Fidelity®

Global Balanced

Fund

Shareholder Update

October 31, 2011

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Contents

Shareholder Update:
Fund Talk	<Click Here>	The Portfolio Managers' review of fund performance, strategy and outlook.
Performance	<Click Here>	How the fund has done over time.

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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.

The views expressed in the Fund Talk section of this update reflect those of the portfolio manager(s) only through the end of the period as stated on the cover 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. 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.

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.

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. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible.

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

Foreign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which are magnified in emerging markets.

The fund may invest in lower-quality debt securities that involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

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

This shareholder update is not part of the fund's financial report and is submitted for the general information of the shareholders of the fund. This update is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

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Fund Talk: The Managers' Overview

Market Recap

Global equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the year, despite concern about sovereign debt in Europe, a devastating earthquake/tsunami in Japan, and political upheaval in the Arab world. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China, the debt ceiling debate and Standard & Poor's downgrade of its long-term sovereign credit rating of the U.S., and a dimmer outlook for global growth caused markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as better-than-expected U.S. economic data and prospects for a resolution to the European debt debacle prompted buyers to storm back onto the scene in search of bargains. Those gains — along with favorable currency fluctuations overall — lifted the MSCI® World Index 2.12% for the year. Within the index, Europe declined the most, with most countries in the region sustaining steep losses. By contrast, the U.S. (+8%), which dominates the index, fared well, as did Australia (+4%) and Switzerland (+3%). Japan showed resilience in the wake of its natural disasters, falling only 2%. Global bond markets performed comparatively well, with the Citigroup® World Government Bond Index gaining 3.73%.

Ruben Calderon (left) and Geoff Stein, Lead Co-Portfolio Managers of Fidelity® Global Balanced Fund

Q. How did the fund perform, Ruben?

R.C. For the one-year period ending October 31, 2011, the fund's Retail Class shares gained 2.34%, underperforming the 3.13% return of the Fidelity Global Balanced Composite Index — a 60%/40% blend of the MSCI® World Index and the Citigroup® World Government Bond Index — but handily outpacing the 0.55% gain of the Morningstar® World Allocation Category.

Q. What was your allocation strategy?

R.C. We began the period overweighted in equities and underweighted in investment-grade bonds. However, the pendulum-like swings of global markets during the period's second half prompted us to increase our stake in investment-grade debt and reconsider our investment strategy in the volatile equity asset class. As a result, the fund was overweighted in investment-grade bonds and underweighted in equities at period end. These shifts paid off nicely for the fund overall, making asset allocation a meaningful contributor to relative results. Within the equity subportfolio, underweighting the weak-performing Europe sleeve was the right call, as the region continued to suffer declines amid growing concern about the future of the euro. Conversely, a small out-of-index stake in a Fidelity central fund of emerging-markets stocks during the period's latter half was detrimental. We began reducing our allocation to the group given prevailing inflation concerns here and slowing growth in China — the region's largest economy — which threatened to put a chokehold on this previously strong-performing group. On the fixed-income side, increasing our stake in emerging-markets debt — through an investment in a dedicated Fidelity central fund, which we added to the portfolio in March — was a beneficial move. We believed that emerging markets offered incrementally better credit quality relative to developed markets worldwide, and our average overweighting here helped.

Q. Geoff, how did the equity subportfolios perform?

G.S. Absolute results among the sleeves were mixed, with all equity segments except the U.S. and Canada suffering declines. Our U.S. investments boasted the largest return for the period, as solid business fundamentals in corporate America fueled a supportive backdrop for domestic stocks. By contrast, the Europe subportfolio declined the most. On balance, security selection detracted from relative results, though a strong showing from the U.S. subportfolio partially offset underperformance from the Europe, Asia ex Japan and Japan sleeves.

Q. And the investment-grade debt subportfolio?

G.S. The developed-country debt sleeve produced a low-single-digit advance, moderately underperforming its benchmark. While most factors were favorable to neutral for the high-grade asset class, yield spreads widened during the period, and even high-grade corporates — which the fund owns — saw their spreads increase, detracting from relative results.

Q. Ruben, what's your outlook as of period end?

R.C. Volatile global equity markets continue to appear inexpensive, while sovereign bonds look stretched amid historically low yields and generally higher prices. Over much of the past year, we continued to confront the conundrum of overweighting equities or buying relatively safer bonds — a challenge at the core of the fund, which aims to provide growth while having an edge towards capital preservation. That said, we feel equities have begun to lose their appeal, as the cash-rich corporate sector has failed to act as the locomotive for growth given deep uncertainties on the global regulatory and fiscal fronts. This leaves corporate bonds, especially high yield, as an attractive alternative to benefit from the health of the corporate sector. The fund has exposure to this asset class through Fidelity's dedicated high-yield bond central fund. As for sovereign bonds, we continue to see them as an attractive diversifier amid market volatility. Although rating agencies may downgrade some sovereign paper, governments have great taxing power to avoid default and help service their debt. Moreover, our outlook for near-term inflation is relatively low, which should provide a supportive backdrop for the asset class.

