UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number   811-03221



Fidelity Charles Street Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)



Margaret Carey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

September 30





Date of reporting period:

March 31, 2024



Item 1.

Reports to Stockholders







Fidelity® Sustainable Multi-Asset Fund
 
 
Semi-Annual Report
March 31, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

Proxy Voting Results

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the direct Investments of the Fund.
Top Holdings (% of Fund's net assets)
 
Fidelity U.S. Sustainability Index Fund
28.8
 
Fidelity Sustainable International Equity Fund
14.8
 
Fidelity International Sustainability Index Fund
13.5
 
Fidelity Sustainable Core Plus Bond Fund
12.7
 
Fidelity Sustainable U.S. Equity ETF
12.2
 
Fidelity Inflation-Protected Bond Index Fund
7.3
 
Fidelity Sustainable Emerging Markets Equity Fund
4.8
 
Fidelity Long-Term Treasury Bond Index Fund
4.6
 
Fidelity Sustainable Low Duration Bond Fund
1.3
 
Fidelity Cash Central Fund 5.39%
0.0
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
Schedule of Investments March 31, 2024 (Unaudited)
 
Showing Percentage of Net Assets
Domestic Equity Funds - 41.0%
 
 
Shares
Value ($)
 
Fidelity Sustainable U.S. Equity ETF (a)
 
102,133
2,579,481
Fidelity U.S. Sustainability Index Fund (a)
 
256,861
6,097,882
 
TOTAL DOMESTIC EQUITY FUNDS
 (Cost $6,859,072)
 
 
8,677,363
 
 
 
 
International Equity Funds - 33.1%
 
 
Shares
Value ($)
 
Fidelity International Sustainability Index Fund (a)
 
235,050
2,860,562
Fidelity Sustainable Emerging Markets Equity Fund (a)
 
117,804
1,002,510
Fidelity Sustainable International Equity Fund (a)
 
331,834
3,132,512
 
TOTAL INTERNATIONAL EQUITY FUNDS
 (Cost $6,286,920)
 
 
6,995,584
 
 
 
 
Bond Funds - 25.9%
 
 
Shares
Value ($)
 
Fidelity Inflation-Protected Bond Index Fund (a)
 
171,338
1,547,186
Fidelity Long-Term Treasury Bond Index Fund (a)
 
99,558
969,696
Fidelity Sustainable Core Plus Bond Fund (a)
 
292,217
2,697,160
Fidelity Sustainable Low Duration Bond Fund (a)
 
26,772
272,802
 
TOTAL BOND FUNDS
 (Cost $5,559,946)
 
 
5,486,844
 
 
 
 
Short-Term Funds - 0.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
 (Cost $1,765)
 
 
1,765
1,765
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $18,707,703)
 
 
 
21,161,556
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(1,287)
NET ASSETS - 100.0%
21,160,269
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated Fund
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
348
501,930
500,513
177
-
-
1,765
0.0%
Total
348
501,930
500,513
177
-
-
1,765
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Inflation-Protected Bond Index Fund
820,095
817,211
94,142
42,281
(495)
4,517
1,547,186
Fidelity International Sustainability Index Fund
935,377
1,814,980
146,662
56,458
4,833
252,034
2,860,562
Fidelity Long-Term Treasury Bond Index Fund
673,572
398,071
149,277
14,355
63
47,267
969,696
Fidelity Sustainability Bond Index Fund
554,310
10,989
551,523
949
(42,189)
28,413
-
Fidelity Sustainable Core Plus Bond Fund
1,653,438
1,622,334
685,632
45,270
(8,160)
115,180
2,697,160
Fidelity Sustainable Emerging Markets Equity Fund
920,216
398,690
399,905
11,771
(12,680)
96,189
1,002,510
Fidelity Sustainable International Equity Fund
2,404,669
1,140,904
795,233
35,485
(38,992)
421,164
3,132,512
Fidelity Sustainable Low Duration Bond Fund
538,331
124,520
391,923
6,519
3,767
(1,893)
272,802
Fidelity Sustainable U.S. Equity ETF
1,461,100
666,393
-
6,633
-
451,988
2,579,481
Fidelity U.S. Sustainability Index Fund
3,485,249
2,589,825
987,038
47,113
2,351
1,007,495
6,097,882
 
13,446,357
9,583,917
4,201,335
266,834
(91,502)
2,422,354
21,159,791
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Domestic Equity Funds
8,677,363
8,677,363
-
-
 International Equity Funds
6,995,584
6,995,584
-
-
 Bond Funds
5,486,844
5,486,844
-
-
  Short-Term Funds
1,765
1,765
-
-
 Total Investments in Securities:
21,161,556
21,161,556
-
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Fidelity Central Funds (cost $1,765)
$
1,765
 
 
Other affiliated issuers (cost $18,705,938)
21,159,791
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $18,707,703)
 
 
$
21,161,556
Receivable for fund shares sold
 
 
27,207
Distributions receivable from Fidelity Central Funds
 
 
50
Receivable from investment adviser for expense reductions
 
 
863
  Total assets
 
 
21,189,676
Liabilities
 
 
 
 
Payable for investments purchased
$
27,206
 
 
Payable for fund shares redeemed
2
 
 
Accrued management fee
1,695
 
 
Distribution and service plan fees payable
504
 
 
  Total liabilities
 
 
 
29,407
Net Assets  
 
 
$
21,160,269
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
19,017,818
Total accumulated earnings (loss)
 
 
 
2,142,451
Net Assets
 
 
$
21,160,269
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($381,291 ÷ 38,058 shares)(a)
 
 
$
10.02
Maximum offering price per share (100/94.25 of $10.02)
 
 
$
10.63
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($243,405 ÷ 24,309 shares)(a)
 
 
$
10.01
Maximum offering price per share (100/96.50 of $10.01)
 
 
$
10.37
Class C :
 
 
 
 
Net Asset Value and offering price per share ($397,567 ÷ 39,810 shares)(a)
 
 
$
9.99
Fidelity Sustainable Multi-Asset Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($18,902,393 ÷ 1,884,383 shares)
 
 
$
10.03
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,235,613 ÷ 123,179 shares)
 
 
$
10.03
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
266,694
Income from Fidelity Central Funds  
 
 
177
 Total income
 
 
 
266,871
Expenses
 
 
 
 
Management fee
$
8,343
 
 
Distribution and service plan fees
2,671
 
 
Independent trustees' fees and expenses
23
 
 
Miscellaneous
1
 
 
 Total expenses before reductions
 
11,038
 
 
 Expense reductions
 
(4,304)
 
 
 Total expenses after reductions
 
 
 
6,734
Net Investment income (loss)
 
 
 
260,137
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(91,502)
 
 
 Capital gain distributions from underlying funds:
 
 
 
 
   Affiliated issuers
 
140
 
 
Total net realized gain (loss)
 
 
 
(91,362)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
2,422,354
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,422,354
Net gain (loss)
 
 
 
2,330,992
Net increase (decrease) in net assets resulting from operations
 
 
$
2,591,129
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
260,137
$
184,455
Net realized gain (loss)
 
(91,362)
 
 
(132,214)
 
Change in net unrealized appreciation (depreciation)
 
2,422,354
 
704,831
 
Net increase (decrease) in net assets resulting from operations
 
2,591,129
 
 
757,072
 
Distributions to shareholders
 
(291,724)
 
 
(127,886)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
5,411,954
 
 
7,949,542
 
Total increase (decrease) in net assets
 
7,711,359
 
 
8,578,728
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
13,448,910
 
4,870,182
 
End of period
$
21,160,269
$
13,448,910
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Sustainable Multi-Asset Fund Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.71
$
7.79
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.14
 
.02
     Net realized and unrealized gain (loss)
 
1.32
 
.91
 
(2.23)
  Total from investment operations
 
1.46  
 
1.05  
 
(2.21)  
  Distributions from net investment income
 
(.15)
 
(.13)
 
-
     Total distributions
 
(.15)
 
(.13)
 
-
  Net asset value, end of period
$
10.02
$
8.71
$
7.79
 Total Return D,E,F
 
16.85
%
 
 
13.56%
 
(22.10)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
.35% I,J
 
.35%
 
.35% I
    Expenses net of fee waivers, if any
 
.30
% I
 
 
.30%
 
.30% I
    Expenses net of all reductions
 
.30% I
 
.30%
 
.30% I
    Net investment income (loss)
 
2.91% I
 
1.66%
 
.30% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
381
$
285
$
163
    Portfolio turnover rate K
 
50
% I
 
 
45%
 
111% I
 
AFor the period February 10, 2022 (commencement of operations) through September 30, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Sustainable Multi-Asset Fund Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.70
$
7.77
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.12
 
- D
     Net realized and unrealized gain (loss)
 
1.32
 
.92
 
(2.23)
  Total from investment operations
 
1.44  
 
1.04  
 
(2.23)  
  Distributions from net investment income
 
(.13)
 
(.11)
 
-
     Total distributions
 
(.13)
 
(.11)
 
-
  Net asset value, end of period
$
10.01
$
8.70
$
7.77
 Total Return E,F,G
 
16.58
%
 
 
13.46%
 
(22.30)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
    Expenses before reductions
 
.60% J,K
 
.60%
 
.60% J
    Expenses net of fee waivers, if any
 
.55
% J
 
 
.55%
 
.55% J
    Expenses net of all reductions
 
.55% J
 
.55%
 
.55% J
    Net investment income (loss)
 
2.66% J
 
1.41%
 
.05% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
243
$
206
$
169
    Portfolio turnover rate L
 
50
% J
 
 
45%
 
111% J
 
AFor the period February 10, 2022 (commencement of operations) through September 30, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DAmount represents less than $.005 per share.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GTotal returns do not include the effect of the sales charges.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KProxy expenses are not annualized.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Sustainable Multi-Asset Fund Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.66
$
7.75
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.08
 
(.03)
     Net realized and unrealized gain (loss)
 
1.31
 
.91
 
(2.22)
  Total from investment operations
 
1.41  
 
.99  
 
(2.25)  
  Distributions from net investment income
 
(.08)
 
(.08)
 
-
     Total distributions
 
(.08)
 
(.08)
 
-
  Net asset value, end of period
$
9.99
$
8.66
$
7.75
 Total Return D,E,F
 
16.38
%
 
 
12.80%
 
(22.50)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
1.10% I,J
 
1.10%
 
1.10% J
    Expenses net of fee waivers, if any
 
1.05
% J
 
 
1.05%
 
1.05% J
    Expenses net of all reductions
 
1.05% J
 
1.05%
 
1.05% J
    Net investment income (loss)
 
2.16% J
 
.91%
 
(.45)% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
398
$
312
$
229
    Portfolio turnover rate K
 
50
% J
 
 
45%
 
111% J
 
AFor the period February 10, 2022 (commencement of operations) through September 30, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IProxy expenses are not annualized.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Sustainable Multi-Asset Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.73
$
7.80
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.17
 
.03
     Net realized and unrealized gain (loss)
 
1.32
 
.91
 
(2.23)
  Total from investment operations
 
1.47  
 
1.08  
 
(2.20)  
  Distributions from net investment income
 
(.17)
 
(.15)
 
-
     Total distributions
 
(.17)
 
(.15)
 
-
  Net asset value, end of period
$
10.03
$
8.73
$
7.80
 Total Return D,E
 
16.93
%
 
 
13.91%
 
(22.00)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.10% H,I
 
.10%
 
.10% H
    Expenses net of fee waivers, if any
 
.05
% H
 
 
.05%
 
.05% H
    Expenses net of all reductions
 
.05% H
 
.05%
 
.05% H
    Net investment income (loss)
 
3.16% H
 
1.91%
 
.55% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,902
$
11,866
$
4,010
    Portfolio turnover rate J
 
50
% H
 
 
45%
 
111% H
 
AFor the period February 10, 2022 (commencement of operations) through September 30, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Sustainable Multi-Asset Fund Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.73
$
7.80
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.17
 
.03
     Net realized and unrealized gain (loss)
 
1.32
 
.91
 
(2.23)
  Total from investment operations
 
1.47  
 
1.08  
 
(2.20)  
  Distributions from net investment income
 
(.17)
 
(.15)
 
-
     Total distributions
 
(.17)
 
(.15)
 
-
  Net asset value, end of period
$
10.03
$
8.73
$
7.80
 Total Return D,E
 
16.93
%
 
 
13.91%
 
(22.00)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.10% H,I
 
.10%
 
.10% H
    Expenses net of fee waivers, if any
 
.05
% H
 
 
.05%
 
.05% H
    Expenses net of all reductions
 
.05% H
 
.05%
 
.05% H
    Net investment income (loss)
 
3.16% H
 
1.91%
 
.55% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,236
$
780
$
300
    Portfolio turnover rate J
 
50
% H
 
 
45%
 
111% H
 
AFor the period February 10, 2022 (commencement of operations) through September 30, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2024
 
1. Organization.
Fidelity Sustainable Multi-Asset Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Sustainable Multi-Asset Fund and Class I shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
The aggregate value of investments by input level as of March 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,495,061
Gross unrealized depreciation
(215,104)
Net unrealized appreciation (depreciation)
$2,279,957
Tax cost
$18,881,599
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(44,302)
 Long-term
(10,088)
Total capital loss carryforward
$(54,390)
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Sustainable Multi-Asset Fund
9,583,917
4,201,335
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:
 
 
Annual % of Class-Level Average Net Assets
Class A
.10%
Class M
.10%
Class C
.10%
Fidelity Sustainable Multi-Asset Fund
.10%
Class I
.10%
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
400
238
Class M
 .25%
 .25%
 558
 474
Class C
 .75%
 .25%
                  1,713
                  1,003
 
 
 
2,671
1,715
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 89
Class M
 15
 
                      104
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Sustainable Multi-Asset Fund
 20
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
6. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through January 31, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement ($)
Class A
.30%
 82
Class M
.55%
 57
Class C
1.05%
 91
Fidelity Sustainable Multi-Asset Fund
.05%
 3,725
Class I
.05%
                      248
 
 
                  4,203
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $101.
 
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
March 31, 2024
Year ended
September 30, 2023
Fidelity Sustainable Multi-Asset Fund
 
 
Distributions to shareholders
 
 
Class A
$4,949
 $2,921
Class M
 2,977
 2,413
Class C
 3,050
 2,356
Fidelity Sustainable Multi-Asset Fund
 262,724
 111,228
Class I
                18,024
                  8,968
Total  
$291,724
$127,886
 
8. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 March 31, 2024
Year ended
 September 30, 2023
Six months ended
 March 31, 2024
Year ended
 September 30, 2023
Fidelity Sustainable Multi-Asset Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
5,162
11,609
$49,580
$102,638
Reinvestment of distributions
523
351
4,949
3,088
Shares redeemed
(334)
(227)
(3,096)
(1,972)
Net increase (decrease)
5,351
11,733
$51,433
$103,754
Class M
 
 
 
 
Shares sold
334
1,680
$3,082
$14,859
Reinvestment of distributions
315
290
2,977
2,413
Net increase (decrease)
649
1,970
$6,059
$17,272
Class C
 
 
 
 
Shares sold
3,740
6,801
$36,312
$59,944
Reinvestment of distributions
323
283
3,050
2,356
Shares redeemed
(286)
(604)
(2,616)
(5,396)
Net increase (decrease)
3,777
6,480
$36,746
$56,904
Fidelity Sustainable Multi-Asset Fund
 
 
 
 
Shares sold
689,086
1,087,736
$6,526,004
$9,492,988
Reinvestment of distributions
23,978
9,927
226,832
82,677
Shares redeemed
(187,960)
(252,506)
(1,754,197)
(2,227,321)
Net increase (decrease)
525,104
845,157
$4,998,639
$7,348,344
Class I
 
 
 
 
Shares sold
32,634
71,544
$307,832
$609,786
Reinvestment of distributions
1,763
983
16,680
8,185
Shares redeemed
(560)
(21,589)
(5,435)
(194,703)
Net increase (decrease)
33,837
50,938
$319,077
$423,268
 
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.
 
Fund
Fidelity Sustainable Multi-Asset Fund
Fidelity Sustainable Emerging Markets Equity Fund
19%
Fidelity Sustainable International Equity Fund
33%
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
Shareholder Expense Example  
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value October 1, 2023
 
Ending Account Value March 31, 2024
 
Expenses Paid During Period- C October 1, 2023 to March 31, 2024
Fidelity® Sustainable Multi-Asset Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,168.50
 
$ 1.63
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,023.50
 
$ 1.52
 
Class M
 
 
 
.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,165.80
 
$ 2.98
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.25
 
$ 2.78
 
Class C
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,163.80
 
$ 5.68
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.75
 
$ 5.30
 
Fidelity® Sustainable Multi-Asset Fund
 
 
 
.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.30
 
$ .27
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.75
 
$ .25
 
Class I
 
 
 
.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.30
 
$ .27
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.75
 
$ .25
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
Proxy Voting Results
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
20,490,883,158.99
95.36
Withheld
997,950,021.08
4.64
TOTAL
21,488,833,180.07
100.00
Jennifer Toolin McAuliffe
Affirmative
20,474,048,289.39
95.28
Withheld
1,014,784,890.68
4.72
TOTAL
21,488,833,180.07
100.00
Christine J. Thompson
Affirmative
20,499,307,535.14
95.40
Withheld
989,525,644.93
4.60
TOTAL
21,488,833,180.07
100.00
Elizabeth S. Acton
Affirmative
20,434,203,160.17
95.09
Withheld
1,054,630,019.90
4.91
TOTAL
21,488,833,180.07
100.00
Laura M. Bishop
Affirmative
20,462,855,203.38
95.23
Withheld
1,025,977,976.69
4.77
TOTAL
21,488,833,180.07
100.00
Ann E. Dunwoody
Affirmative
20,428,077,463.69
95.06
Withheld
1,060,755,716.38
4.94
TOTAL
21,488,833,180.07
100.00
John Engler
Affirmative
20,322,992,779.98
94.57
Withheld
1,165,840,400.09
5.43
TOTAL
21,488,833,180.07
100.00
Robert F. Gartland
Affirmative
20,393,447,091.93
94.90
Withheld
1,095,386,088.14
5.10
TOTAL
21,488,833,180.07
100.00
Robert W. Helm
Affirmative
20,453,072,361.18
95.18
Withheld
1,035,760,818.89
4.82
TOTAL
21,488,833,180.07
100.00
Arthur E. Johnson
Affirmative
20,355,677,841.86
94.73
Withheld
1,133,155,338.21
5.27
TOTAL
21,488,833,180.07
100.00
Michael E. Kenneally
Affirmative
20,412,735,935.49
94.99
Withheld
1,076,097,244.58
5.01
TOTAL
21,488,833,180.07
100.00
Mark A. Murray
Affirmative
20,431,159,374.63
95.08
Withheld
1,057,673,805.44
4.92
TOTAL
21,488,833,180.07
100.00
Carol J. Zierhoffer
Affirmative
20,496,998,425.10
95.38
Withheld
991,834,754.97
4.62
TOTAL
21,488,833,180.07
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
 
1.9904617.102
MAF-SANN-0524
Fidelity® Health Savings Index Fund
 
 
Semi-Annual Report
March 31, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

Proxy Voting Results

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
BLOOMBERG ® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and its pro-rata share of investments in Fidelity's Central Funds, other than the Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Fidelity International Bond Index Fund
20.9
 
Fidelity Total Market Index Fund
18.5
 
Fidelity U.S. Bond Index Fund
16.2
 
Fidelity International Index Fund
10.7
 
iShares JPMorgan USD Emerging Markets Bond ETF
9.1
 
Fidelity Long-Term Treasury Bond Index Fund
5.2
 
Fidelity Emerging Markets Index Fund
4.4
 
iShares iBoxx $ High Yield Corporate Bond ETF
0.2
 
 
85.2
 
 
Quality Diversification (% of Fund's net assets)
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional. fidelity.com, as applicable.
 
Schedule of Investments March 31, 2024 (Unaudited)
 
Showing Percentage of Net Assets
Equity Funds - 33.9%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Fund (a)
 
732
67,733
Fidelity Emerging Markets Index Fund (a)
 
117,154
1,203,173
Fidelity International Index Fund (a)
 
58,069
2,908,670
Fidelity Total Market Index Fund (a)
 
34,747
5,037,903
 
TOTAL EQUITY FUNDS
 (Cost $7,593,809)
 
 
9,217,479
 
 
 
 
Fixed-Income Central Funds - 13.1%
 
 
Shares
Value ($)
 
Investment Grade Fixed-Income Funds - 13.1%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (b)
  (Cost $3,902,719)
 
40,320
3,563,458
 
 
 
 
Money Market Central Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
 (Cost $380,982)
 
 
380,906
380,982
 
 
 
 
Investment Companies - 9.3%
 
 
Shares
Value ($)
 
iShares iBoxx $ High Yield Corporate Bond ETF
 
872
67,781
iShares JPMorgan USD Emerging Markets Bond ETF
 
27,502
2,466,104
 
TOTAL INVESTMENT COMPANIES
 (Cost $2,848,074)
 
 
2,533,885
 
 
 
 
Fixed-Income Funds - 42.3%
 
 
Shares
Value ($)
 
Fidelity International Bond Index Fund (a)
 
618,598
5,672,539
Fidelity Long-Term Treasury Bond Index Fund (a)
 
146,052
1,422,544
Fidelity U.S. Bond Index Fund (a)
 
429,670
4,412,714
 
TOTAL FIXED-INCOME FUNDS
 (Cost $12,042,787)
 
 
11,507,797
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $26,768,371)
 
 
 
27,203,601
NET OTHER ASSETS (LIABILITIES) - 0.0%  
7,837
NET ASSETS - 100.0%
27,211,438
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated Fund
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
529,971
645,615
794,604
10,291
-
-
380,982
0.0%
Fidelity Hedged Equity Central Fund
177,145
107,960
289,745
-
4,682
(42)
-
0.0%
Fidelity Inflation-Protected Bond Index Central Fund
2,867,552
935,071
246,972
123,464
(7,700)
15,507
3,563,458
0.6%
Total
3,574,668
1,688,646
1,331,321
133,755
(3,018)
15,465
3,944,440
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Commodity Strategy Fund
61,833
58,620
51,156
1,013
(786)
(778)
67,733
Fidelity Emerging Markets Index Fund
1,147,545
257,939
288,470
30,588
(10,426)
96,585
1,203,173
Fidelity International Bond Index Fund
4,376,158
1,299,518
172,556
126,472
801
168,618
5,672,539
Fidelity International Index Fund
2,482,920
490,830
423,299
77,187
8,697
349,522
2,908,670
Fidelity Long-Term Treasury Bond Index Fund
2,353,871
155,299
1,173,798
27,695
(334,689)
421,861
1,422,544
Fidelity Real Estate Index Fund
57,059
28,089
88,407
-
(2,172)
5,431
-
Fidelity Total Market Index Fund
3,525,792
1,667,859
1,057,757
57,399
17,423
884,586
5,037,903
Fidelity U.S. Bond Index Fund
3,668,520
871,850
284,206
66,353
(24,217)
180,767
4,412,714
 
17,673,698
4,830,004
3,539,649
386,707
(345,369)
2,106,592
20,725,276
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Funds
9,217,479
9,217,479
-
-
 Fixed-Income Central Funds
3,563,458
3,563,458
-
-
 Money Market Central Funds
380,982
380,982
-
-
 Investment Companies
2,533,885
2,533,885
-
-
  Fixed-Income Funds
11,507,797
11,507,797
-
-
 Total Investments in Securities:
27,203,601
27,203,601
-
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,848,074)
$
2,533,885
 
 
Fidelity Central Funds (cost $4,283,701)
3,944,440
 
 
Other affiliated issuers (cost $19,636,596)
20,725,276
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $26,768,371)
 
 
$
27,203,601
Cash
 
 
8,410
Receivable for investments sold
 
 
4,390
Receivable for fund shares sold
 
 
4,893
Distributions receivable from Fidelity Central Funds
 
 
1,749
  Total assets
 
 
27,223,043
Liabilities
 
 
 
 
Payable for investments purchased
$
2
 
 
Payable for fund shares redeemed
9,345
 
 
Accrued management fee
2,258
 
 
  Total liabilities
 
 
 
11,605
Net Assets  
 
 
$
27,211,438
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
28,725,494
Total accumulated earnings (loss)
 
 
 
(1,514,056)
Net Assets
 
 
$
27,211,438
Net Asset Value, offering price and redemption price per share ($27,211,438 ÷ 2,761,702 shares)
 
 
$
9.85
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Unaffiliated issuers
 
 
$
63,613
 Affiliated issuers
 
 
386,707
Interest  
 
 
73
Income from Fidelity Central Funds  
 
 
133,755
 Total income
 
 
 
584,148
Expenses
 
 
 
 
Management fee
$
19,294
 
 
Independent trustees' fees and expenses
39
 
 
Miscellaneous
66
 
 
 Total expenses before reductions
 
19,399
 
 
 Expense reductions
 
(6,597)
 
 
 Total expenses after reductions
 
 
 
12,802
Net Investment income (loss)
 
 
 
571,346
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(4,206)
 
 
   Fidelity Central Funds
 
(3,018)
 
 
   Other affiliated issuers
 
(345,369)
 
 
 Futures contracts
 
(1,449)
 
 
Total net realized gain (loss)
 
 
 
(354,042)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
214,487
 
 
   Fidelity Central Funds
 
15,465
 
 
   Other affiliated issuers
 
2,106,592
 
 
 Futures contracts
 
673
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,337,217
Net gain (loss)
 
 
 
1,983,175
Net increase (decrease) in net assets resulting from operations
 
 
$
2,554,521
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
571,346
$
716,841
Net realized gain (loss)
 
(354,042)
 
 
(1,201,558)
 
Change in net unrealized appreciation (depreciation)
 
2,337,217
 
1,481,299
 
Net increase (decrease) in net assets resulting from operations
 
2,554,521
 
 
996,582
 
Distributions to shareholders
 
(575,969)
 
 
(840,168)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,348,499
 
6,744,977
  Reinvestment of distributions
 
554,455
 
 
820,452
 
Cost of shares redeemed
 
(2,569,793)
 
(3,231,067)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,333,161
 
 
4,334,362
 
Total increase (decrease) in net assets
 
3,311,713
 
 
4,490,776
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
23,899,725
 
19,408,949
 
End of period
$
27,211,438
$
23,899,725
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
353,546
 
721,609
  Issued in reinvestment of distributions
 
57,848
 
 
89,465
 
Redeemed
 
(269,922)
 
(345,817)
Net increase (decrease)
 
141,472
 
465,257
 
 
 
 
 
 
Financial Highlights
Fidelity® Health Savings Index Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.12
$
9.01
$
11.06
$
10.41
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.21
 
.29
 
.32
 
.17
 
.06
     Net realized and unrealized gain (loss)
 
.73
 
.18
 
(2.06)
 
.66
 
.40
  Total from investment operations
 
.94  
 
.47  
 
(1.74)  
 
.83  
 
.46
  Distributions from net investment income
 
(.21)
 
(.36)
 
(.28)
 
(.14)
 
(.05)
  Distributions from net realized gain
 
-
 
-
 
(.03)
 
(.04)
 
-
     Total distributions
 
(.21)
 
(.36)
 
(.31)
 
(.18)
 
(.05)
  Net asset value, end of period
$
9.85
$
9.12
$
9.01
$
11.06
$
10.41
 Total Return D,E
 
10.43%
 
5.30%
 
(16.22)%
 
7.99%
 
4.58%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.15% H,I
 
.16%
 
.15%
 
.15%
 
.15% H
    Expenses net of fee waivers, if any
 
.10% H,I
 
.11%
 
.10%
 
.10%
 
.10% H
    Expenses net of all reductions
 
.10% H,I
 
.10%
 
.10%
 
.10%
 
.10% H
    Net investment income (loss)
 
4.45% H,I
 
3.14%
 
3.08%
 
1.51%
 
.97% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,211
$
23,900
$
19,409
$
16,864
$
3,609
    Portfolio turnover rate J
 
39% H
 
49%
 
32%
 
42%
 
71% H
 
AFor the period March 2, 2020 (commencement of operations) through September 30, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2024
 
1. Organization.
Fidelity Health Savings Index Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares are available only to certain Fidelity health savings accounts.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Inflation-Protected Bond Index Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives.
 
