Fidelity Global Balanced Fund
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- Dana Tyler
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1 Fidelity Global Balanced Fund Key Takeaways The fund's Retail Class shares gained 14.49% for the fiscal year ending October 31, 2017, outpacing the 13.61% return of the benchmark Fidelity Global Balanced Composite Index SM. Strong stock selection, primarily in the United States, fueled the fund's outperformance of the Composite index. Within U.S. equities, positioning in information technology helped most. On the whole, security selection had a positive impact versus the Composite benchmark. Besides U.S. stocks, picks among equities in Japan and Europe notably contributed. Lead Manager Geoff Stein's fixed-income allocation strategy of underweighting sovereign bonds in favor of out-ofbenchmark positions in international inflation-linked bonds and long-term U.S. Treasuries also aided relative results. This contribution was partially offset by an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which detracted this period. Overall equity allocation moderately contributed versus the Composite benchmark, led by emerging-markets exposure. The fund generally was positioned relatively closely to the benchmark's asset class weightings throughout the period, as Geoff sought to limit the amount of active asset allocation risk. At period end, Geoff and his team have lately been somewhat encouraged by the U.S. fundamental environment. As a result, they slightly increased the fund's equity allocation, shifting exposure from international to domestic. The Board of Trustees unanimously approved a proposal to merge all classes of Fidelity Global Balanced Fund into corresponding shares of Fidelity Asset Manager 60%. Shareholders of Global Balanced will meet on March 8, 2018, to vote on the proposal. If approved, the merger will occur on or about April 20, MARKET RECAP The MSCI World Index of developedmarkets equities rose 23.32% for the year ending October 31, 2017, helped partly by a generally weak U.S. dollar. Favorable election results in continental Europe (+30%) suggested ebbing political uncertainty and near-term risk there, but the U.K. (+20%) faced moremixed conditions ahead of its expected exit from the European Union. Despite central-bank easing and recent yen strength Japan (+18%) lagged the rest of the Asia-Pacific group (+19%). Commodity-price volatility slowed Canada (+17%), but emerging markets (+27%), as measured by the MSCI Emerging Markets Index, sped ahead. Sector-wise within the MSCI World Index, technology (+38%) performed best, driven by a surge in U.S. internetrelated names. In energy (+9%), oil prices took a round trip to end well above where they started 12 months ago. Meanwhile, financials (+33%) rode rising interest rates that, at the same time, weighed on real estate (+10%) and other income-oriented sectors. Rising rates also stymied sovereign bonds: the Citigroup World Government Bond Index returned 0.23% for the 12 months. Countervailing forces included stable growth and muted inflation across developed economies. Central banks in England, Europe and the U.S. have signaled a shift toward policy normalization, with the latter two indicating intent to wind down their quantitative easing programs. Not FDIC Insured May Lose Value No Bank Guarantee
2 Q&A An interview with Manager Geoff Stein Fund Facts Trading Symbol: Geoff Stein Lead Manager FGBLX Start Date: February 01, 1993 Size (in millions): $ Investment Approach Fidelity Global Balanced Fund is a globally diversified strategy that seeks income and capital growth by investing in both U.S. and non-u.s. equity and debt securities. The fund has a neutral allocation of 60% equities and 40% bonds, with a bias toward developed markets. Assets are divided among several subportfolios, representing our core holdings in developed markets and "opportunistic" out-of-benchmark investments in lowerquality bonds, real estate investment trusts (REITs) and emerging-markets securities. These subportfolios are managed by specialized asset-class investment professionals, allowing the fund to incorporate investment and research expertise from across the Fidelity organization. In making asset allocation decisions for the fund, the lead portfolio managers have the flexibility to make moderate tactical shifts among asset-class and regional weightings to help manage risk and capitalize on relative-value opportunities. Q: Geoff, how did the fund perform for the fiscal