N-CSRS 1 filing6378.htm PRIMARY DOCUMENT

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, 2023



Item 1.

Reports to Stockholders







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, 2023
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

Liquidity Risk Management Program

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. © 2023 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.
 
 
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)
 
Apple, Inc.
1.1
 
Microsoft Corp.
1.1
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
VanEck Vectors Gold Miners ETF
0.5
 
Alphabet, Inc. Class A
0.5
 
iShares 20+ Year Treasury Bond ETF
0.5
 
Amazon.com, Inc.
0.4
 
Exxon Mobil Corp.
0.3
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.3
 
Meta Platforms, Inc. Class A
0.2
 
 
5.7
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
21.4
 
Fannie Mae
2.9
 
Freddie Mac
2.9
 
Ginnie Mae
1.8
 
Uniform Mortgage Backed Securities
1.1
 
JPMorgan Chase & Co.
0.7
 
Morgan Stanley
0.6
 
Bank of America Corp.
0.5
 
Citigroup, Inc.
0.5
 
Petroleos Mexicanos
0.5
 
 
32.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
30.6
 
Information Technology
5.8
 
Health Care
4.1
 
Consumer Discretionary
3.9
 
Industrials
3.9
 
Communication Services
3.2
 
Energy
3.0
 
Consumer Staples
2.7
 
Real Estate
2.1
 
Utilities
1.4
 
Materials
1.1
 
Financial Services
0.1
 
 
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 based on country or territory of incorporation and 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 0.8%.
 
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 15.9% 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%
Showing Percentage of Net Assets
Equity Central Funds - 24.9%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
458,026
44,300,241
Fidelity Emerging Markets Equity Central Fund (a)
 
842,617
162,304,806
Fidelity Hedged Equity Central Fund (a)
 
166,378
16,824,192
Fidelity International Equity Central Fund (a)
 
3,613,885
330,815,058
Fidelity Real Estate Equity Central Fund (a)
 
212,068
25,556,359
Fidelity U.S. Equity Central Fund (a)
 
7,416,572
829,988,539
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $907,126,610)
 
 
1,409,789,195
 
 
 
 
Fixed-Income Central Funds - 53.9%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 4.1%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,327,459
10,048,865
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
492,927
43,914,844
Fidelity Floating Rate Central Fund (a)
 
1,386,652
133,506,894
Fidelity High Income Central Fund (a)
 
439,580
44,995,360
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
232,465,963
Investment Grade Fixed-Income Funds - 49.8%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
775,562
70,126,275
Fidelity International Credit Central Fund (a)
 
529,062
41,134,561
Fidelity Investment Grade Bond Central Fund (a)
 
27,291,920
2,701,900,034
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
2,813,160,870
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $3,179,563,735)
 
 
 
3,045,626,833
 
 
 
 
Money Market Central Funds - 19.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
40,103,772
40,111,793
Fidelity Money Market Central Fund 4.99% (b)
 
1,037,899,228
1,037,795,438
 
TOTAL MONEY MARKET CENTRAL FUNDS
  (Cost $1,077,993,876)
 
 
1,077,907,231
 
 
 
 
U.S. Treasury Obligations - 0.4%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 4/6/23 to 6/8/23 (d)
 
  (Cost $25,069,178)
 
 
25,270,000
25,085,670
 
 
 
 
Investment Companies - 1.8%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
271,757
28,906,792
iShares MSCI USA Minimum Volatility ETF
 
585,090
42,559,449
VanEck Vectors Gold Miners ETF
 
912,872
29,531,409
 
TOTAL INVESTMENT COMPANIES
  (Cost $101,948,735)
 
 
100,997,650
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $5,291,702,134)
 
 
 
5,659,406,579
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(4,725,813)
NET ASSETS - 100.0%
5,654,680,766
 
 
 
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)
271
Jun 2023
28,407,575
1,196,691
1,196,691
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
133
Jun 2023
6,620,075
237,519
237,519
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
1,434,210
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
396
Jun 2023
43,365,094
918,048
918,048
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
2,352,258
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
1,964
Jun 2023
406,327,050
(23,831,136)
(23,831,136)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(21,478,878)
The notional amount of futures purchased as a percentage of Net Assets is 1.4%
The notional amount of futures sold as a percentage of Net Assets is 7.2%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $464,216,537.
 
 
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)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
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 $25,085,670.
 
 
 
 
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 4.86%
59,228,042
431,818,444
450,934,693
1,044,769
-
-
40,111,793
0.1%
Fidelity Commodity Strategy Central Fund
106,709,912
5,117,043
64,817,838
1,128,701
(18,270,914)
15,562,038
44,300,241
9.5%
Fidelity Emerging Markets Debt Central Fund
10,372,630
1,743,111
2,677,515
330,632
(503,765)
1,114,404
10,048,865
0.5%
Fidelity Emerging Markets Debt Local Currency Central Fund
11,242,314
30,501,877
-
34,580
-
2,170,653
43,914,844
15.9%
Fidelity Emerging Markets Equity Central Fund
117,545,795
88,882,049
54,983,444
1,288,774
(29,571,807)
40,432,213
162,304,806
7.1%
Fidelity Floating Rate Central Fund
159,044,039
13,739,553
42,962,701
6,585,647
(1,278,683)
4,964,686
133,506,894
7.1%
Fidelity Hedged Equity Central Fund
-
16,637,624
-
9,146
-
186,568
16,824,192
15.8%
Fidelity High Income Central Fund
42,203,666
3,977,794
3,119,820
1,743,673
374,230
1,559,490
44,995,360
2.7%
Fidelity Inflation-Protected Bond Index Central Fund
68,571,060
10,706,870
4,875,410
7,431,676
(183,472)
(4,092,773)
70,126,275
11.2%
Fidelity International Credit Central Fund
51,773,273
4,054,459
13,203,923
2,375,780
(3,953,779)
2,464,531
41,134,561
11.6%
Fidelity International Equity Central Fund
172,519,871
152,850,141
43,657,484
1,300,207
(6,261,420)
55,363,950
330,815,058
6.8%
Fidelity Investment Grade Bond Central Fund
2,397,843,318
392,112,716
172,191,459
46,160,141
(4,527,317)
88,662,776
2,701,900,034
7.4%
Fidelity Money Market Central Fund 0.45%
1,111,446,680
74,131,344
147,785,167
23,541,899
(6,952)
9,533
1,037,795,438
81.2%
Fidelity Real Estate Equity Central Fund
36,620,079
2,316,319
16,627,346
498,096
(916,328)
4,163,635
25,556,359
2.7%
Fidelity Securities Lending Cash Central Fund 4.87%
-
178,375,444
178,375,444
1,591
-
-
-
0.0%
Fidelity U.S. Equity Central Fund
858,863,446
53,757,114
196,859,553
18,308,522
(8,118,236)
122,345,768
829,988,539
5.3%
Total
5,203,984,125
1,460,721,902
1,393,071,797
111,783,834
(73,218,443)
334,907,472
5,533,323,259
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
1,409,789,195
1,409,789,195
-
-
 Fixed-Income Central Funds
3,045,626,833
3,045,626,833
-
-
 Money Market Central Funds
1,077,907,231
1,077,907,231
-
-
 Other Short-Term Investments and Net Other Assets
25,085,670
-
25,085,670
-
  Investment Companies
100,997,650
100,997,650
-
-
 Total Investments in Securities:
5,659,406,579
5,634,320,909
25,085,670
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
2,352,258
2,352,258
-
-
  Total Assets
2,352,258
2,352,258
-
-
 Liabilities
 
 
 
 
Futures Contracts
(23,831,136)
(23,831,136)
-
-
  Total Liabilities
(23,831,136)
(23,831,136)
-
-
 Total Derivative Instruments:
(21,478,878)
(21,478,878)
-
-
 
 
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, 2023. 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)  
1,434,210
(23,831,136)
Total Equity Risk
1,434,210
(23,831,136)
Interest Rate Risk
 
 
Futures Contracts (a)  
918,048
0
Total Interest Rate Risk
918,048
0
Total Value of Derivatives
2,352,258
(23,831,136)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $127,017,913)
$
126,083,320
 
 
Fidelity Central Funds (cost $5,164,684,221)
5,533,323,259
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,291,702,134)
 
 
$
5,659,406,579
Receivable for investments sold
 
 
5,997,111
Receivable for fund shares sold
 
 
616,848
Distributions receivable from Fidelity Central Funds
 
 
150,179
Prepaid expenses
 
 
2,932
  Total assets
 
 
5,666,173,649
Liabilities
 
 
 
 
Payable for investments purchased
$
9,638
 
 
Payable for fund shares redeemed
3,600,647
 
 
Accrued management fee
1,865,538
 
 
Distribution and service plan fees payable
39,160
 
 
Payable for daily variation margin on futures contracts
5,478,051
 
 
Other affiliated payables
453,830
 
 
Other payables and accrued expenses
46,019
 
 
  Total Liabilities
 
 
 
11,492,883
Net Assets  
 
 
$
5,654,680,766
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,650,634,982
Total accumulated earnings (loss)
 
 
 
4,045,784
Net Assets
 
 
$
5,654,680,766
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($57,587,431 ÷ 4,410,613 shares) (a)
 
 
$
13.06
Maximum offering price per share (100/94.25 of $13.06)
 
 
$
13.86
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($28,906,503 ÷ 2,220,006 shares) (a)
 
 
$
13.02
Maximum offering price per share (100/96.50 of $13.02)
 
 
$
13.49
Class C :
 
 
 
 
Net Asset Value and offering price per share ($19,105,755 ÷ 1,479,438 shares) (a)
 
 
$
12.91
Asset Manager 20% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,659,501,310 ÷ 279,754,253 shares)
 
 
$
13.08
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($29,118,076 ÷ 2,225,615 shares)
 
 
$
13.08
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,860,461,691 ÷ 142,294,169 shares)
 
 
$
13.07
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,318,090
Interest  
 
 
420,526
Income from Fidelity Central Funds (including $1,591 from security lending)
 
 
96,899,114
 Total Income
 
 
 
98,637,730
Expenses
 
 
 
 
Management fee
$
11,127,725
 
 
Transfer agent fees
2,095,782
 
 
Distribution and service plan fees
236,864
 
 
Accounting fees
598,092
 
 
Custodian fees and expenses
19,240
 
 
Independent trustees' fees and expenses
11,280
 
 
Registration fees
68,744
 
 
Audit
24,740
 
 
Legal
10,166
 
 
Miscellaneous
13,858
 
 
 Total expenses before reductions
 
14,206,491
 
 
 Expense reductions
 
(57,653)
 
 
 Total expenses after reductions
 
 
 
14,148,838
Net Investment income (loss)
 
 
 
84,488,892
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(25,064,170)
 
 
   Fidelity Central Funds
 
(73,218,443)
 
 
 Futures contracts
 
19,015,594
 
 
 Capital gain distributions from Fidelity Central Funds
 
14,590,285
 
 
Total net realized gain (loss)
 
 
 
(64,676,734)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
29,347,321
 
 
   Fidelity Central Funds
 
334,907,472
 
 
 Futures contracts
 
(58,695,115)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
305,559,678
Net gain (loss)
 
 
 
240,882,944
Net increase (decrease) in net assets resulting from operations
 
 
$
325,371,836
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
84,488,892
$
120,665,591
Net realized gain (loss)
 
(64,676,734)
 
 
141,315,034
 
Change in net unrealized appreciation (depreciation)
 
305,559,678
 
(1,018,435,410)
 
Net increase (decrease) in net assets resulting from operations
 
325,371,836
 
 
(756,454,785)
 
Distributions to shareholders
 
(214,481,973)
 
 
(122,000,836)
 
Share transactions - net increase (decrease)
 
110,539,404
 
 
(49,428,139)
 
Total increase (decrease) in net assets
 
221,429,267
 
 
(927,883,760)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,433,251,499
 
6,361,135,259
 
End of period
$
5,654,680,766
$
5,433,251,499
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 20% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.81
$
14.74
$
14.00
$
13.51
$
13.40
$
13.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.23
 