Less than .005%
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses a third party pricing service approved by the Board of Trustees (the Board) to value its investments. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
 
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
The aggregate value of investments by input level as of March 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,711,403
Gross unrealized depreciation
(1,558,591)
Net unrealized appreciation (depreciation)
$152,812
Tax cost
$27,050,789
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(388,756)
 Long-term
(851,196)
Total capital loss carryforward
$(1,239,952)
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Interest Rate Risk
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Health Savings Index Fund
6,459,194
4,970,551
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .15% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Health Savings Index Fund
 9
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
The investment adviser contractually agreed to waive the Fund's management fee in an amount equal to .05% of average net assets until January 31, 2025. For the period, management fees were reduced by $6,431.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $166.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Shareholder Expense Example  
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value October 1, 2023
 
Ending Account Value March 31, 2024
 
Expenses Paid During Period- C October 1, 2023 to March 31, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Health Savings Index Fund
 
 
 
.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,104.30
 
$ .53
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.50
 
$ .51
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Board Approval of Investment Advisory Contracts
 
Board Approval of Investment Advisory Contracts
Fidelity Health Savings Index Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in September 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which changed the arrangements for fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
Proxy Voting Results
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
20,490,883,158.99
95.36
Withheld
997,950,021.08
4.64
TOTAL
21,488,833,180.07
100.00
Jennifer Toolin McAuliffe
Affirmative
20,474,048,289.39
95.28
Withheld
1,014,784,890.68
4.72
TOTAL
21,488,833,180.07
100.00
Christine J. Thompson
Affirmative
20,499,307,535.14
95.40
Withheld
989,525,644.93
4.60
TOTAL
21,488,833,180.07
100.00
Elizabeth S. Acton
Affirmative
20,434,203,160.17
95.09
Withheld
1,054,630,019.90
4.91
TOTAL
21,488,833,180.07
100.00
Laura M. Bishop
Affirmative
20,462,855,203.38
95.23
Withheld
1,025,977,976.69
4.77
TOTAL
21,488,833,180.07
100.00
Ann E. Dunwoody
Affirmative
20,428,077,463.69
95.06
Withheld
1,060,755,716.38
4.94
TOTAL
21,488,833,180.07
100.00
John Engler
Affirmative
20,322,992,779.98
94.57
Withheld
1,165,840,400.09
5.43
TOTAL
21,488,833,180.07
100.00
Robert F. Gartland
Affirmative
20,393,447,091.93
94.90
Withheld
1,095,386,088.14
5.10
TOTAL
21,488,833,180.07
100.00
Robert W. Helm
Affirmative
20,453,072,361.18
95.18
Withheld
1,035,760,818.89
4.82
TOTAL
21,488,833,180.07
100.00
Arthur E. Johnson
Affirmative
20,355,677,841.86
94.73
Withheld
1,133,155,338.21
5.27
TOTAL
21,488,833,180.07
100.00
Michael E. Kenneally
Affirmative
20,412,735,935.49
94.99
Withheld
1,076,097,244.58
5.01
TOTAL
21,488,833,180.07
100.00
Mark A. Murray
Affirmative
20,431,159,374.63
95.08
Withheld
1,057,673,805.44
4.92
TOTAL
21,488,833,180.07
100.00
Carol J. Zierhoffer
Affirmative
20,496,998,425.10
95.38
Withheld
991,834,754.97
4.62
TOTAL
21,488,833,180.07
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
 
1.9897520.104
HSI-SANN-0524
Fidelity® Health Savings Fund
 
 
Semi-Annual Report
March 31, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

Proxy Voting Results

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Fidelity International Bond Index Fund
20.9
 
Fidelity Long-Term Treasury Bond Index Fund
5.2
 
Microsoft Corp.
1.3
 
Apple, Inc.
0.8
 
Amazon.com, Inc.
0.7
 
Alphabet, Inc. Class A
0.6
 
NVIDIA Corp.
0.6
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.6
 
Meta Platforms, Inc. Class A
0.5
 
ASML Holding NV (Netherlands)
0.3
 
 
31.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
10.0
 
Information Technology
8.1
 
Industrials
5.1
 
Consumer Discretionary
4.4
 
Health Care
3.7
 
Energy
3.2
 
Communication Services
2.9
 
Materials
1.7
 
Consumer Staples
1.7
 
Real Estate
0.9
 
Utilities
0.6
 
 
Quality Diversification (% of Fund's net assets)
 
Equities percentage includes investment in Fidelity Commodity Strategy Central Fund - 0.2%
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Futures and Swaps - (0.1)%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Schedule of Investments March 31, 2024 (Unaudited)
 
Showing Percentage of Net Assets
Equity Central Funds - 33.8%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
1,667
150,923
Fidelity Emerging Markets Equity Central Fund (a)
 
12,626
2,629,641
Fidelity International Equity Central Fund (a)
 
60,052
6,342,641
Fidelity U.S. Equity Central Fund (a)
 
81,109
10,931,851
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $17,163,260)
 
 
20,055,056
 
 
 
 
Fixed-Income Central Funds - 38.7%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 9.3%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
672,556
5,346,817
Fidelity High Income Central Fund (a)
 
1,393
146,399
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
5,493,216
Investment Grade Fixed-Income Funds - 29.4%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
87,771
7,757,187
Fidelity Investment Grade Bond Central Fund (a)
 
98,939
9,653,473
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
17,410,660
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $24,173,080)
 
 
 
22,903,876
 
 
 
 
Money Market Central Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
 (Cost $821,778)
 
 
821,613
821,778
 
 
 
 
Fixed-Income Funds - 26.1%
 
 
Shares
Value ($)
 
Fidelity International Bond Index Fund (c)
 
1,346,609
12,348,408
Fidelity Long-Term Treasury Bond Index Fund (c)
 
317,934
3,096,676
 
TOTAL FIXED-INCOME FUNDS
 (Cost $16,162,912)
 
 
15,445,084
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $58,321,030)
 
 
 
59,225,794
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(14,976)
NET ASSETS - 100.0%
59,210,818
 
 
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Affiliated Fund
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
1,202,805
588,538
969,565
22,967
-
-
821,778
0.0%
Fidelity Commodity Strategy Central Fund
138,602
134,398
119,239
2,624
(4,132)
1,294
150,923
0.1%
Fidelity Emerging Markets Debt Central Fund
4,871,134
477,148
412,057
166,786
556
410,036
5,346,817
0.2%
Fidelity Emerging Markets Debt Local Currency Central Fund
270,192
132,763
416,275
-
16,674
(3,354)
-
0.0%
Fidelity Emerging Markets Equity Central Fund
2,572,834
480,880
703,687
23,380
(92,032)
371,646
2,629,641
0.1%
Fidelity Floating Rate Central Fund
281,092
397,292
675,780
6,323
(1,109)
(1,495)
-
0.0%
Fidelity Hedged Equity Central Fund
399,573
241,022
651,013
-
10,561
(143)
-
0.0%
Fidelity High Income Central Fund
138,719
197,574
197,644
6,969
(914)
8,664
146,399
0.0%
Fidelity Inflation-Protected Bond Index Central Fund
6,445,140
2,033,629
736,754
276,947
(47,349)
62,521
7,757,187
1.3%
Fidelity International Equity Central Fund
5,542,430
889,500
1,182,304
48,166
57,777
1,035,238
6,342,641
0.1%
Fidelity Investment Grade Bond Central Fund
8,228,829
1,834,068
765,483
191,738
(52,348)
408,407
9,653,473
0.0%
Fidelity Real Estate Equity Central Fund
128,807
61,707
196,216
-
(5,122)
10,824
-
0.0%
Fidelity U.S. Equity Central Fund
7,931,771
4,098,284
2,621,151
566,431
(54,112)
1,577,059
10,931,851
0.1%
Total
38,151,928
11,566,803
9,647,168
1,312,331
(171,550)
3,880,697
43,780,710
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity International Bond Index Fund
9,835,871
2,885,430
748,816
282,327
2,289
373,634
12,348,408
Fidelity Long-Term Treasury Bond Index Fund
5,289,526
310,344
2,696,842
61,686
(795,262)
988,910
3,096,676
 
15,125,397
3,195,774
3,445,658
344,013
(792,973)
1,362,544
15,445,084
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
20,055,056
20,055,056
-
-
 Fixed-Income Central Funds
22,903,876
22,903,876
-
-
 Money Market Central Funds
821,778
821,778
-
-
  Fixed-Income Funds
15,445,084
15,445,084
-
-
 Total Investments in Securities:
59,225,794
59,225,794
-
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Fidelity Central Funds (cost $42,158,118)
$
43,780,710
 
 
Other affiliated issuers (cost $16,162,912)
15,445,084
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $58,321,030)
 
 
$
59,225,794
Receivable for investments sold
 
 
10
Receivable for fund shares sold
 
 
34,794
Distributions receivable from Fidelity Central Funds
 
 
3,780
  Total assets
 
 
59,264,378
Liabilities
 
 
 
 
Payable for investments purchased
$
15,899
 
 
Payable for fund shares redeemed
18,667
 
 
Accrued management fee
18,994
 
 
  Total liabilities
 
 
 
53,560
Net Assets  
 
 
$
59,210,818
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
61,755,753
Total accumulated earnings (loss)
 
 
 
(2,544,935)
Net Assets
 
 
$
59,210,818
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Fidelity Health Savings Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($21,085,188 ÷ 2,099,652 shares)
 
 
$
10.04
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($38,125,630 ÷ 3,797,516 shares)
 
 
$
10.04
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
344,013
Interest  
 
 
73
Income from Fidelity Central Funds  
 
 
810,388
 Total income
 
 
 
1,154,474
Expenses
 
 
 
 
Management fee
$
110,742
 
 
Independent trustees' fees and expenses
87
 
 
Miscellaneous
185
 
 
 Total expenses before reductions
 
111,014
 
 
 Expense reductions
 
(119)
 
 
 Total expenses after reductions
 
 
 
110,895
Net Investment income (loss)
 
 
 
1,043,579
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
6,359
 
 
   Fidelity Central Funds
 
(171,550)
 
 
   Other affiliated issuers
 
(792,973)
 
 
 Futures contracts
 
(4,346)
 
 
 Capital gain distributions from underlying funds:
 
 
 
 
   Affiliated issuers
 
501,943
 
 
Total net realized gain (loss)
 
 
 
(460,567)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
8,510
 
 
   Fidelity Central Funds
 
3,880,697
 
 
   Other affiliated issuers
 
1,362,544
 
 
 Futures contracts
 
2,020
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
5,253,771
Net gain (loss)
 
 
 
4,793,204
Net increase (decrease) in net assets resulting from operations
 
 
$
5,836,783
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,043,579
$
1,581,689
Net realized gain (loss)
 
(460,567)
 
 
(2,387,661)
 
Change in net unrealized appreciation (depreciation)
 
5,253,771
 
2,888,009
 
Net increase (decrease) in net assets resulting from operations
 
5,836,783
 
 
2,082,037
 
Distributions to shareholders
 
(1,110,579)
 
 
(1,929,841)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
788,114
 
 
12,860,633
 
Total increase (decrease) in net assets
 
5,514,318
 
 
13,012,829
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
53,696,500
 
40,683,671
 
End of period
$
59,210,818
$
53,696,500
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Health Savings Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.25
$
9.15
$
11.21
$
10.48
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.29
 
.28
 
.16
 
.08
     Net realized and unrealized gain (loss)
 
.80
 
.20
 
(2.02)
 
.76
 
.46
  Total from investment operations
 
.97  
 
.49  
 
(1.74)  
 
.92  
 
.54
  Distributions from net investment income
 
(.18)
 
(.34)
 
(.25)
 
(.11)
 
(.06)
  Distributions from net realized gain
 
-
 
(.05)
 
(.07)
 
(.08)
 
-
     Total distributions
 
(.18)
 
(.39)
 
(.32)
 
(.19)
 
(.06)
  Net asset value, end of period
$
10.04
$
9.25
$
9.15
$
11.21
$
10.48
 Total Return D,E
 
10.62
%
 
 
5.36%
 
(15.98)%
 
8.81%
 
5.41%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% H,I
 
.46%
 
.45%
 
.45%
 
.45% I
    Expenses net of fee waivers, if any
 
.45
% H,I
 
 
.46%
 
.45%
 
.45%
 
.45% I
    Expenses net of all reductions
 
.45% H,I
 
.46%
 
.45%
 
.45%
 
.45% I
    Net investment income (loss)
 
3.59% H,I
 
3.11%
 
2.66%
 
1.48%
 
1.36% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,085
$
20,513
$
18,399
$
16,668
$
4,324
    Portfolio turnover rate J
 
45
% I
 
 
46%
 
29%
 
31%
 
43% I
 
AFor the period March 2, 2020 (commencement of operations) through September 30, 2020.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CCalculated based on average shares outstanding during the period.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HProxy expenses are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Health Savings Fund Class K
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.24
$
9.15
$
11.21
$
10.48
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.18
 
.30
 
.29
 
.18
 
.09
     Net realized and unrealized gain (loss)
 
.81
 
.19
 
(2.02)
 
.75
 
.45
  Total from investment operations
 
.99  
 
.49  
 
(1.73)  
 
.93  
 
.54
  Distributions from net investment income
 
(.19)
 
(.35)
 
(.27)
 
(.12)
 
(.06)
  Distributions from net realized gain
 
-
 
(.05)
 
(.07)
 
(.08)
 
-
     Total distributions
 
(.19)
 
(.40)
 
(.33) D
 
(.20)
 
(.06)
  Net asset value, end of period
$
10.04
$
9.24
$
9.15
$
11.21
$
10.48
 Total Return E,F
 
10.81
%
 
 
5.36%
 
(15.88)%
 
8.92%
 
5.45%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.35% I,J
 
.36%
 
.35%
 
.35%
 
.35% I
    Expenses net of fee waivers, if any
 
.35
% I,J
 
 
.36%
 
.35%
 
.35%
 
.35% I
    Expenses net of all reductions
 
.35% I,J
 
.36%
 
.35%
 
.35%
 
.35% I
    Net investment income (loss)
 
3.69% I,J
 
3.21%
 
2.76%
 
1.58%
 
1.46% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
38,126
$
33,183
$
22,284
$
16,827
$
3,308
    Portfolio turnover rate K
 
45
% I
 
 
46%
 
29%
 
31%
 
43% I
 
AFor the period March 2, 2020 (commencement of operations) through September 30, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2024
 
1. Organization.
Fidelity Health Savings Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Health Savings Fund and Class K shares, each of which has equal rights as to assets and voting privileges. Shares are available only to certain Fidelity health savings accounts.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Commodity Strategy Central Fund
Geode Capital Management, LLC (Geode)
Seeks to provide investment returns that correspond to the performance of the commodities market.
Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands
Futures
0.01%
Fidelity Emerging Markets Debt Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets.
Foreign Securities
Futures
Restricted Securities
0.02%
Fidelity Emerging Markets Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets.
Foreign Securities
Loans & Direct Debt Instruments
 
0.02%
Fidelity International Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets.
Foreign Securities
Loans & Direct Debt Instruments
 
0.01%
Fidelity High Income Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.
Delayed Delivery & When Issued Securities
Loans & Direct Debt Instruments
Restricted Securities
Less than .005%
Fidelity Inflation-Protected Bond Index Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives.
 
Less than .005%
Fidelity Investment Grade Bond Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks a high level of income by normally investing in investment-grade debt securities.
Delayed Delivery & When Issued Securities
Futures
Options
Restricted Securities
Swaps
Less than .005%
Fidelity U.S. Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors.
Delayed Delivery & When Issued Securities
Foreign Securities
Futures
Loans & Direct Debt Instruments
Restricted Securities
Less than .005%
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses a third party pricing service approved by the Board of Trustees (the Board) to value its investments. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The aggregate value of investments by input level as of March 31, 2024 is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$3,103,775
Gross unrealized depreciation
(2,766,851)
Net unrealized appreciation (depreciation)
$336,924
Tax cost
$58,888,870
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(420,457)
 Long-term
(1,752,784)
Total capital loss carryforward
$(2,173,241)
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Interest Rate Risk
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Health Savings Fund
14,415,805
12,781,032
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:
 
 
Annual % of Class-Level Average Net Assets
Fidelity Health Savings Fund
.45%
Class K
.35%
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $119.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
March 31, 2024
Year ended
September 30, 2023
Fidelity Health Savings Fund
 
 
Distributions to shareholders
 
 
Fidelity Health Savings Fund
$404,227
 $816,880
Class K
             706,352
          1,112,961
Total  
$1,110,579
$1,929,841
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 March 31, 2024
Year ended
 September 30, 2023
Six months ended
 March 31, 2024
Year ended
 September 30, 2023
Fidelity Health Savings Fund
 
 
 
 
Fidelity Health Savings Fund
 
 
 
 
Shares sold
222,642
540,289
$2,149,384
$5,127,504
Reinvestment of distributions
39,097
84,506
378,128
786,375
Shares redeemed
(380,902)
(416,682)
(3,694,964)
(3,956,063)
Net increase (decrease)
(119,163)
208,113
$(1,167,452)
$1,957,816
Class K
 
 
 
 
Shares sold
553,767
1,435,056
$5,316,085
$13,586,075
Reinvestment of distributions
72,230
118,108
698,809
1,100,944
Shares redeemed
(418,252)
(398,766)
(4,059,328)
(3,784,202)
Net increase (decrease)
207,745
1,154,398
$1,955,566
$10,902,817
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Shareholder Expense Example  
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value October 1, 2023
 
Ending Account Value March 31, 2024
 
Expenses Paid During Period- C October 1, 2023 to March 31, 2024
Fidelity® Health Savings Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Health Savings Fund
 
 
 
.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,106.20
 
$ 2.37
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.75
 
$ 2.28
 
Class K
 
 
 
.35%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,108.10
 
$ 1.84
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,023.25
 
$ 1.77
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Board Approval of Investment Advisory Contracts
 
Board Approval of Investment Advisory Contracts
Fidelity Health Savings Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in September 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which changed the arrangements for fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
Proxy Voting Results
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
20,490,883,158.99
95.36
Withheld
997,950,021.08
4.64
TOTAL
21,488,833,180.07
100.00
Jennifer Toolin McAuliffe
Affirmative
20,474,048,289.39
95.28
Withheld
1,014,784,890.68
4.72
TOTAL
21,488,833,180.07
100.00
Christine J. Thompson
Affirmative
20,499,307,535.14
95.40
Withheld
989,525,644.93
4.60
TOTAL
21,488,833,180.07
100.00
Elizabeth S. Acton
Affirmative
20,434,203,160.17
95.09
Withheld
1,054,630,019.90
4.91
TOTAL
21,488,833,180.07
100.00
Laura M. Bishop
Affirmative
20,462,855,203.38
95.23
Withheld
1,025,977,976.69
4.77
TOTAL
21,488,833,180.07
100.00
Ann E. Dunwoody
Affirmative
20,428,077,463.69
95.06
Withheld
1,060,755,716.38
4.94
TOTAL
21,488,833,180.07
100.00
John Engler
Affirmative
20,322,992,779.98
94.57
Withheld
1,165,840,400.09
5.43
TOTAL
21,488,833,180.07
100.00
Robert F. Gartland
Affirmative
20,393,447,091.93
94.90
Withheld
1,095,386,088.14
5.10
TOTAL
21,488,833,180.07
100.00
Robert W. Helm
Affirmative
20,453,072,361.18
95.18
Withheld
1,035,760,818.89
4.82
TOTAL
21,488,833,180.07
100.00
Arthur E. Johnson
Affirmative
20,355,677,841.86
94.73
Withheld
1,133,155,338.21
5.27
TOTAL
21,488,833,180.07
100.00
Michael E. Kenneally
Affirmative
20,412,735,935.49
94.99
Withheld
1,076,097,244.58
5.01
TOTAL
21,488,833,180.07
100.00
Mark A. Murray
Affirmative
20,431,159,374.63
95.08
Withheld
1,057,673,805.44
4.92
TOTAL
21,488,833,180.07
100.00
Carol J. Zierhoffer
Affirmative
20,496,998,425.10
95.38
Withheld
991,834,754.97
4.62
TOTAL
21,488,833,180.07
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
 
1.9897538.104
HSF-SANN-0524
Fidelity Asset Manager® Funds
 
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%
 
 
Semi-Annual Report
March 31, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity Asset Manager® 20%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 30%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 40%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 50%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 60%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 70%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 85%

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

Proxy Voting Results

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Fidelity Asset Manager® 20% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
1.4
 
Apple, Inc.
0.9
 
Amazon.com, Inc.
0.8
 
Alphabet, Inc. Class A
0.7
 
NVIDIA Corp.
0.6
 
Meta Platforms, Inc. Class A
0.6
 
iShares Russell 2000 Index ETF
0.4
 
iShares 20+ Year Treasury Bond ETF
0.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.3
 
JPMorgan Chase & Co.
0.3
 
 
6.4
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
20.6
 
Fannie Mae
3.4
 
Freddie Mac
3.2
 
Ginnie Mae
2.1
 
Uniform Mortgage Backed Securities
2.1
 
JPMorgan Chase & Co.
0.8
 
Morgan Stanley
0.8
 
BX Commercial Mortgage Trust
0.7
 
Bank of America Corp.
0.5
 
Petroleos Mexicanos
0.4
 
 
34.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
12.6
 
Information Technology
7.7
 
Health Care
4.3
 
Consumer Discretionary
3.9
 
Industrials
3.9
 
Communication Services
3.3
 
Energy
2.7
 
Real Estate
2.2
 
Consumer Staples
1.7
 
Materials
1.1
 
Utilities
0.7
 
 
Quality Diversification (% of Fund's net assets)
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.2%.
 
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 15.5% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 20%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 29.2%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
123,637
11,192,827
Fidelity Emerging Markets Equity Central Fund (a)
 
823,531
171,516,876
Fidelity Hedged Equity Central Fund (a)
 
606,267
74,237,436
Fidelity International Equity Central Fund (a)
 
3,252,250
343,502,691
Fidelity Real Estate Equity Central Fund (a)
 
192,171
24,628,683
Fidelity U.S. Equity Central Fund (a)
 
7,038,572
948,658,764
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $855,386,730)
 
 
1,573,737,277
 
 
 
 
Fixed-Income Central Funds - 50.6%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 2.6%
 
 
 
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
531,302
46,510,155
Fidelity Floating Rate Central Fund (a)
 
551,715
54,426,655
Fidelity High Income Central Fund (a)
 
387,344
40,721,459
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
141,658,269
Investment Grade Fixed-Income Funds - 48.0%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
751,814
66,445,330
Fidelity International Credit Central Fund (a)
 
170,952
13,888,170
Fidelity Investment Grade Bond Central Fund (a)
 
25,707,004
2,508,232,378
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
2,588,565,878
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $2,854,884,131)
 
 
 
2,730,224,147
 
 
 
 
Money Market Central Funds - 19.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
1,026,643,248
1,026,848,577
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
21,290,871
21,293,000
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $1,048,141,577)
 
 
1,048,141,577
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.3% 5/2/24 to 6/20/24 (e)
 
 (Cost $14,594,400)
 
 
14,750,000
14,594,829
 
 
 
 
Investment Companies - 0.8%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
220,344
20,848,949
iShares Russell 2000 Index ETF (f)
 
99,597
20,945,248
 
TOTAL INVESTMENT COMPANIES
 (Cost $41,703,261)
 
 
41,794,197
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $4,814,710,099)
 
 
 
5,408,492,027
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(18,210,995)
NET ASSETS - 100.0%
5,390,281,032
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
896
Jun 2024
237,820,800
(5,252,556)
(5,252,556)
ICE E-mini MSCI EAFE Index Contracts (United States)
436
Jun 2024
51,384,780
(628,711)
(628,711)
ICE MSCI Emerging Markets Index Contracts (United States)
931
Jun 2024
48,830,950
3,203
3,203
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(5,878,064)
The notional amount of futures sold as a percentage of Net Assets is 6.3%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $14,171,761.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
93,480,867
1,144,518,878
211,151,168
4,264,847
-
-
1,026,848,577
2.1%
Fidelity Commodity Strategy Central Fund
12,138,671
740,391
1,190,961
231,031
(190,996)
(304,278)
11,192,827
5.5%
Fidelity Emerging Markets Debt Central Fund
6,505,336
232,547
6,919,400
64,074
(1,353,313)
1,534,830
-
0.0%
Fidelity Emerging Markets Debt Local Currency Central Fund
43,626,574
3,364,517
-
3,364,517
-
(480,936)
46,510,155
15.9%
Fidelity Emerging Markets Equity Central Fund
158,756,478
5,622,645
9,916,345
1,507,436
2,101,370
14,952,728
171,516,876
7.3%
Fidelity Floating Rate Central Fund
70,283,198
5,736,976
21,986,558
3,268,156
(333,888)
726,927
54,426,655
3.7%
Fidelity Hedged Equity Central Fund
68,400,292
726,742
6,551,736
726,741
267,442
11,394,696
74,237,436
15.5%
Fidelity High Income Central Fund
26,862,290
15,539,755
2,877,058
1,219,612
16,401
1,180,071
40,721,459
3.0%
Fidelity Inflation-Protected Bond Index Central Fund
39,598,919
32,151,718
5,323,675
2,237,765
(239,966)
258,334
66,445,330
11.3%
Fidelity International Credit Central Fund
13,426,284
756,452
1,191,139
541,352
(202,883)
805,021
13,888,170
5.5%
Fidelity International Equity Central Fund
298,819,024
13,605,540
25,828,472
2,487,602
772,722
56,133,877
343,502,691
6.3%
Fidelity Investment Grade Bond Central Fund
2,488,119,466
157,786,203
239,474,983
53,737,120
(23,588,072)
125,389,764
2,508,232,378
6.3%
Fidelity Money Market Central Fund 0.45%
962,943,969
58,713,306
1,021,657,362
24,431,217
(74,202)
74,289
-
0.0%
Fidelity Real Estate Equity Central Fund
22,499,701
1,383,373
2,381,706
364,870
(13,821)
3,141,136
24,628,683
2.5%
Fidelity Securities Lending Cash Central Fund 5.39%
13,104,400
216,227,929
208,039,329
5,156
-
-
21,293,000
0.1%
Fidelity U.S. Equity Central Fund
802,922,024
77,135,957
63,449,516
48,048,985
8,477,034
123,573,265
948,658,764
4.9%
Total
5,121,487,493
1,734,242,929
1,827,939,408
146,500,481
(14,362,172)
338,379,724
5,352,103,001
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
52,888,426
54,710,904
157,387
1,822,478
-
-
 
-
52,888,426
54,710,904
157,387
1,822,478
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
1,573,737,277
1,573,737,277
-
-
 Fixed-Income Central Funds
2,730,224,147
2,730,224,147
-
-
 Money Market Central Funds
1,048,141,577
1,048,141,577
-
-
 U.S Treasury Obligations
14,594,829
-
14,594,829
-
  Investment Companies
41,794,197
41,794,197
-
-
 Total Investments in Securities:
5,408,492,027
5,393,897,198
14,594,829
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
3,203
3,203
-
-
  Total Assets
3,203
3,203
-
-
 Liabilities
 
 
 
 
Futures Contracts
(5,881,267)
(5,881,267)
-
-
  Total Liabilities
(5,881,267)
(5,881,267)
-
-
 Total Derivative Instruments:
(5,878,064)
(5,878,064)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
3,203
(5,881,267)
Total Equity Risk
3,203
(5,881,267)
Total Value of Derivatives
3,203
(5,881,267)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 20%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $20,924,850) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $56,297,661)
$
56,389,026
 
 
Fidelity Central Funds (cost $4,758,412,438)
5,352,103,001
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,814,710,099)
 
 
$
5,408,492,027
Receivable for investments sold
 
 
1,268
Receivable for fund shares sold
 
 
3,485,108
Distributions receivable from Fidelity Central Funds
 
 
4,817,250
Prepaid expenses
 
 
2,538
  Total assets
 
 
5,416,798,191
Liabilities
 
 
 
 
Payable for investments purchased
$
1,570,995
 
 
Payable for fund shares redeemed
1,373,270
 
 
Accrued management fee
2,135,968
 
 
Distribution and service plan fees payable
34,786
 
 
Payable for daily variation margin on futures contracts
78,956
 
 
Other payables and accrued expenses
30,184
 
 
Collateral on securities loaned
21,293,000
 
 
  Total liabilities
 
 
 
26,517,159
Net Assets  
 
 
$
5,390,281,032
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,225,089,390
Total accumulated earnings (loss)
 
 
 
165,191,642
Net Assets
 
 
$
5,390,281,032
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($53,573,302 ÷ 3,978,029 shares)(a)
 
 
$
13.47
Maximum offering price per share (100/94.25 of $13.47)
 
 
$
14.29
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($28,561,640 ÷ 2,127,082 shares)(a)
 
 
$
13.43
Maximum offering price per share (100/96.50 of $13.43)
 
 
$
13.92
Class C :
 
 
 
 
Net Asset Value and offering price per share ($13,749,117 ÷ 1,032,417 shares)(a)
 
 
$
13.32
Asset Manager 20% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,310,105,209 ÷ 245,343,425 shares)
 
 
$
13.49
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($19,302,922 ÷ 1,430,016 shares)
 
 
$
13.50
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,964,988,842 ÷ 145,723,541 shares)
 
 
$
13.48
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $157,387 earned from affiliated issuers)
 
 
$
802,935
Interest  
 
 
468,940
Income from Fidelity Central Funds (including $5,156 from security lending)
 
 
103,931,901
 Total income
 
 
 
105,203,776
Expenses
 
 
 
 
Management fee
$
10,928,891
 
 
Transfer agent fees
1,645,225
 
 
Distribution and service plan fees
214,358
 
 
Accounting fees
490,803
 
 
Custodian fees and expenses
16,094
 
 
Independent trustees' fees and expenses
8,246
 
 
Registration fees
41,982
 
 
Audit
18,368
 
 
Legal
4,724
 
 
Miscellaneous
12,999
 
 
 Total expenses before reductions
 
13,381,690
 
 
 Expense reductions
 
(194,279)
 
 
 Total expenses after reductions
 
 
 
13,187,411
Net Investment income (loss)
 
 
 
92,016,365
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
4,787,519
 
 
   Fidelity Central Funds
 
(14,362,172)
 
 
   Other affiliated issuers
 
1,822,478
 
 
 Futures contracts
 
(29,902,598)
 
 
 Capital gain distributions from Fidelity Central Funds
 
42,568,580
 
 
Total net realized gain (loss)
 
 
 
4,913,807
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,048,476
 
 
   Fidelity Central Funds
 
338,379,724
 
 
 Futures contracts
 
(19,967,370)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
321,460,830
Net gain (loss)
 
 
 
326,374,637
Net increase (decrease) in net assets resulting from operations
 
 
$
418,391,002
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
92,016,365
$
172,577,535
Net realized gain (loss)
 
4,913,807
 
 
(151,453,417)
 
Change in net unrealized appreciation (depreciation)
 
321,460,830
 
225,777,146
 
Net increase (decrease) in net assets resulting from operations
 
418,391,002
 
 
246,901,264
 
Distributions to shareholders
 
(94,686,354)
 
 
(298,570,191)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(166,492,270)
 
 
(148,513,918)
 
Total increase (decrease) in net assets
 
157,212,378
 
 
(200,182,845)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,233,068,654
 
5,433,251,499
 
End of period
$
5,390,281,032
$
5,233,068,654
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 20% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.67
$
12.81
$
14.74
$
14.00
$
13.51
$
13.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.36
 
.23
 
.14
 
.18
 
.26
     Net realized and unrealized gain (loss)
 
.81
 
.16
 
(1.93)
 
.82
 
.62
 
.36
  Total from investment operations
 
1.01  
 
.52  
 
(1.70)  
 
.96  
 
.80
 
.62
  Distributions from net investment income
 
(.21)
 
(.40)
 
(.19)
 
(.11)
 
(.19)
 
(.26)
  Distributions from net realized gain
 
-
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.21)
 
(.66)
 
(.23) C
 
(.22) C
 
(.31) C
 
(.51) C
  Net asset value, end of period
$
13.47
$
12.67
$
12.81
$
14.74
$
14.00
$
13.51
 Total Return D,E,F
 
8.05
%
 
 
4.07%
 
(11.71)%
 
6.91%
 
6.04%
 
4.85%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80% I,J
 
.82%
 
.81%
 
.81%
 
.82%
 
.83%
    Expenses net of fee waivers, if any
 
.80
% I,J
 
 
.81%
 
.81%
 
.81%
 
.82%
 
.83%
    Expenses net of all reductions
 
.80% I,J
 
.81%
 
.81%
 
.81%
 
.82%
 
.83%
    Net investment income (loss)
 
3.13% I,J
 
2.80%
 
1.61%
 
.97%
 
1.34%
 
1.97%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
53,573
$
53,119
$
56,979
$
62,957
$
50,633
$
45,153
    Portfolio turnover rate K
 
18
% I
 
 
28%
 
22%
 
25%
 
25%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 20% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.63
$
12.77
$
14.70
$
13.97
$
13.48
$
13.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.33
 
.19
 
.10
 
.15
 
.23
     Net realized and unrealized gain (loss)
 
.81
 
.16
 
(1.92)
 
.82
 
.62
 
.35
  Total from investment operations
 
1.00  
 
.49  
 
(1.73)  
 
.92  
 
.77
 
.58
  Distributions from net investment income
 
(.20)
 
(.37)
 
(.16)
 
(.07)
 
(.15)
 
(.23)
  Distributions from net realized gain
 
-
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.20)
 
(.63)
 
(.20) C
 
(.19)
 
(.28)
 
(.47)
  Net asset value, end of period
$
13.43
$
12.63
$
12.77
$
14.70
$
13.97
$
13.48
 Total Return D,E,F
 
7.94
%
 
 
3.84%
 
(11.94)%
 
6.60%
 
5.79%
 
4.58%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.05% I,J
 
1.06%
 
1.06%
 
1.07%
 
1.08%
 
1.08%
    Expenses net of fee waivers, if any
 
1.04
% I,J
 
 
1.06%
 
1.06%
 
1.07%
 
1.07%
 
1.08%
    Expenses net of all reductions
 
1.04% I,J
 
1.06%
 
1.06%
 
1.07%
 
1.07%
 
1.08%
    Net investment income (loss)
 
2.89% I,J
 
2.55%
 
1.36%
 
.72%
 
1.09%
 
1.72%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
28,562
$
28,202
$
27,193
$
31,762
$
27,366
$
25,696
    Portfolio turnover rate K
 
18
% I
 
 
28%
 
22%
 
25%
 
25%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 20% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.53
$
12.67
$
14.61
$
13.91
$
13.43
$
13.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.26
 
.12
 
.03
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
.80
 
.16
 
(1.92)
 
.82
 
.61
 
.36
  Total from investment operations
 
.95  
 
.42  
 
(1.80)  
 
.85  
 
.69
 
.52
  Distributions from net investment income
 
(.16)
 
(.30)
 
(.11)
 
(.03)
 
(.09)
 
(.16)
  Distributions from net realized gain
 
-
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.16)
 
(.56)
 
(.14)
 
(.15)
 
(.21) C
 
(.41) C
  Net asset value, end of period
$
13.32
$
12.53
$
12.67
$
14.61
$
13.91
$
13.43
 Total Return D,E,F
 
7.64
%
 
 
3.35%
 
(12.41)%
 
6.10%
 
5.22%
 
4.06%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.55% I,J
 
1.57%
 
1.57%
 
1.57%
 
1.58%
 
1.59%
    Expenses net of fee waivers, if any
 
1.54
% I,J
 
 
1.57%
 
1.57%
 
1.57%
 
1.58%
 
1.59%
    Expenses net of all reductions
 
1.54% I,J
 
1.57%
 
1.57%
 
1.57%
 
1.58%
 
1.59%
    Net investment income (loss)
 
2.39% I,J
 
2.05%
 
.85%
 
.22%
 
.59%
 
1.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,749
$
16,531
$
19,557
$
25,804
$
24,940
$
21,588
    Portfolio turnover rate K
 
18
% I
 
 
28%
 
22%
 
25%
 
25%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 20%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.69
$
12.83
$
14.76
$
14.02
$
13.54
$
13.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.40
 
.27
 
.19
 
.23
 
.30
     Net realized and unrealized gain (loss)
 
.81
 
.16
 
(1.93)
 
.82
 
.61
 
.37
  Total from investment operations
 
1.03  
 
.56  
 
(1.66)  
 
1.01  
 
.84
 
.67
  Distributions from net investment income
 
(.23)
 
(.44)
 
(.24)
 
(.15)
 
(.23)
 
(.31)
  Distributions from net realized gain
 
-
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.23)
 
(.70)
 
(.27)
 
(.27)
 
(.36)
 
(.55)
  Net asset value, end of period
$
13.49
$
12.69
$
12.83
$
14.76
$
14.02
$
13.54
 Total Return C,D
 
8.20
%
 
 
4.40%
 
(11.41)%
 
7.24%
 
6.29%
 
5.24%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% G,H
 
.51%
 
.50%
 
.50%
 
.51%
 
.51%
    Expenses net of fee waivers, if any
 
.49
% G,H
 
 
.51%
 
.50%
 
.50%
 
.50%
 
.51%
    Expenses net of all reductions
 
.49% G,H
 
.51%
 
.50%
 
.50%
 
.50%
 
.51%
    Net investment income (loss)
 
3.43% G,H
 
3.11%
 
1.92%
 
1.29%
 
1.66%
 
2.29%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,310,105
$
3,329,197
$
3,734,894
$
4,723,410
$
5,377,374
$
4,990,188
    Portfolio turnover rate I
 
18
% G
 
 
28%
 
22%
 
25%
 
25%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAnnualized.
 