year ending October 31, 2017 For the 12 months, the fund's Retail Class shares gained 14.49%, outpacing the 13.61% return of the benchmark, the Fidelity Global Balanced Composite Index SM and ahead of our Morningstar peer group average as well. Strong stock selection, primarily in the United States, fueled the fund's relative outperformance. Asset allocation modestly contributed, led by an underweighting in sovereign bonds. Q: Tell us more about U.S. stock selection over the past year. The U.S. equity subportfolio faced some major headwinds early in the period after the election of Donald Trump suddenly drove up the earnings-growth prospects of companies in economically sensitive or cyclical industries. The manager of the subportfolio focuses on what he considers above-average earnings growth at a reasonable price (GARP), and before the election many of these stocks simply didn't meet his criteria. When the market abruptly shifted direction after the election, he didn't have enough exposure to the cyclical stocks that were big winners. The subportfolio rapidly made up ground in 2017, rebounding strongly when the pendulum swung back toward higher-quality companies with compounded earnings growth. The manager did a particularly nice job with positioning in the top-performing information technology sector, along with picks in consumer discretionary. Q: What about security selection in other areas Security selection as a whole was positive. Besides U.S. stocks, picks among equities in Japan and Europe notably contributed versus the Composite benchmark. Picks in industrials, real estate and consumer discretionary drove results in Japan. In Europe, selections in the United Kingdom and Spain delivered the biggest boost. At the industry level, choices in software & services and pharma, biotechnology & life sciences added the most value. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
3 Elsewhere, picks in the Asia ex Japan region and emerging markets (EM) also contributed, albeit to a lesser extent. In discussing our overseas investment activity, I think it's worth noting that the fund's exposure to international markets benefited from U.S.-dollar weakness because we do not hedge our non-u.s. allocations. Q: What worked and didn't work from an asset allocation perspective Shareholders will recall that the fund can invest in several asset classes, six of which fall within our two main areas of focus: developed-markets (DM) equities and sovereign debt. Within DM stocks, I have the ability to tactically overand underweight regional exposures through five subportfolios covering the United States, Europe, Canada, Japan and the rest of developed Asia. Also, I have flexibility to invest tactically in non-core asset classes including EM securities, DM corporate credit, inflation-linked DM sovereign bonds and commodities in an effort to capitalize on relative-value opportunities. This period, the fund was positioned relatively closely to its asset class benchmark weights, as I sought to manage the amount of active asset allocation risk. On the plus side, our fixed-income strategy aided relative performance. The fund was underweighted in sovereign bonds, which proved advantageous since the asset class generated a minimally positive return for the period. On a net basis, the combination of underweighting sovereigns in favor of outof-benchmark positions in international inflation-linked bonds and long-term U.S. Treasuries contributed. On the downside, U.S. TIPS detracted this period, underperforming both nominal Treasuries and the broad investment-grade bond market, as U.S. inflation expectations remained subdued. Equity allocation moderately contributed versus the Composite benchmark. Our EM exposure was a standout, advancing roughly 26% for the period. This benefit was partially offset by a small allocation to commodities, because this asset class failed to keep pace with equity gains. Average underweightings in the U.S. and Canada also marginally detracted. Q: How would you summarize your overall approach with the fund As always, my strategic objective aims for a favorable combination of capital growth and income while also managing downside risk. I seek to manage risk by maintaining a substantial allocation to high-quality government bonds from both U.S. and non-u.s. issuers and by emphasizing developed-markets securities. Q: What is your outlook as of period end We're somewhat more encouraged by the fundamental environment now than we were several months ago. U.S. GDP (gross domestic product) improved as the period progressed, and registered two consecutive quarters of 3% or better annualized growth in the second and third quarters of Consequently, we think U.S. economic growth appears solid, albeit unspectacular. Overseas, the 19-country eurozone economy grew at an annualized rate of 2.4% in 2017's third quarter, a slowdown from the 2.6% growth rate recorded in the second quarter. Despite the third-quarter deceleration, the eurozone economy appears on course for its strongest year since Meanwhile, Japan's economy grew at an annualized pace of 1.4% in the July-September quarter, marking the country's seventh-straight quarter of growth its longest streak since For the first time in a decade, the world's major economies appear to be growing in sync. This parallel growth trend has been fueled by low interest rates and other stimulus measures by central banks, along with the gradual fading of crises that over the years ricocheted from the United States to Greece, Brazil and elsewhere. The U.S. Fed looks to be gradually unwinding its ultraaccommodative monetary policy by raising short-term interest rates and slowly reducing its massive bond portfolio. Other central banks are also starting to provide less liquidity to the financial markets. It appears to us that central-bank rate hikes are likely to proceed at a measured pace. As a result, we don't believe global monetary policy poses a major threat to stock prices at this time. We also think the positive trend in corporate earnings could continue, although we don't expect future earnings growth to be as robust as it has been thus far in We see strong but competing forces within both equity and credit markets, where stretched valuations and tighter spreads appear to be balanced by continued momentum. U.S. equity valuations appear full to us, but not extreme. We don't see inflation as a near-term threat, and investor sentiment remains skeptical, in our view. All told, we think these factors portray a reasonably supportive backdrop for stocks, particularly in the U.S., at least over the near term. Consequently, the current environment gave us confidence to slightly increase the fund's U.S. equity allocation from an underweighting to about an equal weighting with the MSCI US index component of our Composite benchmark. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
4 LARGEST EQUITY CONTRIBUTORS VS. BENCHMARK Geoff Stein on fund positioning: "As of period end, I have a somewhat more favorable outlook for U.S. equities versus foreign DM stocks. As a result, the fund had a modestly greater total allocation to equity, but the allocation to foreign DM stocks was reduced in favor of U.S. equities. Our U.S. stock allocation was increased to about neutral, whereas the overweightings in Europe and Japan were reduced. I held the fund's allocation to EM stocks steady at around 2.5% of assets, based on my continued favorable longerterm outlook for that asset class. Elsewhere, I kept the fund modestly underweighted in Canada. "Looking at other parts of the portfolio, we're at the stage of the business cycle where inflation normally begins to rise, but that hasn't happened yet. The most recent data on U.S. inflation showed that the Federal Reserve's preferred price gauge, the personal-consumption expenditures price index, had risen at a 1.6% annual rate well below the Fed's long-elusive 2% target. Most Fed officials believe that a tightening labor market likely will push inflation higher over the medium term. Inflation also remains low in the eurozone, Japan and most other developed economies. Within this environment, we see inflation protection as an underpriced risk. Thus, I plan to maintain the fund's allocations to commodities and TIPS, seeking to capitalize on out-of-favor asset classes offering what we think are attractive valuations. Further, I believe it's prudent to maintain some degree of inflation hedging in a diversified portfolio in case price pressure unexpectedly rises. "Given tight credit spreads and the potential for higher interest rates, we don't find the risk/reward profile of sovereign bonds particularly attractive at this time. I thus plan to maintain the fund's underweighting there." Holding Adobe Systems, Inc. Market Segment Information Technology Average Relative Relative Contribution (basis points)* 2.34% 69 CBOE Holdings, Inc. Financials 1.49% 65 PayPal Holdings, Inc. Information Technology 0.90% 53 Caterpillar, Inc. Industrials 1.18% 46 General Electric