.14
 
.18
 
.26
 
.20
     Net realized and unrealized gain (loss)
 
.55
 
(1.93)
 
.82
 
.62
 
.36
 
.11
  Total from investment operations
 
.73  
 
(1.70)  
 
.96  
 
.80  
 
.62
 
.31
  Distributions from net investment income
 
(.22)
 
(.19)
 
(.11)
 
(.19)
 
(.26)
 
(.19)
  Distributions from net realized gain
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
 
(.27)
     Total distributions
 
(.48)
 
(.23) C
 
(.22) C
 
(.31) C
 
(.51) C
 
(.46)
  Net asset value, end of period
$
13.06
$
12.81
$
14.74
$
14.00
$
13.51
$
13.40
 Total Return   D,E,F
 
5.83%
 
(11.71)%
 
6.91%
 
6.04%
 
4.85%
 
2.36%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.82% I
 
.81%
 
.81%
 
.82%
 
.83%
 
.84%
    Expenses net of fee waivers, if any
 
.81% I
 
.81%
 
.81%
 
.82%
 
.83%
 
.84%
    Expenses net of all reductions
 
.81% I
 
.81%
 
.81%
 
.82%
 
.83%
 
.84%
    Net investment income (loss)
 
2.72% I
 
1.61%
 
.97%
 
1.34%
 
1.97%
 
1.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
57,587
$
56,979
$
62,957
$
50,633
$
45,153
$
39,089
    Portfolio turnover rate J
 
36% I
 
22%
 
25%
 
25%
 
41%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.77
$
14.70
$
13.97
$
13.48
$
13.37
$
13.52
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.19
 
.10
 
.15
 
.23
 
.16
     Net realized and unrealized gain (loss)
 
.55
 
(1.92)
 
.82
 
.62
 
.35
 
.12
  Total from investment operations
 
.71  
 
(1.73)  
 
.92  
 
.77  
 
.58
 
.28
  Distributions from net investment income
 
(.21)
 
(.16)
 
(.07)
 
(.15)
 
(.23)
 
(.16)
  Distributions from net realized gain
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
 
(.27)
     Total distributions
 
(.46) C
 
(.20) C
 
(.19)
 
(.28)
 
(.47)
 
(.43)
  Net asset value, end of period
$
13.02
$
12.77
$
14.70
$
13.97
$
13.48
$
13.37
 Total Return   D,E,F
 
5.71%
 
(11.94)%
 
6.60%
 
5.79%
 
4.58%
 
2.10%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07% I
 
1.06%
 
1.07%
 
1.08%
 
1.08%
 
1.10%
    Expenses net of fee waivers, if any
 
1.06% I
 
1.06%
 
1.07%
 
1.07%
 
1.08%
 
1.10%
    Expenses net of all reductions
 
1.06% I
 
1.06%
 
1.07%
 
1.07%
 
1.08%
 
1.10%
    Net investment income (loss)
 
2.47% I
 
1.36%
 
.72%
 
1.09%
 
1.72%
 
1.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
28,907
$
27,193
$
31,762
$
27,366
$
25,696
$
22,133
    Portfolio turnover rate J
 
36% I
 
22%
 
25%
 
25%
 
41%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.67
$
14.61
$
13.91
$
13.43
$
13.32
$
13.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.12
 
.03
 
.08
 
.16
 
.10
     Net realized and unrealized gain (loss)
 
.54
 
(1.92)
 
.82
 
.61
 
.36
 
.11
  Total from investment operations
 
.67  
 
(1.80)  
 
.85  
 
.69  
 
.52
 
.21
  Distributions from net investment income
 
(.17)
 
(.11)
 
(.03)
 
(.09)
 
(.16)
 
(.09)
  Distributions from net realized gain
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
 
(.27)
     Total distributions
 
(.43)
 
(.14)
 
(.15)
 
(.21) C
 
(.41) C
 
(.36)
  Net asset value, end of period
$
12.91
$
12.67
$
14.61
$
13.91
$
13.43
$
13.32
 Total Return   D,E,F
 
5.41%
 
(12.41)%
 
6.10%
 
5.22%
 
4.06%
 
1.59%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.57% I
 
1.57%
 
1.57%
 
1.58%
 
1.59%
 
1.59%
    Expenses net of fee waivers, if any
 
1.57% I
 
1.57%
 
1.57%
 
1.58%
 
1.59%
 
1.59%
    Expenses net of all reductions
 
1.57% I
 
1.57%
 
1.57%
 
1.58%
 
1.59%
 
1.59%
    Net investment income (loss)
 
1.96% I
 
.85%
 
.22%
 
.59%
 
1.21%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,106
$
19,557
$
25,804
$
24,940
$
21,588
$
26,000
    Portfolio turnover rate J
 
36% I
 
22%
 
25%
 
25%
 
41%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the contingent deferred sales charge.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.83
$
14.76
$
14.02
$
13.54
$
13.42
$
13.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.27
 
.19
 
.23
 
.30
 
.24
     Net realized and unrealized gain (loss)
 
.55
 
(1.93)
 
.82
 
.61
 
.37
 
.12
  Total from investment operations
 
.75  
 
(1.66)  
 
1.01  
 
.84  
 
.67
 
.36
  Distributions from net investment income
 
(.24)
 
(.24)
 
(.15)
 
(.23)
 
(.31)
 
(.24)
  Distributions from net realized gain
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
 
(.27)
     Total distributions
 
(.50)
 
(.27)
 
(.27)
 
(.36)
 
(.55)
 
(.51)
  Net asset value, end of period
$
13.08
$
12.83
$
14.76
$
14.02
$
13.54
$
13.42
 Total Return   C,D
 
5.98%
 
(11.41)%
 
7.24%
 
6.29%
 
5.24%
 
2.68%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.51% G
 
.50%
 
.50%
 
.51%
 
.51%
 
.52%
    Expenses net of fee waivers, if any
 
.51% G
 
.50%
 
.50%
 
.50%
 
.51%
 
.52%
    Expenses net of all reductions
 
.51% G
 
.50%
 
.50%
 
.50%
 
.51%
 
.51%
    Net investment income (loss)
 
3.02% G
 
1.92%
 
1.29%
 
1.66%
 
2.29%
 
1.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,659,501
$
3,734,894
$
4,723,410
$
5,377,374
$
4,990,188
$
4,819,671
    Portfolio turnover rate H
 
36% G
 
22%
 
25%
 
25%
 
41%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees 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.
 
F Expense 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.
 
G Annualized.
 
H Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.83
$
14.76
$
14.02
$
13.53
$
13.41
$
13.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.26
 
.18
 
.22
 
.30
 
.24
     Net realized and unrealized gain (loss)
 
.56
 
(1.93)
 
.82
 
.61
 
.36
 
.10
  Total from investment operations
 
.75  
 
(1.67)  
 
1.00  
 
.83  
 
.66
 
.34
  Distributions from net investment income
 
(.24)
 
(.23)
 
(.14)
 
(.22)
 
(.30)
 
(.23)
  Distributions from net realized gain
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
 
(.27)
     Total distributions
 
(.50)
 
(.26)
 
(.26)
 
(.34) C
 
(.54)
 
(.50)
  Net asset value, end of period
$
13.08
$
12.83
$
14.76
$
14.02
$
13.53
$
13.41
 Total Return   D,E
 
5.94%
 
(11.46)%
 
7.17%
 
6.27%
 
5.18%
 
2.57%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.56% H
 
.55%
 
.55%
 
.58%
 
.56%
 
.55%
    Expenses net of fee waivers, if any
 
.55% H
 
.55%
 
.55%
 
.57%
 
.56%
 
.55%
    Expenses net of all reductions
 
.55% H
 
.55%
 
.55%
 
.57%
 
.56%
 
.55%
    Net investment income (loss)
 
2.98% H
 
1.87%
 
1.24%
 
1.59%
 
2.24%
 
1.78%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,118
$
28,182
$
31,374
$
32,445
$
25,577
$
48,713
    Portfolio turnover rate I
 
36% H
 
22%
 
25%
 
25%
 
41%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.82
$
14.76
$
14.02
$
13.53
$
13.41
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.20
 
.27
 
.19
 
.23
 
.30
     Net realized and unrealized gain (loss)
 
.55
 
(1.93)
 
.82
 
.62
 
.37
  Total from investment operations
 
.75  
 
(1.66)  
 
1.01  
 
.85  
 
.67
  Distributions from net investment income
 
(.24)
 
(.24)
 
(.16)
 
(.24)
 
(.31)
  Distributions from net realized gain
 
(.26)
 
(.03)
 
(.12)
 
(.13)
 
(.24)
     Total distributions
 
(.50)
 
(.28) D
 
(.27) D
 
(.36) D
 
(.55)
  Net asset value, end of period
$
13.07
$
12.82
$
14.76
$
14.02
$
13.53
 Total Return   E,F
 
6.00%
 
(11.45)%
 
7.27%
 
6.41%
 
5.27%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.47% I
 
.47%
 
.47%
 
.48%
 
.48% I
    Expenses net of fee waivers, if any
 
.47% I
 
.47%
 
.47%
 
.48%
 
.48% I
    Expenses net of all reductions
 
.47% I
 
.47%
 
.47%
 
.48%
 
.48% I
    Net investment income (loss)
 
3.06% I
 
1.95%
 
1.31%
 
1.69%
 
2.32% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,860,462
$
1,566,447
$
1,485,829
$
18,177
$
14,613
    Portfolio turnover rate J
 
36% I
 
22%
 
25%
 
25%
 
41%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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)
 
Apple, Inc.
1.6
 
Microsoft Corp.
1.5
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
Alphabet, Inc. Class A
0.8
 
Amazon.com, Inc.
0.6
 
VanEck Vectors Gold Miners ETF
0.5
 
iShares 20+ Year Treasury Bond ETF
0.5
 
Exxon Mobil Corp.
0.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.4
 
Meta Platforms, Inc. Class A
0.3
 
 
7.4
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
21.4
 
Fannie Mae
2.9
 
Freddie Mac
2.9
 
Ginnie Mae
1.6
 
Uniform Mortgage Backed Securities
1.0
 
JPMorgan Chase & Co.
0.7
 
Morgan Stanley
0.6
 
Bank of America Corp.
0.5
 
Citigroup, Inc.
0.5
 
Petroleos Mexicanos
0.5
 
 
32.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.8
 
Information Technology
8.2
 
Health Care
5.4
 
Consumer Discretionary
4.9
 
Industrials
4.7
 
Communication Services
3.8
 
Consumer Staples
3.3
 
Energy
3.1
 
Real Estate
2.3
 
Materials
1.4
 
Utilities
1.2
 
Financial Services
0.1
 
 
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 based on country or territory of incorporation and 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 0.8%.
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 20.6% 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® 30%
Showing Percentage of Net Assets
Equity Central Funds - 35.4%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
175,708
16,994,473
Fidelity Emerging Markets Equity Central Fund (a)
 
460,835
88,765,960
Fidelity Hedged Equity Central Fund (a)
 
64,451
6,517,311
Fidelity International Equity Central Fund (a)
 
2,178,083
199,381,685
Fidelity Real Estate Equity Central Fund (a)
 
77,211
9,304,731
Fidelity U.S. Equity Central Fund (a)
 
4,034,928
451,548,739
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $562,501,236)
 
 
772,512,899
 
 
 
 
Fixed-Income Central Funds - 53.3%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 4.1%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
454,752
3,442,474
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
191,317
17,044,412
Fidelity Floating Rate Central Fund (a)
 
536,721
51,675,499
Fidelity High Income Central Fund (a)
 
173,733
17,783,262
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
89,945,647
Investment Grade Fixed-Income Funds - 49.2%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
363,397
32,858,361
Fidelity International Credit Central Fund (a)
 
201,897
15,697,470
Fidelity Investment Grade Bond Central Fund (a)
 
10,350,176
1,024,667,403
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
1,073,223,234
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $1,265,175,329)
 
 
 
1,163,168,881
 
 
 
 
Money Market Central Funds - 9.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
25,317,995
25,323,058
Fidelity Money Market Central Fund 4.99% (b)
 
172,928,911
172,911,618
 
TOTAL MONEY MARKET CENTRAL FUNDS
  (Cost $198,247,337)
 
 
198,234,676
 
 
 
 
U.S. Treasury Obligations - 0.5%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 4/6/23 to 6/8/23 (d)
 
  (Cost $10,606,611)
 
 
10,690,000
10,613,609
 
 
 
 
Investment Companies - 1.8%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
105,633
11,236,182
iShares MSCI USA Minimum Volatility ETF
 
225,830
16,426,874
VanEck Vectors Gold Miners ETF
 
352,227
11,394,543
 
TOTAL INVESTMENT COMPANIES
  (Cost $39,611,831)
 
 
39,057,599
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $2,076,142,344)
 
 
 
2,183,587,664
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(1,918,310)
NET ASSETS - 100.0%
2,181,669,354
 
 
 
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)
75
Jun 2023
7,861,875
330,743
330,743
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
113
Jun 2023
5,624,575
201,762
201,762
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
532,505
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
152
Jun 2023
16,645,188
352,382
352,382
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
884,887
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
757
Jun 2023
156,613,838
(9,185,423)
(9,185,423)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(8,300,536)
The notional amount of futures purchased as a percentage of Net Assets is 1.5%
The notional amount of futures sold as a percentage of Net Assets is 7.2%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $185,149,632.
 