HProxy expenses are not annualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 20% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.69
$
12.83
$
14.76
$
14.02
$
13.53
$
13.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.40
 
.26
 
.18
 
.22
 
.30
     Net realized and unrealized gain (loss)
 
.82
 
.15
 
(1.93)
 
.82
 
.61
 
.36
  Total from investment operations
 
1.04  
 
.55  
 
(1.67)  
 
1.00  
 
.83
 
.66
  Distributions from net investment income
 
(.23)
 
(.43)
 
(.23)
 
(.14)
 
(.22)
 
(.30)
  Distributions from net realized gain
 
-
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.23)
 
(.69)
 
(.26)
 
(.26)
 
(.34) C
 
(.54)
  Net asset value, end of period
$
13.50
$
12.69
$
12.83
$
14.76
$
14.02
$
13.53
 Total Return D,E
 
8.25
%
 
 
4.33%
 
(11.46)%
 
7.17%
 
6.27%
 
5.18%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.54% H,I
 
.55%
 
.55%
 
.55%
 
.58%
 
.56%
    Expenses net of fee waivers, if any
 
.53
% H,I
 
 
.55%
 
.55%
 
.55%
 
.57%
 
.56%
    Expenses net of all reductions
 
.53% H,I
 
.55%
 
.55%
 
.55%
 
.57%
 
.56%
    Net investment income (loss)
 
3.40% H,I
 
3.06%
 
1.87%
 
1.24%
 
1.59%
 
2.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,303
$
20,594
$
28,182
$
31,374
$
32,445
$
25,577
    Portfolio turnover rate J
 
18
% H
 
 
28%
 
22%
 
25%
 
25%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 20% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.68
$
12.82
$
14.76
$
14.02
$
13.53
$
13.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.23
 
.41
 
.27
 
.19
 
.23
 
.30
     Net realized and unrealized gain (loss)
 
.80
 
.15
 
(1.93)
 
.82
 
.62
 
.37
  Total from investment operations
 
1.03  
 
.56  
 
(1.66)  
 
1.01  
 
.85
 
.67
  Distributions from net investment income
 
(.23)
 
(.44)
 
(.24)
 
(.16)
 
(.24)
 
(.31)
  Distributions from net realized gain
 
-
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.23)
 
(.70)
 
(.28) D
 
(.27) D
 
(.36) D
 
(.55)
  Net asset value, end of period
$
13.48
$
12.68
$
12.82
$
14.76
$
14.02
$
13.53
 Total Return E,F
 
8.22
%
 
 
4.42%
 
(11.45)%
 
7.27%
 
6.41%
 
5.27%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.47% I,J
 
.47%
 
.47%
 
.47%
 
.48%
 
.48% I
    Expenses net of fee waivers, if any
 
.46
% I,J
 
 
.47%
 
.47%
 
.47%
 
.48%
 
.48% I
    Expenses net of all reductions
 
.46% I,J
 
.47%
 
.47%
 
.47%
 
.48%
 
.48% I
    Net investment income (loss)
 
3.47% I,J
 
3.14%
 
1.95%
 
1.31%
 
1.69%
 
2.32% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,964,989
$
1,785,426
$
1,566,447
$
1,485,829
$
18,177
$
14,613
    Portfolio turnover rate K
 
18
% I
 
 
28%
 
22%
 
25%
 
25%
 
41%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 30% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
1.8
 
Apple, Inc.
1.1
 
Amazon.com, Inc.
1.0
 
Alphabet, Inc. Class A
0.9
 
NVIDIA Corp.
0.8
 
Meta Platforms, Inc. Class A
0.7
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.5
 
JPMorgan Chase & Co.
0.5
 
Exxon Mobil Corp.
0.5
 
iShares Russell 2000 Index ETF
0.4
 
 
8.2
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
20.3
 
Fannie Mae
3.2
 
Freddie Mac
3.1
 
Ginnie Mae
2.2
 
Uniform Mortgage Backed Securities
1.2
 
JPMorgan Chase & Co.
0.6
 
Morgan Stanley
0.6
 
BX Commercial Mortgage Trust
0.5
 
Bank of America Corp.
0.5
 
Petroleos Mexicanos
0.4
 
 
32.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
14.6
 
Information Technology
10.0
 
Health Care
5.6
 
Industrials
5.3
 
Consumer Discretionary
5.0
 
Communication Services
3.8
 
Energy
2.9
 
Consumer Staples
2.4
 
Real Estate
2.1
 
Materials
1.1
 
Utilities
0.8
 
 
Quality Diversification (% of Fund's net assets)
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.2%.
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 19.5% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 30%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 39.4%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
46,815
4,238,123
Fidelity Emerging Markets Equity Central Fund (a)
 
450,928
93,914,732
Fidelity Hedged Equity Central Fund (a)
 
227,562
27,865,003
Fidelity International Equity Central Fund (a)
 
1,836,762
193,998,769
Fidelity Real Estate Equity Central Fund (a)
 
67,636
8,668,213
Fidelity U.S. Equity Central Fund (a)
 
3,624,498
488,509,861
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $493,449,554)
 
 
817,194,701
 
 
 
 
Fixed-Income Central Funds - 49.6%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 2.6%
 
 
 
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
206,214
18,051,992
Fidelity Floating Rate Central Fund (a)
 
210,825
20,797,914
Fidelity High Income Central Fund (a)
 
148,025
15,561,899
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
54,411,805
Investment Grade Fixed-Income Funds - 47.0%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
344,913
30,483,385
Fidelity International Credit Central Fund (a)
 
64,991
5,279,902
Fidelity Investment Grade Bond Central Fund (a)
 
9,604,747
937,135,186
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
972,898,473
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $1,121,730,256)
 
 
 
1,027,310,278
 
 
 
 
Money Market Central Funds - 10.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
205,472,394
205,513,489
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
7,981,402
7,982,200
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $213,495,689)
 
 
213,495,689
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.3% 5/2/24 to 6/20/24 (e)
 
 (Cost $6,197,804)
 
 
6,260,000
6,197,938
 
 
 
 
Investment Companies - 0.8%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
82,329
7,789,970
iShares Russell 2000 Index ETF (f)
 
37,338
7,852,184
 
TOTAL INVESTMENT COMPANIES
 (Cost $15,605,890)
 
 
15,642,154
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $1,850,479,193)
 
 
 
2,079,840,760
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(8,047,042)
NET ASSETS - 100.0%
2,071,793,718
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
340
Jun 2024
90,244,500
(1,993,157)
(1,993,157)
ICE E-mini MSCI EAFE Index Contracts (United States)
167
Jun 2024
19,681,785
(240,814)
(240,814)
ICE MSCI Emerging Markets Index Contracts (United States)
450
Jun 2024
23,602,500
1,548
1,548
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(2,232,423)
The notional amount of futures sold as a percentage of Net Assets is 6.4%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,068,529.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
63,662,251
214,031,518
72,180,280
2,054,438
-
-
205,513,489
0.4%
Fidelity Commodity Strategy Central Fund
4,615,345
228,235
420,287
86,231
(64,456)
(120,714)
4,238,123
2.1%
Fidelity Emerging Markets Debt Central Fund
1,766,594
16,789
1,816,898
15,468
(326,831)
360,346
-
0.0%
Fidelity Emerging Markets Debt Local Currency Central Fund
16,932,788
1,305,870
-
1,305,870
-
(186,666)
18,051,992
6.2%
Fidelity Emerging Markets Equity Central Fund
87,366,529
2,610,516
5,337,663
815,821
(1,097,767)
10,373,117
93,914,732
4.0%
Fidelity Floating Rate Central Fund
26,845,875
1,910,399
8,104,102
1,230,384
(118,511)
264,253
20,797,914
1.4%
Fidelity Hedged Equity Central Fund
26,352,919
272,782
3,177,409
272,782
129,702
4,287,009
27,865,003
5.8%
Fidelity High Income Central Fund
10,261,998
5,774,698
923,785
458,606
7,796
441,192
15,561,899
1.1%
Fidelity Inflation-Protected Bond Index Central Fund
20,169,277
12,517,289
2,240,063
1,003,529
(58,052)
94,934
30,483,385
5.2%
Fidelity International Credit Central Fund
5,128,668
235,482
420,318
93,442
(73,534)
409,604
5,279,902
2.1%
Fidelity International Equity Central Fund
170,044,678
6,106,448
13,966,068
1,386,421
23,769
31,789,942
193,998,769
3.5%
Fidelity Investment Grade Bond Central Fund
932,760,855
46,885,113
80,087,541
19,797,197
(8,427,724)
46,004,483
937,135,186
2.3%
Fidelity Money Market Central Fund 0.45%
149,067,807
7,108,619
156,176,491
3,535,930
(9,690)
9,755
-
0.0%
Fidelity Real Estate Equity Central Fund
8,006,189
410,105
840,541
126,129
(9,329)
1,101,789
8,668,213
0.9%
Fidelity Securities Lending Cash Central Fund 5.39%
12,344,200
68,240,463
72,602,463
1,644
-
-
7,982,200
0.0%
Fidelity U.S. Equity Central Fund
416,893,259
36,037,680
31,808,749
24,415,306
3,963,854
63,423,817
488,509,861
2.5%
Total
1,952,219,232
403,692,006
450,102,658
56,599,198
(6,060,773)
158,252,861
2,058,000,668
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
19,853,071
20,540,059
59,079
686,988
-
-
 
-
19,853,071
20,540,059
59,079
686,988
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
817,194,701
817,194,701
-
-
 Fixed-Income Central Funds
1,027,310,278
1,027,310,278
-
-
 Money Market Central Funds
213,495,689
213,495,689
-
-
 U.S Treasury Obligations
6,197,938
-
6,197,938
-
  Investment Companies
15,642,154
15,642,154
-
-
 Total Investments in Securities:
2,079,840,760
2,073,642,822
6,197,938
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,548
1,548
-
-
  Total Assets
1,548
1,548
-
-
 Liabilities
 
 
 
 
Futures Contracts
(2,233,971)
(2,233,971)
-
-
  Total Liabilities
(2,233,971)
(2,233,971)
-
-
 Total Derivative Instruments:
(2,232,423)
(2,232,423)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,548
(2,233,971)
Total Equity Risk
1,548
(2,233,971)
Total Value of Derivatives
1,548
(2,233,971)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 30%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $7,844,190) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $21,803,694)
$
21,840,092
 
 
Fidelity Central Funds (cost $1,828,675,499)
2,058,000,668
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,850,479,193)
 
 
$
2,079,840,760
Receivable for investments sold
 
 
88,578
Receivable for fund shares sold
 
 
584,595
Distributions receivable from Fidelity Central Funds
 
 
945,140
Prepaid expenses
 
 
975
  Total assets
 
 
2,081,460,048
Liabilities
 
 
 
 
Payable for investments purchased
$
2,440
 
 
Payable for fund shares redeemed
727,853
 
 
Accrued management fee
833,668
 
 
Distribution and service plan fees payable
41,120
 
 
Payable for daily variation margin on futures contracts
50,065
 
 
Other payables and accrued expenses
28,984
 
 
Collateral on securities loaned
7,982,200
 
 
  Total liabilities
 
 
 
9,666,330
Net Assets  
 
 
$
2,071,793,718
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,968,630,221
Total accumulated earnings (loss)
 
 
 
103,163,497
Net Assets
 
 
$
2,071,793,718
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($72,939,910 ÷ 6,217,677 shares)(a)
 
 
$
11.73
Maximum offering price per share (100/94.25 of $11.73)
 
 
$
12.45
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($23,168,725 ÷ 1,980,022 shares)(a)
 
 
$
11.70
Maximum offering price per share (100/96.50 of $11.70)
 
 
$
12.12
Class C :
 
 
 
 
Net Asset Value and offering price per share ($19,510,784 ÷ 1,684,857 shares)(a)
 
 
$
11.58
Asset Manager 30% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,405,705,542 ÷ 119,910,784 shares)
 
 
$
11.72
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($19,001,818 ÷ 1,620,134 shares)
 
 
$
11.73
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($531,466,939 ÷ 45,341,026 shares)
 
 
$
11.72
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $59,079 earned from affiliated issuers)
 
 
$
311,551
Interest  
 
 
193,269
Income from Fidelity Central Funds (including $1,644 from security lending)
 
 
34,968,820
 Total income
 
 
 
35,473,640
Expenses
 
 
 
 
Management fee
$
4,139,257
 
 
Transfer agent fees
660,819
 
 
Distribution and service plan fees
243,560
 
 
Accounting fees
274,435
 
 
Custodian fees and expenses
16,024
 
 
Independent trustees' fees and expenses
3,115
 
 
Registration fees
34,023
 
 
Audit
17,151
 
 
Legal
1,788
 
 
Miscellaneous
4,667
 
 
 Total expenses before reductions
 
5,394,839
 
 
 Expense reductions
 
(73,292)
 
 
 Total expenses after reductions
 
 
 
5,321,547
Net Investment income (loss)
 
 
 
30,152,093
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,853,693
 
 
   Fidelity Central Funds
 
(6,060,773)
 
 
   Other affiliated issuers
 
686,988
 
 
 Futures contracts
 
(10,131,686)
 
 
 Capital gain distributions from Fidelity Central Funds
 
21,630,378
 
 
Total net realized gain (loss)
 
 
 
7,978,600
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,179,273
 
 
   Fidelity Central Funds
 
158,252,861
 
 
 Futures contracts
 
(7,953,940)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
151,478,194
Net gain (loss)
 
 
 
159,456,794
Net increase (decrease) in net assets resulting from operations
 
 
$
189,608,887
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
30,152,093
$
60,037,385
Net realized gain (loss)
 
7,978,600
 
 
(62,504,237)
 
Change in net unrealized appreciation (depreciation)
 
151,478,194
 
135,580,721
 
Net increase (decrease) in net assets resulting from operations
 
189,608,887
 
 
133,113,869
 
Distributions to shareholders
 
(32,361,540)
 
 
(118,388,775)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(74,258,458)
 
 
(199,275,265)
 
Total increase (decrease) in net assets
 
82,988,889
 
 
(184,550,171)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,988,804,829
 
2,173,355,000
 
End of period
$
2,071,793,718
$
1,988,804,829
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 30% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.84
$
10.80
$
12.77
$
11.80
$
11.24
$
11.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.28
 
.20
 
.14
 
.16
 
.21
     Net realized and unrealized gain (loss)
 
.90
 
.33
 
(1.95)
 
1.03
 
.71
 
.27
  Total from investment operations
 
1.05  
 
.61  
 
(1.75)  
 
1.17  
 
.87
 
.48
  Distributions from net investment income
 
(.16)
 
(.31)
 
(.18)
 
(.09)
 
(.17)
 
(.21)
  Distributions from net realized gain
 
-
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.16)
 
(.57)
 
(.22)
 
(.20)
 
(.31)
 
(.39)
  Net asset value, end of period
$
11.73
$
10.84
$
10.80
$
12.77
$
11.80
$
11.24
 Total Return C,D,E
 
9.80
%
 
 
5.74%
 
(13.89)%
 
9.98%
 
7.83%
 
4.54%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81% H,I
 
.82%
 
.82%
 
.82%
 
.82%
 
.82%
    Expenses net of fee waivers, if any
 
.80
% H,I
 
 
.82%
 
.82%
 
.82%
 
.82%
 
.82%
    Expenses net of all reductions
 
.80% H,I
 
.82%
 
.82%
 
.82%
 
.82%
 
.82%
    Net investment income (loss)
 
2.72% H,I
 
2.51%
 
1.66%
 
1.10%
 
1.43%
 
1.91%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
72,940
$
69,350
$
71,633
$
77,502
$
50,625
$
36,978
    Portfolio turnover rate J
 
16
% H
 
 
22%
 
23%
 
18%
 
23%
 
34%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 30% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.81
$
10.77
$
12.75
$
11.77
$
11.22
$
11.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.25
 
.17
 
.11
 
.13
 
.18
     Net realized and unrealized gain (loss)
 
.90
 
.34
 
(1.95)
 
1.04
 
.70
 
.27
  Total from investment operations
 
1.04  
 
.59  
 
(1.78)  
 
1.15  
 
.83
 
.45
  Distributions from net investment income
 
(.15)
 
(.29)
 
(.15)
 
(.07)
 
(.14)
 
(.18)
  Distributions from net realized gain
 
-
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.15)
 
(.55)
 
(.20) C
 
(.17) C
 
(.28)
 
(.36)
  Net asset value, end of period
$
11.70
$
10.81
$
10.77
$
12.75
$
11.77
$
11.22
 Total Return D,E,F
 
9.69
%
 
 
5.49%
 
(14.20)%
 
9.84%
 
7.49%
 
4.28%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% I,J
 
1.07%
 
1.08%
 
1.08%
 
1.08%
 
1.09%
    Expenses net of fee waivers, if any
 
1.06
% I,J
 
 
1.07%
 
1.08%
 
1.08%
 
1.08%
 
1.09%
    Expenses net of all reductions
 
1.06% I,J
 
1.07%
 
1.08%
 
1.08%
 
1.08%
 
1.09%
    Net investment income (loss)
 
2.46% I,J
 
2.26%
 
1.41%
 
.84%
 
1.17%
 
1.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,169
$
21,274
$
22,364
$
26,218
$
20,329
$
16,252
    Portfolio turnover rate K
 
16
% I
 
 
22%
 
23%
 
18%
 
23%
 
34%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 30% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.70
$
10.66
$
12.64
$
11.71
$
11.16
$
11.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.19
 
.11
 
.04
 
.07
 
.12
     Net realized and unrealized gain (loss)
 
.89
 
.34
 
(1.94)
 
1.03
 
.70
 
.28
  Total from investment operations
 
1.00  
 
.53  
 
(1.83)  
 
1.07  
 
.77
 
.40
  Distributions from net investment income
 
(.12)
 
(.23)
 
(.11)
 
(.03)
 
(.08)
 
(.12)
  Distributions from net realized gain
 
-
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.12)
 
(.49)
 
(.15)
 
(.14)
 
(.22)
 
(.31) C
  Net asset value, end of period
$
11.58
$
10.70
$
10.66
$
12.64
$
11.71
$
11.16
 Total Return D,E,F
 
9.42
%
 
 
5.00%
 
(14.62)%
 
9.17%
 
7.00%
 
3.77%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.57% I,J
 
1.58%
 
1.58%
 
1.59%
 
1.59%
 
1.60%
    Expenses net of fee waivers, if any
 
1.56
% I,J
 
 
1.58%
 
1.58%
 
1.59%
 
1.59%
 
1.60%
    Expenses net of all reductions
 
1.56% I,J
 
1.58%
 
1.58%
 
1.59%
 
1.59%
 
1.60%
    Net investment income (loss)
 
1.96% I,J
 
1.74%
 
.90%
 
.33%
 
.66%
 
1.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,511
$
20,534
$
24,169
$
31,949
$
27,496
$
24,224
    Portfolio turnover rate K
 
16
% I
 
 
22%
 
23%
 
18%
 
23%
 
34%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 30%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.83
$
10.79
$
12.77
$
11.79
$
11.24
$
11.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.31
 
.24
 
.18
 
.20
 
.24
     Net realized and unrealized gain (loss)
 
.90
 
.34
 
(1.96)
 
1.04
 
.69
 
.27
  Total from investment operations
 
1.07  
 
.65  
 
(1.72)  
 
1.22  
 
.89
 
.51
  Distributions from net investment income
 
(.18)
 
(.35)
 
(.22)
 
(.14)
 
(.20)
 
(.24)
  Distributions from net realized gain
 
-
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.18)
 
(.61)
 
(.26)
 
(.24) C
 
(.34)
 
(.42)
  Net asset value, end of period
$
11.72
$
10.83
$
10.79
$
12.77
$
11.79
$
11.24
 Total Return D,E
 
9.98
%
 
 
6.07%
 
(13.71)%
 
10.43%
 
8.05%
 
4.87%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.51% H,I
 
.52%
 
.52%
 
.52%
 
.52%
 
.53%
    Expenses net of fee waivers, if any
 
.51
% H,I
 
 
.52%
 
.51%
 
.52%
 
.52%
 
.52%
    Expenses net of all reductions
 
.51% H,I
 
.52%
 
.51%
 
.52%
 
.52%
 
.52%
    Net investment income (loss)
 
3.01% H,I
 
2.80%
 
1.97%
 
1.40%
 
1.74%
 
2.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,405,706
$
1,418,966
$
1,625,346
$
2,196,582
$
1,935,863
$
1,661,192
    Portfolio turnover rate J
 
16
% H
 
 
22%
 
23%
 
18%
 
23%
 
34%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 30% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.84
$
10.79
$
12.77
$
11.79
$
11.24
$
11.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.30
 
.24
 
.17
 
.19
 
.23
     Net realized and unrealized gain (loss)
 
.90
 
.35
 
(1.96)
 
1.05
 
.69
 
.28
  Total from investment operations
 
1.07  
 
.65  
 
(1.72)  
 
1.22  
 
.88
 
.51
  Distributions from net investment income
 
(.18)
 
(.34)
 
(.21)
 
(.13)
 
(.19)
 
(.23)
  Distributions from net realized gain
 
-
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.18)
 
(.60)
 
(.26) C
 
(.24)
 
(.33)
 
(.42) C
  Net asset value, end of period
$
11.73
$
10.84
$
10.79
$
12.77
$
11.79
$
11.24
 Total Return D,E
 
9.91
%
 
 
6.10%
 
(13.75)%
 
10.41%
 
8.00%
 
4.80%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.56% H,I
 
.58%
 
.54%
 
.55%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.56
% H,I
 
 
.58%
 
.54%
 
.54%
 
.59%
 
.59%
    Expenses net of all reductions
 
.56% H,I
 
.58%
 
.54%
 
.54%
 
.59%
 
.59%
    Net investment income (loss)
 
2.96% H,I
 
2.75%
 
1.94%
 
1.37%
 
1.67%
 
2.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,002
$
24,322
$
30,027
$
76,079
$
19,225
$
19,014
    Portfolio turnover rate J
 
16
% I
 
 
22%
 
23%
 
18%
 
23%
 
34%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HProxy expenses are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 30% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.83
$
10.79
$
12.77
$
11.79
$
11.24
$
11.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.31
 
.24
 
.18
 
.20
 
.24
     Net realized and unrealized gain (loss)
 
.90
 
.34
 
(1.96)
 
1.04
 
.69
 
.29
  Total from investment operations
 
1.07  
 
.65  
 
(1.72)  
 
1.22  
 
.89
 
.53
  Distributions from net investment income
 
(.18)
 
(.35)
 
(.22)
 
(.14)
 
(.20)
 
(.25)
  Distributions from net realized gain
 
-
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.18)
 
(.61)
 
(.26)
 
(.24) D
 
(.34)
 
(.43)
  Net asset value, end of period
$
11.72
$
10.83
$
10.79
$
12.77
$
11.79
$
11.24
 Total Return E,F
 
10.00
%
 
 
6.10%
 
(13.69)%
 
10.44%
 
8.10%
 
5.01%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.49% I,J
 
.49%
 
.49%
 
.49%
 
.50%
 
.50% I
    Expenses net of fee waivers, if any
 
.48
% I,J
 
 
.49%
 
.49%
 
.49%
 
.49%
 
.50% I
    Expenses net of all reductions
 
.48% I,J
 
.49%
 
.49%
 
.49%
 
.49%
 
.50% I
    Net investment income (loss)
 
3.04% I,J
 
2.84%
 
2.00%
 
1.43%
 
1.76%
 
2.23% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
531,467
$
434,359
$
399,817
$
474,155
$
9,698
$
7,353
    Portfolio turnover rate K
 
16
% I
 
 
22%
 
23%
 
18%
 
23%
 
34%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 40% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
2.3
 
Apple, Inc.
1.4
 
Amazon.com, Inc.
1.2
 
Alphabet, Inc. Class A
1.1
 
NVIDIA Corp.
1.0
 
Meta Platforms, Inc. Class A
0.9
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.6
 
JPMorgan Chase & Co.
0.6
 
Exxon Mobil Corp.
0.6
 
Salesforce, Inc.
0.4
 
 
10.1
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
18.2
 
Fannie Mae
2.9
 
Freddie Mac
2.8
 
Ginnie Mae
1.9
 
Uniform Mortgage Backed Securities
1.7
 
JPMorgan Chase & Co.
0.8
 
Morgan Stanley
0.6
 
BX Commercial Mortgage Trust
0.5
 
Bank of America Corp.
0.4
 
Petroleos Mexicanos
0.4
 
 
30.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
15.1
 
Information Technology
12.3
 
Health Care
6.5
 
Industrials
6.4
 
Consumer Discretionary
5.9
 
Communication Services
4.2
 
Consumer Staples
3.4
 
Energy
3.3
 
Real Estate
2.5
 
Materials
1.7
 
Utilities
1.0
 
 
Quality Diversification (% of Fund's net assets)
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.2%.
 
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 22.5% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 40%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 49.4%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
48,650
4,404,266
Fidelity Emerging Markets Equity Central Fund (a)
 
574,958
119,746,405
Fidelity Hedged Equity Central Fund (a)
 
244,570
29,947,560
Fidelity International Equity Central Fund (a)
 
2,664,408
281,414,790
Fidelity Real Estate Equity Central Fund (a)
 
74,313
9,523,959
Fidelity U.S. Equity Central Fund (a)
 
5,070,095
683,347,373
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $668,305,369)
 
 
1,128,384,353
 
 
 
 
Fixed-Income Central Funds - 44.4%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 2.5%
 
 
 
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
210,294
18,409,160
Fidelity Floating Rate Central Fund (a)
 
230,717
22,760,260
Fidelity High Income Central Fund (a)
 
162,009
17,032,052
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
58,201,472
Investment Grade Fixed-Income Funds - 41.9%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
377,578
33,370,376
Fidelity International Credit Central Fund (a)
 
70,721
5,745,334
Fidelity Investment Grade Bond Central Fund (a)
 
9,396,813
916,847,038
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
955,962,748
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $1,099,491,296)
 
 
 
1,014,164,220
 
 
 
 
Money Market Central Funds - 5.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
116,290,416
116,313,674
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
8,644,736
8,645,600
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $124,959,274)
 
 
124,959,274
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.3% 5/2/24 to 6/20/24 (e)
 
 (Cost $6,802,394)
 
 
6,870,000
6,802,534
 
 
 
 
Investment Companies - 0.8%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
89,125
8,433,008
iShares Russell 2000 Index ETF (f)
 
40,448
8,506,214
 
TOTAL INVESTMENT COMPANIES
 (Cost $16,899,778)
 
 
16,939,222
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $1,916,458,111)
 
 
 
2,291,249,603
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(8,958,636)
NET ASSETS - 100.0%
2,282,290,967
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
390
Jun 2024
103,515,750
(2,286,269)
(2,286,269)
ICE E-mini MSCI EAFE Index Contracts (United States)
185
Jun 2024
21,803,175
(266,770)
(266,770)
ICE MSCI Emerging Markets Index Contracts (United States)
323
Jun 2024
16,941,350
1,111
1,111
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(2,551,928)
The notional amount of futures sold as a percentage of Net Assets is 6.2%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,663,170.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
61,328,215
135,688,393
80,702,934
1,838,782
-
-
116,313,674
0.2%
Fidelity Commodity Strategy Central Fund
4,639,420
234,150
282,489
87,814
(31,917)
(154,898)
4,404,266
2.2%
Fidelity Emerging Markets Debt Central Fund
3,559,328
54,040
3,722,496
36,727
(749,025)
858,153
-
0.0%
Fidelity Emerging Markets Debt Local Currency Central Fund
17,267,812
1,331,707
-
1,331,708
-
(190,359)
18,409,160
6.3%
Fidelity Emerging Markets Equity Central Fund
109,324,803
3,533,859
4,855,397
1,029,149
(412,073)
12,155,213
119,746,405
5.1%
Fidelity Floating Rate Central Fund
28,338,924
1,997,142
7,734,586
1,319,807
(106,462)
265,242
22,760,260
1.5%
Fidelity Hedged Equity Central Fund
27,282,644
293,168
2,314,816
293,169
94,491
4,592,073
29,947,560
6.3%
Fidelity High Income Central Fund
10,843,591
6,317,933
615,934
493,689
7,782
478,680
17,032,052
1.3%
Fidelity Inflation-Protected Bond Index Central Fund
21,328,261
13,509,649
1,507,585
1,078,251
(36,781)
76,832
33,370,376
5.7%
Fidelity International Credit Central Fund
5,419,421
245,897
282,450
99,596
(48,486)
410,952
5,745,334
2.3%
Fidelity International Equity Central Fund
239,831,032
8,532,545
12,640,908
1,988,887
(205,242)
45,897,363
281,414,790
5.1%
Fidelity Investment Grade Bond Central Fund
882,882,693
48,112,744
50,312,304
19,048,133
(4,546,566)
40,710,471
916,847,038
2.3%
Fidelity Money Market Central Fund 0.45%
55,377,703
2,549,025
57,926,761
1,260,794
(1,435)
1,468
-
0.0%
Fidelity Real Estate Equity Central Fund
8,476,564
428,755
564,826
136,233
(20,220)
1,203,686
9,523,959
1.0%
Fidelity Securities Lending Cash Central Fund 5.39%
12,751,450
93,455,364
97,561,214
1,941
-
-
8,645,600
0.0%
Fidelity U.S. Equity Central Fund
568,919,790
49,143,589
28,033,524
33,733,338
3,934,908
89,382,610
683,347,373
3.6%
Total
2,057,571,651
365,427,960
349,058,224
63,778,018
(2,121,026)
195,687,486
2,267,507,847
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
21,334,662
22,073,370
63,488
738,708
-
-
 
-
21,334,662
22,073,370
63,488
738,708
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
1,128,384,353
1,128,384,353
-
-
 Fixed-Income Central Funds
1,014,164,220
1,014,164,220
-
-
 Money Market Central Funds
124,959,274
124,959,274
-
-
 U.S Treasury Obligations
6,802,534
-
6,802,534
-
  Investment Companies
16,939,222
16,939,222
-
-
 Total Investments in Securities:
2,291,249,603
2,284,447,069
6,802,534
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,111
1,111
-
-
  Total Assets
1,111
1,111
-
-
 Liabilities
 
 
 
 
Futures Contracts
(2,553,039)
(2,553,039)
-
-
  Total Liabilities
(2,553,039)
(2,553,039)
-
-
 Total Derivative Instruments:
(2,551,928)
(2,551,928)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,111
(2,553,039)
Total Equity Risk
1,111
(2,553,039)
Total Value of Derivatives
1,111
(2,553,039)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 40%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $8,496,120) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $23,702,172)
$
23,741,756
 
 
Fidelity Central Funds (cost $1,892,755,939)
2,267,507,847
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,916,458,111)
 
 
$
2,291,249,603
Receivable for investments sold
 
 
6,877
Receivable for fund shares sold
 
 
2,984,602
Distributions receivable from Fidelity Central Funds
 
 
533,469
Prepaid expenses
 
 
1,007
  Total assets
 
 
2,294,775,558
Liabilities
 
 
 
 
Payable for investments purchased
$
1,203,542
 
 
Payable for fund shares redeemed
1,623,797
 
 
Accrued management fee
927,106
 
 
Distribution and service plan fees payable
37,420
 
 
Payable for daily variation margin on futures contracts
18,127
 
 
Other payables and accrued expenses
28,999
 
 
Collateral on securities loaned
8,645,600
 
 
  Total liabilities
 
 
 
12,484,591
Net Assets  
 
 
$
2,282,290,967
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,011,873,102
Total accumulated earnings (loss)
 
 
 
270,417,865
Net Assets
 
 
$
2,282,290,967
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($78,097,247 ÷ 6,103,612 shares)(a)
 
 
$
12.80
Maximum offering price per share (100/94.25 of $12.80)
 
 
$
13.58
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($14,425,663 ÷ 1,129,456 shares)(a)
 
 
$
12.77
Maximum offering price per share (100/96.50 of $12.77)
 
 
$
13.23
Class C :
 
 
 
 
Net Asset Value and offering price per share ($18,500,272 ÷ 1,455,464 shares)(a)
 
 
$
12.71
Asset Manager 40% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,518,359,745 ÷ 118,686,161 shares)
 
 
$
12.79
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($38,323,953 ÷ 2,994,556 shares)
 
 
$
12.80
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($614,584,087 ÷ 48,045,173 shares)
 
 
$
12.79
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $63,488 earned from affiliated issuers)
 
 
$
318,888
Interest  
 
 
208,981
Income from Fidelity Central Funds (including $1,941 from security lending)
 
 
33,897,785
 Total income
 
 
 
34,425,654
Expenses
 
 
 
