Fund Description

The fund invests primarily in underlying Fidelity U.S. equity, international equity, bond, and short-term funds using a stable neutral asset allocation strategy. The revised neutral mix targets about 17% U.S. equity, 11% international equity, 2% commodities, 37% U.S. investment-grade bonds, 5% international bonds, 2% long-term Treasuries, 21% short-term inflation-protected bonds, and 6% short-term funds (rounding). It may use long and short futures to manage cash flows, stay fully invested, or facilitate allocation, and may shift up to 10% from neutral across major asset groups. Allocations to high yield, floating rate, real estate, and emerging markets debt may range from 0% to 10% each, up to 25% total.