 
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)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
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 $10,613,609.
 
 
 
 
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 4.86%
26,304,484
176,168,884
177,150,310
473,926
-
-
25,323,058
0.1%
Fidelity Commodity Strategy Central Fund
43,032,802
926,633
25,921,980
454,748
(7,064,065)
6,021,083
16,994,473
3.7%
Fidelity Emerging Markets Debt Central Fund
4,177,203
256,655
1,233,982
123,796
(231,220)
473,818
3,442,474
0.2%
Fidelity Emerging Markets Debt Local Currency Central Fund
5,164,720
10,949,900
-
14,535
-
929,792
17,044,412
6.2%
Fidelity Emerging Markets Equity Central Fund
71,327,680
27,554,359
18,695,503
973,284
(7,030,128)
15,609,552
88,765,960
3.9%
Fidelity Floating Rate Central Fund
64,573,399
3,337,308
17,694,512
2,603,607
(598,504)
2,057,808
51,675,499
2.8%
Fidelity Hedged Equity Central Fund
-
6,445,039
-
3,543
-
72,272
6,517,311
6.1%
Fidelity High Income Central Fund
17,488,385
1,011,544
1,507,241
706,984
138,641
651,933
17,783,262
1.1%
Fidelity Inflation-Protected Bond Index Central Fund
33,761,713
4,019,005
2,786,326
3,638,062
(131,366)
(2,004,665)
32,858,361
5.2%
Fidelity International Credit Central Fund
20,783,361
1,024,460
5,522,054
827,393
(1,552,998)
964,701
15,697,470
4.4%
Fidelity International Equity Central Fund
121,113,145
66,952,631
23,366,445
924,935
(4,074,326)
38,756,680
199,381,685
4.1%
Fidelity Investment Grade Bond Central Fund
958,225,809
118,430,583
84,549,533
18,086,705
(5,610,649)
38,171,193
1,024,667,403
2.8%
Fidelity Money Market Central Fund 0.45%
198,931,024
6,240,238
32,260,994
4,037,534
(1,652)
3,002
172,911,618
13.5%
Fidelity Real Estate Equity Central Fund
14,434,007
382,569
6,746,905
195,466
33,025
1,202,035
9,304,731
1.0%
Fidelity Securities Lending Cash Central Fund 4.87%
-
103,743,603
103,743,603
1,679
-
-
-
0.0%
Fidelity U.S. Equity Central Fund
493,161,621
14,657,742
118,620,513
9,948,796
(4,197,703)
66,547,592
451,548,739
2.9%
Total
2,072,479,353
542,101,153
619,799,901
43,014,993
(30,320,945)
169,456,796
2,133,916,456
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
772,512,899
772,512,899
-
-
 Fixed-Income Central Funds
1,163,168,881
1,163,168,881
-
-
 Money Market Central Funds
198,234,676
198,234,676
-
-
 Other Short-Term Investments and Net Other Assets
10,613,609
-
10,613,609
-
  Investment Companies
39,057,599
39,057,599
-
-
 Total Investments in Securities:
2,183,587,664
2,172,974,055
10,613,609
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
884,887
884,887
-
-
  Total Assets
884,887
884,887
-
-
 Liabilities
 
 
 
 
Futures Contracts
(9,185,423)
(9,185,423)
-
-
  Total Liabilities
(9,185,423)
(9,185,423)
-
-
 Total Derivative Instruments:
(8,300,536)
(8,300,536)
-
-
 
 
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, 2023. 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)  
532,505
(9,185,423)
Total Equity Risk
532,505
(9,185,423)
Interest Rate Risk
 
 
Futures Contracts (a)  
352,382
0
Total Interest Rate Risk
352,382
0
Total Value of Derivatives
884,887
(9,185,423)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $50,218,442)
$
49,671,208
 
 
Fidelity Central Funds (cost $2,025,923,902)
2,133,916,456
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,076,142,344)
 
 
$
2,183,587,664
Receivable for investments sold
 
 
2,456,266
Receivable for fund shares sold
 
 
301,804
Distributions receivable from Fidelity Central Funds
 
 
89,302
Prepaid expenses
 
 
1,203
  Total assets
 
 
2,186,436,239
Liabilities
 
 
 
 
Payable for investments purchased
$
10,340
 
 
Payable for fund shares redeemed
1,621,740
 
 
Accrued management fee
715,760
 
 
Distribution and service plan fees payable
43,914
 
 
Payable for daily variation margin on futures contracts
2,131,960
 
 
Other affiliated payables
204,382
 
 
Other payables and accrued expenses
38,789
 
 
  Total Liabilities
 
 
 
4,766,885
Net Assets  
 
 
$
2,181,669,354
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,178,807,282
Total accumulated earnings (loss)
 
 
 
2,862,072
Net Assets
 
 
$
2,181,669,354
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($72,725,963 ÷ 6,522,824 shares) (a)
 
 
$
11.15
Maximum offering price per share (100/94.25 of $11.15)
 
 
$
11.83
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($22,743,003 ÷ 2,044,762 shares) (a)
 
 
$
11.12
Maximum offering price per share (100/96.50 of $11.12)
 
 
$
11.52
Class C :
 
 
 
 
Net Asset Value and offering price per share ($23,611,246 ÷ 2,144,651 shares) (a)
 
 
$
11.01
Asset Manager 30% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,586,546,852 ÷ 142,375,428 shares)
 
 
$
11.14
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($27,024,753 ÷ 2,424,609 shares)
 
 
$
11.15
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($449,017,537 ÷ 40,300,467 shares)
 
 
$
11.14
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
570,866
Interest  
 
 
186,727
Income from Fidelity Central Funds (including $1,679 from security lending)
 
 
35,188,624
 Total Income
 
 
 
35,946,217
Expenses
 
 
 
 
Management fee
$
4,373,906
 
 
Transfer agent fees
873,221
 
 
Distribution and service plan fees
267,870
 
 
Accounting fees
359,162
 
 
Custodian fees and expenses
17,608
 
 
Independent trustees' fees and expenses
4,515
 
 
Registration fees
46,013
 
 
Audit
20,336
 
 
Legal
4,098
 
 
Miscellaneous
5,594
 
 
 Total expenses before reductions
 
5,972,323
 
 
 Expense reductions
 
(23,268)
 
 
 Total expenses after reductions
 
 
 
5,949,055
Net Investment income (loss)
 
 
 
29,997,162
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(12,712,234)
 
 
   Fidelity Central Funds
 
(30,320,945)
 
 
 Futures contracts
 
8,774,780
 
 
 Capital gain distributions from Fidelity Central Funds
 
7,826,369
 
 
Total net realized gain (loss)
 
 
 
(26,432,030)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
15,034,633
 
 
   Fidelity Central Funds
 
169,456,796
 
 
 Futures contracts
 
(25,416,874)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
159,074,555
Net gain (loss)
 
 
 
132,642,525
Net increase (decrease) in net assets resulting from operations
 
 
$
162,639,687
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
29,997,162
$
52,128,543
Net realized gain (loss)
 
(26,432,030)
 
 
71,770,963
 
Change in net unrealized appreciation (depreciation)
 
159,074,555
 
(500,477,751)
 
Net increase (decrease) in net assets resulting from operations
 
162,639,687
 
 
(376,578,245)
 
Distributions to shareholders
 
(90,968,670)
 
 
(58,123,685)
 
Share transactions - net increase (decrease)
 
(63,356,663)
 
 
(274,428,795)
 
Total increase (decrease) in net assets
 
8,314,354
 
 
(709,130,725)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,173,355,000
 
2,882,485,725
 
End of period
$
2,181,669,354
$
2,173,355,000
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 30% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.80
$
12.77
$
11.80
$
11.24
$
11.15
$
11.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.20
 
.14
 
.16
 
.21
 
.16
     Net realized and unrealized gain (loss)
 
.65
 
(1.95)
 
1.03
 
.71
 
.27
 
.21
  Total from investment operations
 
.79  
 
(1.75)  
 
1.17  
 
.87  
 
.48
 
.37
  Distributions from net investment income
 
(.19)
 
(.18)
 
(.09)
 
(.17)
 
(.21)
 
(.15)
  Distributions from net realized gain
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
 
(.18)
     Total distributions
 
(.44) C
 
(.22)
 
(.20)
 
(.31)
 
(.39)
 
(.33)
  Net asset value, end of period
$
11.15
$
10.80
$
12.77
$
11.80
$
11.24
$
11.15
 Total Return   D,E,F
 
7.52%
 
(13.89)%
 
9.98%
 
7.83%
 
4.54%
 
3.40%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.82% I
 
.82%
 
.82%
 
.82%
 
.82%
 
.84%
    Expenses net of fee waivers, if any
 
.82% I
 
.82%
 
.82%
 
.82%
 
.82%
 
.84%
    Expenses net of all reductions
 
.82% I
 
.82%
 
.82%
 
.82%
 
.82%
 
.84%
    Net investment income (loss)
 
2.46% I
 
1.66%
 
1.10%
 
1.43%
 
1.91%
 
1.47%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
72,726
$
71,633
$
77,502
$
50,625
$
36,978
$
28,713
    Portfolio turnover rate J
 
29% I
 
23%
 
18%
 
23%
 
34%
 
18%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.77
$
12.75
$
11.77
$
11.22
$
11.13
$
11.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.17
 
.11
 
.13
 
.18
 
.13
     Net realized and unrealized gain (loss)
 
.66
 
(1.95)
 
1.04
 
.70
 
.27
 
.21
  Total from investment operations
 
.78  
 
(1.78)  
 
1.15  
 
.83  
 
.45
 
.34
  Distributions from net investment income
 
(.17)
 
(.15)
 
(.07)
 
(.14)
 
(.18)
 
(.13)
  Distributions from net realized gain
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
 
(.18)
     Total distributions
 
(.43)
 
(.20) C
 
(.17) C
 
(.28)
 
(.36)
 
(.31)
  Net asset value, end of period
$
11.12
$
10.77
$
12.75
$
11.77
$
11.22
$
11.13
 Total Return   D,E,F
 
7.40%
 
(14.20)%
 
9.84%
 
7.49%
 
4.28%
 
3.08%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07% I
 
1.08%
 
1.08%
 
1.08%
 
1.09%
 
1.10%
    Expenses net of fee waivers, if any
 
1.07% I
 
1.08%
 
1.08%
 
1.08%
 
1.09%
 
1.09%
    Expenses net of all reductions
 
1.07% I
 
1.08%
 
1.08%
 
1.08%
 
1.09%
 
1.09%
    Net investment income (loss)
 
2.20% I
 
1.41%
 
.84%
 
1.17%
 
1.64%
 
1.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
22,743
$
22,364
$
26,218
$
20,329
$
16,252
$
14,473
    Portfolio turnover rate J
 