 
Management fee
$
4,475,975
 
 
Transfer agent fees
718,501
 
 
Distribution and service plan fees
216,210
 
 
Accounting fees
293,485
 
 
Custodian fees and expenses
15,946
 
 
Independent trustees' fees and expenses
3,325
 
 
Registration fees
44,760
 
 
Audit
17,155
 
 
Legal
1,901
 
 
Miscellaneous
5,027
 
 
 Total expenses before reductions
 
5,792,285
 
 
 Expense reductions
 
(78,662)
 
 
 Total expenses after reductions
 
 
 
5,713,623
Net Investment income (loss)
 
 
 
28,712,031
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,913,393
 
 
   Fidelity Central Funds
 
(2,121,026)
 
 
   Other affiliated issuers
 
738,708
 
 
 Futures contracts
 
(11,086,594)
 
 
 Capital gain distributions from Fidelity Central Funds
 
29,880,233
 
 
Total net realized gain (loss)
 
 
 
19,324,714
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,206,086
 
 
   Fidelity Central Funds
 
195,687,486
 
 
 Futures contracts
 
(8,582,250)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
188,311,322
Net gain (loss)
 
 
 
207,636,036
Net increase (decrease) in net assets resulting from operations
 
 
$
236,348,067
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
28,712,031
$
55,789,839
Net realized gain (loss)
 
19,324,714
 
 
(53,786,068)
 
Change in net unrealized appreciation (depreciation)
 
188,311,322
 
167,636,269
 
Net increase (decrease) in net assets resulting from operations
 
236,348,067
 
 
169,640,040
 
Distributions to shareholders
 
(32,221,609)
 
 
(131,471,885)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(17,078,835)
 
 
(94,597,313)
 
Total increase (decrease) in net assets
 
187,047,623
 
 
(56,429,158)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,095,243,344
 
2,151,672,502
 
End of period
$
2,282,290,967
$
2,095,243,344
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 40% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.64
$
11.46
$
13.85
$
12.49
$
11.82
$
11.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.27
 
.22
 
.15
 
.17
 
.21
     Net realized and unrealized gain (loss)
 
1.18
 
.58
 
(2.32)
 
1.47
 
.88
 
.21
  Total from investment operations
 
1.32  
 
.85  
 
(2.10)  
 
1.62  
 
1.05
 
.42
  Distributions from net investment income
 
(.16)
 
(.30)
 
(.18)
 
(.12)
 
(.17)
 
(.21)
  Distributions from net realized gain
 
-
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.16)
 
(.67)
 
(.29)
 
(.26) C
 
(.38)
 
(.47) C
  Net asset value, end of period
$
12.80
$
11.64
$
11.46
$
13.85
$
12.49
$
11.82
 Total Return D,E,F
 
11.46
%
 
 
7.60%
 
(15.47)%
 
13.06%
 
9.06%
 
3.90%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.82% I,J
 
.83%
 
.82%
 
.82%
 
.83%
 
.83%
    Expenses net of fee waivers, if any
 
.81
% I,J
 
 
.82%
 
.82%
 
.82%
 
.83%
 
.83%
    Expenses net of all reductions
 
.81% I,J
 
.82%
 
.82%
 
.82%
 
.83%
 
.83%
    Net investment income (loss)
 
2.36% I,J
 
2.24%
 
1.72%
 
1.08%
 
1.43%
 
1.79%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
78,097
$
69,848
$
69,848
$
74,272
$
48,985
$
42,490
    Portfolio turnover rate K
 
16
% I
 
 
21%
 
16%
 
22%
 
24%
 
36%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 40% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.62
$
11.45
$
13.83
$
12.47
$
11.80
$
11.85
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.24
 
.19
 
.11
 
.14
 
.18
     Net realized and unrealized gain (loss)
 
1.17
 
.58
 
(2.31)
 
1.47
 
.88
 
.21
  Total from investment operations
 
1.30  
 
.82  
 
(2.12)  
 
1.58  
 
1.02
 
.39
  Distributions from net investment income
 
(.15)
 
(.28)
 
(.15)
 
(.09)
 
(.14)
 
(.17)
  Distributions from net realized gain
 
-
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.15)
 
(.65)
 
(.26)
 
(.22)
 
(.35)
 
(.44)
  Net asset value, end of period
$
12.77
$
11.62
$
11.45
$
13.83
$
12.47
$
11.80
 Total Return C,D,E
 
11.25
%
 
 
7.28%
 
(15.63)%
 
12.80%
 
8.80%
 
3.61%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% H,I
 
1.07%
 
1.06%
 
1.06%
 
1.08%
 
1.09%
    Expenses net of fee waivers, if any
 
1.05
% H,I
 
 
1.06%
 
1.06%
 
1.06%
 
1.08%
 
1.09%
    Expenses net of all reductions
 
1.05% H,I
 
1.06%
 
1.06%
 
1.06%
 
1.08%
 
1.09%
    Net investment income (loss)
 
2.12% H,I
 
2.01%
 
1.48%
 
.84%
 
1.17%
 
1.53%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,426
$
13,020
$
12,231
$
14,809
$
11,898
$
10,913
    Portfolio turnover rate J
 
16
% I
 
 
21%
 
16%
 
22%
 
24%
 
36%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HProxy expenses are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 40% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.56
$
11.39
$
13.77
$
12.42
$
11.75
$
11.80
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.17
 
.12
 
.04
 
.08
 
.12
     Net realized and unrealized gain (loss)
 
1.17
 
.58
 
(2.30)
 
1.47
 
.88
 
.21
  Total from investment operations
 
1.27  
 
.75  
 
(2.18)  
 
1.51  
 
.96
 
.33
  Distributions from net investment income
 
(.12)
 
(.21)
 
(.09)
 
(.03)
 
(.08)
 
(.12)
  Distributions from net realized gain
 
-
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.12)
 
(.58)
 
(.20)
 
(.16)
 
(.29)
 
(.38) C
  Net asset value, end of period
$
12.71
$
11.56
$
11.39
$
13.77
$
12.42
$
11.75
 Total Return D,E,F
 
11.01
%
 
 
6.70%
 
(16.07)%
 
12.24%
 
8.25%
 
3.11%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.57% I,J
 
1.59%
 
1.59%
 
1.59%
 
1.59%
 
1.60%
    Expenses net of fee waivers, if any
 
1.57
% I,J
 
 
1.59%
 
1.59%
 
1.59%
 
1.59%
 
1.60%
    Expenses net of all reductions
 
1.57% I,J
 
1.59%
 
1.59%
 
1.59%
 
1.59%
 
1.60%
    Net investment income (loss)
 
1.60% I,J
 
1.48%
 
.95%
 
.31%
 
.66%
 
1.03%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,500
$
17,576
$
19,517
$
26,841
$
23,974
$
24,834
    Portfolio turnover rate K
 
16
% I
 
 
21%
 
16%
 
22%
 
24%
 
36%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 40%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.64
$
11.46
$
13.85
$
12.49
$
11.82
$
11.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.30
 
.26
 
.19
 
.21
 
.24
     Net realized and unrealized gain (loss)
 
1.17
 
.59
 
(2.32)
 
1.46
 
.88
 
.22
  Total from investment operations
 
1.33  
 
.89  
 
(2.06)  
 
1.65  
 
1.09
 
.46
  Distributions from net investment income
 
(.18)
 
(.34)
 
(.22)
 
(.16)
 
(.21)
 
(.24)
  Distributions from net realized gain
 
-
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.18)
 
(.71)
 
(.33)
 
(.29)
 
(.42)
 
(.51)
  Net asset value, end of period
$
12.79
$
11.64
$
11.46
$
13.85
$
12.49
$
11.82
 Total Return C,D
 
11.54
%
 
 
7.95%
 
(15.21)%
 
13.38%
 
9.41%
 
4.23%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.52% G,H
 
.53%
 
.52%
 
.52%
 
.52%
 
.52%
    Expenses net of fee waivers, if any
 
.51
% G,H
 
 
.52%
 
.52%
 
.51%
 
.52%
 
.52%
    Expenses net of all reductions
 
.51% G,H
 
.52%
 
.52%
 
.51%
 
.52%
 
.52%
    Net investment income (loss)
 
2.66% G,H
 
2.55%
 
2.02%
 
1.39%
 
1.73%
 
2.10%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,518,360
$
1,427,453
$
1,515,043
$
1,829,755
$
1,911,787
$
1,704,998
    Portfolio turnover rate I
 
16
% G
 
 
21%
 
16%
 
22%
 
24%
 
36%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAnnualized.
 
HProxy expenses are not annualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 40% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.64
$
11.47
$
13.86
$
12.49
$
11.82
$
11.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.30
 
.26
 
.18
 
.20
 
.24
     Net realized and unrealized gain (loss)
 
1.18
 
.58
 
(2.32)
 
1.48
 
.88
 
.21
  Total from investment operations
 
1.34  
 
.88  
 
(2.06)  
 
1.66  
 
1.08
 
.45
  Distributions from net investment income
 
(.18)
 
(.33)
 
(.21)
 
(.16)
 
(.20)
 
(.24)
  Distributions from net realized gain
 
-
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.18)
 
(.71) C
 
(.33) C
 
(.29)
 
(.41)
 
(.50) C
  Net asset value, end of period
$
12.80
$
11.64
$
11.47
$
13.86
$
12.49
$
11.82
 Total Return D,E
 
11.61
%
 
 
7.79%
 
(15.24)%
 
13.42%
 
9.35%
 
4.18%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.56% H,I
 
.57%
 
.57%
 
.57%
 
.56%
 
.56%
    Expenses net of fee waivers, if any
 
.55
% H,I
 
 
.57%
 
.57%
 
.56%
 
.56%
 
.56%
    Expenses net of all reductions
 
.55% H,I
 
.57%
 
.57%
 
.56%
 
.56%
 
.56%
    Net investment income (loss)
 
2.62% H,I
 
2.50%
 
1.97%
 
1.34%
 
1.69%
 
2.06%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
38,324
$
36,451
$
34,286
$
42,310
$
28,708
$
25,014
    Portfolio turnover rate J
 
16
% H
 
 
21%
 
16%
 
22%
 
24%
 
36%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 40% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.64
$
11.47
$
13.86
$
12.49
$
11.82
$
11.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
.31
 
.27
 
.19
 
.21
 
.24
     Net realized and unrealized gain (loss)
 
1.18
 
.58
 
(2.32)
 
1.48
 
.88
 
.23
  Total from investment operations
 
1.34  
 
.89  
 
(2.05)  
 
1.67  
 
1.09
 
.47
  Distributions from net investment income
 
(.19)
 
(.34)
 
(.23)
 
(.17)
 
(.22)
 
(.24)
  Distributions from net realized gain
 
-
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.19)
 
(.72) D
 
(.34)
 
(.30)
 
(.42) D
 
(.51)
  Net asset value, end of period
$
12.79
$
11.64
$
11.47
$
13.86
$
12.49
$
11.82
 Total Return E,F
 
11.58
%
 
 
7.89%
 
(15.16)%
 
13.49%
 
9.45%
 
4.34%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.49% I,J
 
.49%
 
.49%
 
.49%
 
.50%
 
.50% I
    Expenses net of fee waivers, if any
 
.48
% I,J
 
 
.49%
 
.49%
 
.49%
 
.49%
 
.50% I
    Expenses net of all reductions
 
.48% I,J
 
.49%
 
.49%
 
.49%
 
.49%
 
.50% I
    Net investment income (loss)
 
2.69% I,J
 
2.58%
 
2.05%
 
1.41%
 
1.76%
 
2.12% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
614,584
$
530,895
$
500,747
$
556,238
$
12,416
$
6,431
    Portfolio turnover rate K
 
16
% I
 
 
21%
 
16%
 
22%
 
24%
 
36%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 50% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
2.6
 
Apple, Inc.
1.6
 
Amazon.com, Inc.
1.4
 
Alphabet, Inc. Class A
1.3
 
NVIDIA Corp.
1.2
 
Meta Platforms, Inc. Class A
1.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.7
 
JPMorgan Chase & Co.
0.7
 
Exxon Mobil Corp.
0.7
 
iShares 20+ Year Treasury Bond ETF
0.6
 
 
11.8
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
15.6
 
Fannie Mae
2.5
 
Freddie Mac
2.4
 
Ginnie Mae
1.9
 
Uniform Mortgage Backed Securities
1.5
 
JPMorgan Chase & Co.
0.7
 
Morgan Stanley
0.6
 
BX Commercial Mortgage Trust
0.4
 
Bank of America Corp.
0.4
 
Petroleos Mexicanos
0.4
 
 
26.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
16.5
 
Information Technology
14.0
 
Health Care
7.9
 
Industrials
7.6
 
Consumer Discretionary
6.6
 
Communication Services
4.8
 
Consumer Staples
3.7
 
Energy
3.5
 
Materials
2.7
 
Real Estate
2.6
 
Utilities
1.1
 
 
Quality Diversification (% of Fund's net assets)
 
Short-Term Investments and Net Other Assets (Liabilities) - (0.3)%
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.4%.
 
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 27.0% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 50%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 59.5%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
460,316
41,672,450
Fidelity Emerging Markets Equity Central Fund (a)
 
2,949,797
614,354,205
Fidelity Hedged Equity Central Fund (a)
 
1,063,422
130,216,018
Fidelity International Equity Central Fund (a)
 
14,585,552
1,540,526,026
Fidelity Real Estate Equity Central Fund (a)
 
309,885
39,714,911
Fidelity U.S. Equity Central Fund (a)
 
25,337,952
3,415,049,161
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $2,726,022,513)
 
 
5,781,532,771
 
 
 
 
Fixed-Income Central Funds - 38.3%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 2.6%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,466,929
11,662,087
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
899,557
78,747,230
Fidelity Floating Rate Central Fund (a)
 
975,223
96,205,740
Fidelity High Income Central Fund (a)
 
684,763
71,989,132
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
258,604,189
Investment Grade Fixed-Income Funds - 35.7%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
1,593,544
140,837,459
Fidelity International Credit Central Fund (a)
 
594,573
48,303,084
Fidelity Investment Grade Bond Central Fund (a)
 
33,560,726
3,274,519,998
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
3,463,660,541
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $3,876,374,877)
 
 
 
3,722,264,730
 
 
 
 
Money Market Central Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
92,495,626
92,514,125
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
36,183,782
36,187,400
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $128,701,525)
 
 
128,701,525
 
 
 
 
U.S. Treasury Obligations - 0.3%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.3% 4/25/24 to 6/20/24 (e)
 
 (Cost $24,138,399)
 
 
24,300,000
24,138,147
 
 
 
 
Investment Companies - 1.0%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
626,891
59,316,426
iShares Russell 2000 Index ETF (f)
 
173,567
36,501,140
 
TOTAL INVESTMENT COMPANIES
 (Cost $97,362,236)
 
 
95,817,566
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $6,852,599,550)
 
 
 
9,752,454,739
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(40,172,473)
NET ASSETS - 100.0%
9,712,282,266
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
1,350
Jun 2024
358,323,750
(7,914,007)
(7,914,007)
ICE E-mini MSCI EAFE Index Contracts (United States)
1,277
Jun 2024
150,500,835
(1,841,432)
(1,841,432)
ICE MSCI Emerging Markets Index Contracts (United States)
1,361
Jun 2024
71,384,450
4,683
4,683
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(9,750,756)
The notional amount of futures sold as a percentage of Net Assets is 5.9%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $23,674,777.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
122,239,620
335,056,811
364,782,306
2,239,063
-
-
92,514,125
0.2%
Fidelity Commodity Strategy Central Fund
45,193,778
1,170,703
2,826,808
862,526
(484,941)
(1,380,282)
41,672,450
20.4%
Fidelity Emerging Markets Debt Central Fund
14,881,559
1,012,761
5,246,740
427,008
(1,199,473)
2,213,980
11,662,087
0.5%
Fidelity Emerging Markets Debt Local Currency Central Fund
73,864,985
5,696,528
-
5,696,527
-
(814,283)
78,747,230
27.0%
Fidelity Emerging Markets Equity Central Fund
575,008,680
8,750,547
30,742,592
5,421,297
(1,557,339)
62,894,909
614,354,205
26.1%
Fidelity Floating Rate Central Fund
122,596,300
6,384,106
33,466,588
5,677,303
(520,613)
1,212,535
96,205,740
6.5%
Fidelity Hedged Equity Central Fund
118,514,113
1,274,739
9,944,011
1,274,739
405,915
19,965,262
130,216,018
27.2%
Fidelity High Income Central Fund
46,924,476
26,179,661
3,214,847
2,122,828
25,664
2,074,178
71,989,132
5.3%
Fidelity Inflation-Protected Bond Index Central Fund
115,407,562
50,447,778
25,170,486
5,467,151
(2,716,654)
2,869,259
140,837,459
23.9%
Fidelity International Credit Central Fund
46,843,042
1,169,858
2,826,428
862,059
(222,968)
3,339,580
48,303,084
19.1%
Fidelity International Equity Central Fund
1,345,260,183
19,793,794
79,414,893
11,136,753
(3,355,923)
258,242,865
1,540,526,026
28.1%
Fidelity Investment Grade Bond Central Fund
3,220,799,898
163,495,472
242,861,478
69,393,445
(16,473,237)
149,559,343
3,274,519,998
8.2%
Fidelity Real Estate Equity Central Fund
36,531,465
897,421
2,826,761
589,292
(16,776)
5,129,562
39,714,911
4.0%
Fidelity Securities Lending Cash Central Fund 5.39%
751,150
345,788,855
310,352,605
7,476
-
-
36,187,400
0.1%
Fidelity U.S. Equity Central Fund
2,924,109,056
193,464,771
176,888,711
173,459,745
32,300,244
442,063,801
3,415,049,161
17.8%
Total
8,808,925,867
1,160,583,805
1,290,565,254
284,637,212
6,183,899
947,370,709
9,632,499,026
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
92,765,823
95,995,301
276,056
3,229,478
-
-
 
-
92,765,823
95,995,301
276,056
3,229,478
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
5,781,532,771
5,781,532,771
-
-
 Fixed-Income Central Funds
3,722,264,730
3,722,264,730
-
-
 Money Market Central Funds
128,701,525
128,701,525
-
-
 U.S Treasury Obligations
24,138,147
-
24,138,147
-
  Investment Companies
95,817,566
95,817,566
-
-
 Total Investments in Securities:
9,752,454,739
9,728,316,592
24,138,147
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
4,683
4,683
-
-
  Total Assets
4,683
4,683
-
-
 Liabilities
 
 
 
 
Futures Contracts
(9,755,439)
(9,755,439)
-
-
  Total Liabilities
(9,755,439)
(9,755,439)
-
-
 Total Derivative Instruments:
(9,750,756)
(9,750,756)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
4,683
(9,755,439)
Total Equity Risk
4,683
(9,755,439)
Total Value of Derivatives
4,683
(9,755,439)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 50%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $35,561,730) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $121,500,635)
$
119,955,713
 
 
Fidelity Central Funds (cost $6,731,098,915)
9,632,499,026
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,852,599,550)
 
 
$
9,752,454,739
Receivable for investments sold
 
 
7,097,752
Receivable for fund shares sold
 
 
674,242
Distributions receivable from Fidelity Central Funds
 
 
411,851
Receivable for daily variation margin on futures contracts
 
 
79,995
Prepaid expenses
 
 
4,361
Other receivables
 
 
166,721
  Total assets
 
 
9,760,889,661
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
7,907,134
 
 
Accrued management fee
4,246,026
 
 
Distribution and service plan fees payable
70,930
 
 
Other payables and accrued expenses
195,905
 
 
Collateral on securities loaned
36,187,400
 
 
  Total liabilities
 
 
 
48,607,395
Net Assets  
 
 
$
9,712,282,266
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,545,490,144
Total accumulated earnings (loss)
 
 
 
2,166,792,122
Net Assets
 
 
$
9,712,282,266
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($128,941,892 ÷ 6,366,808 shares)(a)
 
 
$
20.25
Maximum offering price per share (100/94.25 of $20.25)
 
 
$
21.49
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($52,386,030 ÷ 2,590,126 shares)(a)
 
 
$
20.23
Maximum offering price per share (100/96.50 of $20.23)
 
 
$
20.96
Class C :
 
 
 
 
Net Asset Value and offering price per share ($27,022,240 ÷ 1,350,122 shares)(a)
 
 
$
20.01
Asset Manager 50% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($7,343,551,838 ÷ 360,692,832 shares)
 
 
$
20.36
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($58,512,197 ÷ 2,880,206 shares)
 
 
$
20.32
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,101,868,069 ÷ 103,554,767 shares)
 
 
$
20.30
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $276,056 earned from affiliated issuers)
 
 
$
1,816,320
Interest  
 
 
719,170
Income from Fidelity Central Funds (including $7,476 from security lending)
 
 
130,889,074
 Total income
 
 
 
133,424,564
Expenses
 
 
 
 
Management fee
$
22,518,418
 
 
Transfer agent fees
4,030,452
 
 
Distribution and service plan fees
416,468
 
 
Accounting fees
609,238
 
 
Custodian fees and expenses
15,953
 
 
Independent trustees' fees and expenses
14,357
 
 
Registration fees
55,772
 
 
Audit
17,360
 
 
Legal
8,226
 
 
Miscellaneous
23,007
 
 
 Total expenses before reductions
 
27,709,251
 
 
 Expense reductions
 
(618,570)
 
 
 Total expenses after reductions
 
 
 
27,090,681
Net Investment income (loss)
 
 
 
106,333,883
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
8,166,910
 
 
   Fidelity Central Funds
 
6,183,899
 
 
   Other affiliated issuers
 
3,229,478
 
 
 Futures contracts
 
(47,857,157)
 
 
 Capital gain distributions from Fidelity Central Funds
 
153,748,138
 
 
Total net realized gain (loss)
 
 
 
123,471,268
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
6,812,957
 
 
   Fidelity Central Funds
 
947,370,709
 
 
 Futures contracts
 
(30,407,176)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
923,776,490
Net gain (loss)
 
 
 
1,047,247,758
Net increase (decrease) in net assets resulting from operations
 
 
$
1,153,581,641
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
106,333,883
$
216,864,580
Net realized gain (loss)
 
123,471,268
 
 
(15,399,427)
 
Change in net unrealized appreciation (depreciation)
 
923,776,490
 
661,869,263
 
Net increase (decrease) in net assets resulting from operations
 
1,153,581,641
 
 
863,334,416
 
Distributions to shareholders
 
(123,371,747)
 
 
(639,672,674)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(356,181,353)
 
 
(196,061,966)
 
Total increase (decrease) in net assets
 
674,028,541
 
 
27,599,776
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
9,038,253,725
 
9,010,653,949
 
End of period
$
9,712,282,266
$
9,038,253,725
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 50% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.14
$
17.75
$
21.98
$
19.33
$
18.22
$
18.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.37
 
.33
 
.20
 
.24
 
.28
     Net realized and unrealized gain (loss)
 
2.14
 
1.24
 
(3.97)
 
2.86
 
1.57
 
.20
  Total from investment operations
 
2.33  
 
1.61  
 
(3.64)  
 
3.06  
 
1.81
 
.48
  Distributions from net investment income
 
(.22)
 
(.44)
 
(.28)
 
(.17)
 
(.25)
 
(.29)
  Distributions from net realized gain
 
-
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(.22)
 
(1.22)
 
(.59)
 
(.41)
 
(.70)
 
(.84)
  Net asset value, end of period
$
20.25
$
18.14
$
17.75
$
21.98
$
19.33
$
18.22
 Total Return C,D,E
 
12.96
%
 
 
9.29%
 
(17.02)%
 
15.99%
 
10.15%
 
3.07%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89% H,I
 
.91%
 
.91%
 
.91%
 
.93%
 
.94%
    Expenses net of fee waivers, if any
 
.88
% H,I
 
 
.91%
 
.90%
 
.91%
 
.92%
 
.94%
    Expenses net of all reductions
 
.88% H,I
 
.91%
 
.90%
 
.91%
 
.92%
 
.94%
    Net investment income (loss)
 
1.97% H,I
 
2.00%
 
1.63%
 
.94%
 
1.32%
 
1.57%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
128,942
$
116,526
$
110,693
$
134,052
$
106,339
$
95,542
    Portfolio turnover rate J
 
13
% H
 
 
20%
 
20%
 
17%
 
24%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 50% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.12
$
17.73
$
21.95
$
19.31
$
18.20
$
18.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.32
 
.28
 
.15
 
.20
 
.23
     Net realized and unrealized gain (loss)
 
2.14
 
1.24
 
(3.95)
 
2.85
 
1.57
 
.21
  Total from investment operations
 
2.31  
 
1.56  
 
(3.67)  
 
3.00  
 
1.77
 
.44
  Distributions from net investment income
 
(.20)
 
(.39)
 
(.24)
 
(.12)
 
(.20)
 
(.25)
  Distributions from net realized gain
 
-
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(.20)
 
(1.17)
 
(.55)
 
(.36)
 
(.66) C
 
(.80)
  Net asset value, end of period
$
20.23
$
18.12
$
17.73
$
21.95
$
19.31
$
18.20
 Total Return D,E,F
 
12.83
%
 
 
9.03%
 
(17.18)%
 
15.69%
 
9.89%
 
2.81%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% I,J
 
1.15%
 
1.15%
 
1.15%
 
1.17%
 
1.18%
    Expenses net of fee waivers, if any
 
1.12
% I,J
 
 
1.15%
 
1.15%
 
1.15%
 
1.16%
 
1.18%
    Expenses net of all reductions
 
1.12% I,J
 
1.15%
 
1.15%
 
1.15%
 
1.16%
 
1.18%
    Net investment income (loss)
 
1.73% I,J
 
1.76%
 
1.39%
 
.70%
 
1.08%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
52,386
$
48,134
$
47,759
$
57,507
$
45,076
$
42,658
    Portfolio turnover rate K
 
13
% I
 
 
20%
 
20%
 
17%
 
24%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 50% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.93
$
17.55
$
21.76
$
19.16
$
18.05
$
18.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.23
 
.18
 
.04
 
.10
 
.14
     Net realized and unrealized gain (loss)
 
2.11
 
1.23
 
(3.93)
 
2.84
 
1.57
 
.20
  Total from investment operations
 
2.23  
 
1.46  
 
(3.75)  
 
2.88  
 
1.67
 
.34
  Distributions from net investment income
 
(.15)
 
(.29)
 
(.15)
 
(.04)
 
(.11)
 
(.16)
  Distributions from net realized gain
 
-
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(.15)
 
(1.08) C
 
(.46)
 
(.28)
 
(.56)
 
(.71)
  Net asset value, end of period
$
20.01
$
17.93
$
17.55
$
21.76
$
19.16
$
18.05
 Total Return D,E,F
 
12.50
%
 
 
8.47%
 
(17.64)%
 
15.12%
 
9.38%
 
2.25%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.64% I,J
 
1.66%
 
1.66%
 
1.67%
 
1.68%
 
1.69%
    Expenses net of fee waivers, if any
 
1.63
% I,J
 
 
1.66%
 
1.66%
 
1.67%
 
1.68%
 
1.69%
    Expenses net of all reductions
 
1.63% I,J
 
1.66%
 
1.66%
 
1.67%
 
1.68%
 
1.69%
    Net investment income (loss)
 
1.23% I,J
 
1.24%
 
.87%
 
.18%
 
.56%
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,022
$
29,986
$
31,796
$
51,226
$
44,990
$
46,487
    Portfolio turnover rate K
 
13
% I
 
 
20%
 
20%
 
17%
 
24%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 50%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.23
$
17.84
$
22.09
$
19.42
$
18.30
$
18.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.43
 
.40
 
.27
 
.30
 
.33
     Net realized and unrealized gain (loss)
 
2.16
 
1.24
 
(3.99)
 
2.87
 
1.58
 
.21
  Total from investment operations
 
2.38  
 
1.67  
 
(3.59)  
 
3.14  
 
1.88
 
.54
  Distributions from net investment income
 
(.25)
 
(.49)
 
(.35)
 
(.23)
 
(.30)
 
(.35)
  Distributions from net realized gain
 
-
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(.25)
 
(1.28) C
 
(.66)
 
(.47)
 
(.76) C
 
(.90)
  Net asset value, end of period
$
20.36
$
18.23
$
17.84
$
22.09
$
19.42
$
18.30
 Total Return D,E
 
13.17
%
 
 
9.59%
 
(16.79)%
 
16.36%
 
10.51%
 
3.37%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% H,I
 
.61%
 
.61%
 
.61%
 
.62%
 
.63%
    Expenses net of fee waivers, if any
 
.59
% H,I
 
 
.61%
 
.60%
 
.60%
 
.62%
 
.63%
    Expenses net of all reductions
 
.59% H,I
 
.61%
 
.60%
 
.60%
 
.62%
 
.63%
    Net investment income (loss)
 
2.27% H,I
 
2.29%
 
1.93%
 
1.25%
 
1.63%
 
1.88%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,343,552
$
6,958,278
$
7,094,870
$
9,274,634
$
9,387,915
$
9,026,444
    Portfolio turnover rate J
 
13
% H
 
 
20%
 
20%
 
17%
 
24%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 50% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.20
$
17.80
$
22.04
$
19.38
$
18.26
$
18.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.42
 
.39
 
.26
 
.29
 
.33
     Net realized and unrealized gain (loss)
 
2.16
 
1.25
 
(3.98)
 
2.87
 
1.58
 
.20
  Total from investment operations
 
2.37  
 
1.67  
 
(3.59)  
 
3.13  
 
1.87
 
.53
  Distributions from net investment income
 
(.25)
 
(.49)
 
(.34)
 
(.23)
 
(.30)
 
(.34)
  Distributions from net realized gain
 
-
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(.25)
 
(1.27)
 
(.65)
 
(.47)
 
(.75)
 
(.89)
  Net asset value, end of period
$
20.32
$
18.20
$
17.80
$
22.04
$
19.38
$
18.26
 Total Return C,D
 
13.13
%
 
 
9.63%
 
(16.80)%
 
16.30%
 
10.49%
 
3.33%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.63% G,H
 
.64%
 
.64%
 
.64%
 
.65%
 
.66%
    Expenses net of fee waivers, if any
 
.61
% G,H
 
 
.63%
 
.64%
 
.64%
 
.65%
 
.66%
    Expenses net of all reductions
 
.61% G,H
 
.63%
 
.64%
 
.64%
 
.65%
 
.66%
    Net investment income (loss)
 
2.24% G,H
 
2.27%
 
1.90%
 
1.21%
 
1.59%
 
1.85%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
58,512
$
50,986
$
60,352
$
81,320
$
55,021
$
62,141
    Portfolio turnover rate I
 
13
% G
 
 
20%
 
20%
 
17%
 
24%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAnnualized.
 
HProxy expenses are not annualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 50% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.18
$
17.79
$
22.03
$
19.37
$
18.26
$
18.59
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.22
 
.44
 
.41
 
.28
 
.31
 
.35
     Net realized and unrealized gain (loss)
 
2.16
 
1.24
 
(3.98)
 
2.87
 
1.57
 
.23
  Total from investment operations
 
2.38  
 
1.68  
 
(3.57)  
 
3.15  
 
1.88
 
.58
  Distributions from net investment income
 
(.26)
 
(.51)
 
(.36)
 
(.25)
 
(.32)
 
(.36)
  Distributions from net realized gain
 
-
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(.26)
 
(1.29)
 
(.67)
 
(.49)
 
(.77)
 
(.91)
  Net asset value, end of period
$
20.30
$
18.18
$
17.79
$
22.03
$
19.37
$
18.26
 Total Return D,E
 
13.20
%
 
 
9.71%
 
(16.71)%
 
16.43%
 
10.56%
 
3.61%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.52% H,I
 
.54%
 
.53%
 
.54%
 
.55%
 
.55% H
    Expenses net of fee waivers, if any
 
.51
% H,I
 
 
.53%
 
.53%
 
.54%
 
.54%
 
.55% H
    Expenses net of all reductions
 
.51% H,I
 
.53%
 
.53%
 
.54%
 
.54%
 
.55% H
    Net investment income (loss)
 
2.34% H,I
 
2.37%
 
2.00%
 
1.32%
 
1.70%
 
1.96% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,101,868
$
1,834,344
$
1,665,184
$
1,955,130
$
26,638
$
20,968
    Portfolio turnover rate J
 
13
% H
 
 
20%
 
20%
 
17%
 
24%
 
37%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 60% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
2.9
 
Apple, Inc.
1.8
 
Amazon.com, Inc.
1.6
 
Alphabet, Inc. Class A
1.5
 
NVIDIA Corp.
1.3
 
Meta Platforms, Inc. Class A
1.1
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.8
 
JPMorgan Chase & Co.
0.8
 
Exxon Mobil Corp.
0.8
 
Salesforce, Inc.
0.6
 
 
13.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
16.3
 
Information Technology
15.0
 
Health Care
8.1
 
Industrials
8.0
 
Consumer Discretionary
7.6
 
Communication Services
5.2
 
Consumer Staples
3.9
 
Energy
3.7
 
Materials
2.9
 
Real Estate
2.7
 
Utilities
1.1
 
 
Quality Diversification (% of Fund's net assets)
 
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.4%.
 
