Chairman's Message | June 30, 2020

Abigail P. Johnson

Dear Shareholder:

U.S. money markets produced one of their strongest yearly returns in a decade for the 12 months ending June 30, 2020, as economic contraction, escalating trade conflict, subdued inflation expectations, lower U.S. policy interest rates, and a flight to safety boosted demand for short-term investments.

Early in the period, macro momentum for short-term yields began to wane due to disappointing manufacturing data. Lackluster inflation expectations also added to the downward pressure on yields. Lingering uncertainty regarding U.S. trade policy reduced some risk-taking in the broader market, contributing to strong demand for short-term bonds amid limited supply.

Short-term yields fell through much of August, driven by continued economic concern, as well as the FOMC's decision in July to cut the fed funds rate by 25 basis points to a range of 2.00% to 2.25% and the decision in August to end the reduction of its asset portfolio. The committee cited robust household spending, but lackluster pace of business investment, while signaling for additional policy rate cuts, if necessary. Yields continued to fall through early November, as the FOMC cut rates by 25 basis points each in September and October, citing trade policy and the global economy as potential downside risks.

Market yields stabilized in December through mid-February, before declining markedly, due to economic disruption and market volatility related to the spread of the novel coronavirus. In March, short-term debt securities issued by companies, known as commercial paper, and certain municipal securities became less liquid than usual. In response, the fed dropped the fed funds rate to a range of 0.00% to 0.25% by theend of March, and made available $1.5 trillion of additional liquidity via its open-market operations, with an additional commitment of $1.0 trillion per week, if needed. The fed also boosted its holdings of U.S. Treasuries and agency mortgage-backed securities and introduced several loan and credit facilities to enhance market liquidity.

By the end of the second quarter of 2020, short-term markets were functioning normally and volatility dramatically decreased, although market yields remained historically low. However, U.S. Federal Reserve Chairman Jerome Powell has noted he does not see negative rates as an appropriate policy for the U.S., and he pledged additional action to support an economic recovery, if necessary.

At Fidelity, we take a very conservative approach to managing our money market funds and we closely monitor fund liquidity. All our money market funds have ample liquid assets, and their liquidity profiles are published on our websites. We will continue to manage all of our money market funds as we always have – with the goal of providing safety and liquidity for shareholders' investments.

Thank you for your confidence in Fidelity's investment capabilities. For more information on current market developments, please visit our websites.

Sincerely,

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

Not FDIC Insured • May Lose Value • No Bank Guarantee

Please see the next page for important information.

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

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

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

Past performance does not guarantee future results.

Diversification does not ensure a profit or guarantee against a loss.

If receiving this piece through your relationship with Fidelity InstitutionalSM (FI), this publication is provided to investment professionals, plan sponsors, institutional investors, and individual investors by Fidelity Distributors Company LLC.

If you are receiving this piece through your relationship with Fidelity Personal & Workplace Investing (PWI), Fidelity Family Office Services (FFOS) or Fidelity Clearing & Custody Solutions® (FCCS), this publication is provided through Fidelity Brokerage Services LLC, Member NYSE, SIPC.

© 2020 FMR LLC. All rights reserved.Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

727489.51.0