29% I
 
23%
 
18%
 
23%
 
34%
 
18%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.66
$
12.64
$
11.71
$
11.16
$
11.07
$
11.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.11
 
.04
 
.07
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
.66
 
(1.94)
 
1.03
 
.70
 
.28
 
.20
  Total from investment operations
 
.75  
 
(1.83)  
 
1.07  
 
.77  
 
.40
 
.28
  Distributions from net investment income
 
(.14)
 
(.11)
 
(.03)
 
(.08)
 
(.12)
 
(.07)
  Distributions from net realized gain
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
 
(.18)
     Total distributions
 
(.40)
 
(.15)
 
(.14)
 
(.22)
 
(.31) C
 
(.25)
  Net asset value, end of period
$
11.01
$
10.66
$
12.64
$
11.71
$
11.16
$
11.07
 Total Return   D,E,F
 
7.20%
 
(14.62)%
 
9.17%
 
7.00%
 
3.77%
 
2.59%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.58% I
 
1.58%
 
1.59%
 
1.59%
 
1.60%
 
1.61%
    Expenses net of fee waivers, if any
 
1.58% I
 
1.58%
 
1.59%
 
1.59%
 
1.60%
 
1.61%
    Expenses net of all reductions
 
1.58% I
 
1.58%
 
1.59%
 
1.59%
 
1.60%
 
1.61%
    Net investment income (loss)
 
1.69% I
 
.90%
 
.33%
 
.66%
 
1.13%
 
.70%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,611
$
24,169
$
31,949
$
27,496
$
24,224
$
24,911
    Portfolio turnover rate J
 
29% I
 
23%
 
18%
 
23%
 
34%
 
18%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the contingent deferred sales charge.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.79
$
12.77
$
11.79
$
11.24
$
11.15
$
11.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.24
 
.18
 
.20
 
.24
 
.20
     Net realized and unrealized gain (loss)
 
.66
 
(1.96)
 
1.04
 
.69
 
.27
 
.21
  Total from investment operations
 
.81  
 
(1.72)  
 
1.22  
 
.89  
 
.51
 
.41
  Distributions from net investment income
 
(.20)
 
(.22)
 
(.14)
 
(.20)
 
(.24)
 
(.19)
  Distributions from net realized gain
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
 
(.18)
     Total distributions
 
(.46)
 
(.26)
 
(.24) C
 
(.34)
 
(.42)
 
(.37)
  Net asset value, end of period
$
11.14
$
10.79
$
12.77
$
11.79
$
11.24
$
11.15
 Total Return   D,E
 
7.69%
 
(13.71)%
 
10.43%
 
8.05%
 
4.87%
 
3.75%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.52% H
 
.52%
 
.52%
 
.52%
 
.53%
 
.53%
    Expenses net of fee waivers, if any
 
.52% H
 
.51%
 
.52%
 
.52%
 
.52%
 
.53%
    Expenses net of all reductions
 
.52% H
 
.51%
 
.52%
 
.52%
 
.52%
 
.53%
    Net investment income (loss)
 
2.75% H
 
1.97%
 
1.40%
 
1.74%
 
2.21%
 
1.78%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,586,547
$
1,625,346
$
2,196,582
$
1,935,863
$
1,661,192
$
1,480,983
    Portfolio turnover rate I
 
29% H
 
23%
 
18%
 
23%
 
34%
 
18%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.79
$
12.77
$
11.79
$
11.24
$
11.15
$
11.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.24
 
.17
 
.19
 
.23
 
.19
     Net realized and unrealized gain (loss)
 
.67
 
(1.96)
 
1.05
 
.69
 
.28
 
.21
  Total from investment operations
 
.82  
 
(1.72)  
 
1.22  
 
.88  
 
.51
 
.40
  Distributions from net investment income
 
(.20)
 
(.21)
 
(.13)
 
(.19)
 
(.23)
 
(.18)
  Distributions from net realized gain
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
 
(.18)
     Total distributions
 
(.46)
 
(.26) C
 
(.24)
 
(.33)
 
(.42) C
 
(.36)
  Net asset value, end of period
$
11.15
$
10.79
$
12.77
$
11.79
$
11.24
$
11.15
 Total Return   D,E
 
7.74%
 
(13.75)%
 
10.41%
 
8.00%
 
4.80%
 
3.66%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.58% H
 
.54%
 
.55%
 
.59%
 
.59%
 
.61%
    Expenses net of fee waivers, if any
 
.58% H
 
.54%
 
.54%
 
.59%
 
.59%
 
.61%
    Expenses net of all reductions
 
.58% H
 
.54%
 
.54%
 
.59%
 
.59%
 
.61%
    Net investment income (loss)
 
2.69% H
 
1.94%
 
1.37%
 
1.67%
 
2.14%
 
1.70%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,025
$
30,027
$
76,079
$
19,225
$
19,014
$
23,818
    Portfolio turnover rate I
 
29% H
 
23%
 
18%
 
23%
 
34%
 
18%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.79
$
12.77
$
11.79
$
11.24
$
11.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.24
 
.18
 
.20
 
.24
     Net realized and unrealized gain (loss)
 
.66
 
(1.96)
 
1.04
 
.69
 
.29
  Total from investment operations
 
.81  
 
(1.72)  
 
1.22  
 
.89  
 
.53
  Distributions from net investment income
 
(.21)
 
(.22)
 
(.14)
 
(.20)
 
(.25)
  Distributions from net realized gain
 
(.26)
 
(.04)
 
(.11)
 
(.14)
 
(.18)
     Total distributions
 
(.46) D
 
(.26)
 
(.24) D
 
(.34)
 
(.43)
  Net asset value, end of period
$
11.14
$
10.79
$
12.77
$
11.79
$
11.24
 Total Return   E,F
 
7.71%
 
(13.69)%
 
10.44%
 
8.10%
 
5.01%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.49% I
 
.49%
 
.49%
 
.50%
 
.50% I
    Expenses net of fee waivers, if any
 
.49% I
 
.49%
 
.49%
 
.49%
 
.50% I
    Expenses net of all reductions
 
.49% I
 
.49%
 
.49%
 
.49%
 
.50% I
    Net investment income (loss)
 
2.78% I
 
2.00%
 
1.43%
 
1.76%
 
2.23% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
449,018
$
399,817
$
474,155
$
9,698
$
7,353
    Portfolio turnover rate J
 
29% I
 
23%
 
18%
 
23%
 
34%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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)
 
Apple, Inc.
2.0
 
Microsoft Corp.
1.9
 
Alphabet, Inc. Class A
1.0
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
Amazon.com, Inc.
0.7
 
VanEck Vectors Gold Miners ETF
0.5
 
Exxon Mobil Corp.
0.5
 
iShares 20+ Year Treasury Bond ETF
0.5
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.5
 
Meta Platforms, Inc. Class A
0.4
 
 
8.8
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
19.2
 
Fannie Mae
2.5
 
Freddie Mac
2.5
 
Ginnie Mae
1.6
 
Uniform Mortgage Backed Securities
1.0
 
JPMorgan Chase & Co.
0.7
 
Morgan Stanley
0.6
 
Bank of America Corp.
0.5
 
Citigroup, Inc.
0.5
 
Petroleos Mexicanos
0.5
 
 
29.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
18.2
 
Information Technology
10.1
 
Health Care
6.1
 
Consumer Discretionary
6.1
 
Industrials
5.8
 
Communication Services
4.2
 
Consumer Staples
3.8
 
Energy
3.6
 
Real Estate
2.3
 
Materials
2.1
 
Utilities
1.4
 
Financial Services
0.1
 
 
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 based on country or territory of incorporation and 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 1.0%.
 
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 24.1% 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%
Showing Percentage of Net Assets
Equity Central Funds - 45.6%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
234,348
22,666,128
Fidelity Emerging Markets Equity Central Fund (a)
 
610,050
117,507,841
Fidelity Hedged Equity Central Fund (a)
 
65,493
6,622,628
Fidelity International Equity Central Fund (a)
 
2,888,990
264,458,153
Fidelity Real Estate Equity Central Fund (a)
 
78,939
9,512,909
Fidelity U.S. Equity Central Fund (a)
 
5,303,000
593,458,685
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $715,812,609)
 
 
1,014,226,344
 
 
 
 
Fixed-Income Central Funds - 48.1%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 4.2%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
615,850
4,661,983
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
195,103
17,381,688
Fidelity Floating Rate Central Fund (a)
 
547,892
52,751,000
Fidelity High Income Central Fund (a)
 
177,382
18,156,800
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
92,951,471
Investment Grade Fixed-Income Funds - 43.9%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
371,089
33,553,867
Fidelity International Credit Central Fund (a)
 
204,374
15,890,044
Fidelity Investment Grade Bond Central Fund (a)
 
9,379,619
928,582,318
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
978,026,229
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $1,156,763,534)
 
 
 
1,070,977,700
 
 
 
 
Money Market Central Funds - 4.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
24,435,303
24,440,190
Fidelity Money Market Central Fund 4.99% (b)
 
67,193,174
67,186,454
 
TOTAL MONEY MARKET CENTRAL FUNDS
  (Cost $91,629,481)
 
 
91,626,644
 
 
 
 
U.S. Treasury Obligations - 0.5%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 4/6/23 to 6/8/23 (d)
 
  (Cost $10,823,532)
 
 
10,910,000
10,830,882
 
 
 
 
Investment Companies - 1.8%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
107,623
11,447,859
iShares MSCI USA Minimum Volatility ETF
 
230,321
16,753,548
VanEck Vectors Gold Miners ETF
 
359,874
11,641,924
 
TOTAL INVESTMENT COMPANIES
  (Cost $40,418,050)
 
 
39,843,331
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $2,015,447,206)
 
 
 
2,227,504,901
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(1,883,169)
NET ASSETS - 100.0%
2,225,621,732
 
 
 
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)
107
Jun 2023
11,216,275
472,498
472,498
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
76
Jun 2023
3,782,900
135,698
135,698
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
608,196
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
155
Jun 2023
16,973,711
359,337
359,337
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
967,533
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
767
Jun 2023
158,682,713
(9,306,762)
(9,306,762)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(8,339,229)
The notional amount of futures purchased as a percentage of Net Assets is 1.5%
The notional amount of futures sold as a percentage of Net Assets is 7.1%
 
 
 
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)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
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 $10,830,882.
 