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 28.0% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 60%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 64.9%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
197,758
17,902,987
Fidelity Emerging Markets Equity Central Fund (a)
 
1,471,272
306,421,716
Fidelity Hedged Equity Central Fund (a)
 
441,260
54,032,308
Fidelity International Equity Central Fund (a)
 
6,495,567
686,061,833
Fidelity Real Estate Equity Central Fund (a)
 
133,184
17,068,894
Fidelity U.S. Equity Central Fund (a)
 
12,208,663
1,645,483,633
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $1,616,901,232)
 
 
2,726,971,371
 
 
 
 
Fixed-Income Central Funds - 33.1%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 2.4%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,126,230
8,953,525
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
359,013
31,428,033
Fidelity Floating Rate Central Fund (a)
 
314,663
31,041,546
Fidelity High Income Central Fund (a)
 
294,534
30,964,332
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
102,387,436
Investment Grade Fixed-Income Funds - 30.7%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
915,168
80,882,556
Fidelity International Credit Central Fund (a)
 
254,354
20,663,718
Fidelity Investment Grade Bond Central Fund (a)
 
12,189,065
1,189,287,042
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
1,290,833,316
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $1,494,108,860)
 
 
 
1,393,220,752
 
 
 
 
Money Market Central Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
43,450,606
43,459,296
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
15,855,814
15,857,400
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $59,316,696)
 
 
59,316,696
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.3% 4/25/24 to 6/20/24 (e)
 
 (Cost $3,920,002)
 
 
3,940,000
3,919,863
 
 
 
 
Investment Companies - 0.9%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
237,566
22,478,495
iShares Russell 2000 Index ETF (f)
 
74,161
15,596,058
 
TOTAL INVESTMENT COMPANIES
 (Cost $38,581,270)
 
 
38,074,553
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $3,212,828,060)
 
 
 
4,221,503,235
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(18,108,547)
NET ASSETS - 100.0%
4,203,394,688
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
276
Jun 2024
32,527,980
388,956
388,956
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
259
Jun 2024
68,745,075
(1,518,317)
(1,518,317)
ICE MSCI Emerging Markets Index Contracts (United States)
503
Jun 2024
26,382,350
1,731
1,731
 
 
 
 
 
 
TOTAL SOLD
 
 
 
 
(1,516,586)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,127,630)
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
The notional amount of futures sold as a percentage of Net Assets is 2.2%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,919,863.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
40,386,520
109,195,439
106,122,663
865,145
-
-
43,459,296
0.1%
Fidelity Commodity Strategy Central Fund
18,588,270
960,681
887,971
356,373
(78,110)
(679,883)
17,902,987
8.8%
Fidelity Emerging Markets Debt Central Fund
8,524,296
1,475,704
1,700,096
278,546
(255,932)
909,553
8,953,525
0.4%
Fidelity Emerging Markets Debt Local Currency Central Fund
29,479,528
2,273,485
-
2,273,485
-
(324,980)
31,428,033
10.8%
Fidelity Emerging Markets Equity Central Fund
277,474,909
10,526,266
11,632,527
2,632,815
(763,526)
30,816,594
306,421,716
13.0%
Fidelity Floating Rate Central Fund
40,521,596
3,044,571
12,750,444
1,880,769
(169,501)
395,324
31,041,546
2.1%
Fidelity Hedged Equity Central Fund
48,038,169
528,945
2,921,739
528,945
119,266
8,267,667
54,032,308
11.3%
Fidelity High Income Central Fund
19,320,907
11,762,366
999,839
891,481
1,360
879,538
30,964,332
2.3%
Fidelity Inflation-Protected Bond Index Central Fund
57,043,055
26,891,119
3,210,103
2,595,810
(104,544)
263,029
80,882,556
13.7%
Fidelity International Credit Central Fund
19,287,389
960,860
887,955
356,568
(149,653)
1,453,077
20,663,718
8.2%
Fidelity International Equity Central Fund
579,372,171
25,372,342
30,208,052
4,849,908
(1,525,679)
113,051,051
686,061,833
12.5%
Fidelity Investment Grade Bond Central Fund
1,105,575,307
96,093,194
58,379,718
24,517,615
(3,044,715)
49,042,974
1,189,287,042
3.0%
Fidelity Real Estate Equity Central Fund
14,992,261
848,469
887,894
244,238
(23,561)
2,139,619
17,068,894
1.7%
Fidelity Securities Lending Cash Central Fund 5.39%
22,272,050
229,522,831
235,937,481
4,546
-
-
15,857,400
0.1%
Fidelity U.S. Equity Central Fund
1,369,786,584
127,337,704
77,365,057
81,196,931
11,055,382
214,669,020
1,645,483,633
8.6%
Total
3,650,663,012
646,793,976
543,891,539
123,473,175
5,060,787
420,882,583
4,179,508,819
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
38,490,237
39,817,296
114,541
1,327,059
-
-
 
-
38,490,237
39,817,296
114,541
1,327,059
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
2,726,971,371
2,726,971,371
-
-
 Fixed-Income Central Funds
1,393,220,752
1,393,220,752
-
-
 Money Market Central Funds
59,316,696
59,316,696
-
-
 U.S Treasury Obligations
3,919,863
-
3,919,863
-
  Investment Companies
38,074,553
38,074,553
-
-
 Total Investments in Securities:
4,221,503,235
4,217,583,372
3,919,863
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
390,687
390,687
-
-
  Total Assets
390,687
390,687
-
-
 Liabilities
 
 
 
 
Futures Contracts
(1,518,317)
(1,518,317)
-
-
  Total Liabilities
(1,518,317)
(1,518,317)
-
-
 Total Derivative Instruments:
(1,127,630)
(1,127,630)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
390,687
(1,518,317)
Total Equity Risk
390,687
(1,518,317)
Total Value of Derivatives
390,687
(1,518,317)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 60%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,583,230) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $42,501,272)
$
41,994,416
 
 
Fidelity Central Funds (cost $3,170,326,788)
4,179,508,819
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,212,828,060)
 
 
$
4,221,503,235
Foreign currency held at value (cost $229)
 
 
222
Receivable for investments sold
 
 
997,632
Receivable for fund shares sold
 
 
852,344
Dividends receivable
 
 
7,124
Distributions receivable from Fidelity Central Funds
 
 
182,123
Prepaid expenses
 
 
1,762
Other receivables
 
 
2,345
  Total assets
 
 
4,223,546,787
Liabilities
 
 
 
 
Payable for investments purchased
$
46,319
 
 
Payable for fund shares redeemed
1,809,305
 
 
Accrued management fee
2,131,643
 
 
Distribution and service plan fees payable
82,989
 
 
Payable for daily variation margin on futures contracts
195,563
 
 
Other payables and accrued expenses
28,880
 
 
Collateral on securities loaned
15,857,400
 
 
  Total liabilities
 
 
 
20,152,099
Net Assets  
 
 
$
4,203,394,688
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,308,530,389
Total accumulated earnings (loss)
 
 
 
894,864,299
Net Assets
 
 
$
4,203,394,688
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($169,696,428 ÷ 11,154,408 shares)(a)
 
 
$
15.21
Maximum offering price per share (100/94.25 of $15.21)
 
 
$
16.14
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($50,076,554 ÷ 3,309,884 shares)(a)
 
 
$
15.13
Maximum offering price per share (100/96.50 of $15.13)
 
 
$
15.68
Class C :
 
 
 
 
Net Asset Value and offering price per share ($32,562,546 ÷ 2,173,995 shares)(a)
 
 
$
14.98
Asset Manager 60% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,222,313,020 ÷ 145,253,276 shares)
 
 
$
15.30
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($114,834,378 ÷ 7,502,408 shares)
 
 
$
15.31
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,613,911,762 ÷ 105,570,019 shares)
 
 
$
15.29
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $114,541 earned from affiliated issuers)
 
 
$
630,882
Interest  
 
 
176,447
Income from Fidelity Central Funds (including $4,546 from security lending)
 
 
51,557,967
 Total income
 
 
 
52,365,296
Expenses
 
 
 
 
Management fee
$
10,593,423
 
 
Transfer agent fees
1,542,642
 
 
Distribution and service plan fees
476,266
 
 
Accounting fees
529,114
 
 
Custodian fees and expenses
15,244
 
 
Independent trustees' fees and expenses
5,974
 
 
Registration fees
54,067
 
 
Audit
17,204
 
 
Legal
7,279
 
 
Miscellaneous
8,691
 
 
 Total expenses before reductions
 
13,249,904
 
 
 Expense reductions
 
(258,880)
 
 
 Total expenses after reductions
 
 
 
12,991,024
Net Investment income (loss)
 
 
 
39,374,272
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,473,906
 
 
   Fidelity Central Funds
 
5,060,787
 
 
   Other affiliated issuers
 
1,327,059
 
 
 Foreign currency transactions
 
(438)
 
 
 Futures contracts
 
(3,356,945)
 
 
 Capital gain distributions from Fidelity Central Funds
 
71,915,208
 
 
Total net realized gain (loss)
 
 
 
78,419,577
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,201,778
 
 
   Fidelity Central Funds
 
420,882,583
 
 
 Assets and liabilities in foreign currencies
 
1,031
 
 
 Futures contracts
 
(4,601,555)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
418,483,837
Net gain (loss)
 
 
 
496,903,414
Net increase (decrease) in net assets resulting from operations
 
 
$
536,277,686
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
39,374,272
$
79,362,365
Net realized gain (loss)
 
78,419,577
 
 
(44,549,963)
 
Change in net unrealized appreciation (depreciation)
 
418,483,837
 
362,680,009
 
Net increase (decrease) in net assets resulting from operations
 
536,277,686
 
 
397,492,411
 
Distributions to shareholders
 
(76,628,870)
 
 
(156,194,680)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
31,263,849
 
 
(14,706,584)
 
Total increase (decrease) in net assets
 
490,912,665
 
 
226,591,147
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,712,482,023
 
3,485,890,876
 
End of period
$
4,203,394,688
$
3,712,482,023
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 60% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.51
$
12.66
$
15.88
$
13.57
$
12.68
$
12.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.24
 
.23
 
.13
 
.15
 
.17
     Net realized and unrealized gain (loss)
 
1.82
 
1.14
 
(3.08)
 
2.42
 
1.24
 
.06
  Total from investment operations
 
1.94  
 
1.38  
 
(2.85)  
 
2.55  
 
1.39
 
.23
  Distributions from net investment income
 
(.24)
 
(.25)
 
(.18)
 
(.12)
 
(.17)
 
(.15)
  Distributions from net realized gain
 
-
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.24)
 
(.53)
 
(.37)
 
(.24)
 
(.50)
 
(.47)
  Net asset value, end of period
$
15.21
$
13.51
$
12.66
$
15.88
$
13.57
$
12.68
 Total Return C,D,E
 
14.43
%
 
 
11.09%
 
(18.47)%
 
18.90%
 
11.13%
 
2.24%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% H,I
 
.99%
 
.99%
 
.99%
 
1.00%
 
1.02%
    Expenses net of fee waivers, if any
 
.97
% H,I
 
 
.99%
 
.99%
 
.99%
 
1.00%
 
1.01%
    Expenses net of all reductions
 
.97% H,I
 
.99%
 
.99%
 
.99%
 
1.00%
 
1.01%
    Net investment income (loss)
 
1.70% H,I
 
1.79%
 
1.55%
 
.84%
 
1.19%
 
1.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
169,696
$
149,985
$
138,958
$
167,442
$
129,967
$
128,269
    Portfolio turnover rate J
 
15
% H
 
 
21%
 
23%
 
19%
 
29%
 
39%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 60% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.42
$
12.58
$
15.78
$
13.48
$
12.60
$
12.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.21
 
.19
 
.09
 
.12
 
.14
     Net realized and unrealized gain (loss)
 
1.82
 
1.13
 
(3.07)
 
2.41
 
1.22
 
.06
  Total from investment operations
 
1.92  
 
1.34  
 
(2.88)  
 
2.50  
 
1.34
 
.20
  Distributions from net investment income
 
(.21)
 
(.22)
 
(.13)
 
(.08)
 
(.13)
 
(.12)
  Distributions from net realized gain
 
-
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.21)
 
(.50)
 
(.32)
 
(.20)
 
(.46)
 
(.44)
  Net asset value, end of period
$
15.13
$
13.42
$
12.58
$
15.78
$
13.48
$
12.60
 Total Return C,D,E
 
14.34
%
 
 
10.79%
 
(18.67)%
 
18.67%
 
10.83%
 
2.01%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.22% H,I
 
1.23%
 
1.23%
 
1.24%
 
1.26%
 
1.28%
    Expenses net of fee waivers, if any
 
1.21
% H,I
 
 
1.23%
 
1.23%
 
1.24%
 
1.25%
 
1.25%
    Expenses net of all reductions
 
1.21% H,I
 
1.23%
 
1.23%
 
1.24%
 
1.25%
 
1.25%
    Net investment income (loss)
 
1.46% H,I
 
1.55%
 
1.31%
 
.59%
 
.94%
 
1.15%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
50,077
$
45,642
$
43,630
$
54,174
$
49,060
$
49,997
    Portfolio turnover rate J
 
15
% I
 
 
21%
 
23%
 
19%
 
29%
 
39%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HProxy expenses are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 60% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.25
$
12.39
$
15.55
$
13.29
$
12.42
$
12.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.14
 
.12
 
.01
 
.05
 
.08
     Net realized and unrealized gain (loss)
 
1.78
 
1.12
 
(3.05)
 
2.38
 
1.21
 
.06
  Total from investment operations
 
1.85  
 
1.26  
 
(2.93)  
 
2.39  
 
1.26
 
.14
  Distributions from net investment income
 
(.12)
 
(.12)
 
(.04)
 
- C
 
(.06)
 
(.07)
  Distributions from net realized gain
 
-
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.12)
 
(.40)
 
(.23)
 
(.13) D
 
(.39)
 
(.39)
  Net asset value, end of period
$
14.98
$
13.25
$
12.39
$
15.55
$
13.29
$
12.42
 Total Return E,F,G
 
14.02
%
 
 
10.30%
 
(19.15)%
 
18.02%
 
10.29%
 
1.47%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.74% J,K
 
1.76%
 
1.75%
 
1.77%
 
1.79%
 
1.81%
    Expenses net of fee waivers, if any
 
1.73
% J,K
 
 
1.76%
 
1.75%
 
1.77%
 
1.76%
 
1.76%
    Expenses net of all reductions
 
1.73% J,K
 
1.76%
 
1.75%
 
1.77%
 
1.76%
 
1.76%
    Net investment income (loss)
 
.94% J,K
 
1.03%
 
.79%
 
.06%
 
.42%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,563
$
30,786
$
32,289
$
55,262
$
61,950
$
67,955
    Portfolio turnover rate L
 
15
% J
 
 
21%
 
23%
 
19%
 
29%
 
39%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GTotal returns do not include the effect of the contingent deferred sales charge.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KProxy expenses are not annualized.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 60%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.60
$
12.75
$
15.98
$
13.65
$
12.75
$
12.98
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.29
 
.28
 
.18
 
.19
 
.21
     Net realized and unrealized gain (loss)
 
1.84
 
1.14
 
(3.10)
 
2.43
 
1.25
 
.06
  Total from investment operations
 
1.98  
 
1.43  
 
(2.82)  
 
2.61  
 
1.44
 
.27
  Distributions from net investment income
 
(.28)
 
(.29)
 
(.22)
 
(.16)
 
(.21)
 
(.18)
  Distributions from net realized gain
 
-
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.28)
 
(.58) C
 
(.41)
 
(.28)
 
(.54)
 
(.50)
  Net asset value, end of period
$
15.30
$
13.60
$
12.75
$
15.98
$
13.65
$
12.75
 Total Return D,E
 
14.67
%
 
 
11.38%
 
(18.20)%
 
19.28%
 
11.50%
 
2.60%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.67% H,I
 
.68%
 
.67%
 
.67%
 
.69%
 
.70%
    Expenses net of fee waivers, if any
 
.66
% H,I
 
 
.68%
 
.67%
 
.67%
 
.68%
 
.69%
    Expenses net of all reductions
 
.66% H,I
 
.68%
 
.67%
 
.67%
 
.68%
 
.69%
    Net investment income (loss)
 
2.00% H,I
 
2.10%
 
1.87%
 
1.15%
 
1.51%
 
1.71%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,222,313
$
2,043,414
$
1,935,217
$
2,427,382
$
2,950,010
$
2,727,092
    Portfolio turnover rate J
 
15
% H
 
 
21%
 
23%
 
19%
 
29%
 
39%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 60% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.61
$
12.75
$
15.99
$
13.66
$
12.76
$
12.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.28
 
.27
 
.17
 
.19
 
.21
     Net realized and unrealized gain (loss)
 
1.83
 
1.15
 
(3.10)
 
2.43
 
1.24
 
.05
  Total from investment operations
 
1.97  
 
1.43  
 
(2.83)  
 
2.60  
 
1.43
 
.26
  Distributions from net investment income
 
(.27)
 
(.29)
 
(.22)
 
(.15)
 
(.20)
 
(.17)
  Distributions from net realized gain
 
-
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.27)
 
(.57)
 
(.41)
 
(.27)
 
(.53)
 
(.49)
  Net asset value, end of period
$
15.31
$
13.61
$
12.75
$
15.99
$
13.66
$
12.76
 Total Return C,D
 
14.60
%
 
 
11.39%
 
(18.27)%
 
19.20%
 
11.44%
 
2.56%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73% G,H
 
.74%
 
.74%
 
.74%
 
.74%
 
.75%
    Expenses net of fee waivers, if any
 
.71
% G,H
 
 
.74%
 
.73%
 
.74%
 
.73%
 
.73%
    Expenses net of all reductions
 
.71% G,H
 
.74%
 
.73%
 
.74%
 
.73%
 
.73%
    Net investment income (loss)
 
1.95% G,H
 
2.04%
 
1.81%
 
1.09%
 
1.46%
 
1.67%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
114,834
$
101,803
$
95,499
$
115,782
$
51,429
$
55,379
    Portfolio turnover rate I
 
15
% G
 
 
21%
 
23%
 
19%
 
29%
 
39%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAnnualized.
 
HProxy expenses are not annualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 60% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.60
$
12.74
$
15.98
$
13.65
$
12.76
$
12.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.30
 
.29
 
.19
 
.20
 
.22
     Net realized and unrealized gain (loss)
 
1.83
 
1.15
 
(3.10)
 
2.43
 
1.24
 
.08
  Total from investment operations
 
1.98  
 
1.45  
 
(2.81)  
 
2.62  
 
1.44
 
.30
  Distributions from net investment income
 
(.29)
 
(.31)
 
(.24)
 
(.17)
 
(.22)
 
(.19)
  Distributions from net realized gain
 
-
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.29)
 
(.59)
 
(.43)
 
(.29)
 
(.55)
 
(.51)
  Net asset value, end of period
$
15.29
$
13.60
$
12.74
$
15.98
$
13.65
$
12.76
 Total Return D,E
 
14.68
%
 
 
11.56%
 
(18.17)%
 
19.35%
 
11.50%
 
2.86%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% H,I
 
.61%
 
.60%
 
.61%
 
.62%
 
.63% H
    Expenses net of fee waivers, if any
 
.59
% H,I
 
 
.60%
 
.60%
 
.61%
 
.62%
 
.63% H
    Expenses net of all reductions
 
.59% H,I
 
.60%
 
.60%
 
.61%
 
.62%
 
.63% H
    Net investment income (loss)
 
2.08% H,I
 
2.18%
 
1.94%
 
1.22%
 
1.57%
 
1.77% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,613,912
$
1,340,852
$
1,240,298
$
1,412,486
$
22,117
$
19,124
    Portfolio turnover rate J
 
15
% H
 
 
21%
 
23%
 
19%
 
29%
 
39%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 70% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
3.4
 
Apple, Inc.
2.0
 
Amazon.com, Inc.
1.8
 
Alphabet, Inc. Class A
1.7
 
NVIDIA Corp.
1.5
 
Meta Platforms, Inc. Class A
1.3
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.9
 
JPMorgan Chase & Co.
0.9
 
Exxon Mobil Corp.
0.9
 
Salesforce, Inc.
0.6
 
 
15.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
16.6
 
Financials
16.8
 
Industrials
9.5
 
Health Care
9.4
 
Consumer Discretionary
8.8
 
Communication Services
5.6
 
Consumer Staples
4.6
 
Energy
3.7
 
Materials
2.5
 
Real Estate
2.3
 
Utilities
1.3
 
 
Quality Diversification (% of Fund's net assets)
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.4%.
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 30.8% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 70%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 74.9%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
304,174
27,536,897
Fidelity Emerging Markets Equity Central Fund (a)
 
2,676,659
557,467,682
Fidelity Hedged Equity Central Fund (a)
 
722,125
88,424,181
Fidelity International Equity Central Fund (a)
 
12,082,670
1,276,171,604
Fidelity Real Estate Equity Central Fund (a)
 
206,962
26,524,300
Fidelity U.S. Equity Central Fund (a)
 
22,686,823
3,057,729,988
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $2,460,851,002)
 
 
5,033,854,652
 
 
 
 
Fixed-Income Central Funds - 23.4%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 2.4%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,584,465
12,596,500
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
579,393
50,720,090
Fidelity Floating Rate Central Fund (a)
 
511,097
50,419,751
Fidelity High Income Central Fund (a)
 
467,533
49,151,726
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
162,888,067
Investment Grade Fixed-Income Funds - 21.0%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
1,452,725
128,391,797
Fidelity International Credit Central Fund (a)
 
401,999
32,658,434
Fidelity Investment Grade Bond Central Fund (a)
 
12,829,716
1,251,795,436
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
1,412,845,667
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $1,647,078,556)
 
 
 
1,575,733,734
 
 
 
 
Money Market Central Funds - 1.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
46,380,505
46,389,781
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
25,249,475
25,252,000
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $71,641,781)
 
 
71,641,781
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.28% to 5.3% 4/25/24 to 6/20/24 (e)
 
 (Cost $8,032,028)
 
 
8,090,000
8,031,917
 
 
 
 
Investment Companies - 0.9%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
374,769
35,460,642
iShares Russell 2000 Index ETF (f)
 
118,097
24,835,799
 
TOTAL INVESTMENT COMPANIES
 (Cost $61,265,757)
 
 
60,296,441
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $4,248,869,124)
 
 
 
6,749,558,525
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(28,954,812)
NET ASSETS - 100.0%
6,720,603,713
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
517
Jun 2024
60,931,035
728,148
728,148
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
532
Jun 2024
141,206,100
(3,118,705)
(3,118,705)
ICE MSCI Emerging Markets Index Contracts (United States)
745
Jun 2024
39,075,250
2,563
2,563
 
 
 
 
 
 
TOTAL SOLD
 
 
 
 
(3,116,142)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(2,387,994)
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
The notional amount of futures sold as a percentage of Net Assets is 2.7%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $7,847,565.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
86,775,084
177,658,021
218,043,324
1,397,893
-
-
46,389,781
0.1%
Fidelity Commodity Strategy Central Fund
29,491,374
1,180,920
1,903,544
569,519
(187,387)
(1,044,466)
27,536,897
13.5%
Fidelity Emerging Markets Debt Central Fund
13,640,575
1,641,962
3,744,985
432,197
(666,050)
1,724,998
12,596,500
0.6%
Fidelity Emerging Markets Debt Local Currency Central Fund
47,575,499
3,669,060
-
3,669,061
-
(524,469)
50,720,090
17.4%
Fidelity Emerging Markets Equity Central Fund
516,658,666
14,275,759
29,157,642
4,934,542
(2,700,321)
58,391,220
557,467,682
23.7%
Fidelity Floating Rate Central Fund
49,584,956
3,364,921
2,854,742
2,461,703
(1,659)
326,275
50,419,751
3.4%
Fidelity Hedged Equity Central Fund
77,861,533
865,621
3,984,601
865,621
162,652
13,518,976
88,424,181
18.5%
Fidelity High Income Central Fund
31,316,361
18,530,244
2,124,670
1,436,215
45,759
1,384,032
49,151,726
3.6%
Fidelity Inflation-Protected Bond Index Central Fund
92,486,409
42,821,311
7,170,751
4,238,474
(340,726)
595,554
128,391,797
21.8%
Fidelity International Credit Central Fund
31,261,654
1,192,650
1,903,149
581,645
(358,249)
2,465,528
32,658,434
12.9%
Fidelity International Equity Central Fund
1,106,901,331
33,573,140
75,728,057
9,268,593
(2,370,668)
213,795,858
1,276,171,604
23.3%
Fidelity Investment Grade Bond Central Fund
1,176,947,370
112,276,486
87,588,620
26,156,726
(4,587,367)
54,747,567
1,251,795,436
3.1%
Fidelity Real Estate Equity Central Fund
23,993,826
1,005,819
1,903,340
394,622
35,719
3,392,276
26,524,300
2.7%
Fidelity Securities Lending Cash Central Fund 5.39%
40,344,900
488,236,572
503,329,472
11,893
-
-
25,252,000
0.1%
Fidelity U.S. Equity Central Fund
2,590,751,814
209,505,628
166,105,915
155,839,851
12,811,668
410,766,793
3,057,729,988
15.9%
Total
5,915,591,352
1,109,798,114
1,105,542,812
212,258,555
1,843,371
759,540,142
6,681,230,167
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
62,987,986
65,187,598
187,442
2,199,612
-
-
 
-
62,987,986
65,187,598
187,442
2,199,612
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
5,033,854,652
5,033,854,652
-
-
 Fixed-Income Central Funds
1,575,733,734
1,575,733,734
-
-
 Money Market Central Funds
71,641,781
71,641,781
-
-
 U.S Treasury Obligations
8,031,917
-
8,031,917
-
  Investment Companies
60,296,441
60,296,441
-
-
 Total Investments in Securities:
6,749,558,525
6,741,526,608
8,031,917
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
730,711
730,711
-
-
  Total Assets
730,711
730,711
-
-
 Liabilities
 
 
 
 
Futures Contracts
(3,118,705)
(3,118,705)
-
-
  Total Liabilities
(3,118,705)
(3,118,705)
-
-
 Total Derivative Instruments:
(2,387,994)
(2,387,994)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
730,711
(3,118,705)
Total Equity Risk
730,711
(3,118,705)
Total Value of Derivatives
730,711
(3,118,705)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 70%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $24,815,400) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $69,297,785)
$
68,328,358
 
 
Fidelity Central Funds (cost $4,179,571,339)
6,681,230,167
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,248,869,124)
 
 
$
6,749,558,525
Receivable for investments sold
 
 
3,046,872
Receivable for fund shares sold
 
 
1,197,150
Distributions receivable from Fidelity Central Funds
 
 
189,013
Prepaid expenses
 
 
2,851
Other receivables
 
 
4,024
  Total assets
 
 
6,753,998,435
Liabilities
 
 
 
 
Payable for investments purchased
$
37,112
 
 
Payable for fund shares redeemed
4,232,632
 
 
Accrued management fee
3,408,007
 
 
Distribution and service plan fees payable
106,667
 
 
Payable for daily variation margin on futures contracts
325,254
 
 
Other payables and accrued expenses
33,050
 
 
Collateral on securities loaned
25,252,000
 
 
  Total liabilities
 
 
 
33,394,722
Net Assets  
 
 
$
6,720,603,713
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,607,339,261
Total accumulated earnings (loss)
 
 
 
2,113,264,452
Net Assets
 
 
$
6,720,603,713
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($234,523,798 ÷ 8,641,614 shares)(a)
 
 
$
27.14
Maximum offering price per share (100/94.25 of $27.14)
 
 
$
28.80
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($75,627,309 ÷ 2,785,785 shares)(a)
 
 
$
27.15
Maximum offering price per share (100/96.50 of $27.15)
 
 
$
28.13
Class C :
 
 
 
 
Net Asset Value and offering price per share ($32,164,455 ÷ 1,187,977 shares)(a)
 
 
$
27.07
Asset Manager 70% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,157,354,889 ÷ 152,776,353 shares)
 
 
$
27.21
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($56,032,788 ÷ 2,057,788 shares)
 
 
$
27.23
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,164,900,474 ÷ 79,693,402 shares)
 
 
$
27.17
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $187,442 earned from affiliated issuers)
 
 
$
1,017,717
Interest  
 
 
317,879
Income from Fidelity Central Funds (including $11,893 from security lending)
 
 
74,105,656
 Total income
 
 
 
75,441,252
Expenses
 
 
 
 
Management fee
$
17,092,822
 
 
Transfer agent fees
2,573,099
 
 
Distribution and service plan fees
609,860
 
 
Accounting fees
566,385
 
 
Custodian fees and expenses
15,628
 
 
Independent trustees' fees and expenses
9,677
 
 
Registration fees
59,944
 
 
Audit
17,272
 
 
Legal
5,525
 
 
Miscellaneous
14,883
 
 
 Total expenses before reductions
 
20,965,095
 
 
 Expense reductions
 
(419,401)
 
 
 Total expenses after reductions
 
 
 
20,545,694
Net Investment income (loss)
 
 
 
54,895,558
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
5,542,170
 
 
   Fidelity Central Funds
 
1,843,371
 
 
   Other affiliated issuers
 
2,199,612
 
 
 Futures contracts
 
(8,094,029)
 
 
 Capital gain distributions from Fidelity Central Funds
 
138,152,899
 
 
Total net realized gain (loss)
 
 
 
139,644,023
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,556,629
 
 
   Fidelity Central Funds
 
759,540,142
 
 
 Futures contracts
 
(8,157,306)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
754,939,465
Net gain (loss)
 
 
 
894,583,488
Net increase (decrease) in net assets resulting from operations
 
 
$
949,479,046
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
54,895,558
$
116,162,612
Net realized gain (loss)
 
139,644,023
 
 
(68,269,589)
 
Change in net unrealized appreciation (depreciation)
 
754,939,465
 
694,924,558
 
Net increase (decrease) in net assets resulting from operations
 
949,479,046
 
 
742,817,581
 
Distributions to shareholders
 
(112,197,413)
 
 
(369,551,550)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(128,339,092)
 
 
106,335,076
 
Total increase (decrease) in net assets
 
708,942,541
 
 
479,601,107
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,011,661,172
 
5,532,060,065
 
End of period
$
6,720,603,713
$
6,011,661,172
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 70% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.75
$
22.33
$
28.33
$
23.67
$
22.21
$
23.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.39
 
.40
 
.21
 
.25
 
.27
     Net realized and unrealized gain (loss)
 
3.58
 
2.47
 
(5.69)
 
4.95
 
2.32
 
(.17)
  Total from investment operations
 
3.76  
 
2.86  
 
(5.29)  
 
5.16  
 
2.57
 
.10
  Distributions from net investment income
 
(.37)
 
(.42)
 
(.31)
 
(.18)
 
(.28)
 
(.25)
  Distributions from net realized gain
 
-
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(.37)
 
(1.44)
 
(.71)
 
(.50)
 
(1.11)
 
(1.16)
  Net asset value, end of period
$
27.14
$
23.75
$
22.33
$
28.33
$
23.67
$
22.21
 Total Return C,D,E
 
15.92
%
 
 
13.13%
 
(19.23)%
 
21.99%
 
11.81%
 
1.16%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96% H,I
 
.97%
 
.96%
 
.96%
 
.99%
 
1.00%
    Expenses net of fee waivers, if any
 
.94
% H,I
 
 
.96%
 
.96%
 
.96%
 
.98%
 
1.00%
    Expenses net of all reductions
 
.94% H,I
 
.96%
 
.96%
 
.96%
 
.98%
 
1.00%
    Net investment income (loss)
 
1.43% H,I
 
1.61%
 
1.50%
 
.76%
 
1.11%
 
1.25%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
234,524
$
204,082
$
179,830
$
219,595
$
179,404
$
166,280
    Portfolio turnover rate J
 
17
% H
 
 
19%
 
23%
 
20%
 
27%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 70% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.73
$
22.30
$
28.30
$
23.65
$
22.19
$
23.24
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.33
 
.33
 
.14
 
.19
 
.22
     Net realized and unrealized gain (loss)
 
3.58
 
2.47
 
(5.69)
 
4.96
 
2.33
 
(.17)
  Total from investment operations
 
3.73  
 
2.80  
 
(5.36)  
 
5.10  
 
2.52
 
.05
  Distributions from net investment income
 
(.31)
 
(.35)
 
(.24)
 
(.13)
 
(.23)
 
(.19)
  Distributions from net realized gain
 
-
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(.31)
 
(1.37)
 
(.64)
 
(.45)
 
(1.06)
 
(1.10)
  Net asset value, end of period
$
27.15
$
23.73
$
22.30
$
28.30
$
23.65
$
22.19
 Total Return C,D,E
 
15.78
%
 
 
12.86%
 
(19.45)%
 
21.71%
 
11.56%
 
.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.20% H,I
 
1.21%
 
1.21%
 
1.21%
 
1.23%
 
1.24%
    Expenses net of fee waivers, if any
 
1.19
% H,I
 
 
1.21%
 
1.20%
 
1.21%
 
1.23%
 
1.24%
    Expenses net of all reductions
 
1.19% H,I
 
1.21%
 
1.20%
 
1.21%
 
1.23%
 
1.24%
    Net investment income (loss)
 
1.19% H,I
 
1.37%
 
1.25%
 
.51%
 
.87%
 
1.01%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
75,627
$
66,988
$
62,915
$
80,784
$
69,250
$
63,064
    Portfolio turnover rate J
 
17
% H
 
 
19%
 
23%
 
20%
 
27%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 70% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.60
$
22.18
$
28.12
$
23.50
$
22.03
$
23.06
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.20
 
.19
 
- C
 
.08
 
.11
     Net realized and unrealized gain (loss)
 
3.55
 
2.46
 
(5.66)
 
4.94
 
2.30
 
(.15)
  Total from investment operations
 
3.64  
 
2.66  
 
(5.47)  
 
4.94  
 
2.38
 
(.04)
  Distributions from net investment income
 
(.17)
 
(.22)
 
(.07)
 
-
 
(.08)
 
(.07)
  Distributions from net realized gain
 
-
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(.17)
 
(1.24)
 
(.47)
 
(.32)
 
(.91)
 
(.99) D
  Net asset value, end of period
$
27.07
$
23.60
$
22.18
$
28.12
$
23.50
$
22.03
 Total Return E,F,G
 
15.49
%
 
 
12.25%
 
(19.84)%
 
21.12%
 
10.98%
 
.42%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.71% J,K
 
1.72%
 
1.72%
 
1.72%
 
1.74%
 
1.75%
    Expenses net of fee waivers, if any
 
1.70
% J,K
 
 
1.72%
 
1.72%
 
1.72%
 
1.74%
 
1.75%
    Expenses net of all reductions
 
1.70% J,K
 
1.72%
 
1.72%
 
1.72%
 
1.74%
 
1.75%
    Net investment income (loss)
 
.68% J,K
 
.85%
 
.74%
 
-% L
 
.36%
 
.50%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,164
$
31,474
$
29,116
$
44,170
$
40,240
$
42,547
    Portfolio turnover rate M
 
17
% J
 
 
19%
 
23%
 
20%
 
27%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GTotal returns do not include the effect of the contingent deferred sales charge.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KProxy expenses are not annualized.
 
