taxes on Distributions		0.72	%		7.74	%		3.59	%
Return After Taxes on Distributions and Sale of Fund Shares		0.75	%		6.80	%		3.26	%
Class M—Return Before Taxes		3.05	%		8.99	%		4.19	%
Class C—Return Before Taxes		5.32	%		9.26	%		4.05	%
Class I—Return Before Taxes		7.39	%		10.39	%		5.17	%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)		11.96	%		14.66	%		6.95	%
Fidelity Asset Manager 85% Composite Index^SM (reflects no deduction for fees or expenses)		9.22	%		10.92	%		5.42	%

Investment Adviser

Portfolio Manager(s)

Geoff Stein (portfolio manager) has managed the fund since June 2009.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail


Fidelity Investments P.O. Box 770002 Cincinnati, OH 45277-0081		Overnight Express: Fidelity Investments 100 Crosby Parkway Covington, KY 41015

Class I eligibility requirements are listed in the “Additional Information about the Purchase and Sale of Shares” section of the prospectus.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.


Initial Purchase Minimum	$	2,500
Fidelity Advisor^® Traditional IRA, Roth IRA, Rollover IRA, and Simplified Employee Pension-IRA for which Fidelity Management Trust Company or an affiliate serves as custodian	$	500
Through a regular investment plan established at the time the fund position is opened	$	100

The fund may waive or lower purchase minimums in other circumstances.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Fund Basics

Investment Details

Investment Objective

Principal Investment Strategies

The Adviser may overweight or underweight each asset class within the following ranges:

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

14% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

6% MSCI ACWI ex USA Index (foreign stocks)

•

50% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

30% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 30% stock class, 50% bond class; and 20% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

21% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

9% MSCI ACWI ex USA Index (foreign stocks)

•

50% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

20% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 40% stock class, 45% bond class; and 15% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

28% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

12% MSCI ACWI ex USA Index (foreign stocks)

•

45% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

15% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 50% seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 50% stock class, 40% bond class; and 10% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

35% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

15% MSCI ACWI ex USA Index (foreign stocks)

•

40% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

10% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

Although the central funds are categorized generally as stock, bond, and short-term/money market funds, many of the central funds may invest in a mix of securities of foreign (including emerging markets) and domestic issuers, investment-grade and lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), and other securities, and may engage in transactions that have a leveraging effect, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options (including options on futures and swaps), and futures contracts - and forward-settling securities. Central funds may also focus on other types of securities, including commodity-linked derivative instruments such as commodity-linked notes and commodity futures and swaps. The Adviser may invest the fund’s assets in central funds created in the future, as determined from time to time by the Adviser.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 60% seeks high total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 60% stock class, 35% bond class; and 5% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

42% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

18% MSCI ACWI ex USA Index (foreign stocks)

•

35% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

5% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 70% seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

The fund organizes its investments into three main asset classes: the stock class, the bond class, and the short-term/money market class. The fund’s neutral mix is 70% stock class, 25% bond class; and 5% short-term/money market class.

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

49% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

21% MSCI ACWI ex USA Index (foreign stocks)

•

25% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds)

•

5% Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

Stock Class

Bond Class

Short-Term/Money Market Class

Although the central funds are categorized generally as stock, bond, and short-term/money market funds, many of the central funds may invest in a mix of securities of foreign (including emerging markets) and domestic issuers, investment-grade and lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), and other securities, and may engage in transactions that have a leveraging effect, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options (including options on futures and swaps), and futures contracts and forward-settling securities. Central funds may also focus on other types of securities, including commodity-linked derivative instruments such as commodity-linked notes and commodity futures and swaps. The Adviser may invest the fund’s assets in central funds created in the future, as determined from time to time by the Adviser.

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Investment Objective

Fidelity Asset Manager^® 85% seeks to maximize total return over the long term by allocating its assets among stocks, bonds, short-term instruments, and other investments.

Principal Investment Strategies

The Adviser may overweight or underweight each asset class within the following ranges:

LOGO

In managing the fund, the Adviser seeks to outperform the following composite benchmark, which is designed to represent the neutral mix:

•

60% Dow Jones U.S. Total Stock Market Index^SM (U.S. stocks)

•

25% MSCI ACWI ex USA Index (foreign stocks)

•

15% Bloomberg Barclays U.S. Aggregate Bond Index (U.S. bonds and short term/money market instruments)

Stock Class

Bond and Short-Term/Money Market Class

In addition to the principal investment strategies discussed above, the Adviser may lend the fund’s securities to broker-dealers or other institutions to earn income for the fund.

If the Adviser’s strategies do not work as intended, the fund may not achieve its objective.

Description of Principal Security Types

Principal Investment Risks

The following factors can significantly affect a fund’s performance:

maturity-shortening structure also can be affected by these types of changes, and if the structure of a security fails to function as intended, the security could decline in value. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities tend to be particularly sensitive to these changes.