 
 
 
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 4.86%
25,779,181
166,739,477
168,078,468
463,330
-
-
24,440,190
0.1%
Fidelity Commodity Strategy Central Fund
48,250,509
906,270
25,205,485
508,000
(7,413,615)
6,128,449
22,666,128
4.9%
Fidelity Emerging Markets Debt Central Fund
5,115,458
307,387
1,062,544
156,813
(196,024)
497,706
4,661,983
0.2%
Fidelity Emerging Markets Debt Local Currency Central Fund
4,816,726
11,664,528
-
14,119
-
900,434
17,381,688
6.3%
Fidelity Emerging Markets Equity Central Fund
95,037,432
28,894,874
18,600,338
1,367,406
(6,019,276)
18,195,149
117,507,841
5.2%
Fidelity Floating Rate Central Fund
64,536,473
3,351,096
16,605,579
2,621,792
(544,892)
2,013,902
52,751,000
2.8%
Fidelity Hedged Equity Central Fund
-
6,549,188
-
3,600
-
73,440
6,622,628
6.2%
Fidelity High Income Central Fund
17,596,056
983,486
1,222,326
714,746
54,741
744,843
18,156,800
1.1%
Fidelity Inflation-Protected Bond Index Central Fund
33,934,556
4,045,346
2,306,706
3,645,814
(93,195)
(2,026,134)
33,553,867
5.3%
Fidelity International Credit Central Fund
20,394,314
1,031,287
4,954,974
824,103
(1,434,925)
854,342
15,890,044
4.5%
Fidelity International Equity Central Fund
175,490,724
60,174,414
21,198,630
1,285,925
(2,779,206)
52,770,851
264,458,153
5.4%
Fidelity Investment Grade Bond Central Fund
844,746,742
117,803,148
63,278,486
16,176,595
(2,808,513)
32,119,427
928,582,318
2.5%
Fidelity Money Market Central Fund 0.45%
87,063,754
2,581,383
22,459,324
1,661,678
(1,482)
2,123
67,186,454
5.3%
Fidelity Real Estate Equity Central Fund
14,451,672
384,049
6,577,038
194,365
45,196
1,209,030
9,512,909
1.0%
Fidelity Securities Lending Cash Central Fund 4.87%
-
146,665,570
146,665,570
1,671
-
-
-
0.0%
Fidelity U.S. Equity Central Fund
617,394,236
18,426,008
121,938,784
12,623,375
(5,632,366)
85,209,591
593,458,685
3.8%
Total
2,054,607,833
570,507,511
620,154,252
42,263,332
(26,823,557)
198,693,153
2,176,830,688
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
1,014,226,344
1,014,226,344
-
-
 Fixed-Income Central Funds
1,070,977,700
1,070,977,700
-
-
 Money Market Central Funds
91,626,644
91,626,644
-
-
 Other Short-Term Investments and Net Other Assets
10,830,882
-
10,830,882
-
  Investment Companies
39,843,331
39,843,331
-
-
 Total Investments in Securities:
2,227,504,901
2,216,674,019
10,830,882
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
967,533
967,533
-
-
  Total Assets
967,533
967,533
-
-
 Liabilities
 
 
 
 
Futures Contracts
(9,306,762)
(9,306,762)
-
-
  Total Liabilities
(9,306,762)
(9,306,762)
-
-
 Total Derivative Instruments:
(8,339,229)
(8,339,229)
-
-
 
 
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, 2023. 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)  
608,196
(9,306,762)
Total Equity Risk
608,196
(9,306,762)
Interest Rate Risk
 
 
Futures Contracts (a)  
359,337
0
Total Interest Rate Risk
359,337
0
Total Value of Derivatives
967,533
(9,306,762)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $51,241,582)
$
50,674,213
 
 
Fidelity Central Funds (cost $1,964,205,624)
2,176,830,688
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,015,447,206)
 
 
$
2,227,504,901
Receivable for investments sold
 
 
3,361,968
Receivable for fund shares sold
 
 
420,089
Distributions receivable from Fidelity Central Funds
 
 
85,593
Prepaid expenses
 
 
1,165
  Total assets
 
 
2,231,373,716
Liabilities
 
 
 
 
Payable for investments purchased
$
253
 
 
Payable for fund shares redeemed
2,590,559
 
 
Accrued management fee
728,581
 
 
Distribution and service plan fees payable
36,446
 
 
Payable for daily variation margin on futures contracts
2,141,635
 
 
Other affiliated payables
209,674
 
 
Other payables and accrued expenses
44,836
 
 
  Total Liabilities
 
 
 
5,751,984
Net Assets  
 
 
$
2,225,621,732
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,110,451,730
Total accumulated earnings (loss)
 
 
 
115,170,002
Net Assets
 
 
$
2,225,621,732
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($72,587,170 ÷ 6,092,469 shares) (a)
 
 
$
11.91
Maximum offering price per share (100/94.25 of $11.91)
 
 
$
12.64
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($13,779,142 ÷ 1,158,497 shares) (a)
 
 
$
11.89
Maximum offering price per share (100/96.50 of $11.89)
 
 
$
12.32
Class C :
 
 
 
 
Net Asset Value and offering price per share ($18,979,416 ÷ 1,603,433 shares) (a)
 
 
$
11.84
Asset Manager 40% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,518,300,506 ÷ 127,450,199 shares)
 
 
$
11.91
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($37,310,076 ÷ 3,130,709 shares)
 
 
$
11.92
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($564,665,422 ÷ 47,399,424 shares)
 
 
$
11.91
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
555,169
Interest  
 
 
186,374
Income from Fidelity Central Funds (including $1,671 from security lending)
 
 
32,591,988
 Total Income
 
 
 
33,333,531
Expenses
 
 
 
 
Management fee
$
4,405,863
 
 
Transfer agent fees
889,663
 
 
Distribution and service plan fees
220,890
 
 
Accounting fees
361,585
 
 
Custodian fees and expenses
23,012
 
 
Independent trustees' fees and expenses
4,491
 
 
Registration fees
51,301
 
 
Audit
20,336
 
 
Legal
4,087
 
 
Miscellaneous
5,506
 
 
 Total expenses before reductions
 
5,986,734
 
 
 Expense reductions
 
(22,928)
 
 
 Total expenses after reductions
 
 
 
5,963,806
Net Investment income (loss)
 
 
 
27,369,725
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(11,325,018)
 
 
   Fidelity Central Funds
 
(26,823,557)
 
 
 Futures contracts
 
8,788,037
 
 
 Capital gain distributions from Fidelity Central Funds
 
9,671,344
 
 
Total net realized gain (loss)
 
 
 
(19,689,194)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
13,548,201
 
 
   Fidelity Central Funds
 
198,693,153
 
 
 Futures contracts
 
(24,814,861)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
187,426,493
Net gain (loss)
 
 
 
167,737,299
Net increase (decrease) in net assets resulting from operations
 
 
$
195,107,024
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
27,369,725
$
50,128,286
Net realized gain (loss)
 
(19,689,194)
 
 
83,390,599
 
Change in net unrealized appreciation (depreciation)
 
187,426,493
 
(535,548,491)
 
Net increase (decrease) in net assets resulting from operations
 
195,107,024
 
 
(402,029,606)
 
Distributions to shareholders
 
(108,059,955)
 
 
(63,105,930)
 
Share transactions - net increase (decrease)
 
(13,097,839)
 
 
72,581,869
 
Total increase (decrease) in net assets
 
73,949,230
 
 
(392,553,667)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,151,672,502
 
2,544,226,169
 
End of period
$
2,225,621,732
$
2,151,672,502
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 40% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.46
$
13.85
$
12.49
$
11.82
$
11.87
$
11.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.22
 
.15
 
.17
 
.21
 
.17
     Net realized and unrealized gain (loss)
 
.88
 
(2.32)
 
1.47
 
.88
 
.21
 
.36
  Total from investment operations
 
1.01  
 
(2.10)  
 
1.62  
 
1.05  
 
.42
 
.53
  Distributions from net investment income
 
(.19)
 
(.18)
 
(.12)
 
(.17)
 
(.21)
 
(.15)
  Distributions from net realized gain
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
 
(.18)
     Total distributions
 
(.56)
 
(.29)
 
(.26) C
 
(.38)
 
(.47) C
 
(.33)
  Net asset value, end of period
$
11.91
$
11.46
$
13.85
$
12.49
$
11.82
$
11.87
 Total Return   D,E,F
 
9.08%
 
(15.47)%
 
13.06%
 
9.06%
 
3.90%
 
4.62%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.83% I
 
.82%
 
.82%
 
.83%
 
.83%
 
.84%
    Expenses net of fee waivers, if any
 
.82% I
 
.82%
 
.82%
 
.83%
 
.83%
 
.84%
    Expenses net of all reductions
 
.82% I
 
.82%
 
.82%
 
.83%
 
.83%
 
.84%
    Net investment income (loss)
 
2.19% I
 
1.72%
 
1.08%
 
1.43%
 
1.79%
 
1.41%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
72,587
$
69,848
$
74,272
$
48,985
$
42,490
$
38,073
    Portfolio turnover rate J
 
28% I
 
16%
 
22%
 
24%
 
36%
 
17%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.45
$
13.83
$
12.47
$
11.80
$
11.85
$
11.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.19
 
.11
 
.14
 
.18
 
.13
     Net realized and unrealized gain (loss)
 
.88
 
(2.31)
 
1.47
 
.88
 
.21
 
.37
  Total from investment operations
 
.99  
 
(2.12)  
 
1.58  
 
1.02  
 
.39
 
.50
  Distributions from net investment income
 
(.18)
 
(.15)
 
(.09)
 
(.14)
 
(.17)
 
(.12)
  Distributions from net realized gain
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
 
(.18)
     Total distributions
 
(.55)
 
(.26)
 
(.22)
 
(.35)
 
(.44)
 
(.30)
  Net asset value, end of period
$
11.89
$
11.45
$
13.83
$
12.47
$
11.80
$
11.85
 Total Return   C,D,E
 
8.88%
 
(15.63)%
 
12.80%
 
8.80%
 
3.61%
 
4.35%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% H
 
1.06%
 
1.06%
 
1.08%
 
1.09%
 
1.10%
    Expenses net of fee waivers, if any
 
1.06% H
 
1.06%
 
1.06%
 
1.08%
 
1.09%
 
1.10%
    Expenses net of all reductions
 
1.06% H
 
1.06%
 
1.06%
 
1.08%
 
1.09%
 
1.10%
    Net investment income (loss)
 
1.95% H
 
1.48%
 
.84%
 
1.17%
 
1.53%
 
1.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,779
$
12,231
$
14,809
$
11,898
$
10,913
$
12,318
    Portfolio turnover rate I
 
28% H
 
16%
 
22%
 
24%
 
36%
 
17%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.39
$
13.77
$
12.42
$
11.75
$
11.80
$
11.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.12
 
.04
 
.08
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
.89
 
(2.30)
 
1.47
 
.88
 
.21
 
.35
  Total from investment operations
 
.97  
 
(2.18)  
 
1.51  
 
.96  
 
.33
 
.43
  Distributions from net investment income
 
(.14)
 
(.09)
 
(.03)
 
(.08)
 
(.12)
 
(.06)
  Distributions from net realized gain
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
 
(.18)
     Total distributions
 
(.52) C
 
(.20)
 
(.16)
 
(.29)
 
(.38) C
 
(.24)
  Net asset value, end of period
$
11.84
$
11.39
$
13.77
$
12.42
$
11.75
$
11.80
 Total Return   D,E,F
 
8.67%
 
(16.07)%
 
12.24%
 
8.25%
 
3.11%
 
3.77%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.59% I
 
1.59%
 
1.59%
 
1.59%
 
1.60%
 
1.60%
    Expenses net of fee waivers, if any
 
1.59% I
 
1.59%
 
1.59%
 
1.59%
 
1.60%
 
1.60%
    Expenses net of all reductions
 
1.59% I
 
1.59%
 
1.59%
 
1.59%
 
1.60%
 
1.60%
    Net investment income (loss)
 
1.42% I
 
.95%
 
.31%
 
.66%
 
1.03%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,979
$
19,517
$
26,841
$
23,974
$
24,834
$
25,656
    Portfolio turnover rate J
 
28% I
 
16%
 
22%
 
24%
 
36%
 
17%
 
A Net 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.
 
B Calculated based on average shares outstanding during the period.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the contingent deferred sales charge.
 
G Expense 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.
 
H Fees 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Asset Manager® 40%
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.46
$
13.85
$
12.49
$
11.82
$
11.87
$
11.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.26
 
.19
 
.21
 
.24
 
.20
     Net realized and unrealized gain (loss)
 
.88
 
(2.32)
 
1.46
 
.88
 
.22
 
.37
  Total from investment operations
 
1.03  
 
(2.06)  
 
1.65  
 
1.09  
 
.46
 
.57
  Distributions from net investment income
 
(.21)
 
(.22)
 
(.16)
 
(.21)
 
(.24)
 
(.19)
  Distributions from net realized gain
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
 
(.18)
     Total distributions
 
(.58)
 
(.33)
 
(.29)
 
(.42)
 
(.51)
 
(.37)
  Net asset value, end of period
$
11.91
$
11.46
$
13.85
$
12.49
$
11.82
$
11.87
 Total Return   C,D
 
9.27%
 
(15.21)%
 
13.38%
 
9.41%
 
4.23%
 
4.95%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.53% G
 
.52%
 
.52%
 
.52%
 
.52%
 
.53%
    Expenses net of fee waivers, if any
 
.52% G
 
.52%
 
.51%
 
.52%
 
.52%
 
.53%
    Expenses net of all reductions
 
.52% G
 
.52%
 
.51%
 
.52%
 
.52%
 
.53%
    Net investment income (loss)
 
2.49% G
 
2.02%
 
1.39%
 
1.73%
 
2.10%
 
1.71%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,518,300
$
1,515,043
$
1,829,755
$
1,911,787
$
1,704,998
$
1,577,393
    Portfolio turnover rate H
 
28% G
 
16%
 
22%
 
24%
 
36%
 
17%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees 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.
 