LAmount represents less than .005%.
 
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 70%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.85
$
22.42
$
28.43
$
23.74
$
22.27
$
23.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.46
 
.48
 
.29
 
.32
 
.34
     Net realized and unrealized gain (loss)
 
3.58
 
2.48
 
(5.70)
 
4.97
 
2.33
 
(.17)
  Total from investment operations
 
3.80  
 
2.94  
 
(5.22)  
 
5.26  
 
2.65
 
.17
  Distributions from net investment income
 
(.44)
 
(.48)
 
(.39)
 
(.26)
 
(.35)
 
(.31)
  Distributions from net realized gain
 
-
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(.44)
 
(1.51) C
 
(.79)
 
(.57) C
 
(1.18)
 
(1.23) C
  Net asset value, end of period
$
27.21
$
23.85
$
22.42
$
28.43
$
23.74
$
22.27
 Total Return D,E
 
16.05
%
 
 
13.46%
 
(18.98)%
 
22.39%
 
12.14%
 
1.51%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.66% H,I
 
.67%
 
.67%
 
.66%
 
.68%
 
.69%
    Expenses net of fee waivers, if any
 
.65
% H,I
 
 
.67%
 
.66%
 
.66%
 
.68%
 
.69%
    Expenses net of all reductions
 
.65% H,I
 
.67%
 
.66%
 
.66%
 
.68%
 
.69%
    Net investment income (loss)
 
1.72% H,I
 
1.90%
 
1.79%
 
1.06%
 
1.42%
 
1.56%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,157,355
$
3,733,445
$
3,518,486
$
4,523,497
$
5,203,794
$
4,893,270
    Portfolio turnover rate J
 
17
% I
 
 
19%
 
23%
 
20%
 
27%
 
41%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HProxy expenses are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 70% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.86
$
22.43
$
28.46
$
23.75
$
22.27
$
23.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.45
 
.47
 
.28
 
.31
 
.33
     Net realized and unrealized gain (loss)
 
3.59
 
2.48
 
(5.71)
 
4.98
 
2.34
 
(.17)
  Total from investment operations
 
3.81  
 
2.93  
 
(5.24)  
 
5.26  
 
2.65
 
.16
  Distributions from net investment income
 
(.44)
 
(.48)
 
(.39)
 
(.24)
 
(.34)
 
(.30)
  Distributions from net realized gain
 
-
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(.44)
 
(1.50)
 
(.79)
 
(.55) C
 
(1.17)
 
(1.22) C
  Net asset value, end of period
$
27.23
$
23.86
$
22.43
$
28.46
$
23.75
$
22.27
 Total Return D,E
 
16.06
%
 
 
13.43%
 
(19.03)%
 
22.37%
 
12.14%
 
1.46%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% H,I
 
.70%
 
.69%
 
.69%
 
.71%
 
.72%
    Expenses net of fee waivers, if any
 
.68
% H,I
 
 
.69%
 
.69%
 
.69%
 
.71%
 
.72%
    Expenses net of all reductions
 
.68% H,I
 
.69%
 
.69%
 
.69%
 
.71%
 
.72%
    Net investment income (loss)
 
1.70% H,I
 
1.88%
 
1.76%
 
1.03%
 
1.39%
 
1.53%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
56,033
$
46,254
$
43,240
$
54,440
$
38,396
$
68,475
    Portfolio turnover rate J
 
17
% H
 
 
19%
 
23%
 
20%
 
27%
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IProxy expenses are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 70% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.82
$
22.39
$
28.41
$
23.72
$
22.26
$
23.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.23
 
.48
 
.49
 
.32
 
.33
 
.35
     Net realized and unrealized gain (loss)
 
3.59
 
2.48
 
(5.68)
 
4.96
 
2.33
 
(.13)
  Total from investment operations
 
3.82  
 
2.96  
 
(5.19)  
 
5.28  
 
2.66
 
.22
  Distributions from net investment income
 
(.47)
 
(.50)
 
(.42)
 
(.27)
 
(.37)
 
(.34)
  Distributions from net realized gain
 
-
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(.47)
 
(1.53) D
 
(.83) D
 
(.59)
 
(1.20)
 
(1.25)
  Net asset value, end of period
$
27.17
$
23.82
$
22.39
$
28.41
$
23.72
$
22.26
 Total Return E,F
 
16.12
%
 
 
13.58%
 
(18.94)%
 
22.48%
 
12.21%
 
1.78%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.58% I,J
 
.59%
 
.59%
 
.59%
 
.61%
 
.62% I
    Expenses net of fee waivers, if any
 
.57
% I,J
 
 
.59%
 
.59%
 
.59%
 
.60%
 
.61% I
    Expenses net of all reductions
 
.57% I,J
 
.59%
 
.59%
 
.59%
 
.60%
 
.61% I
    Net investment income (loss)
 
1.80% I,J
 
1.98%
 
1.86%
 
1.13%
 
1.49%
 
1.64% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,164,900
$
1,929,418
$
1,698,474
$
1,972,441
$
28,723
$
24,876
    Portfolio turnover rate K
 
17
% I
 
 
19%
 
23%
 
20%
 
27%
 
41%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 85% 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
3.8
 
Apple, Inc.
2.3
 
Amazon.com, Inc.
2.0
 
Alphabet, Inc. Class A
1.9
 
NVIDIA Corp.
1.6
 
Meta Platforms, Inc. Class A
1.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.
1.0
 
JPMorgan Chase & Co.
1.0
 
Exxon Mobil Corp.
1.0
 
Salesforce, Inc.
0.7
 
 
16.7
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
18.8
 
Financials
16.9
 
Industrials
10.9
 
Health Care
9.6
 
Consumer Discretionary
9.6
 
Communication Services
5.9
 
Consumer Staples
5.0
 
Energy
3.8
 
Materials
2.8
 
Real Estate
2.2
 
Cash Equivalents
2.0
 
Utilities
1.7
 
 
Quality Diversification (% of Fund's net assets)
 
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
Asset Allocation (% of Fund's net assets)
Short-Term Class - (0.5)%
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
Percentages in the above tables are adjusted for the effect of TBA sale Commitments.
Equities and Stock Class and Equity Futures percentages above include Fidelity Commodity Strategy Central Fund of 0.4%.
 
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 34.6% of net assets.
 
An unaudited holdings list for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
 
Fidelity Asset Manager® 85%
Schedule of Investments March 31, 2024 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 85.3%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
206,480
18,692,609
Fidelity Emerging Markets Equity Central Fund (a)
 
1,929,016
401,756,164
Fidelity Hedged Equity Central Fund (a)
 
422,098
51,685,928
Fidelity International Equity Central Fund (a)
 
8,990,418
949,567,967
Fidelity Real Estate Equity Central Fund (a)
 
150,586
19,299,064
Fidelity U.S. Equity Central Fund (a)
 
15,823,350
2,132,671,092
 
TOTAL EQUITY CENTRAL FUNDS
 (Cost $2,091,868,503)
 
 
3,573,672,824
 
 
 
 
Fixed-Income Central Funds - 12.2%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 1.4%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,296,716
10,308,893
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
440,640
38,573,624
Fidelity High Income Central Fund (a)
 
96,610
10,156,596
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
59,039,113
Investment Grade Fixed-Income Funds - 10.8%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
897,416
79,313,625
Fidelity International Credit Central Fund (a)
 
241,355
19,607,695
Fidelity Investment Grade Bond Central Fund (a)
 
3,628,840
354,065,935
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
452,987,255
 
TOTAL FIXED-INCOME CENTRAL FUNDS
 (Cost $527,617,400)
 
 
 
512,026,368
 
 
 
 
Money Market Central Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (b)
 
65,583,201
65,596,317
Fidelity Securities Lending Cash Central Fund 5.39% (b)(c)
 
18,771,548
18,773,425
 
TOTAL MONEY MARKET CENTRAL FUNDS
 (Cost $84,369,742)
 
 
84,369,742
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.3% to 5.3% 6/6/24 to 6/20/24 (e)
 
 (Cost $4,690,786)
 
 
4,740,000
4,690,931
 
 
 
 
Investment Companies - 0.9%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF (f)
 
245,083
23,189,752
iShares Russell 2000 Index ETF (f)
 
72,424
15,230,767
 
TOTAL INVESTMENT COMPANIES
 (Cost $39,450,182)
 
 
38,420,519
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $2,747,996,613)
 
 
 
4,213,180,384
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(21,007,820)
NET ASSETS - 100.0%
4,192,172,564
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
242
Jun 2024
64,232,850
1,416,901
1,416,901
ICE E-mini MSCI EAFE Index Contracts (United States)
483
Jun 2024
56,923,965
680,324
680,324
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
2,097,225
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
252
Jun 2024
13,217,400
867
867
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
2,098,092
The notional amount of futures purchased as a percentage of Net Assets is 2.9%
The notional amount of futures sold as a percentage of Net Assets is 0.3%
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(b)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(c)
Investment made with cash collateral received from securities on loan.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,577,031.
 
(f)
Security or a portion of the security is on loan at period end.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
38,175,304
118,005,699
90,584,686
1,148,102
-
-
65,596,317
0.1%
Fidelity Commodity Strategy Central Fund
26,809,484
1,412,046
8,350,909
522,682
(1,247,022)
69,010
18,692,609
9.2%
Fidelity Emerging Markets Debt Central Fund
8,293,636
2,338,384
1,031,857
300,116
-
708,730
10,308,893
0.5%
Fidelity Emerging Markets Debt Local Currency Central Fund
36,182,100
2,790,393
-
2,790,393
-
(398,869)
38,573,624
13.2%
Fidelity Emerging Markets Equity Central Fund
352,124,631
18,760,130
8,117,143
3,397,122
66,096
38,922,450
401,756,164
17.1%
Fidelity Floating Rate Central Fund
9,161,547
689,460
9,880,104
339,184
(177,118)
206,215
-
0.0%
Fidelity Hedged Equity Central Fund
44,253,429
505,976
997,794
505,975
40,730
7,883,587
51,685,928
10.8%
Fidelity High Income Central Fund
-
10,111,967
73,253
93,830
57
117,825
10,156,596
0.7%
Fidelity Inflation-Protected Bond Index Central Fund
53,461,590
27,188,808
1,490,986
2,476,225
(7,115)
161,328
79,313,625
13.4%
Fidelity International Credit Central Fund
17,666,979
1,152,282
434,982
329,731
(51,179)
1,274,595
19,607,695
7.8%
Fidelity International Equity Central Fund
771,627,509
46,500,721
21,123,838
6,622,972
224,360
152,339,215
949,567,967
17.3%
Fidelity Investment Grade Bond Central Fund
326,672,938
27,184,646
13,411,045
7,201,442
(74,089)
13,693,485
354,065,935
0.9%
Fidelity Real Estate Equity Central Fund
16,282,735
1,094,074
434,915
271,589
(2,924)
2,360,094
19,299,064
1.9%
Fidelity Securities Lending Cash Central Fund 5.39%
26,129,341
474,960,002
482,315,918
8,717
-
-
18,773,425
0.1%
Fidelity U.S. Equity Central Fund
1,682,163,181
208,428,542
45,434,710
103,456,761
2,822,567
284,691,512
2,132,671,092
11.1%
Total
3,409,004,404
941,123,130
683,682,140
129,464,841
1,594,363
502,029,177
4,170,068,934
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Low Volatility Factor ETF
-
36,815,299
38,080,546
109,556
1,265,247
-
-
 
-
36,815,299
38,080,546
109,556
1,265,247
-
-
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equity Central Funds
3,573,672,824
3,573,672,824
-
-
 Fixed-Income Central Funds
512,026,368
512,026,368
-
-
 Money Market Central Funds
84,369,742
84,369,742
-
-
 U.S Treasury Obligations
4,690,931
-
4,690,931
-
  Investment Companies
38,420,519
38,420,519
-
-
 Total Investments in Securities:
4,213,180,384
4,208,489,453
4,690,931
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
2,098,092
2,098,092
-
-
  Total Assets
2,098,092
2,098,092
-
-
 Total Derivative Instruments:
2,098,092
2,098,092
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
2,098,092
0
Total Equity Risk
2,098,092
0
Total Value of Derivatives
2,098,092
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity Asset Manager® 85%
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $18,433,338) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $44,140,968)
$
43,111,450
 
 
Fidelity Central Funds (cost $2,703,855,645)
4,170,068,934
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,747,996,613)
 
 
$
4,213,180,384
Receivable for investments sold
 
 
35,714
Receivable for fund shares sold
 
 
3,322,907
Distributions receivable from Fidelity Central Funds
 
 
277,413
Prepaid expenses
 
 
1,617
  Total assets
 
 
4,216,818,035
Liabilities
 
 
 
 
Payable for investments purchased
$
723,475
 
 
Payable for fund shares redeemed
2,691,171
 
 
Accrued management fee
2,122,854
 
 
Distribution and service plan fees payable
108,817
 
 
Payable for daily variation margin on futures contracts
198,470
 
 
Other payables and accrued expenses
27,259
 
 
Collateral on securities loaned
18,773,425
 
 
  Total liabilities
 
 
 
24,645,471
Net Assets  
 
 
$
4,192,172,564
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,872,886,722
Total accumulated earnings (loss)
 
 
 
1,319,285,842
Net Assets
 
 
$
4,192,172,564
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($245,779,690 ÷ 9,602,698 shares)(a)
 
 
$
25.59
Maximum offering price per share (100/94.25 of $25.59)
 
 
$
27.15
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($51,974,872 ÷ 2,045,610 shares)(a)
 
 
$
25.41
Maximum offering price per share (100/96.50 of $25.41)
 
 
$
26.33
Class C :
 
 
 
 
Net Asset Value and offering price per share ($44,429,223 ÷ 1,769,184 shares)(a)
 
 
$
25.11
Asset Manager 85% :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,211,871,916 ÷ 85,335,614 shares)
 
 
$
25.92
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($67,399,306 ÷ 2,608,697 shares)
 
 
$
25.84
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,570,717,557 ÷ 60,957,587 shares)
 
 
$
25.77
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $109,556 earned from affiliated issuers)
 
 
$
645,976
Interest  
 
 
156,004
Income from Fidelity Central Funds (including $8,717 from security lending)
 
 
37,879,200
 Total income
 
 
 
38,681,180
Expenses
 
 
 
 
Management fee
$
10,247,012
 
 
Transfer agent fees
1,679,933
 
 
Distribution and service plan fees
610,194
 
 
Accounting fees
390,089
 
 
Custodian fees and expenses
14,997
 
 
Independent trustees' fees and expenses
5,692
 
 
Registration fees
45,764
 
 
Audit
17,198
 
 
Legal
3,214
 
 
Miscellaneous
9,535
 
 
 Total expenses before reductions
 
13,023,628
 
 
 Expense reductions
 
(248,524)
 
 
 Total expenses after reductions
 
 
 
12,775,104
Net Investment income (loss)
 
 
 
25,906,076
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,043,149
 
 
   Fidelity Central Funds
 
1,594,363
 
 
   Other affiliated issuers
 
1,265,247
 
 
 Futures contracts
 
13,903,581
 
 
 Capital gain distributions from Fidelity Central Funds
 
91,585,641
 
 
Total net realized gain (loss)
 
 
 
111,391,981
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,416,279
 
 
   Fidelity Central Funds
 
502,029,177
 
 
 Futures contracts
 
2,191,961
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
506,637,417
Net gain (loss)
 
 
 
618,029,398
Net increase (decrease) in net assets resulting from operations
 
 
$
643,935,474
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
25,906,076
$
51,661,774
Net realized gain (loss)
 
111,391,981
 
 
(45,731,969)
 
Change in net unrealized appreciation (depreciation)
 
506,637,417
 
487,993,760
 
Net increase (decrease) in net assets resulting from operations
 
643,935,474
 
 
493,923,565
 
Distributions to shareholders
 
(51,390,318)
 
 
(159,424,192)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
139,921,804
 
 
39,116,407
 
Total increase (decrease) in net assets
 
732,466,960
 
 
373,615,780
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,459,705,604
 
3,086,089,824
 
End of period
$
4,192,172,564
$
3,459,705,604
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor Asset Manager® 85% Class A
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.89
$
19.79
$
25.79
$
20.73
$
19.30
$
20.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.27
 
.30
 
.16
 
.19
 
.20
     Net realized and unrealized gain (loss)
 
3.83
 
2.82
 
(5.52)
 
5.31
 
2.29
 
(.37)
  Total from investment operations
 
3.96  
 
3.09  
 
(5.22)  
 
5.47  
 
2.48
 
(.17)
  Distributions from net investment income
 
(.26)
 
(.32)
 
(.24)
 
(.13)
 
(.22)
 
(.17)
  Distributions from net realized gain
 
-
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
     Total distributions
 
(.26)
 
(.99)
 
(.78)
 
(.41)
 
(1.05) C
 
(.89)
  Net asset value, end of period
$
25.59
$
21.89
$
19.79
$
25.79
$
20.73
$
19.30
 Total Return D,E,F
 
18.19
%
 
 
15.95%
 
(21.00)%
 
26.59%
 
13.11%
 
(.11)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97% I,J
 
.98%
 
.97%
 
.98%
 
1.00%
 
1.01%
    Expenses net of fee waivers, if any
 
.95
% I,J
 
 
.97%
 
.97%
 
.98%
 
.99%
 
1.01%
    Expenses net of all reductions
 
.95% I,J
 
.97%
 
.97%
 
.98%
 
.99%
 
1.01%
    Net investment income (loss)
 
1.09% I,J
 
1.22%
 
1.24%
 
.64%
 
.97%
 
1.06%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
245,780
$
202,554
$
165,075
$
191,715
$
143,117
$
125,168
    Portfolio turnover rate K
 
11
% I
 
 
24%
 
27%
 
18%
 
41%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 85% Class M
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.70
$
19.62
$
25.58
$
20.57
$
19.17
$
20.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.21
 
.24
 
.09
 
.14
 
.15
     Net realized and unrealized gain (loss)
 
3.81
 
2.80
 
(5.48)
 
5.28
 
2.27
 
(.36)
  Total from investment operations
 
3.91  
 
3.01  
 
(5.24)  
 
5.37  
 
2.41
 
(.21)
  Distributions from net investment income
 
(.20)
 
(.26)
 
(.18)
 
(.08)
 
(.18)
 
(.13)
  Distributions from net realized gain
 
-
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
     Total distributions
 
(.20)
 
(.93)
 
(.72)
 
(.36)
 
(1.01) C
 
(.84) C
  Net asset value, end of period
$
25.41
$
21.70
$
19.62
$
25.58
$
20.57
$
19.17
 Total Return D,E,F
 
18.10
%
 
 
15.62%
 
(21.21)%
 
26.30%
 
12.81%
 
(.35)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21% I,J
 
1.23%
 
1.22%
 
1.23%
 
1.25%
 
1.27%
    Expenses net of fee waivers, if any
 
1.20
% I,J
 
 
1.22%
 
1.22%
 
1.23%
 
1.25%
 
1.27%
    Expenses net of all reductions
 
1.20% I,J
 
1.22%
 
1.22%
 
1.23%
 
1.25%
 
1.27%
    Net investment income (loss)
 
.84% I,J
 
.97%
 
1.00%
 
.39%
 
.72%
 
.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
51,975
$
46,123
$
42,034
$
54,864
$
40,604
$
33,611
    Portfolio turnover rate K
 
11
% I
 
 
24%
 
27%
 
18%
 
41%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 85% Class C
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.40
$
19.36
$
25.24
$
20.31
$
18.92
$
19.95
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.10
 
.11
 
(.03)
 
.04
 
.06
     Net realized and unrealized gain (loss)
 
3.76
 
2.76
 
(5.42)
 
5.21
 
2.24
 
(.35)
  Total from investment operations
 
3.80  
 
2.86  
 
(5.31)  
 
5.18  
 
2.28
 
(.29)
  Distributions from net investment income
 
(.09)
 
(.15)
 
(.03)
 
-
 
(.06)
 
(.02)
  Distributions from net realized gain
 
-
 
(.67)
 
(.54)
 
(.25)
 
(.84)
 
(.72)
     Total distributions
 
(.09)
 
(.82)
 
(.57)
 
(.25)
 
(.89) C
 
(.74)
  Net asset value, end of period
$
25.11
$
21.40
$
19.36
$
25.24
$
20.31
$
18.92
 Total Return D,E,F
 
17.79
%
 
 
15.00%
 
(21.61)%
 
25.65%
 
12.25%
 
(.88)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.72% I,J
 
1.74%
 
1.74%
 
1.74%
 
1.76%
 
1.77%
    Expenses net of fee waivers, if any
 
1.71
% I,J
 
 
1.74%
 
1.73%
 
1.74%
 
1.76%
 
1.77%
    Expenses net of all reductions
 
1.71% I,J
 
1.74%
 
1.73%
 
1.74%
 
1.76%
 
1.77%
    Net investment income (loss)
 
.33% I,J
 
.46%
 
.48%
 
(.13)%
 
.21%
 
.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
44,429
$
39,038
$
36,141
$
49,896
$
44,510
$
40,909
    Portfolio turnover rate K
 
11
% I
 
 
24%
 
27%
 
18%
 
41%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Asset Manager® 85%
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.18
$
20.05
$
26.10
$
20.96
$
19.50
$
20.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.33
 
.37
 
.23
 
.25
 
.26
     Net realized and unrealized gain (loss)
 
3.90
 
2.85
 
(5.58)
 
5.38
 
2.32
 
(.38)
  Total from investment operations
 
4.06  
 
3.18  
 
(5.21)  
 
5.61  
 
2.57
 
(.12)
  Distributions from net investment income
 
(.32)
 
(.38)
 
(.30)
 
(.19)
 
(.27)
 
(.23)
  Distributions from net realized gain
 
-
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
     Total distributions
 
(.32)
 
(1.05)
 
(.84)
 
(.47)
 
(1.11)
 
(.94) C
  Net asset value, end of period
$
25.92
$
22.18
$
20.05
$
26.10
$
20.96
$
19.50
 Total Return D,E
 
18.41
%
 
 
16.21%
 
(20.76)%
 
27.00%
 
13.44%
 
.21%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.68% H,I
 
.70%
 
.69%
 
.68%
 
.69%
 
.71%
    Expenses net of fee waivers, if any
 
.67
% H,I
 
 
.69%
 
.68%
 
.68%
 
.69%
 
.71%
    Expenses net of all reductions
 
.67% H,I
 
.69%
 
.68%
 
.68%
 
.69%
 
.71%
    Net investment income (loss)
 
1.37% H,I
 
1.50%
 
1.53%
 
.94%
 
1.28%
 
1.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,211,872
$
1,892,890
$
1,697,192
$
2,185,948
$
2,520,790
$
2,278,919
    Portfolio turnover rate J
 
11
% I
 
 
24%
 
27%
 
18%
 
41%
 
47%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HProxy expenses are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 85% Class I
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.11
$
19.99
$
26.03
$
20.91
$
19.45
$
20.50
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.33
 
.36
 
.22
 
.24
 
.25
     Net realized and unrealized gain (loss)
 
3.89
 
2.84
 
(5.56)
 
5.36
 
2.32
 
(.37)
  Total from investment operations
 
4.05  
 
3.17  
 
(5.20)  
 
5.58  
 
2.56
 
(.12)
  Distributions from net investment income
 
(.32)
 
(.38)
 
(.30)
 
(.18)
 
(.26)
 
(.21)
  Distributions from net realized gain
 
-
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
     Total distributions
 
(.32)
 
(1.05)
 
(.84)
 
(.46)
 
(1.10)
 
(.93)
  Net asset value, end of period
$
25.84
$
22.11
$
19.99
$
26.03
$
20.91
$
19.45
 Total Return C,D
 
18.40
%
 
 
16.19%
 
(20.78)%
 
26.93%
 
13.40%
 
.15%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.71% G,H
 
.72%
 
.71%
 
.71%
 
.73%
 
.74%
    Expenses net of fee waivers, if any
 
.69
% G,H
 
 
.71%
 
.71%
 
.71%
 
.72%
 
.74%
    Expenses net of all reductions
 
.69% G,H
 
.71%
 
.71%
 
.71%
 
.72%
 
.74%
    Net investment income (loss)
 
1.35% G,H
 
1.48%
 
1.50%
 
.90%
 
1.25%
 
1.33%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
67,399
$
58,137
$
51,528
$
60,989
$
31,606
$
39,115
    Portfolio turnover rate I
 
11
% G
 
 
24%
 
27%
 
18%
 
41%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAnnualized.
 
HProxy expenses are not annualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor Asset Manager® 85% Class Z
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.06
$
19.95
$
25.99
$
20.87
$
19.43
$
20.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.35
 
.39
 
.26
 
.26
 
.27
     Net realized and unrealized gain (loss)
 
3.89
 
2.83
 
(5.55)
 
5.34
 
2.31
 
(.32)
  Total from investment operations
 
4.06  
 
3.18  
 
(5.16)  
 
5.60  
 
2.57
 
(.05)
  Distributions from net investment income
 
(.35)
 
(.40)
 
(.34)
 
(.21)
 
(.30)
 
(.25)
  Distributions from net realized gain
 
-
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
     Total distributions
 
(.35)
 
(1.07)
 
(.88)
 
(.48) D
 
(1.13) D
 
(.97)
  Net asset value, end of period
$
25.77
$
22.06
$
19.95
$
25.99
$
20.87
$
19.43
 Total Return E,F
 
18.49
%
 
 
16.31%
 
(20.71)%
 
27.11%
 
13.50%
 
.54%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.59% I,J
 
.60%
 
.60%
 
.60%
 
.61%
 
.62% I
    Expenses net of fee waivers, if any
 
.58
% I,J
 
 
.60%
 
.59%
 
.60%
 
.61%
 
.62% I
    Expenses net of all reductions
 
.58% I,J
 
.60%
 
.59%
 
.60%
 
.61%
 
.62% I
    Net investment income (loss)
 
1.46% I,J
 
1.60%
 
1.62%
 
1.01%
 
1.36%
 
1.45% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,570,718
$
1,220,964
$
1,094,119
$
1,258,721
$
24,683
$
23,286
    Portfolio turnover rate K
 
11
% I
 
 
24%
 
27%
 
18%
 
41%
 
47%
 
AFor the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JProxy expenses are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2024
 
1. Organization.
Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85% (the Funds) are funds of Fidelity Charles Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers Class A, Class M, Class C, Asset Manager, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Commodity Strategy Central Fund
Geode Capital Management, LLC (Geode)
Seeks to provide investment returns that correspond to the performance of the commodities market.
Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands
Futures
0.01%
Fidelity Emerging Markets Debt Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets.
Foreign Securities
Futures
Restricted Securities
 
0.02%
Fidelity Emerging Markets Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets.
Foreign Securities
Loans & Direct Debt Instruments
0.02%
Fidelity International Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets.
Foreign Securities
Loans & Direct Debt Instruments
0.01%
Fidelity Floating Rate Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.
Loans & Direct Debt Instruments
Restricted Securities
0.01%
Fidelity High Income Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.
Delayed Delivery & When Issued Securities
Loans & Direct Debt Instruments
Restricted Securities
 
Less than .005%
Fidelity Inflation-Protected Bond Index Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives.
 
Less than .005%
Fidelity Investment Grade Bond Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks a high level of income by normally investing in investment-grade debt securities.
Delayed Delivery & When Issued Securities
Futures
Options
Restricted Securities
Swaps
Less than .005%
Fidelity Real Estate Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry.
Loans & Direct Debt Instruments
Less than .005%
Fidelity International Credit Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts.
Foreign Securities
Futures
Restricted Securities
Swaps
Forward Foreign Currency Contracts
 
Less than .005%
Fidelity U.S. Equity Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors.
Delayed Delivery & When Issued Securities
Foreign Securities
Futures
Loans & Direct Debt Instruments
Restricted Securities
Less than .005%
Fidelity Emerging Markets Debt Local Currency Central Fund
Fidelity Management & Research Company LLC (FMR)
Seeks high total return by normally
investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets and denominated in the local currency of the issuer.
Foreign Securities
Futures
Restricted Securities
 
0.02%
Fidelity Hedged Equity Central Fund
Fidelity Diversifying Solutions LLC (FDS)
Seeks capital appreciation  by investing primarily in common stocks of companies with market capitalizations generally similar to companies in the S&P 500® Index.
Options
 
Less than .005%
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2024 is included at the end of each Fund's Schedule of Investments.
 
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Asset Manager 50%
166,720
Fidelity Asset Manager 70%
4,023
 
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), futures contracts, foreign currency transactions, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity Asset Manager 20%
5,070,308,896
613,265,695
(280,960,628)
332,305,067
Fidelity Asset Manager 30%
1,906,533,297
292,326,094
(121,251,054)
171,075,040
Fidelity Asset Manager 40%
1,979,808,254
418,686,020
(109,796,599)
308,889,421
Fidelity Asset Manager 50%
7,651,190,325
2,459,787,292
(368,273,634)
2,091,513,658
Fidelity Asset Manager 60%
3,365,098,851
993,615,268
(138,338,514)
855,276,754
Fidelity Asset Manager 70%
4,766,296,767
2,122,558,715
(141,684,951)
1,980,873,764
Fidelity Asset Manager 85%
2,962,900,422
1,295,197,680
 (42,819,626)
1,252,378,054
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity Asset Manager 20%
 (75,348,017)
 (93,793,225)
 (169,141,242)
Fidelity Asset Manager 30%
 (26,816,217)
 (48,324,570)
 (75,140,787)
Fidelity Asset Manager 40%
 (38,616,887)
 (23,910,198)
 (62,527,085)
Fidelity Asset Manager 50%
 (52,999,817)
 -
 (52,999,817)
Fidelity Asset Manager 60%
 (22,795,001)
 (19,142,519)
 (41,937,520)
Fidelity Asset Manager 85%
 (32,741,746)
 (14,176,797)
  46,918,543)
 
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2022 to September 30 2023. Loss deferrals were as follows:
 
 
 
Capital losses ($)
Fidelity Asset Manager 70%
 (14,989,821)
 
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
 
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Asset Manager 20%
387,003,862
527,400,667
Fidelity Asset Manager 30%
141,412,078
203,239,443
Fidelity Asset Manager 40%
162,921,041
168,779,527
Fidelity Asset Manager 50%
606,194,359
858,904,212
Fidelity Asset Manager 60%
360,960,996
296,749,510
Fidelity Asset Manager 70%
529,814,652
538,565,887
Fidelity Asset Manager 85%
399,030,449
199,872,223
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee.
 