Fund Facts

Goal: income and capital growth consistent with reasonable risk by investing in equity and debt securities, including lower-quality debt securities, issued anywhere in the world

Fund number: 334

Trading symbol: FGBLX

Start date: February 1, 1993

Size: as of October 31, 2011, more than $565 million

Managers: Ruben Calderon, co-manager, since 2006; international equity analyst, 1995-2009; joined Fidelity in 1995; Geoff Stein, co-manager, since 2009; co-manager, Fidelity Advisor Stock Selector All Cap Fund, since 2010; Fidelity Stock Selector All Cap Fund, since 2009; manager, Fidelity and VIP Asset Manager portfolios, since 2009; Strategic Advisers International Fund, 2006-2008; Strategic Advisers Small-Mid Cap Fund, 2005-2008; various institutional portfolio management duties, 1994-2009; joined Fidelity in 1994

Ruben Calderon on opportunities in Brazil:

"As investors focus their attention on European sovereign debt, inflation in China and the U.S. debt ceiling saga, a recent visit to Brazil with a colleague as part of a Fidelity Global Asset Allocation team research excursion led me to several striking conclusions regarding opportunities and risk from an asset allocation perspective. Brazil, which at 15% was the largest component of the MSCI® Emerging Markets Index during the period, has a long-standing, relatively stable democracy compared with many other emerging markets. Its unemployment rate has experienced a precipitous fall in the past decade, below that of the U.S. and Mexico, another important Latin American financial market. Another point of interest is the country's income growth pattern. From 2000 to 2010, the poorest segments of the population experienced significant improvement in their incomes without a negative impact to the incomes of the wealthier end of the spectrum. This partly results from a vibrant domestic consumer in Brazil. As investors continue to be wary about China's slowing economic growth and growing debt, I believe investments in Brazil could become an increasingly attractive means of portfolio diversification from within the emerging markets."

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Performance

The information provided in the tables below shows you the performance of Fidelity Global Balanced Fund, a class of the fund, with comparisons over different time periods to the fund's relevant benchmarks — including appropriate indices as well as a group of similar funds whose average returns are compiled and monitored by an independent mutual fund research company. Seeing the returns over different time periods can help you assess Fidelity Global Balanced Fund's performance against relevant measurements and across multiple market environments. The performance information is presented in two ways — cumulative total returns and average annual total returns — and is further explained in this section.*

Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit fidelity.com/performance or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate; therefore, you may have a gain or loss when you sell your shares.

Fidelity Global Balanced Fund has a 1.00% short-term redemption fee on shares held less than 30 days.

Fiscal Periods Ended October 31, 2011

Cumulative Total Returns		Past 1 year	Past 5 years	Past 10 years
Fidelity Global Balanced Fund		2.34%	24.16%	114.25%
MSCI World Index		2.12%	-3.01%	61.90%
Fidelity Global Balanced Composite Index		3.13%	16.15%	82.83%
MSCI World Index		2.12%	-3.01%	61.90%
Citigroup World Government Bond Index		3.73%	43.26%	104.33%
Morningstar® World Allocation Category		0.55%	15.40%	92.27%

Cumulative total returns reflect performance over the periods shown. This information represents returns as of the end of the fund's fiscal period as shown on the cover of this shareholder update.

Average Annual Total Returns	Past 1 year	Past 5 years	Past 10 years
Fidelity Global Balanced Fund	2.34%	4.42%	7.92%
MSCI World Index	2.12%	-0.61%	4.94%
Fidelity Global Balanced Composite Index	3.13%	3.04%	6.22%
Morningstar World Allocation Category	0.55%	2.75%	6.42%

Average annual total returns represent just that — the average return on an annual basis for Fidelity Global Balanced Fund and the fund's benchmarks, assuming consistent performance over the periods shown, based on the cumulative return and the length of the period. This information represents returns as of the end of the fund's fiscal period as shown on the cover of this shareholder update.

Periods Ended September 30, 2011

Average Annual Total Returns	Past 1 year	Past 5 years	Past 10 years
Fidelity Global Balanced Fund	-0.35%	3.75%	7.76%
MSCI World Index	-4.01%	-1.84%	4.10%
Fidelity Global Balanced Composite Index	-0.39%	2.28%	5.71%
Morningstar World Allocation Category	-2.77%	1.82%	5.89%

This information shows the returns of Fidelity Global Balanced Fund, the fund's indices, and peer group for different time periods through the end of the most recent calendar quarter, as opposed to through the end of the fund's fiscal period as shown in the previous section.

Expense ratio: 1.06%

Expense ratio is the total annual operating expense ratio from the most recent prospectus. A class' net expenses paid may be different. Effective November 1, 2010, FMR has voluntarily agreed to reimburse the class of shares of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 1.20%. This arrangement may be discontinued by FMR at any time. Please refer to the most recent prospectus and annual report for more information on a class' expenses.

Morningstar calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than obtained by averaging the cumulative total returns and annualizing the result.

See next page for index information.

* Total returns are historical and include changes in share price and reinvestment of dividends and capital gains distributions, if any.

Past performance is no guarantee of future results.

For complete fund holdings, please see the Investments section of the Annual Report, which is attached to, but not part of, this Shareholder Update.

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.

Citigroup World Government Bond Index is a market value-weighted index of investment grade debt issues traded in world government bond markets.

Morningstar World Allocation Category reflects the performance of mutual funds with similar holdings tracked by Morningstar, Inc.

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.

Fidelity Global Balanced Composite Index is a hypothetical combination of unmanaged indices, combining the total returns of the MSCI World (MSCI) Index and the Citigroup World Govt. Bond Index using a weighting of 60% to 40%, respectively.

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.

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