F Expense 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.
 
G Annualized.
 
H Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.47
$
13.86
$
12.49
$
11.82
$
11.87
$
11.67
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.26
 
.18
 
.20
 
.24
 
.20
     Net realized and unrealized gain (loss)
 
.89
 
(2.32)
 
1.48
 
.88
 
.21
 
.36
  Total from investment operations
 
1.03  
 
(2.06)  
 
1.66  
 
1.08  
 
.45
 
.56
  Distributions from net investment income
 
(.21)
 
(.21)
 
(.16)
 
(.20)
 
(.24)
 
(.18)
  Distributions from net realized gain
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
 
(.18)
     Total distributions
 
(.58)
 
(.33) C
 
(.29)
 
(.41)
 
(.50) C
 
(.36)
  Net asset value, end of period
$
11.92
$
11.47
$
13.86
$
12.49
$
11.82
$
11.87
 Total Return   D,E
 
9.23%
 
(15.24)%
 
13.42%
 
9.35%
 
4.18%
 
4.91%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.58% H
 
.57%
 
.57%
 
.56%
 
.56%
 
.56%
    Expenses net of fee waivers, if any
 
.57% H
 
.57%
 
.56%
 
.56%
 
.56%
 
.56%
    Expenses net of all reductions
 
.57% H
 
.57%
 
.56%
 
.56%
 
.56%
 
.56%
    Net investment income (loss)
 
2.44% H
 
1.97%
 
1.34%
 
1.69%
 
2.06%
 
1.68%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
37,310
$
34,286
$
42,310
$
28,708
$
25,014
$
29,180
    Portfolio turnover rate I
 
28% H
 
16%
 
22%
 
24%
 
36%
 
17%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.47
$
13.86
$
12.49
$
11.82
$
11.86
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.27
 
.19
 
.21
 
.24
     Net realized and unrealized gain (loss)
 
.88
 
(2.32)
 
1.48
 
.88
 
.23
  Total from investment operations
 
1.03  
 
(2.05)  
 
1.67  
 
1.09  
 
.47
  Distributions from net investment income
 
(.21)
 
(.23)
 
(.17)
 
(.22)
 
(.24)
  Distributions from net realized gain
 
(.37)
 
(.11)
 
(.13)
 
(.21)
 
(.27)
     Total distributions
 
(.59) D
 
(.34)
 
(.30)
 
(.42) D
 
(.51)
  Net asset value, end of period
$
11.91
$
11.47
$
13.86
$
12.49
$
11.82
 Total Return   E,F
 
9.20%
 
(15.16)%
 
13.49%
 
9.45%
 
4.34%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.49% I
 
.49%
 
.49%
 
.50%
 
.50% I
    Expenses net of fee waivers, if any
 
.49% I
 
.49%
 
.49%
 
.49%
 
.50% I
    Expenses net of all reductions
 
.49% I
 
.49%
 
.49%
 
.49%
 
.50% I
    Net investment income (loss)
 
2.52% I
 
2.05%
 
1.41%
 
1.76%
 
2.12% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
564,665
$
500,747
$
556,238
$
12,416
$
6,431
    Portfolio turnover rate J
 
28% I
 
16%
 
22%
 
24%
 
36%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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)
 
Apple, Inc.
2.3
 
Microsoft Corp.
2.2
 
Alphabet, Inc. Class A
1.2
 
Amazon.com, Inc.
0.9
 
iShares 20+ Year Treasury Bond ETF
0.8
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
Exxon Mobil Corp.
0.6
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.6
 
VanEck Vectors Gold Miners ETF
0.5
 
Meta Platforms, Inc. Class A
0.5
 
 
10.4
 
 
Top Bond Issuers (% of Fund's net assets)
(with maturities greater than one year)
 
U.S. Treasury Obligations
16.8
 
Fannie Mae
2.2
 
Freddie Mac
2.0
 
Ginnie Mae
1.4
 
Uniform Mortgage Backed Securities
0.8
 
JPMorgan Chase & Co.
0.6
 
Morgan Stanley
0.4
 
Bank of America Corp.
0.4
 
Petroleos Mexicanos
0.4
 
Citigroup, Inc.
0.4
 
 
25.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
15.9
 
Information Technology
11.5
 
Health Care
7.6
 
Consumer Discretionary
7.3
 
Industrials
7.3
 
Communication Services
4.5
 
Consumer Staples
4.0
 
Energy
4.0
 
Real Estate
2.6
 
Materials
2.5
 
Utilities
1.6
 
Financial Services
0.1
 
 
Quality Diversification (% of Fund's net assets)
 
Short-Term Investments and Net Other Assets (Liabilities) - (0.5)%*
Percentages shown as 0.0% may reflect amounts less than 0.05%.
*Short-term investments and Net Other Assets (Liabilities) are not available in the pie chart.
 
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* - (0.2)%
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.
*Short Term Investments Class are not included in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and 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 1.0%.
 
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 27.9% 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%
Showing Percentage of Net Assets
Equity Central Funds - 54.2%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
1,005,171
97,220,153
Fidelity Emerging Markets Equity Central Fund (a)
 
3,206,864
617,706,123
Fidelity Hedged Equity Central Fund (a)
 
278,816
28,193,888
Fidelity International Equity Central Fund (a)
 
15,263,669
1,397,236,304
Fidelity Real Estate Equity Central Fund (a)
 
339,076
40,861,998
Fidelity U.S. Equity Central Fund (a)
 
26,776,866
2,996,599,091
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $2,907,419,329)
 
 
5,177,817,557
 
 
 
 
Fixed-Income Central Funds - 42.5%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 4.2%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
2,557,184
19,357,883
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
834,576
74,352,366
Fidelity Floating Rate Central Fund (a)
 
2,353,066
226,553,189
Fidelity High Income Central Fund (a)
 
768,251
78,638,138
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
398,901,576
Investment Grade Fixed-Income Funds - 38.3%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
2,054,237
185,744,105
Fidelity International Credit Central Fund (a)
 
1,161,449
90,302,672
Fidelity Investment Grade Bond Central Fund (a)
 
34,129,791
3,378,849,315
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
3,654,896,092
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $4,211,883,591)
 
 
 
4,053,797,668
 
 
 
 
Money Market Central Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
  (Cost $85,922,263)
 
 
85,905,082
85,922,263
 
 
 
 
U.S. Treasury Obligations - 0.4%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 4/6/23 to 6/8/23 (d)
 
  (Cost $40,695,126)
 
 
40,920,000
40,712,478
 
 
 
 
Investment Companies - 2.1%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF
 
706,093
75,107,113
iShares MSCI USA Minimum Volatility ETF
 
987,281
71,814,820
VanEck Vectors Gold Miners ETF
 
1,543,441
49,930,316
 
TOTAL INVESTMENT COMPANIES
  (Cost $198,542,747)
 
 
196,852,249
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
  (Cost $7,444,463,056)
 
 
 
9,555,102,215
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(6,937,157)
NET ASSETS - 100.0%
9,548,165,058
 
 
 
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)
1,041
Jun 2023
109,122,825
4,596,419
4,596,419
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
597
Jun 2023
29,715,675
1,066,041
1,066,041
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
5,662,460
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
668
Jun 2023
73,151,219
1,548,626
1,548,626
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
7,211,086
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
2,920
Jun 2023
604,111,500
(35,431,221)
(35,431,221)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(28,220,135)
The notional amount of futures purchased as a percentage of Net Assets is 2.2%
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)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
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 $40,489,358.
 
 
 
 
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 4.86%
91,967,268
627,682,484
633,727,489
1,654,852
-
-
85,922,263
0.2%
Fidelity Commodity Strategy Central Fund
203,314,745
3,182,020
103,813,223
2,149,638
(30,671,544)
25,208,155
97,220,153
21.0%
Fidelity Emerging Markets Debt Central Fund
20,685,617
968,016
3,508,174
639,495
(831,364)
2,043,788
19,357,883
0.9%
Fidelity Emerging Markets Debt Local Currency Central Fund
23,176,447
47,040,113
-
63,738
-
4,135,806
74,352,366
26.9%
Fidelity Emerging Markets Equity Central Fund
486,823,346
106,330,245
43,836,433
7,846,807
(12,851,448)
81,240,413
617,706,123
27.1%
Fidelity Floating Rate Central Fund
273,001,460
12,909,663
65,562,618
11,150,314
(2,067,976)
8,272,660
226,553,189
12.1%
Fidelity Hedged Equity Central Fund
-
27,881,239
-
15,326
-
312,649
28,193,888
26.5%
Fidelity High Income Central Fund
75,459,699
3,544,060
3,788,864
3,078,627
388,462
3,034,781
78,638,138
4.7%
Fidelity Inflation-Protected Bond Index Central Fund
186,198,174
21,337,623
10,107,035
20,093,071
(405,727)
(11,278,930)
185,744,105
29.6%
Fidelity International Credit Central Fund
108,800,355
5,224,671
20,544,009
4,603,277
(6,074,580)
2,896,235
90,302,672
25.6%
Fidelity International Equity Central Fund
941,361,876
248,048,039
61,153,842
6,717,360
(2,764,790)
271,745,021
1,397,236,304
28.8%
Fidelity Investment Grade Bond Central Fund
2,986,555,177
484,455,278
197,252,971
58,291,002
(5,965,130)
111,056,961
3,378,849,315
9.2%
Fidelity Real Estate Equity Central Fund
61,134,245
1,282,820
26,862,599
826,094
203,923
5,103,609
40,861,998
4.2%
Fidelity Securities Lending Cash Central Fund 4.87%
-
348,271,991
348,271,991
8,079
-
-
-
0.0%
Fidelity U.S. Equity Central Fund
3,121,072,050
81,215,997
608,688,081
63,374,238
106,511,262
296,487,863
2,996,599,091
19.0%
Total
8,579,550,459
2,019,374,259
2,127,117,329
180,511,918
45,471,088
800,259,011
9,317,537,488
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
5,177,817,557
5,177,817,557
-
-
 Fixed-Income Central Funds
4,053,797,668
4,053,797,668
-
-
 Money Market Central Funds
85,922,263
85,922,263
-
-
 Other Short-Term Investments and Net Other Assets
40,712,478
-
40,712,478
-
  Investment Companies
196,852,249
196,852,249
-
-
 Total Investments in Securities:
9,555,102,215
9,514,389,737
40,712,478
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
7,211,086
7,211,086
-
-
  Total Assets
7,211,086
7,211,086
-
-
 Liabilities
 
 
 
 
Futures Contracts
(35,431,221)
(35,431,221)
-
-
  Total Liabilities
(35,431,221)
(35,431,221)
-
-
 Total Derivative Instruments:
(28,220,135)
(28,220,135)
-
-
 
 
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, 2023. 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)  
5,662,460
(35,431,221)
Total Equity Risk
5,662,460
(35,431,221)
Interest Rate Risk
 
 
Futures Contracts (a)  
1,548,626
0
Total Interest Rate Risk
1,548,626
0
Total Value of Derivatives
7,211,086
(35,431,221)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $239,237,873)
$
237,564,727
 
 
Fidelity Central Funds (cost $7,205,225,183)
9,317,537,488
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,444,463,056)
 
 
$
9,555,102,215
Cash
 
 
2
Receivable for investments sold
 
 
11,479,260
Receivable for fund shares sold
 
 
1,308,113
Distributions receivable from Fidelity Central Funds
 
 
286,819
Prepaid expenses
 
 
4,897
Other receivables
 
 
148,116
  Total assets
 
 
9,568,329,422
Liabilities
 
 
 