Effective March 1, 2024, each Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating each Fund out of each class's management fee. Each class of each Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once each Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of each Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Asset Manager 20%
 
Class A
0.54
Class M
0.54
Class C
0.54
Asset Manager 20%
0.48
Class I
0.52
Class Z
0.45
Fidelity Asset Manager 30%
 
Class A
0.54
Class M
0.54
Class C
0.55
Asset Manager 30%
0.49
Class I
0.55
Class Z
0.46
Fidelity Asset Manager 40%
 
Class A
0.55
Class M
0.54
Class C
0.56
Asset Manager 40%
0.50
Class I
0.54
Class Z
0.46
Fidelity Asset Manager 50%
 
Class A
0.62
Class M
0.61
Class C
0.62
Asset Manager 50%
0.58
Class I
0.60
Class Z
0.50
Fidelity Asset Manager 60%
 
Class A
0.70
Class M
0.69
Class C
0.72
Asset Manager 60%
0.64
Class I
0.70
Class Z
0.57
Fidelity Asset Manager 70%
 
Class A
0.68
Class M
0.67
Class C
0.69
Asset Manager 70%
0.64
Class I
0.66
Class Z
0.56
Fidelity Asset Manager 85%
 
Class A
0.68
Class M
0.68
Class C
0.70
Asset Manager 85%
0.66
Class I
0.68
Class Z
0.56
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of each Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Asset Manager 20%
 
Class A
.51
Class M
.51
Class C
.51
Asset Manager 20%
.48
Class I
.51
Class Z
.45
Fidelity Asset Manager 30%
 
Class A
.52
Class M
.52
Class C
.52
Asset Manager 30%
.49
Class I
.52
Class Z
.46
Fidelity Asset Manager 40%
 
Class A
.52
Class M
.52
Class C
.52
Asset Manager 40%
.50
Class I
.52
Class Z
.46
Fidelity Asset Manager 50%
 
Class A
.58
Class M
.58
Class C
.58
Asset Manager 50%
.54
Class I
.58
Class Z
.46
Fidelity Asset Manager 60%
 
Class A
.68
Class M
.68
Class C
.68
Asset Manager 60%
.64
Class I
.68
Class Z
.56
Fidelity Asset Manager 70%
 
Class A
.67
Class M
.67
Class C
.67
Asset Manager 70%
.64
Class I
.66
Class Z
.56
Fidelity Asset Manager 85%
 
Class A
.68
Class M
.68
Class C
.68
Asset Manager 85%
.64
Class I
.68
Class Z
.56
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate was applied to each Fund's average net assets. The group fee rate was based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, each Fund's total annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
 
 
Individual Rate %
Group Rate %
Total %
Fidelity Asset Manager 20%
.30
0.10
.40
Fidelity Asset Manager 30%
.30
0.10
.40
Fidelity Asset Manager 40%
.30
0.10
.40
Fidelity Asset Manager 50%
.25
0.22
.47
Fidelity Asset Manager 60%
.30
0.22
.52
Fidelity Asset Manager 70%
.30
0.22
.52
Fidelity Asset Manager 85%
.30
0.22
.52
 
Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Fidelity Asset Manager 20%
 
 
 
 
Class A  
- %
.25%
66,655
18
Class M 
.25%
.25%
 71,252
 -
Class C 
.75%
.25%
 76,451
 8,641
 
 
 
214,358
8,659
Fidelity Asset Manager 30%
 
 
 
 
Class A  
- %
.25%
88,272
717
Class M 
.25%
.25%
 54,420
 -
Class C 
.75%
.25%
             100,868
                  5,366
 
 
 
243,560
6,083
Fidelity Asset Manager 40%
 
 
 
 
Class A  
- %
.25%
92,275
309
Class M 
.25%
.25%
 34,296
 -
Class C 
.75%
.25%
                89,639
                  9,426
 
 
 
216,210
9,735
Fidelity Asset Manager 50%
 
 
 
 
Class A  
- %
.25%
152,931
1,824
Class M 
.25%
.25%
 124,938
 -
Class C 
.75%
.25%
             138,599
                14,485
 
 
 
416,468
16,309
Fidelity Asset Manager 60%
 
 
 
 
Class A  
- %
.25%
199,241
2,107
Class M 
.25%
.25%
 120,178
 -
Class C 
.75%
.25%
             156,847
                15,671
 
 
 
476,266
17,778
Fidelity Asset Manager 70%
 
 
 
 
Class A  
- %
.25%
272,708
-
Class M 
.25%
.25%
 178,800
 -
Class C 
.75%
.25%
             158,352
                23,967
 
 
 
609,860
23,967
Fidelity Asset Manager 85%
 
 
 
 
Class A  
- %
.25%
279,459
1,032
Class M 
.25%
.25%
 121,804
 -
Class C 
.75%
.25%
             208,931
                37,340
 
 
 
610,194
38,372
 
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Fidelity Asset Manager 20%
 
Class A
 4,862
Class M
 1,330
Class C A
                      603
 
                  6,795
Fidelity Asset Manager 30%
 
Class A
 7,273
Class M
 583
Class C A
                      107
 
                  7,963
Fidelity Asset Manager 40%
 
Class A
 5,047
Class M
 403
Class C A
                        18
 
                  5,468
Fidelity Asset Manager 50%
 
Class A
 12,194
Class M
 1,775
Class C A
                      100
 
                14,069
Fidelity Asset Manager 60%
 
Class A
 20,109
Class M
 2,238
Class C A
                      191
 
                22,538
Fidelity Asset Manager 70%
 
Class A
 44,379
Class M
 3,723
Class C A
                      250
 
                48,352
Fidelity Asset Manager 85%
 
Class A
 101,048
Class M
 3,200
Class C A
                      561
 
             104,809
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Fidelity Asset Manager 20%
 
Class A
.1443
Class M
.1387
Class C
.1413
Asset Manager 20%
.0850
Class I
.1201
 
 
Fidelity Asset Manager 30%
 
Class A
.1282
Class M
.1304
Class C
.1410
Asset Manager 30%
.0832
Class I
.1407
 
 
Fidelity Asset Manager 40%
 
Class A
.1362
Class M
.1276
Class C
.1468
Asset Manager 40%
.0858
Class I
.1323
 
 
Fidelity Asset Manager 50%
 
Class A
.1650
Class M
.1550
Class C
.1662
Asset Manager 50%
.1188
Class I
.1436
 
 
Fidelity Asset Manager 60%
 
Class A
.1777
Class M
.1669
Class C
.1903
Asset Manager 60%
.1180
Class I
.1736
 
 
Fidelity Asset Manager 70%
 
Class A
.1618
Class M
.1572
Class C
.1711
Asset Manager 70%
.1210
Class I
.1448
 
 
Fidelity Asset Manager 85%
 
Class A
.1671
Class M
.1653
Class C
.1798
Asset Manager 85%
.1389
Class I
.1598
 
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of each Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
Amount ($)
% of Class-Level Average Net Assets
Fidelity Asset Manager 20%
 
 
Class A
 31,903
.14
Class M
 16,368
.14
Class C
 9,099
.14
Asset Manager 20%
 1,181,085
.09
Class I
 10,210
.13
Class Z
             396,560
.05
 
          1,645,225
 
Fidelity Asset Manager 30%
 
 
Class A
 37,456
.13
Class M
 11,680
.13
Class C
 11,955
.14
Asset Manager 30%
 490,071
.08
Class I
 11,719
.14
Class Z
                97,938
.05
 
             660,819
 
Fidelity Asset Manager 40%
 
 
Class A
 41,571
.14
Class M
 7,026
.12
Class C
 10,973
.15
Asset Manager 40%
 521,741
.09
Class I
 20,440
.13
Class Z
             116,750
.05
 
             718,501
 
Fidelity Asset Manager 50%
 
 
Class A
 83,239
.16
Class M
 31,976
.16
Class C
 19,417
.17
Asset Manager 50%
 3,523,312
.12
Class I
 32,410
.14
Class Z
             340,098
.04
 
          4,030,452
 
Fidelity Asset Manager 60%
 
 
Class A
 117,524
.18
Class M
 33,183
.17
Class C
 24,652
.19
Asset Manager 60%
 1,037,228
.12
Class I
 77,482
.18
Class Z
             252,573
.04
 
          1,542,642
 
Fidelity Asset Manager 70%
 
 
Class A
 145,911
.16
Class M
 46,360
.16
Class C
 22,535
.17
Asset Manager 70%
 1,971,602
.12
Class I
 30,739
.15
Class Z
             355,952
.04
 
          2,573,099
 
Fidelity Asset Manager 85%
 
 
Class A
 153,935
.17
Class M
 33,376
.17
Class C
 31,081
.18
Asset Manager 85%
 1,184,586
.14
Class I
 40,445
.16
Class Z
             236,510
.04
 
          1,679,933
 
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Asset Manager 20%
.0216
Fidelity Asset Manager 30%
.0327
Fidelity Asset Manager 40%
.0326
Fidelity Asset Manager 50%
.0154
Fidelity Asset Manager 60%
.0320
Fidelity Asset Manager 70%
.0212
Fidelity Asset Manager 85%
.0248
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Asset Manager 20%
.02
Fidelity Asset Manager 30%
.03
Fidelity Asset Manager 40%
.03
Fidelity Asset Manager 50%
.02
Fidelity Asset Manager 60%
.03
Fidelity Asset Manager 70%
.02
Fidelity Asset Manager 85%
.03
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount ($)
Fidelity Asset Manager 20%
7,029
Fidelity Asset Manager 30%
 2,662
Fidelity Asset Manager 40%
2,845
Fidelity Asset Manager 50%
 12,263
Fidelity Asset Manager 60%
 5,125
Fidelity Asset Manager 70%
 8,277
Fidelity Asset Manager 85%
 4,910
 
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Asset Manager 20%
575
 -
-
Fidelity Asset Manager 30%
 180
 -
-
Fidelity Asset Manager 40%
 213
 -
 -
Fidelity Asset Manager 50%
 850
 -
 -
Fidelity Asset Manager 60%
 497
 -
-
Fidelity Asset Manager 70%
 1,289
 -
 -
Fidelity Asset Manager 85%
 945
 -
 -
 
 
9. Expense Reductions.
Effective November 1, 2023, the investment adviser has contractually agreed to waive each Fund's management fee with respect to the portion of the Fund's assets invested in certain affiliated ETFs. This waiver cannot be removed or modified without the approval of the Board. During the period this waiver reduced each applicable Fund's management fee as follows:
 
 
Waiver ($)
Fidelity Asset Manager 20%
12,935
Fidelity Asset Manager 30%
4,867
Fidelity Asset Manager 40%
5,240
Fidelity Asset Manager 50%
22,832
Fidelity Asset Manager 60%
9,445
Fidelity Asset Manager 70%
15,542
Fidelity Asset Manager 85%
9,044
 
 
Through arrangements with each applicable Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Transfer Agent credits ($)
Fidelity Asset Manager 20%
 
 
Class M
 -
 49
Fidelity Asset Manager 30%
 12
-
Class M
 -
 11
Fidelity Asset Manager 40%
 19
 -
Class M
 -
 4
Fidelity Asset Manager 50%
-
-
Class M
 -
 9
Fidelity Asset Manager 60%
 63
 -
Fidelity Asset Manager 70%
 34
 -
 
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of class-level operating expenses as follows:
 
 
Fund-Level Amount ($)
Fidelity Asset Manager 20%
 181,295
Fidelity Asset Manager 30%
 68,402
Fidelity Asset Manager 40%
 73,399
Fidelity Asset Manager 50%
 595,729
Fidelity Asset Manager 60%
 249,372
Fidelity Asset Manager 70%
 403,825
Fidelity Asset Manager 85%
 239,480
 
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
March 31, 2024
Year ended
September 30, 2023
Fidelity Asset Manager 20%
 
 
Distributions to shareholders
 
 
Class A
$861,900
 $2,872,185
Class M
 426,943
 1,348,563
Class C
 194,215
 835,007
Asset Manager 20%
 58,996,183
 195,919,341
Class I
 342,136
 1,439,959
Class Z
       33,864,977
       96,155,136
Total  
$94,686,354
$298,570,191
Fidelity Asset Manager 30%
 
 
Distributions to shareholders
 
 
Class A
$ 1,031,711
$ 3,712,002
Class M
 288,929
 1,115,340
Class C
 224,824
 1,057,329
Asset Manager 30%
 22,859,119
 87,216,487
Class I
 326,816
 1,456,615
Class Z
          7,630,141
       23,831,002
Total  
$32,361,540
$118,388,775
Fidelity Asset Manager 40%
 
 
Distributions to shareholders
 
 
Class A
$ 986,924
$ 4,061,015
Class M
 166,030
 717,718
Class C
 174,399
 952,604
Asset Manager 40%
 21,812,653
 91,378,261
Class I
 547,924
 2,096,562
Class Z
          8,533,679
       32,265,725
Total  
$32,221,609
$131,471,885
Fidelity Asset Manager 50%
 
 
Distributions to shareholders
 
 
Class A
$ 1,433,885
$ 7,725,964
Class M
 524,606
 3,172,590
Class C
 230,742
 1,858,800
Asset Manager 50%
 94,040,588
 498,002,312
Class I
 714,897
 3,864,843
Class Z
       26,427,029
     125,048,165
Total  
$123,371,747
$639,672,674
Fidelity Asset Manager 60%
 
 
Distributions to shareholders
 
 
Class A
$ 2,652,010
$ 5,829,870
Class M
 690,690
 1,719,076
Class C
 266,846
 1,017,325
Asset Manager 60%
 41,191,825
 86,418,079
Class I
 2,013,085
 4,209,470
Class Z
       29,814,414
       57,000,860
Total  
$76,628,870
$156,194,680
Fidelity Asset Manager 70%
 
 
Distributions to shareholders
 
 
Class A
$ 3,188,852
$ 11,630,377
Class M
 877,257
 3,792,389
Class C
 210,030
 1,619,138
Asset Manager 70%
 68,070,748
 232,428,831
Class I
 881,622
 2,972,044
Class Z
       38,968,904
     117,108,771
Total  
$112,197,413
$369,551,550
Fidelity Asset Manager 85%
 
 
Distributions to shareholders
 
 
Class A
$ 2,494,828
$ 8,386,555
Class M
 423,417
 1,930,817
Class C
 164,582
 1,489,984
Asset Manager 85%
 27,538,017
 87,417,456
Class I
 818,202
 2,665,270
Class Z
       19,951,272
       57,534,110
Total  
$51,390,318
$159,424,192
 
 
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 March 31, 2024
Year ended
September 30, 2023
Six months ended
 March 31, 2024
Year ended
September 30, 2023
Fidelity Asset Manager 20%
 
 
 
 
Class A
 
 
 
 
Shares sold
329,400
747,930
$4,274,805
$9,713,539
Reinvestment of distributions
64,198
217,307
837,304
2,784,288
Shares redeemed
(608,703)
(1,221,697)
(7,969,184)
(15,835,637)
Net increase (decrease)
(215,105)
(256,460)
$(2,857,075)
$(3,337,810)
Class M
 
 
 
 
Shares sold
80,616
308,015
$1,064,877
$3,986,588
Reinvestment of distributions
32,578
104,944
423,917
1,340,835
Shares redeemed
(219,008)
(309,409)
(2,852,210)
(4,003,754)
Net increase (decrease)
(105,814)
103,550
$(1,363,416)
$1,323,669
Class C
 
 
 
 
Shares sold
58,929
209,118
$769,014
$2,688,974
Reinvestment of distributions
14,901
65,337
192,166
827,517
Shares redeemed
(361,143)
(498,144)
(4,675,291)
(6,386,213)
Net increase (decrease)
(287,313)
(223,689)
$(3,714,111)
$(2,869,722)
Asset Manager 20%
 
 
 
 
Shares sold
5,794,077
13,116,861
$75,570,419
$170,315,586
Reinvestment of distributions
4,242,947
14,397,795
55,448,095
184,830,124
Shares redeemed
(27,032,591)
(56,301,179)
(352,505,263)
(731,267,083)
Net increase (decrease)
(16,995,567)
(28,786,523)
$(221,486,749)
$(376,121,373)
Class I
 
 
 
 
Shares sold
319,609
751,231
$4,151,515
$9,753,797
Reinvestment of distributions
24,667
106,997
322,267
1,373,332
Shares redeemed
(536,584)
(1,432,497)
(6,935,406)
(18,650,066)
Net increase (decrease)
(192,308)
(574,269)
$(2,461,624)
$(7,522,937)
Class Z
 
 
 
 
Shares sold
22,882,264
41,778,309
$301,970,577
$542,899,885
Reinvestment of distributions
2,583,491
7,479,736
33,785,342
95,991,524
Shares redeemed
(20,498,842)
(30,676,184)
(270,365,214)
(398,877,154)
Net increase (decrease)
4,966,913
18,581,861
$65,390,705
$240,014,255
Fidelity Asset Manager 30%
 
 
 
 
Class A
 
 
 
 
Shares sold
348,926
803,385
$3,952,638
$8,869,002
Reinvestment of distributions
90,812
335,928
1,020,603
3,652,477
Shares redeemed
(619,276)
(1,377,556)
(6,942,971)
(15,252,349)
Net increase (decrease)
(179,538)
(238,243)
$(1,969,730)
$(2,730,870)
Class M
 
 
 
 
Shares sold
214,183
267,816
$2,438,342
$2,968,427
Reinvestment of distributions
25,729
102,780
288,567
1,114,632
Shares redeemed
(227,257)
(479,687)
(2,529,494)
(5,308,302)
Net increase (decrease)
12,655
(109,091)
$197,415
$(1,225,243)
Class C
 
 
 
 
Shares sold
98,481
198,376
$1,090,506
$2,154,101
Reinvestment of distributions
20,271
98,581
224,795
1,057,182
Shares redeemed
(352,397)
(644,843)
(3,922,847)
(7,047,003)
Net increase (decrease)
(233,645)
(347,886)
$(2,607,546)
$(3,835,720)
Asset Manager 30%
 
 
 
 
Shares sold
3,528,068
8,152,829
$39,734,797
$90,263,762
Reinvestment of distributions
1,882,623
7,493,533
21,135,771
81,428,212
Shares redeemed
(16,468,690)
(35,306,472)
(184,595,619)
(390,638,128)
Net increase (decrease)
(11,057,999)
(19,660,110)
$(123,725,051)
$(218,946,154)
Class I
 
 
 
 
Shares sold
196,172
2,583,395
$2,219,299
$28,952,448
Reinvestment of distributions
27,920
128,358
312,687
1,394,770
Shares redeemed
(848,581)
(3,249,621)
(9,288,657)
(36,009,329)
Net increase (decrease)
(624,489)
(537,868)
$(6,756,671)
$(5,662,111)
Class Z
 
 
 
 
Shares sold
8,043,052
7,577,570
$91,936,314
$83,915,317
Reinvestment of distributions
674,781
2,183,026
7,588,780
23,736,270
Shares redeemed
(3,471,054)
(6,721,782)
(38,921,969)
(74,526,754)
Net increase (decrease)
5,246,779
3,038,814
$60,603,125
$33,124,833
Fidelity Asset Manager 40%
 
 
 
 
Class A
 
 
 
 
Shares sold
538,503
884,362
$6,578,660
$10,483,915
Reinvestment of distributions
81,965
352,160
985,449
4,057,526
Shares redeemed
(516,690)
(1,329,805)
(6,246,531)
(15,729,162)
Net increase (decrease)
103,778
(93,283)
$1,317,578
$(1,187,721)
Class M
 
 
 
 
Shares sold
78,744
159,494
$949,317
$1,897,889
Reinvestment of distributions
13,679
61,249
164,420
704,834
Shares redeemed
(83,421)
(168,980)
(1,008,710)
(2,003,338)
Net increase (decrease)
9,002
51,763
$105,027
$599,385
Class C
 
 
 
 
Shares sold
115,372
224,416
$1,401,268
$2,650,340
Reinvestment of distributions
14,484
82,940
173,745
949,184
Shares redeemed
(194,273)
(501,532)
(2,336,437)
(5,901,268)
Net increase (decrease)
(64,417)
(194,176)
$(761,424)
$(2,301,744)
Asset Manager 40%
 
 
 
 
Shares sold
8,275,275
11,052,633
$101,620,400
$131,183,147
Reinvestment of distributions
1,665,331
7,318,660
19,968,539
84,284,822
Shares redeemed
(13,887,886)
(27,887,233)
(168,609,324)
(329,996,011)
Net increase (decrease)
(3,947,280)
(9,515,940)
$(47,020,385)
$(114,528,042)
Class I
 
 
 
 
Shares sold
350,292
853,834
$4,238,030
$10,102,646
Reinvestment of distributions
37,354
153,641
448,514
1,770,765
Shares redeemed
(523,297)
(867,039)
(6,332,917)
(10,244,014)
Net increase (decrease)
(135,651)
140,436
$(1,646,373)
$1,629,397
Class Z
 
 
 
 
Shares sold
5,208,869
6,284,539
$64,368,473
$73,845,714
Reinvestment of distributions
709,261
2,795,482
8,511,364
32,210,077
Shares redeemed
(3,479,971)
(7,148,927)
(41,953,095)
(84,864,379)
Net increase (decrease)
2,438,159
1,931,094
$30,926,742
$21,191,412
Fidelity Asset Manager 50%
 
 
 
 
Class A
 
 
 
 
Shares sold
383,799
968,649
$7,335,352
$17,835,233
Reinvestment of distributions
74,117
421,565
1,396,805
7,504,919
Shares redeemed
(514,709)
(1,202,574)
(9,782,147)
(22,213,419)
Net increase (decrease)
(56,793)
187,640
$(1,049,990)
$3,126,733
Class M
 
 
 
 
Shares sold
166,419
265,642
$3,181,755
$4,885,043
Reinvestment of distributions
27,814
178,242
524,170
3,168,893
Shares redeemed
(261,219)
(481,078)
(4,968,814)
(8,894,168)
Net increase (decrease)
(66,986)
(37,194)
$(1,262,889)
$(840,232)
Class C
 
 
 
 
Shares sold
133,113
297,400
$2,499,104
$5,471,240
Reinvestment of distributions
12,284
104,429
229,309
1,836,994
Shares redeemed
(468,030)
(541,145)
(8,648,157)
(9,877,578)
Net increase (decrease)
(322,633)
(139,316)
$(5,919,744)
$(2,569,344)
Asset Manager 50%
 
 
 
 
Shares sold
6,577,642
15,925,415
$126,954,236
$296,093,223
Reinvestment of distributions
4,655,481
26,236,917
88,029,681
469,456,625
Shares redeemed
(32,134,630)
(58,256,227)
(616,328,054)
(1,080,821,978)
Net increase (decrease)
(20,901,507)
(16,093,895)
$(401,344,137)
$(315,272,130)
Class I
 
 
 
 
Shares sold
429,975
489,704
$8,208,370
$9,044,818
Reinvestment of distributions
34,466
200,468
651,024
3,577,872
Shares redeemed
(386,253)
(1,278,236)
(7,389,756)
(23,632,045)
Net increase (decrease)
78,188
(588,064)
$1,469,638
$(11,009,355)
Class Z
 
 
 
 
Shares sold
8,791,452
14,377,254
$170,557,241
$265,269,375
Reinvestment of distributions
1,399,416
7,003,999
26,401,736
124,981,916
Shares redeemed
(7,533,406)
(14,076,380)
(145,033,208)
(259,748,929)
Net increase (decrease)
2,657,462
7,304,873
$51,925,769
$130,502,362
Fidelity Asset Manager 60%
 
 
 
 
Class A
 
 
 
 
Shares sold
858,929
1,291,616
$12,302,918
$17,577,208
Reinvestment of distributions
179,359
442,750
2,611,472
5,742,465
Shares redeemed
(985,797)
(1,607,777)
(14,115,817)
(21,900,881)
Net increase (decrease)
52,491
126,589
$798,573
$1,418,792
Class M
 
 
 
 
Shares sold
92,190
183,978
$1,317,433
$2,468,297
Reinvestment of distributions
47,309
132,108
685,506
1,705,515
Shares redeemed
(230,307)
(383,998)
(3,322,639)
(5,194,019)
Net increase (decrease)
(90,808)
(67,912)
$(1,319,700)
$(1,020,207)
Class C
 
 
 
 
Shares sold
182,886
398,666
$2,607,977
$5,301,650
Reinvestment of distributions
18,469
79,236
265,392
1,013,431
Shares redeemed
(351,244)
(759,021)
(4,946,016)
(10,054,751)
Net increase (decrease)
(149,889)
(281,119)
$(2,072,647)
$(3,739,670)
Asset Manager 60%
 
 
 
 
Shares sold
8,718,897
19,688,961
$126,025,670
$269,133,298
Reinvestment of distributions
2,580,465
6,154,563
37,778,004
80,193,953
Shares redeemed
(16,256,430)
(27,437,050)
(233,972,922)
(375,308,414)
Net increase (decrease)
(4,957,068)
(1,593,526)
$(70,169,248)
$(25,981,163)
Class I
 
 
 
 
Shares sold
614,679
936,886
$8,891,480
$12,827,045
Reinvestment of distributions
133,670
316,435
1,956,935
4,126,312
Shares redeemed
(728,225)
(1,261,060)
(10,480,462)
(17,305,847)
Net increase (decrease)
20,124
(7,739)
$367,953
$(352,490)
Class Z
 
 
 
 
Shares sold
10,291,423
8,916,420
$150,149,166
$121,471,479
Reinvestment of distributions
2,028,906
4,361,118
29,662,606
56,781,753
Shares redeemed
(5,355,926)
(11,992,984)
(76,152,854)
(163,285,078)
Net increase (decrease)
6,964,403
1,284,554
$103,658,918
$14,968,154
Fidelity Asset Manager 70%
 
 
 
 
Class A
 
 
 
 
Shares sold
465,751
1,132,350
$11,814,660
$27,070,987
Reinvestment of distributions
119,781
497,456
3,086,747
11,227,584
Shares redeemed
(535,669)
(1,090,699)
(13,547,836)
(26,022,775)
Net increase (decrease)
49,863
539,107
$1,353,571
$12,275,796
Class M
 
 
 
 
Shares sold
140,583
270,196
$3,540,960
$6,476,400
Reinvestment of distributions
33,702
166,294
869,517
3,756,587
Shares redeemed
(211,147)
(434,796)
(5,386,079)
(10,337,019)
Net increase (decrease)
(36,862)
1,694
$(975,602)
$(104,032)
Class C
 
 
 
 
Shares sold
94,043
315,611
$2,371,517
$7,566,188
Reinvestment of distributions
8,149
71,764
209,910
1,618,279
Shares redeemed
(247,811)
(366,730)
(6,212,061)
(8,731,748)
Net increase (decrease)
(145,619)
20,645
$(3,630,634)
$452,719
Asset Manager 70%
 
 
 
 
Shares sold
6,167,211
10,874,313
$157,551,849
$261,535,858
Reinvestment of distributions
2,474,885
9,702,666
63,901,522
219,377,281
Shares redeemed
(12,426,497)
(20,978,824)
(316,570,314)
(502,758,161)
Net increase (decrease)
(3,784,401)
(401,845)
$(95,116,943)
$(21,845,022)
Class I
 
 
 
 
Shares sold
376,499
512,304
$9,398,822
$12,263,683
Reinvestment of distributions
32,109
123,913
829,707
2,804,156
Shares redeemed
(289,354)
(625,523)
(7,376,106)
(15,009,057)
Net increase (decrease)
119,254
10,694
$2,852,423
$58,782
Class Z
 
 
 
 
Shares sold
6,855,731
7,207,888
$173,974,940
$171,717,576
Reinvestment of distributions
1,510,044
5,183,731
38,913,835
116,996,811
Shares redeemed
(9,684,249)
(7,234,949)
(245,710,682)
(173,217,554)
Net increase (decrease)
(1,318,474)
5,156,670
$(32,821,907)
$115,496,833
Fidelity Asset Manager 85%
 
 
 
 
Class A
 
 
 
 
Shares sold
929,288
1,680,039
$21,962,056
$36,637,506
Reinvestment of distributions
103,272
406,694
2,481,623
8,349,442
Shares redeemed
(684,948)
(1,171,777)
(16,340,969)
(25,636,095)
Net increase (decrease)
347,612
914,956
$8,102,710
$19,350,853
Class M
 
 
 
 
Shares sold
102,971
228,141
$2,402,059
$4,975,206
Reinvestment of distributions
17,720
94,377
422,978
1,924,349
Shares redeemed
(200,511)
(339,417)
(4,675,090)
(7,349,555)
Net increase (decrease)
(79,820)
(16,899)
$(1,850,053)
$(450,000)
Class C
 
 
 
 
Shares sold
169,340
374,319
$3,885,484
$8,048,298
Reinvestment of distributions
6,931
73,597
163,786
1,485,932
Shares redeemed
(231,031)
(490,917)
(5,365,349)
(10,504,586)
Net increase (decrease)
(54,760)
(43,001)
$(1,316,079)
$(970,356)
Asset Manager 85%
 
 
 
 
Shares sold
5,867,726
8,202,359
$140,329,270
$182,700,183
Reinvestment of distributions
1,063,928
4,009,724
25,874,717
83,241,869
Shares redeemed
(6,927,418)
(11,532,481)
(166,366,985)
(254,741,572)
Net increase (decrease)
4,236
679,602
$(162,998)
$11,200,480
Class I
 
 
 
 
Shares sold
283,011
823,798
$6,693,650
$18,218,557
Reinvestment of distributions
32,308
122,678
783,146
2,539,426
Shares redeemed
(336,163)
(895,092)
(7,900,792)
(19,928,329)
Net increase (decrease)
(20,844)
51,384
$(423,996)
$829,654
Class Z
 
 
 
 
Shares sold
7,202,783
8,552,138
$172,342,676
$188,206,301
Reinvestment of distributions
824,014
2,786,073
19,916,426
57,504,545
Shares redeemed
(2,407,945)
(10,847,796)
(56,686,882)
(236,555,070)
Net increase (decrease)
5,618,852
490,415
$135,572,220
$9,155,776
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, a shareholder of record owned more than 25% of the total outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Asset Manager 20%
36%
Fidelity Asset Manager 30%
25%
Fidelity Asset Manager 40%
26%
Fidelity Asset Manager 60%
38%
Fidelity Asset Manager 70%
31%
Fidelity Asset Manager 85%
35%
 
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Shareholder Expense Example  
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value October 1, 2023
 
Ending Account Value March 31, 2024
 
Expenses Paid During Period- C October 1, 2023 to March 31, 2024
Fidelity Asset Manager® 20%
 
 
 
 
 
 
 
 
 
 
Class A **
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,080.50
 
$ 4.16
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.00
 
$ 4.04
 
Class M
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,079.40
 
$ 5.41
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.80
 
$ 5.25
 
Class C
 
 
 
1.54%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,076.40
 
$ 7.99
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.30
 
$ 7.77
 
Fidelity Asset Manager® 20%
 
 
 
.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,082.00
 
$ 2.55
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.55
 
$ 2.48
 
Class I
 
 
 
.53%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,082.50
 
$ 2.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.35
 
$ 2.68
 
Class Z
 
 
 
.46%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,082.20
 
$ 2.39
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.70
 
$ 2.33
 
Fidelity Asset Manager® 30%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,098.00
 
$ 4.20
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.00
 
$ 4.04
 
Class M
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,096.90
 
$ 5.56
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.70
 
$ 5.35
 
Class C
 
 
 
1.56%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,094.20
 
$ 8.17
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.20
 
$ 7.87
 
Fidelity Asset Manager® 30%
 
 
 
.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,099.80
 
$ 2.68
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.45
 
$ 2.58
 
Class I **
 
 
 
.56%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,099.10
 
$ 2.94
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.20
 
$ 2.83
 
Class Z
 
 
 
.48%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,100.00
 
$ 2.52
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.60
 
$ 2.43
 
Fidelity Asset Manager® 40%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,114.60
 
$ 4.28
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.95
 
$ 4.09
 
Class M
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,112.50
 
$ 5.55
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.75
 
$ 5.30
 
Class C
 
 
 
1.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,110.10
 
$ 8.28
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.15
 
$ 7.92
 
Fidelity Asset Manager® 40%
 
 
 
.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,115.40
 
$ 2.70
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.45
 
$ 2.58
 
Class I **
 
 
 
.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,116.10
 
$ 2.91
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.25
 
$ 2.78
 
Class Z
 
 
 
.48%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,115.80
 
$ 2.54
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.60
 
$ 2.43
 
Fidelity Asset Manager® 50%
 
 
 
 
 
 
 
 
 
 
Class A **
 
 
 
.88%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,129.60
 
$ 4.69
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.60
 
$ 4.45
 
Class M
 
 
 