Co. Industrials -0.70% 41 * 1 basis point = 0.01%. LARGEST EQUITY DETRACTORS VS. BENCHMARK Holding First Quantum Minerals Ltd. Intercept Pharmaceuticals, Inc. Market Segment Average Relative Relative Contribution (basis points)* Materials 0.67% -51 Health Care 0.49% -47 American Tower Corp. Real Estate 0.53% -32 British American Tobacco PLC sponsored ADR Consumer Staples 0.89% -30 Alkermes PLC Health Care 0.97% -27 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Six Months Ago International Equities 31.93% 34.31% Developed Markets 25.90% 29.48% Emerging Markets 4.30% 2.57% Tax-Advantaged Domiciles 1.73% 2.26% Domestic Equities 34.76% 31.99% Bonds 31.27% 31.98% Commodities & Related Investments 1.29% 0.97% Cash & Net Other Assets 0.75% 0.75% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
5 LARGEST EQUITY SECTOR WEIGHTS Sector Six Months Ago Information Technology 23.11% 19.64% Financials 22.21% 25.58% Consumer Discretionary 11.10% 12.40% Industrials 10.86% 14.72% Health Care 9.96% 11.34% LARGEST FIXED-INCOME SECTOR WEIGHTS Sector Six Months Ago Non-U.S. Developed 66.44% 65.95% U.S. Treasury 33.56% 34.05% U.S. Agency 0.00% 0.00% Mortgage Pass-Through 0.00% 0.00% Asset-Backed Securities 0.00% 0.00% COUNTRY DIVERSIFICATION Country Six Months Ago United States 47.11% 45.23% Japan 12.45% 13.48% France 7.63% 3.67% Germany 5.33% 6.11% United Kingdom 5.20% 5.24% Sweden 3.34% 2.75% Netherlands 2.36% 3.73% Italy 2.14% 3.73% Canada 1.82% 2.65% Global 1.73% 2.25% Australia 1.56% 1.60% China 1.39% -- Spain 1.28% 1.29% Hong Kong 1.07% 1.02% Ireland 1.01% 1.45% 10 LARGEST HOLDINGS Holding Six Months Ago ishares S&P 500 Index ETF 4.00% -- U.S. Treasury Notes 1.25% 3/31/ % 5.76% French Government 4% 4/25/ % -- French Government 0% 2/25/ % -- U.S. Treasury Notes 1.75% 5/15/ % -- ishares Barclays TIPS Bond ETF 1.75% 1.96% SPDR DB International Government Inflation-Protected Bond ETF 1.73% 2.25% Japan Government 1.7% 9/20/ % 2.74% Adobe Systems, Inc. 1.61% 1.46% U.S. Treasury Notes 0.75% 8/31/ % Largest Holdings as a % of Net Assets 23.24% 23.29% Total Number of Holdings The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. LARGEST HOLDINGS BY ISSUER Issuer Six Months Ago UNITED STATES TREASURY 10.50% 10.89% ISHARES TRUST 7.17% 2.95% JAPAN GOVERNMENT OF 6.75% 7.37% FRANCE REPUBLIC OF 6.37% -- UNITED KINGDOM,G.B.&N.IRELAND 1.99% -- Five Largest Issuers as a % of Net Assets 32.78% 26.06% Total Number of Holdings The five largest issuers are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
6 FISCAL PERFORMANCE SUMMARY: Periods ending October 31, Month Cumulative YTD 1 Year 3 Year Annualized 5 Year 10 Year/ LOF 1 Fidelity Global Balanced Fund Gross Expense Ratio: 1.02% % 17.15% 14.49% 5.09% 6.48% 4.19% MSCI World (Net MA) Index 9.74% 18.64% 23.32% 8.61% 12.04% 4.53% FID Global Balanced Composite 6.96% 13.37% 13.61% 5.59% 7.04% 4.14% Morningstar Fund World Allocation 6.27% 12.42% 13.60% 4.30% 6.04% 3.72% % Rank in Morningstar Category (1% = Best) % 33% 51% 42% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 02/01/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. BROAD ASSET CLASS RETURNS (%) PERIOD ENDING OCTOBER 31, 2017 P e r f o r m a n c e Best Worst Dispersion of Returns* Calendar-Year Returns Average Annual Cumulative Year 3 Year 1 Year 6 Mos 3 Mos Source: FMRCo., periods greater than one year are annualized *Difference between best- and worst-performing asset classes over the given time period You cannot invest directly in an index. Past performance is no guarantee of future results. U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities - MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - The BofA Merrill Lynch U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation- Protected Debt - Bloomberg Barclays U.S Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index U.S. Equities Non-U.S. Developed-Markets Equities Emerging-Markets Equities Commodities High-Yield Debt Floating-Rate Debt Emerging-Markets Debt Real Estate Debt Investment-Grade Debt Inflation-Protected Debt Short-Term Debt 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