 
Payable for investments purchased
$
6,859
 
 
Payable for fund shares redeemed
7,323,029
 
 
Accrued management fee
3,724,824
 
 
Distribution and service plan fees payable
71,745
 
 
Payable for daily variation margin on futures contracts
7,893,759
 
 
Other affiliated payables
965,345
 
 
Other payables and accrued expenses
178,803
 
 
  Total Liabilities
 
 
 
20,164,364
Net Assets  
 
 
$
9,548,165,058
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
8,233,429,505
Total accumulated earnings (loss)
 
 
 
1,314,735,553
Net Assets
 
 
$
9,548,165,058
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($121,411,810 ÷ 6,562,208 shares) (a)
 
 
$
18.50
Maximum offering price per share (100/94.25 of $18.50)
 
 
$
19.63
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($51,705,921 ÷ 2,798,489 shares) (a)
 
 
$
18.48
Maximum offering price per share (100/96.50 of $18.48)
 
 
$
19.15
Class C :
 
 
 
 
Net Asset Value and offering price per share ($31,265,121 ÷ 1,709,680 shares) (a)
 
 
$
18.29
Asset Manager 50% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($7,393,043,353 ÷ 397,521,105 shares)
 
 
$
18.60
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($55,770,573 ÷ 3,005,182 shares)
 
 
$
18.56
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,894,968,280 ÷ 102,198,734 shares)
 
 
$
18.54
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
2,548,938
Interest  
 
 
714,040
Income from Fidelity Central Funds (including $8,079 from security lending)
 
 
131,511,112
 Total Income
 
 
 
134,774,090
Expenses
 
 
 
 
Management fee
$
22,418,958
 
 
Transfer agent fees
4,978,302
 
 
Distribution and service plan fees
433,926
 
 
Accounting fees
738,476
 
 
Custodian fees and expenses
17,571
 
 
Independent trustees' fees and expenses
18,996
 
 
Registration fees
60,092
 
 
Audit
24,784
 
 
Legal
17,280
 
 
Miscellaneous
23,257
 
 
 Total expenses before reductions
 
28,731,642
 
 
 Expense reductions
 
(179,215)
 
 
 Total expenses after reductions
 
 
 
28,552,427
Net Investment income (loss)
 
 
 
106,221,663
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(59,472,839)
 
 
   Fidelity Central Funds
 
45,471,088
 
 
 Futures contracts
 
32,785,437
 
 
 Capital gain distributions from Fidelity Central Funds
 
49,000,806
 
 
Total net realized gain (loss)
 
 
 
67,784,492
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
71,460,251
 
 
   Fidelity Central Funds
 
800,259,011
 
 
 Futures contracts
 
(93,758,917)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
777,960,345
Net gain (loss)
 
 
 
845,744,837
Net increase (decrease) in net assets resulting from operations
 
 
$
951,966,500
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
106,221,663
$
208,898,662
Net realized gain (loss)
 
67,784,492
 
 
465,207,708
 
Change in net unrealized appreciation (depreciation)
 
777,960,345
 
(2,558,606,467)
 
Net increase (decrease) in net assets resulting from operations
 
951,966,500
 
 
(1,884,500,097)
 
Distributions to shareholders
 
(550,151,286)
 
 
(345,832,994)
 
Share transactions - net increase (decrease)
 
135,695,895
 
 
(312,881,619)
 
Total increase (decrease) in net assets
 
537,511,109
 
 
(2,543,214,710)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
9,010,653,949
 
11,553,868,659
 
End of period
$
9,548,165,058
$
9,010,653,949
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 50% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.75
$
21.98
$
19.33
$
18.22
$
18.58
$
18.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.33
 
.20
 
.24
 
.28
 
.23
     Net realized and unrealized gain (loss)
 
1.64
 
(3.97)
 
2.86
 
1.57
 
.20
 
.80
  Total from investment operations
 
1.82  
 
(3.64)  
 
3.06  
 
1.81  
 
.48
 
1.03
  Distributions from net investment income
 
(.29)
 
(.28)
 
(.17)
 
(.25)
 
(.29)
 
(.21)
  Distributions from net realized gain
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
 
(.53)
     Total distributions
 
(1.07)
 
(.59)
 
(.41)
 
(.70)
 
(.84)
 
(.74)
  Net asset value, end of period
$
18.50
$
17.75
$
21.98
$
19.33
$
18.22
$
18.58
 Total Return   C,D,E
 
10.58%
 
(17.02)%
 
15.99%
 
10.15%
 
3.07%
 
5.74%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% H
 
.91%
 
.91%
 
.93%
 
.94%
 
.94%
    Expenses net of fee waivers, if any
 
.91% H
 
.90%
 
.91%
 
.92%
 
.94%
 
.94%
    Expenses net of all reductions
 
.91% H
 
.90%
 
.91%
 
.92%
 
.94%
 
.94%
    Net investment income (loss)
 
1.96% H
 
1.63%
 
.94%
 
1.32%
 
1.57%
 
1.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
121,412
$
110,693
$
134,052
$
106,339
$
95,542
$
86,252
    Portfolio turnover rate I
 
26% H
 
20%
 
17%
 
24%
 
37%
 
15%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.73
$
21.95
$
19.31
$
18.20
$
18.56
$
18.27
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.28
 
.15
 
.20
 
.23
 
.18
     Net realized and unrealized gain (loss)
 
1.64
 
(3.95)
 
2.85
 
1.57
 
.21
 
.80
  Total from investment operations
 
1.80  
 
(3.67)  
 
3.00  
 
1.77  
 
.44
 
.98
  Distributions from net investment income
 
(.27)
 
(.24)
 
(.12)
 
(.20)
 
(.25)
 
(.16)
  Distributions from net realized gain
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
 
(.53)
     Total distributions
 
(1.05)
 
(.55)
 
(.36)
 
(.66) C
 
(.80)
 
(.69)
  Net asset value, end of period
$
18.48
$
17.73
$
21.95
$
19.31
$
18.20
$
18.56
 Total Return   D,E,F
 
10.45%
 
(17.18)%
 
15.69%
 
9.89%
 
2.81%
 
5.48%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.15% I
 
1.15%
 
1.15%
 
1.17%
 
1.18%
 
1.19%
    Expenses net of fee waivers, if any
 
1.15% I
 
1.15%
 
1.15%
 
1.16%
 
1.18%
 
1.19%
    Expenses net of all reductions
 
1.15% I
 
1.15%
 
1.15%
 
1.16%
 
1.18%
 
1.19%
    Net investment income (loss)
 
1.72% I
 
1.39%
 
.70%
 
1.08%
 
1.33%
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
51,706
$
47,759
$
57,507
$
45,076
$
42,658
$
41,222
    Portfolio turnover rate J
 
26% I
 
20%
 
17%
 
24%
 
37%
 
15%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.55
$
21.76
$
19.16
$
18.05
$
18.42
$
18.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.18
 
.04
 
.10
 
.14
 
.09
     Net realized and unrealized gain (loss)
 
1.63
 
(3.93)
 
2.84
 
1.57
 
.20
 
.79
  Total from investment operations
 
1.74  
 
(3.75)  
 
2.88  
 
1.67  
 
.34
 
.88
  Distributions from net investment income
 
(.21)
 
(.15)
 
(.04)
 
(.11)
 
(.16)
 
(.08)
  Distributions from net realized gain
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
 
(.53)
     Total distributions
 
(1.00) C
 
(.46)
 
(.28)
 
(.56)
 
(.71)
 
(.61)
  Net asset value, end of period
$
18.29
$
17.55
$
21.76
$
19.16
$
18.05
$
18.42
 Total Return   D,E,F
 
10.17%
 
(17.64)%
 
15.12%
 
9.38%
 
2.25%
 
4.93%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.67% I
 
1.66%
 
1.67%
 
1.68%
 
1.69%
 
1.70%
    Expenses net of fee waivers, if any
 
1.66% I
 
1.66%
 
1.67%
 
1.68%
 
1.69%
 
1.70%
    Expenses net of all reductions
 
1.66% I
 
1.66%
 
1.67%
 
1.68%
 
1.69%
 
1.70%
    Net investment income (loss)
 
1.21% I
 
.87%
 
.18%
 
.56%
 
.82%
 
.49%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
31,265
$
31,796
$
51,226
$
44,990
$
46,487
$
51,337
    Portfolio turnover rate J
 
26% I
 
20%
 
17%
 
24%
 
37%
 
15%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the contingent deferred sales charge.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.84
$
22.09
$
19.42
$
18.30
$
18.66
$
18.37
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.40
 
.27
 
.30
 
.33
 
.29
     Net realized and unrealized gain (loss)
 
1.65
 
(3.99)
 
2.87
 
1.58
 
.21
 
.80
  Total from investment operations
 
1.86  
 
(3.59)  
 
3.14  
 
1.88  
 
.54
 
1.09
  Distributions from net investment income
 
(.32)
 
(.35)
 
(.23)
 
(.30)
 
(.35)
 
(.26)
  Distributions from net realized gain
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
 
(.53)
     Total distributions
 
(1.10)
 
(.66)
 
(.47)
 
(.76) C
 
(.90)
 
(.80) C
  Net asset value, end of period
$
18.60
$
17.84
$
22.09
$
19.42
$
18.30
$
18.66
 Total Return   D,E
 
10.76%
 
(16.79)%
 
16.36%
 
10.51%
 
3.37%
 
6.05%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% H
 
.61%
 
.61%
 
.62%
 
.63%
 
.63%
    Expenses net of fee waivers, if any
 
.61% H
 
.60%
 
.60%
 
.62%
 
.63%
 
.63%
    Expenses net of all reductions
 
.61% H
 
.60%
 
.60%
 
.62%
 
.63%
 
.63%
    Net investment income (loss)
 
2.26% H
 
1.93%
 
1.25%
 
1.63%
 
1.88%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,393,043
$
7,094,870
$
9,274,634
$
9,387,915
$
9,026,444
$
9,140,811
    Portfolio turnover rate I
 
26% H
 
20%
 
17%
 
24%
 
37%
 
15%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.80
$
22.04
$
19.38
$
18.26
$
18.62
$
18.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.39
 
.26
 
.29
 
.33
 
.28
     Net realized and unrealized gain (loss)
 
1.66
 
(3.98)
 
2.87
 
1.58
 
.20
 
.80
  Total from investment operations
 
1.86  
 
(3.59)  
 
3.13  
 
1.87  
 
.53
 
1.08
  Distributions from net investment income
 
(.31)
 
(.34)
 
(.23)
 
(.30)
 
(.34)
 
(.26)
  Distributions from net realized gain
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
 
(.53)
     Total distributions
 
(1.10) C
 
(.65)
 
(.47)
 
(.75)
 
(.89)
 
(.79)
  Net asset value, end of period
$
18.56
$
17.80
$
22.04
$
19.38
$
18.26
$
18.62
 Total Return   D,E
 
10.76%
 
(16.80)%
 
16.30%
 
10.49%
 
3.33%
 
6.02%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.64% H
 
.64%
 
.64%
 
.65%
 
.66%
 
.67%
    Expenses net of fee waivers, if any
 
.64% H
 
.64%
 
.64%
 
.65%
 
.66%
 
.67%
    Expenses net of all reductions
 
.64% H
 
.64%
 
.64%
 
.65%
 
.66%
 
.67%
    Net investment income (loss)
 
2.23% H
 
1.90%
 
1.21%
 
1.59%
 
1.85%
 
1.52%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
55,771
$
60,352
$
81,320
$
55,021
$
62,141
$
75,904
    Portfolio turnover rate I
 
26% H
 
20%
 
17%
 
24%
 
37%
 
15%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.79
$
22.03
$
19.37
$
18.26
$
18.59
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.21
 
.41
 
.28
 
.31
 
.35
     Net realized and unrealized gain (loss)
 
1.65
 
(3.98)
 
2.87
 
1.57
 
.23
  Total from investment operations
 
1.86  
 
(3.57)  
 
3.15  
 
1.88  
 
.58
  Distributions from net investment income
 
(.33)
 
(.36)
 
(.25)
 
(.32)
 
(.36)
  Distributions from net realized gain
 
(.78)
 
(.31)
 
(.24)
 
(.45)
 
(.55)
     Total distributions
 
(1.11)
 
(.67)
 
(.49)
 
(.77)
 
(.91)
  Net asset value, end of period
$
18.54
$
17.79
$
22.03
$
19.37
$
18.26
 Total Return   D,E
 
10.79%
 
(16.71)%
 
16.43%
 
10.56%
 
3.61%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.54% H
 
.53%
 
.54%
 
.55%
 
.55% H
    Expenses net of fee waivers, if any
 
.53% H
 
.53%
 
.54%
 
.54%
 
.55% H
    Expenses net of all reductions
 
.53% H
 
.53%
 
.54%
 
.54%
 
.55% H
    Net investment income (loss)
 
2.33% H
 
2.00%
 
1.32%
 
1.70%
 
1.96% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,894,968
$
1,665,184
$
1,955,130
$
26,638
$
20,968
    Portfolio turnover rate I
 
26% H
 
20%
 
17%
 
24%
 
37%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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)
 
Apple, Inc.
2.6
 
Microsoft Corp.
2.5
 
Alphabet, Inc. Class A
1.3
 
iShares 20+ Year Treasury Bond ETF
1.0
 
Amazon.com, Inc.
1.0
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
Exxon Mobil Corp.
0.7
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.6
 
Meta Platforms, Inc. Class A
0.5
 
VanEck Vectors Gold Miners ETF
0.5
 
 
11.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
16.2
 
Information Technology
12.9
 
Health Care
7.6
 
Consumer Discretionary
7.6
 
Industrials
7.2
 
Communication Services
4.8
 
Consumer Staples
4.4
 
Energy
4.0
 
Materials
2.7
 
Real Estate
2.5
 
Utilities
1.7
 
Financial Services
0.1
 
 
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 * - (2.2)%
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.
*Short Term Investments Class are not included in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and 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 1.0%.
 