1.12%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,128.30
 
$ 5.96
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.40
 
$ 5.65
 
Class C
 
 
 
1.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,125.00
 
$ 8.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.85
 
$ 8.22
 
Fidelity Asset Manager® 50% **
 
 
 
.59%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,131.70
 
$ 3.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.05
 
$ 2.98
 
Class I **
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,131.30
 
$ 3.25
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.95
 
$ 3.08
 
Class Z **
 
 
 
.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,132.00
 
$ 2.72
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.45
 
$ 2.58
 
Fidelity Asset Manager® 60%
 
 
 
 
 
 
 
 
 
 
Class A **
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,144.30
 
$ 5.20
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.15
 
$ 4.90
 
Class M
 
 
 
1.21%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,143.40
 
$ 6.48
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.95
 
$ 6.11
 
Class C
 
 
 
1.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,140.20
 
$ 9.26
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.35
 
$ 8.72
 
Fidelity Asset Manager® 60%
 
 
 
.66%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,146.70
 
$ 3.54
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.70
 
$ 3.34
 
Class I **
 
 
 
.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,146.00
 
$ 3.81
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.45
 
$ 3.59
 
Class Z **
 
 
 
.59%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,146.80
 
$ 3.17
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.05
 
$ 2.98
 
Fidelity Asset Manager® 70%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,159.20
 
$ 5.07
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.30
 
$ 4.75
 
Class M
 
 
 
1.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,157.80
 
$ 6.42
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.05
 
$ 6.01
 
Class C
 
 
 
1.70%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,154.90
 
$ 9.16
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.50
 
$ 8.57
 
Fidelity Asset Manager® 70%
 
 
 
.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,160.50
 
$ 3.51
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.75
 
$ 3.29
 
Class I
 
 
 
.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,160.60
 
$ 3.67
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.60
 
$ 3.44
 
Class Z
 
 
 
.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,161.20
 
$ 3.08
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.15
 
$ 2.88
 
Fidelity Asset Manager® 85%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,181.90
 
$ 5.18
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.25
 
$ 4.80
 
Class M
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,181.00
 
$ 6.54
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.00
 
$ 6.06
 
Class C
 
 
 
1.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,177.90
 
$ 9.31
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.45
 
$ 8.62
 
Fidelity Asset Manager® 85% **
 
 
 
.67%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.10
 
$ 3.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.65
 
$ 3.39
 
Class I
 
 
 
.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.00
 
$ 3.77
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.55
 
$ 3.49
 
Class Z **
 
 
 
.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.90
 
$ 3.17
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.10
 
$ 2.93
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the entire current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
 
 
 
 
Annualized Expense Ratio- A
 
Expenses Paid
Fidelity Asset Manager® 20%
 
 
 
 
 
 
Class A
 
 
 
.76%
 
 
Actual
 
 
 
 
 
$ 3.95
Hypothetical- B
 
 
 
 
 
 
$ 3.84
Fidelity Asset Manager® 30%
 
 
 
 
 
 
Class I
 
 
 
.52%
 
 
Actual
 
 
 
 
 
$ 2.73
Hypothetical- B
 
 
 
 
 
 
$ 2.63
Fidelity Asset Manager® 40%
 
 
 
 
 
 
Class I
 
 
 
.52%
 
 
Actual
 
 
 
 
 
$ 2.75
Hypothetical- B
 
 
 
 
 
 
$ 2.63
Fidelity Asset Manager® 50%
 
 
 
 
 
 
Class A
 
 
 
.81%
 
 
Actual
 
 
 
 
 
$ 4.31
Hypothetical- B
 
 
 
 
 
 
$ 4.09
Fidelity Asset Manager® 50%
 
 
 
.53%
 
 
Actual
 
 
 
 
 
$ 2.82
Hypothetical- B
 
 
 
 
 
 
$ 2.68
Class I
 
 
 
.56%
 
 
Actual
 
 
 
 
 
$ 2.98
Hypothetical- B
 
 
 
 
 
 
$ 2.83
Class Z
 
 
 
.45%
 
 
Actual
 
 
 
 
 
$ 2.40
Hypothetical- B
 
 
 
 
 
 
$ 2.28
Fidelity Asset Manager® 60%
 
 
 
 
 
 
Class A
 
 
 
.92%
 
 
Actual
 
 
 
 
 
$ 4.93
Hypothetical- B
 
 
 
 
 
 
$ 4.65
Class I
 
 
 
.67%
 
 
Actual
 
 
 
 
 
$ 3.59
Hypothetical- B
 
 
 
 
 
 
$ 3.39
Class Z
 
 
 
.55%
 
 
Actual
 
 
 
 
 
$ 2.95
Hypothetical- B
 
 
 
 
 
 
$ 2.78
 
 
 
 
 
 
Fidelity Asset Manager® 85%
 
 
 
 
 
 
Fidelity Asset Manager® 85%
 
 
 
.63%
 
 
Actual
 
 
 
 
 
$ 3.44
Hypothetical- B
 
 
 
 
 
 
$ 3.18
Class Z
 
 
 
.55%
 
 
Actual
 
 
 
 
 
$ 3.00
Hypothetical- B
 
 
 
 
 
 
$ 2.78
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
 
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) , and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Advisory Contracts in September 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee under each fund's existing management contract, which is the individual fund fee, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the "Unified Fee Cap"). The Board noted that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fees previously authorized to be charged for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to a Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder, as well as Board, approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which changed the arrangements for fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR and its affiliates.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
 
 
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
Proxy Voting Results
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
20,490,883,158.99
95.36
Withheld
997,950,021.08
4.64
TOTAL
21,488,833,180.07
100.00
Jennifer Toolin McAuliffe
Affirmative
20,474,048,289.39
95.28
Withheld
1,014,784,890.68
4.72
TOTAL
21,488,833,180.07
100.00
Christine J. Thompson
Affirmative
20,499,307,535.14
95.40
Withheld
989,525,644.93
4.60
TOTAL
21,488,833,180.07
100.00
Elizabeth S. Acton
Affirmative
20,434,203,160.17
95.09
Withheld
1,054,630,019.90
4.91
TOTAL
21,488,833,180.07
100.00
Laura M. Bishop
Affirmative
20,462,855,203.38
95.23
Withheld
1,025,977,976.69
4.77
TOTAL
21,488,833,180.07
100.00
Ann E. Dunwoody
Affirmative
20,428,077,463.69
95.06
Withheld
1,060,755,716.38
4.94
TOTAL
21,488,833,180.07
100.00
John Engler
Affirmative
20,322,992,779.98
94.57
Withheld
1,165,840,400.09
5.43
TOTAL
21,488,833,180.07
100.00
Robert F. Gartland
Affirmative
20,393,447,091.93
94.90
Withheld
1,095,386,088.14
5.10
TOTAL
21,488,833,180.07
100.00
Robert W. Helm
Affirmative
20,453,072,361.18
95.18
Withheld
1,035,760,818.89
4.82
TOTAL
21,488,833,180.07
100.00
Arthur E. Johnson
Affirmative
20,355,677,841.86
94.73
Withheld
1,133,155,338.21
5.27
TOTAL
21,488,833,180.07
100.00
Michael E. Kenneally
Affirmative
20,412,735,935.49
94.99
Withheld
1,076,097,244.58
5.01
TOTAL
21,488,833,180.07
100.00
Mark A. Murray
Affirmative
20,431,159,374.63
95.08
Withheld
1,057,673,805.44
4.92
TOTAL
21,488,833,180.07
100.00
Carol J. Zierhoffer
Affirmative
20,496,998,425.10
95.38
Withheld
991,834,754.97
4.62
TOTAL
21,488,833,180.07
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
 
1.878280.116
AR-SANN-0524
Moderate with Income Allocation Fund
Balanced Allocation Fund
Growth Allocation Fund
Aggressive Growth Allocation Fund
 
 
Semi-Annual Report
March 31, 2024

Contents

Moderate with Income Allocation Fund

Investment Summary

Schedule of Investments

Financial Statements

Balanced Allocation Fund

Investment Summary

Schedule of Investments

Financial Statements

Growth Allocation Fund

Investment Summary

Schedule of Investments

Financial Statements

Aggressive Growth Allocation Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

Proxy Voting Results

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
BLOOMBERG ® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor's®; and S&P®; are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2024 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Moderate with Income Allocation Fund 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the direct Investments of the Fund.
Top Holdings (% of Fund's net assets)
 
Fidelity U.S. Bond Index Fund
50.0
 
Fidelity Total Market Index Fund
21.1
 
Fidelity Short-Term Bond Index Fund
19.9
 
Fidelity Total International Index Fund
9.0
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
Moderate with Income Allocation Fund
Schedule of Investments March 31, 2024 (Unaudited) Showing Percentage of Net Assets
Domestic Equity Funds - 21.1%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
 (Cost $43,581)
 
 
379
55,017
 
 
 
 
International Equity Funds - 9.0%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
 (Cost $21,811)
 
 
1,722
23,607
 
 
 
 
Bond Funds - 69.9%
 
 
Shares
Value ($)
 
Fidelity Short-Term Bond Index Fund (a)
 
5,353
52,134
Fidelity U.S. Bond Index Fund (a)
 
12,730
130,738
 
TOTAL BOND FUNDS
 (Cost $188,782)
 
 
182,872
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $254,174)
 
 
 
261,496
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(2)
NET ASSETS - 100.0%
261,494
 
 
 
Legend
 
(a)
Affiliated Fund
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Short-Term Bond Index Fund
43,933
11,064
3,994
480
(24)
1,155
52,134
Fidelity Total International Index Fund
19,483
4,168
2,484
599
(76)
2,516
23,607
Fidelity Total Market Index Fund
45,508
8,100
8,913
636
151
10,171
55,017
Fidelity U.S. Bond Index Fund
109,509
24,918
8,357
1,952
(656)
5,324
130,738
 
218,433
48,250
23,748
3,667
(605)
19,166
261,496
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Domestic Equity Funds
55,017
55,017
-
-
 International Equity Funds
23,607
23,607
-
-
  Bond Funds
182,872
182,872
-
-
 Total Investments in Securities:
261,496
261,496
-
-
Moderate with Income Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $254,174)
$
261,496
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $254,174)
 
 
$
261,496
Receivable for investments sold
 
 
1,340
  Total assets
 
 
262,836
Liabilities
 
 
 
 
Payable for investments purchased
$
1,339
 
 
Other payables and accrued expenses
3
 
 
  Total liabilities
 
 
 
1,342
Net Assets  
 
 
$
261,494
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
257,481
Total accumulated earnings (loss)
 
 
 
4,013
Net Assets
 
 
$
261,494
Net Asset Value, offering price and redemption price per share ($261,494 ÷ 27,043 shares)
 
 
$
9.67
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
3,667
Expenses
 
 
 
 
Management fee
$
121
 
 
 Total expenses before reductions
 
121
 
 
 Expense reductions
 
(121)
 
 
Net Investment income (loss)
 
 
 
3,667
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(605)
 
 
Total net realized gain (loss)
 
 
 
(605)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
19,166
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
19,166
Net gain (loss)
 
 
 
18,561
Net increase (decrease) in net assets resulting from operations
 
 
$
22,228
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,667
$
4,423
Net realized gain (loss)
 
(605)
 
 
(2,793)
 
Change in net unrealized appreciation (depreciation)
 
19,166
 
9,604
 
Net increase (decrease) in net assets resulting from operations
 
22,228
 
 
11,234
 
Distributions to shareholders
 
(3,548)
 
 
(4,231)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
36,895
 
97,410
  Reinvestment of distributions
 
3,548
 
 
4,231
 
Cost of shares redeemed
 
(16,056)
 
(48,089)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
24,387
 
 
53,552
 
Total increase (decrease) in net assets
 
43,067
 
 
60,555
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
218,427
 
157,872
 
End of period
$
261,494
$
218,427
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,991
 
10,755
  Issued in reinvestment of distributions
 
378
 
 
472
 
Redeemed
 
(1,747)
 
(5,260)
Net increase (decrease)
 
2,622
 
5,967
 
 
 
 
 
 
Financial Highlights
 
Moderate with Income Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.94
$
8.55
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.20
 
.08
     Net realized and unrealized gain (loss)
 
.73
 
.39
 
(1.47)
  Total from investment operations
 
.87  
 
.59  
 
(1.39)  
  Distributions from net investment income
 
(.14)
 
(.20)
 
(.06)
     Total distributions
 
(.14)
 
(.20)
 
(.06)
  Net asset value, end of period
$
9.67
$
8.94
$
8.55
 Total Return D,E
 
9.78
%
 
 
6.90%
 
(13.93)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.10% H
 
.11%
 
.10% H
    Expenses net of fee waivers, if any
 
-
% H
 
 
-%
 
-% H
    Expenses net of all reductions
 
-% H
 
-%
 
-% H
    Net investment income (loss)
 
3.04% H
 
2.21%
 
1.36% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
261
$
218
$
158
    Portfolio turnover rate I
 
20
% H
 
 
19%
 
11% H
 
AFor the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Balanced Allocation Fund 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the direct Investments of the Fund.
Top Holdings (% of Fund's net assets)
 
Fidelity U.S. Bond Index Fund
40.0
 
Fidelity Total Market Index Fund
35.0
 
Fidelity Total International Index Fund
15.0
 
Fidelity Short-Term Bond Index Fund
10.0
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
 
Balanced Allocation Fund
Schedule of Investments March 31, 2024 (Unaudited) Showing Percentage of Net Assets
Domestic Equity Funds - 35.0%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
 (Cost $180,978)
 
 
1,518
220,027
 
 
 
 
International Equity Funds - 15.0%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
 (Cost $86,793)
 
 
6,878
94,292
 
 
 
 
Bond Funds - 50.0%
 
 
Shares
Value ($)
 
Fidelity Short-Term Bond Index Fund (a)
 
6,412
62,452
Fidelity U.S. Bond Index Fund (a)
 
24,454
251,141
 
TOTAL BOND FUNDS
 (Cost $321,239)
 
 
313,593
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $589,010)
 
 
 
627,912
NET OTHER ASSETS (LIABILITIES) - 0.0%  
0
NET ASSETS - 100.0%
627,912
 
 
 
Legend
 
(a)
Affiliated Fund
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Short-Term Bond Index Fund
44,406
21,290
4,423
518
-
1,179
62,452
Fidelity Total International Index Fund
65,563
26,661
7,136
2,110
(393)
9,598
94,293
Fidelity Total Market Index Fund
153,027
55,475
26,360
2,242
501
37,384
220,027
Fidelity U.S. Bond Index Fund
176,761
81,935
15,503
3,403
(129)
8,076
251,140
 
439,757
185,361
53,422
8,273
(21)
56,237
627,912
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Domestic Equity Funds
220,027
220,027
-
-
 International Equity Funds
94,292
94,292
-
-
  Bond Funds
313,593
313,593
-
-
 Total Investments in Securities:
627,912
627,912
-
-
Balanced Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $589,010)
$
627,912
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $589,010)
 
 
$
627,912
Receivable for investments sold
 
 
3,700
Receivable for fund shares sold
 
 
13
  Total assets
 
 
631,625
Liabilities
 
 
 
 
Payable for investments purchased
$
3,713
 
 
  Total liabilities
 
 
 
3,713
Net Assets  
 
 
$
627,912
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
591,068
Total accumulated earnings (loss)
 
 
 
36,844
Net Assets
 
 
$
627,912
Net Asset Value, offering price and redemption price per share ($627,912 ÷ 62,872 shares)
 
 
$
9.99
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
8,273
Expenses
 
 
 
 
Management fee
$
263
 
 
Independent trustees' fees and expenses
1
 
 
 Total expenses before reductions
 
264
 
 
 Expense reductions
 
(263)
 
 
 Total expenses after reductions
 
 
 
1
Net Investment income (loss)
 
 
 
8,272
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(21)
 
 
Total net realized gain (loss)
 
 
 
(21)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
56,237
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
56,237
Net gain (loss)
 
 
 
56,216
Net increase (decrease) in net assets resulting from operations
 
 
$
64,488
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,272
$
7,154
Net realized gain (loss)
 
(21)
 
 
(3,399)
 
Change in net unrealized appreciation (depreciation)
 
56,237
 
23,600
 
Net increase (decrease) in net assets resulting from operations
 
64,488
 
 
27,355
 
Distributions to shareholders
 
(7,753)
 
 
(6,373)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
159,345
 
260,248
  Reinvestment of distributions
 
7,753
 
 
6,373
 
Cost of shares redeemed
 
(35,653)
 
(100,294)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
131,445
 
 
166,327
 
Total increase (decrease) in net assets
 
188,180
 
 
187,309
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
439,732
 
252,423
 
End of period
$
627,912
$
439,732
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
16,774
 
28,900
  Issued in reinvestment of distributions
 
817
 
 
726
 
Redeemed
 
(3,664)
 
(11,125)
Net increase (decrease)
 
13,927
 
18,501
 
 
 
 
 
 
Financial Highlights
 
Balanced Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.98
$
8.29
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.18
 
.06
     Net realized and unrealized gain (loss)
 
1.01
 
.69
 
(1.74)
  Total from investment operations
 
1.16  
 
.87  
 
(1.68)  
  Distributions from net investment income
 
(.15)
 
(.18)
 
(.03)
     Total distributions
 
(.15)
 
(.18)
 
(.03)
  Net asset value, end of period
$
9.99
$
8.98
$
8.29
 Total Return D,E
 
13.00
%
 
 
10.62%
 
(16.81)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.10% H
 
.11%
 
.10% H
    Expenses net of fee waivers, if any
 
-
% H,I
 
 
-%
 
-% H
    Expenses net of all reductions
 
-% H,I
 
-%
 
-% H
    Net investment income (loss)
 
3.15% H
 
2.05%
 
1.07% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
628
$
440
$
252
    Portfolio turnover rate J
 
20
% H
 
 
21%
 
12% H
 
AFor the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount represents less than .005%.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Growth Allocation Fund 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the direct Investments of the Fund.
Top Holdings (% of Fund's net assets)
 
Fidelity Total Market Index Fund
49.1
 
Fidelity U.S. Bond Index Fund
25.0
 
Fidelity Total International Index Fund
21.0
 
Fidelity Short-Term Bond Index Fund
4.9
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
Growth Allocation Fund
Schedule of Investments March 31, 2024 (Unaudited) Showing Percentage of Net Assets
Domestic Equity Funds - 49.1%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
 (Cost $364,638)
 
 
3,023
438,343
 
 
 
 
International Equity Funds - 21.0%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
 (Cost $173,182)
 
 
13,695
187,752
 
 
 
 
Bond Funds - 29.9%
 
 
Shares
Value ($)
 
Fidelity Short-Term Bond Index Fund (a)
 
4,541
44,230
Fidelity U.S. Bond Index Fund (a)
 
21,740
223,272
 
TOTAL BOND FUNDS
 (Cost $274,119)
 
 
267,502
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $811,939)
 
 
 
893,597
NET OTHER ASSETS (LIABILITIES) - 0.0%  
3
NET ASSETS - 100.0%
893,600
 
 
 
Legend
 
(a)
Affiliated Fund
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Short-Term Bond Index Fund
27,290
17,698
1,506
342
(6)
754
44,230
Fidelity Total International Index Fund
113,293
62,581
4,483
3,906
16
16,345
187,752
Fidelity Total Market Index Fund
263,577
131,157
25,514
4,156
1,181
67,942
438,343
Fidelity U.S. Bond Index Fund
135,819
87,674
6,379
2,813
(1)
6,159
223,272
 
539,979
299,110
37,882
11,217
1,190
91,200
893,597
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Domestic Equity Funds
438,343
438,343
-
-
 International Equity Funds
187,752
187,752
-
-
  Bond Funds
267,502
267,502
-
-
 Total Investments in Securities:
893,597
893,597
-
-
Growth Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $811,939)
$
893,597
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $811,939)
 
 
$
893,597
Receivable for investments sold
 
 
2,182
Receivable for fund shares sold
 
 
2,534
  Total assets
 
 
898,313
Liabilities
 
 
 
 
Payable for investments purchased
$
4,713
 
 
  Total liabilities
 
 
 
4,713
Net Assets  
 
 
$
893,600
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
817,377
Total accumulated earnings (loss)
 
 
 
76,223
Net Assets
 
 
$
893,600
Net Asset Value, offering price and redemption price per share ($893,600 ÷ 86,209 shares)
 
 
$
10.37
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
11,217
Expenses
 
 
 
 
Management fee
$
349
 
 
Independent trustees' fees and expenses
1
 
 
 Total expenses before reductions
 
350
 
 
 Expense reductions
 
(349)
 
 
 Total expenses after reductions
 
 
 
1
Net Investment income (loss)
 
 
 
11,216
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
1,190
 
 
Total net realized gain (loss)
 
 
 
1,190
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
91,200
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
91,200
Net gain (loss)
 
 
 
92,390
Net increase (decrease) in net assets resulting from operations
 
 
$
103,606
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,216
$
9,156
Net realized gain (loss)
 
1,190
 
 
(1,899)
 
Change in net unrealized appreciation (depreciation)
 
91,200
 
47,505
 
Net increase (decrease) in net assets resulting from operations
 
103,606
 
 
54,762
 
Distributions to shareholders
 
(12,595)
 
 
(7,126)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
269,565
 
257,090
  Reinvestment of distributions
 
12,595
 
 
7,126
 
Cost of shares redeemed
 
(19,525)
 
(111,845)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
262,635
 
 
152,371
 
Total increase (decrease) in net assets
 
353,646
 
 
200,007
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
539,954
 
339,947
 
End of period
$
893,600
$
539,954
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
27,614
 
28,875
  Issued in reinvestment of distributions
 
1,280
 
 
835
 
Redeemed
 
(2,075)
 
(12,450)
Net increase (decrease)
 
26,819
 
17,260
 
 
 
 
 
 
Financial Highlights
 
Growth Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.09
$
8.07
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
.17
 
.04
     Net realized and unrealized gain (loss)
 
1.29
 
1.00
 
(1.97)
  Total from investment operations
 
1.45  
 
1.17  
 
(1.93)  
  Distributions from net investment income
 
(.17)
 
(.15)
 
-
     Total distributions
 
(.17)
 
(.15)
 
-
  Net asset value, end of period
$
10.37
$
9.09
$
8.07
 Total Return D,E
 
16.10
%
 
 
14.55%
 
(19.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
.10% H
 
.11%
 
.10% H
    Expenses net of fee waivers, if any
 
-
% H,I
 
 
-%
 
-% H
    Expenses net of all reductions
 
-% H,I
 
-%
 
-% H
    Net investment income (loss)
 
3.22% H
 
1.94%
 
.73% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
894
$
540
$
340
    Portfolio turnover rate J
 
11
% H
 
 
26%
 
34% H
 
AFor the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount represents less than .005%.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Aggressive Growth Allocation Fund 
Investment Summary March 31, 2024 (Unaudited)
The information in the following tables is based on the direct Investments of the Fund.
Top Holdings (% of Fund's net assets)
 
Fidelity Total Market Index Fund
60.0
 
Fidelity Total International Index Fund
25.0
 
Fidelity U.S. Bond Index Fund
15.0
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
 
Aggressive Growth Allocation Fund
Schedule of Investments March 31, 2024 (Unaudited) Showing Percentage of Net Assets
Domestic Equity Funds - 60.0%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
 (Cost $573,281)
 
 
4,809
697,207
 
 
 
 
International Equity Funds - 25.0%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
 (Cost $266,595)
 
 
21,161
290,115
 
 
 
 
Bond Funds - 15.0%
 
 
Shares
Value ($)
 
Fidelity U.S. Bond Index Fund (a)
 
 (Cost $177,678)
 
 
16,932
173,896
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $1,017,554)
 
 
 
1,161,218
NET OTHER ASSETS (LIABILITIES) - 0.0%  
0
NET ASSETS - 100.0%
1,161,218
 
 
 
Legend
 
(a)
Affiliated Fund
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Total International Index Fund
185,495
82,780
4,372
6,138
30
26,183
290,116
Fidelity Total Market Index Fund
443,650
159,436
18,827
6,720
237
112,710
697,206
Fidelity U.S. Bond Index Fund
112,091
61,321
4,564
2,228
(4)
5,052
173,896
 
741,236
303,537
27,763
15,086
263
143,945
1,161,218
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Domestic Equity Funds
697,207
697,207
-
-
 International Equity Funds
290,115
290,115
-
-
  Bond Funds
173,896
173,896
-
-
 Total Investments in Securities:
1,161,218
1,161,218
-
-
Aggressive Growth Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $1,017,554)
$
1,161,218
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,017,554)
 
 
$
1,161,218
Receivable for fund shares sold
 
 
22,036
  Total assets
 
 
1,183,254
Liabilities
 
 
 
 
Payable for investments purchased
$
22,036
 
 
  Total liabilities
 
 
 
22,036
Net Assets  
 
 
$
1,161,218
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,022,579
Total accumulated earnings (loss)
 
 
 
138,639
Net Assets
 
 
$
1,161,218
Net Asset Value, offering price and redemption price per share ($1,161,218 ÷ 109,859 shares)
 
 
$
10.57
Statement of Operations
 
 
 
Six months ended
March 31, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
15,086
Expenses
 
 
 
 
Management fee
$
464
 
 
Independent trustees' fees and expenses
1
 
 
 Total expenses before reductions
 
465
 
 
 Expense reductions
 
(464)
 
 
 Total expenses after reductions
 
 
 
1
Net Investment income (loss)
 
 
 
15,085
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
263
 
 
Total net realized gain (loss)
 
 
 
263
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
143,945
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
143,945
Net gain (loss)
 
 
 
144,208
Net increase (decrease) in net assets resulting from operations
 
 
$
159,293
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2024
(Unaudited)
 
Year ended
September 30, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
15,085
$
9,629
Net realized gain (loss)
 
263
 
 
(3,778)
 
Change in net unrealized appreciation (depreciation)
 
143,945
 
64,758
 
Net increase (decrease) in net assets resulting from operations
 
159,293
 
 
70,609
 
Distributions to shareholders
 
(16,293)
 
 
(8,054)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
275,989
 
439,935
  Reinvestment of distributions
 
16,293
 
 
8,054
 
Cost of shares redeemed
 
(15,281)
 
(122,652)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
277,001
 
 
325,337
 
Total increase (decrease) in net assets
 
420,001
 
 
387,892
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
741,217
 
353,325
 
End of period
$
1,161,218
$
741,217
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
28,152
 
49,552
  Issued in reinvestment of distributions
 
1,644
 
 
959
 
Redeemed
 
(1,546)
 
(13,810)
Net increase (decrease)
 
28,250
 
36,701
 
 
 
 
 
 
Financial Highlights
 
Aggressive Growth Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2024 
 
Years ended September 30, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.08
$
7.87
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
.15
 
.03
     Net realized and unrealized gain (loss)
 
1.51
 
1.21
 
(2.16)
  Total from investment operations
 
1.67  
 
1.36  
 
(2.13)  
  Distributions from net investment income
 
(.18)
 
(.15)
 
-
  Distributions from net realized gain
 
-
 
- D
 
-
     Total distributions
 
(.18)
 
(.15)
 
-
  Net asset value, end of period
$
10.57
$
9.08
$
7.87
 Total Return E,F
 
18.51
%
 
 
17.49%
 
(21.30)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
    Expenses before reductions
 
.10% I
 
.11%
 
.10% I
    Expenses net of fee waivers, if any
 
-
% D,I
 
 
-%
 
-% I
    Expenses net of all reductions
 
-% D,I
 
-%
 
-% I
    Net investment income (loss)
 
3.26% I
 
1.68%
 
.46% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,161
$
741
$
353
    Portfolio turnover rate J
 
6
% I
 
 
20%
 
14% I
 
AFor the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CCalculated based on average shares outstanding during the period.
 
DAmount represents less than .005%.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2024
 
1. Organization.
Moderate with Income Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Growth Allocation Fund (the Funds) are funds of Fidelity Charles Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are available only to certain health savings accounts that are made available through Raytheon. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The aggregate value of investments by input level as of March 31, 2024 is included at the end of each Fund's Schedule of Investments
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Moderate with Income Allocation Fund
257,603
13,098
 (9,205)
3,893
Balanced Allocation Fund
593,376
45,801
 (11,265)
34,536
Growth Allocation Fund
817,390
86,341
 (10,134)
76,207
Aggressive Growth Allocation Fund
1,024,021
143,988
 (6,791)
137,197
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Moderate with Income Allocation Fund
 (197)
 (372)
  (569)
Growth Allocation Fund
 (1,655)
 (383)
  (2,038)
Aggressive Growth Allocation Fund
 -
 (23)
  (23)
 
Due to large subscriptions in a prior period, Balanced Allocation Fund and Aggressive Growth Allocation Fund are subject to annual limits on their use of some of their unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Funds from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Moderate with Income Allocation Fund
48,250
23,748
Balanced Allocation Fund
185,361
53,422
Growth Allocation Fund
299,110
37,882
Aggressive Growth Allocation Fund
303,537
27,763
 
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) provides the Funds with investment management related services. For these services each Fund pays a monthly management fee to the investment adviser. The management fee is based on an annual rate of .10% of each Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
During the period, the investment adviser waived its management fee as described in the Expense Reductions note.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
5. Expense Reductions.
The investment adviser contractually agreed to waive each Fund's management fee in an amount equal to .10% of average net assets until January 31, 2027. For the period, management fees were reduced by the following amounts:
 
 
Management Fee Waiver ($)
Moderate with Income Allocation Fund
 121
Balanced Allocation Fund
 263
Growth Allocation Fund
 349
Aggressive Growth Allocation Fund
 464
 
6. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Moderate with Income Allocation Fund 
25%
 
7. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Shareholder Expense Example  
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2023 to March 31, 2024).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value October 1, 2023
 
Ending Account Value March 31, 2024
 
Expenses Paid During Period- C October 1, 2023 to March 31, 2024
 
 
 
 
 
 
 
 
 
 
Moderate with Income Allocation Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,097.80
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.00
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Balanced Allocation Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,130.00
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.00
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Growth Allocation Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,161.00
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.00
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Aggressive Growth Allocation Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,185.10
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.00
 
$-E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
Proxy Voting Results
A special meeting of shareholders was held on October 18, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To elect a Board of Trustees.
 
# of
Votes
% of
Votes
Abigail P. Johnson
Affirmative
20,490,883,158.99
95.36
Withheld
997,950,021.08
4.64
TOTAL
21,488,833,180.07
100.00
Jennifer Toolin McAuliffe
Affirmative
20,474,048,289.39
95.28
Withheld
1,014,784,890.68
4.72
TOTAL
21,488,833,180.07
100.00
Christine J. Thompson
Affirmative
20,499,307,535.14
95.40
Withheld
989,525,644.93
4.60
TOTAL
21,488,833,180.07
100.00
Elizabeth S. Acton
Affirmative
20,434,203,160.17
95.09
Withheld
1,054,630,019.90
4.91
TOTAL
21,488,833,180.07
100.00
Laura M. Bishop
Affirmative
20,462,855,203.38
95.23
Withheld
1,025,977,976.69
4.77
TOTAL
21,488,833,180.07
100.00
Ann E. Dunwoody
Affirmative
20,428,077,463.69
95.06
Withheld
1,060,755,716.38
4.94
TOTAL
21,488,833,180.07
100.00
John Engler
Affirmative
20,322,992,779.98
94.57
Withheld
1,165,840,400.09
5.43
TOTAL
21,488,833,180.07
100.00
Robert F. Gartland
Affirmative
20,393,447,091.93
94.90
Withheld
1,095,386,088.14
5.10
TOTAL
21,488,833,180.07
100.00
Robert W. Helm
Affirmative
20,453,072,361.18
95.18
Withheld
1,035,760,818.89
4.82
TOTAL
21,488,833,180.07
100.00
Arthur E. Johnson
Affirmative
20,355,677,841.86
94.73
Withheld
1,133,155,338.21
5.27
TOTAL
21,488,833,180.07
100.00
Michael E. Kenneally
Affirmative
20,412,735,935.49
94.99
Withheld
1,076,097,244.58
5.01
TOTAL
21,488,833,180.07
100.00
Mark A. Murray
Affirmative
20,431,159,374.63
95.08
Withheld
1,057,673,805.44
4.92
TOTAL
21,488,833,180.07
100.00
Carol J. Zierhoffer
Affirmative
20,496,998,425.10
95.38
Withheld
991,834,754.97
4.62
TOTAL
21,488,833,180.07
100.00
 
 
 
Proposal 1 reflects trust-wide proposal and voting results.
 
 
 
1.9904653.102
HSA-SANN-0524

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Charles Street Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Charles Street Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Charles Street Trust



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer (Principal Executive Officer)



Date:

May 22, 2024


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer (Principal Executive Officer)



Date:

May 22, 2024



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer (Principal Financial Officer)



Date:

May 22, 2024

 







ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX99CERT.HTM

EX99906CERT.HTM