7 Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. BROAD ASSET CLASS RETURNS A graphical representation of historical market performance and the variations in returns among asset classes, as represented by the following indexes: Bloomberg Barclays U.S Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted index that measures the performance of inflation-protected securities issued by the U.S. Treasury that have a remaining average life between 1 and 10 years. Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips. Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, governmentrelated and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS. BofA Merrill Lynch U.S. High Yield Constrained Index is a modified market capitalization weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of The BofA Merrill Lynch US High Yield Index but caps issuer exposure at 2%. Bloomberg Commodity Index Total Return measures the performance of the commodities market. It consists of exchangetraded futures contracts on physical commodities that are weighted to account for the economic significance and market liquidity of each commodity. Dow Jones U.S. Total Stock Market Index is a float-adjusted market capitalization weighted index of all equity securities of U.S. headquartered companies with readily available price data. Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The BofA Merrill Lynch US Real Estate Index - 40%; MSCI REIT Preferred Index - 40%; and FTSE NAREIT All REITs Index - 20%. J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued by Emerging Market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds. MSCI World ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside the United States. MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in emerging markets. S&P/LSTA Leveraged Performing Loan Index is a market valueweighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments. FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Fidelity Global Balanced Composite Index is a customized blend of unmanaged indexes, weighted as follows: MSCI World Index - 60%; and Citigroup World Government Bond Index - 40%. MSCI World Index (Net MA Tax) is a market-capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets. Index returns are adjusted for tax withholding rates applicable to U.S. based on mutual funds organized as Massachusetts business trusts. MSCI World Index is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors of developed markets. MSCI Emerging Markets Index is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in emerging markets. Citigroup World Government Bond Index is a market-value-weighted index of investment-grade debt issues traded in world government bond markets. SECTOR WEIGHTS Sector weights illustrate examples of market segments in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any subset of the market. 7
8 RANKING INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. 8
9 Manager Facts Geoff Stein is a portfolio manager in the Global Asset Allocation (GAA) group at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, he serves as lead or co-manager for a number of multi-asset class mutual funds and sub advisory accounts for US and Canadian investors. Such funds include the Fidelity Asset Manager Funds, Fidelity Canadian Asset Allocation Funds, Fidelity Monthly Income Fund, Fidelity Income Allocation Fund, Fidelity Dividend Fund, Fidelity Asset Allocation Private Pool, and various other Fidelity funds. In this capacity, Geoff focuses primarily on active asset allocation. Prior to assuming his current position in April 2009, Geoff was Chief Investment Officer of Fidelity Charitable Gift Fund from 2007 to Previously, he worked as a portfolio manager and director of portfolio management from 1998 to 2007, focusing on Fidelity Advisory Service, and as an investment consultant for Fidelity Investments Institutional Services Company, Inc. (FIIS) and Fidelity Management & Research Company (FMRCo) from 1994 to Before joining Fidelity in 1994, Geoff served as a director of client services at Jacobs Levy Equity Management from 1992 to 1994, and as a consultant at Cambridge Associates from 1988 to He has been in the industry since Geoff earned his bachelor of arts degree in economics from Yale and his master of business administration degree from Stanford University. He is also a Chartered Financial Analyst (CFA) charterholder. 9 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
10 PERFORMANCE SUMMARY: Quarter ending September 30, Year 3 Year Annualized 5 Year 10 Year/ LOF 1 Fidelity Global Balanced Fund Gross Expense Ratio: 1.02% % 4.49% 6.02% 4.43% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 02/01/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims 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. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.
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