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 29.5% 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® 60%
Showing Percentage of Net Assets
Equity Central Funds - 60.0%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
406,563
39,322,780
Fidelity Emerging Markets Equity Central Fund (a)
 
1,516,943
292,193,631
Fidelity Hedged Equity Central Fund (a)
 
110,657
11,189,595
Fidelity International Equity Central Fund (a)
 
6,448,993
590,340,826
Fidelity Real Estate Equity Central Fund (a)
 
136,111
16,402,740
Fidelity U.S. Equity Central Fund (a)
 
12,100,280
1,354,142,381
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $1,589,107,690)
 
 
2,303,591,953
 
 
 
 
Fixed-Income Central Funds - 36.4%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 4.0%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,273,024
9,636,790
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
333,075
29,673,624
Fidelity Floating Rate Central Fund (a)
 
838,760
80,755,852
Fidelity High Income Central Fund (a)
 
309,626
31,693,339
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
151,759,605
Investment Grade Fixed-Income Funds - 32.4%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
856,606
77,454,354
Fidelity International Credit Central Fund (a)
 
463,223
36,015,616
Fidelity Investment Grade Bond Central Fund (a)
 
11,414,069
1,129,992,848
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
1,243,462,818
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $1,493,285,962)
 
 
 
1,395,222,423
 
 
 
 
Money Market Central Funds - 1.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
36,681,989
36,689,325
Fidelity Securities Lending Cash Central Fund 4.87% (b)(c)
 
26,148,185
26,150,800
 
TOTAL MONEY MARKET CENTRAL FUNDS
  (Cost $62,840,125)
 
 
62,840,125
 
 
 
 
U.S. Treasury Obligations - 0.4%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 4/6/23 to 6/8/23 (e)
 
  (Cost $14,670,254)
 
 
14,760,000
14,676,240
 
 
 
 
Investment Companies - 2.3%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF (f)
 
371,408
39,506,672
iShares MSCI USA Minimum Volatility ETF
 
393,568
28,628,136
VanEck Vectors Gold Miners ETF
 
615,460
19,910,131
 
TOTAL INVESTMENT COMPANIES
  (Cost $92,553,846)
 
 
88,044,939
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $3,252,457,877)
 
 
 
3,864,375,680
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(27,699,096)
NET ASSETS - 100.0%
3,836,676,584
 
 
 
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)
1,190
Jun 2023
124,741,750
5,254,517
5,254,517
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
176
Jun 2023
8,760,400
314,248
314,248
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
5,568,765
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
267
Jun 2023
29,238,586
618,987
618,987
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
6,187,752
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
778
Jun 2023
160,958,475
(9,440,236)
(9,440,236)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(3,252,484)
The notional amount of futures purchased as a percentage of Net Assets is 4.3%
The notional amount of futures sold as a percentage of Net Assets is 4.2%
 
 
 
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 $14,518,569.
 
(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 4.86%
19,144,438
201,347,465
183,802,578
475,455
-
-
36,689,325
0.1%
Fidelity Commodity Strategy Central Fund
87,982,827
2,215,393
48,514,823
935,666
(8,350,122)
5,989,505
39,322,780
8.5%
Fidelity Emerging Markets Debt Central Fund
9,389,231
755,105
1,069,034
299,059
(176,261)
737,749
9,636,790
0.5%
Fidelity Emerging Markets Debt Local Currency Central Fund
8,782,496
19,289,867
-
24,693
-
1,601,261
29,673,624
10.7%
Fidelity Emerging Markets Equity Central Fund
224,652,096
45,691,562
10,597,527
3,754,103
(2,236,590)
34,684,090
292,193,631
12.8%
Fidelity Floating Rate Central Fund
106,769,688
5,396,882
33,723,160
4,059,564
(1,291,861)
3,604,303
80,755,852
4.3%
Fidelity Hedged Equity Central Fund
-
11,065,511
-
6,083
-
124,084
11,189,595
10.5%
Fidelity High Income Central Fund
29,754,467
1,751,642
1,170,417
1,224,924
85,177
1,272,470
31,693,339
1.9%
Fidelity Inflation-Protected Bond Index Central Fund
75,762,196
9,652,884
3,184,658
8,242,779
(112,291)
(4,663,777)
77,454,354
12.3%
Fidelity International Credit Central Fund
44,027,858
2,528,307
9,253,729
1,820,431
(2,609,235)
1,322,415
36,015,616
10.2%
Fidelity International Equity Central Fund
393,745,617
110,873,444
26,767,623
2,875,154
(3,145,511)
115,634,899
590,340,826
12.2%
Fidelity Investment Grade Bond Central Fund
969,331,203
171,538,670
46,052,728
19,222,915
(386,626)
35,562,329
1,129,992,848
3.1%
Fidelity Real Estate Equity Central Fund
23,887,449
794,063
10,373,340
325,651
94,485
2,000,083
16,402,740
1.7%
Fidelity Securities Lending Cash Central Fund 4.87%
21,668,650
413,160,926
408,678,776
5,308
-
-
26,150,800
0.1%
Fidelity U.S. Equity Central Fund
1,329,560,304
52,238,479
203,245,061
28,024,422
6,861,145
168,727,514
1,354,142,381
8.6%
Total
3,344,458,520
1,048,300,200
986,433,454
71,296,207
(11,267,690)
366,596,925
3,761,654,501
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
2,303,591,953
2,303,591,953
-
-
 Fixed-Income Central Funds
1,395,222,423
1,395,222,423
-
-
 Money Market Central Funds
62,840,125
62,840,125
-
-
 Other Short-Term Investments and Net Other Assets
14,676,240
-
14,676,240
-
  Investment Companies
88,044,939
88,044,939
-
-
 Total Investments in Securities:
3,864,375,680
3,849,699,440
14,676,240
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
6,187,752
6,187,752
-
-
  Total Assets
6,187,752
6,187,752
-
-
 Liabilities
 
 
 
 
Futures Contracts
(9,440,236)
(9,440,236)
-
-
  Total Liabilities
(9,440,236)
(9,440,236)
-
-
 Total Derivative Instruments:
(3,252,484)
(3,252,484)
-
-
 
 
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, 2023. 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)  
5,568,765
(9,440,236)
Total Equity Risk
5,568,765
(9,440,236)
Interest Rate Risk
 
 
Futures Contracts (a)  
618,987
0
Total Interest Rate Risk
618,987
0
Total Value of Derivatives
6,187,752
(9,440,236)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $25,996,828) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $107,224,100)
$
102,721,179
 
 
Fidelity Central Funds (cost $3,145,233,777)
3,761,654,501
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,252,457,877)
 
 
$
3,864,375,680
Receivable for investments sold
 
 
3,067,597
Receivable for fund shares sold
 
 
1,076,732
Dividends receivable
 
 
20,528
Distributions receivable from Fidelity Central Funds
 
 
109,359
Prepaid expenses
 
 
1,903
Other receivables
 
 
2,381
  Total assets
 
 
3,868,654,180
Liabilities
 
 
 
 
Payable for investments purchased
$
16,823
 
 
Payable for fund shares redeemed
1,951,582
 
 
Accrued management fee
1,642,592
 
 
Distribution and service plan fees payable
78,244
 
 
Payable for daily variation margin on futures contracts
1,683,504
 
 
Other affiliated payables
409,625
 
 
Other payables and accrued expenses
44,426
 
 
Collateral on securities loaned
26,150,800
 
 
  Total Liabilities
 
 
 
31,977,596
Net Assets  
 
 
$
3,836,676,584
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,373,402,032
Total accumulated earnings (loss)
 
 
 
463,274,552
Net Assets
 
 
$
3,836,676,584
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($154,032,335 ÷ 11,300,275 shares) (a)
 
 
$
13.63
Maximum offering price per share (100/94.25 of $13.63)
 
 
$
14.46
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($47,421,601 ÷ 3,497,728 shares) (a)
 
 
$
13.56
Maximum offering price per share (100/96.50 of $13.56)
 
 
$
14.05
Class C :
 
 
 
 
Net Asset Value and offering price per share ($33,320,760 ÷ 2,483,426 shares) (a)
 
 
$
13.42
Asset Manager 60% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($2,114,765,906 ÷ 154,314,643 shares)
 
 
$
13.70
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($104,334,410 ÷ 7,609,867 shares)
 
 
$
13.71
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,382,801,572 ÷ 100,983,087 shares)
 
 
$
13.69
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,075,222
Interest  
 
 
270,659
Income from Fidelity Central Funds (including $5,308 from security lending)
 
 
49,809,255
 Total Income
 
 
 
51,155,136
Expenses
 
 
 
 
Management fee
$
9,781,317
 
 
Transfer agent fees
1,797,243
 
 
Distribution and service plan fees
470,625
 
 
Accounting fees
621,859
 
 
Custodian fees and expenses
16,395
 
 
Independent trustees' fees and expenses
7,455
 
 
Registration fees
66,115
 
 
Audit
20,354
 
 
Legal
11,094
 
 
Miscellaneous
9,100
 
 
 Total expenses before reductions
 
12,801,557
 
 
 Expense reductions
 
(70,299)
 
 
 Total expenses after reductions
 
 
 
12,731,258
Net Investment income (loss)
 
 
 
38,423,878
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(19,968,715)
 
 
   Fidelity Central Funds
 
(11,267,690)
 
 
 Futures contracts
 
13,003,786
 
 
 Capital gain distributions from Fidelity Central Funds
 
21,486,952
 
 
Total net realized gain (loss)
 
 
 
3,254,333
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
24,372,234
 
 
   Fidelity Central Funds
 
366,596,925
 
 
 Assets and liabilities in foreign currencies
 
1,946
 
 
 Futures contracts
 
(8,689,964)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
382,281,141
Net gain (loss)
 
 
 
385,535,474
Net increase (decrease) in net assets resulting from operations
 
 
$
423,959,352
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
38,423,878
$
77,394,423
Net realized gain (loss)
 
3,254,333
 
 
135,782,767
 
Change in net unrealized appreciation (depreciation)
 
382,281,141
 
(1,021,962,706)
 
Net increase (decrease) in net assets resulting from operations
 
423,959,352
 
 
(808,785,516)
 
Distributions to shareholders
 
(156,194,680)
 
 
(114,158,802)
 
Share transactions - net increase (decrease)
 
83,021,036
 
 
176,306,744
 
Total increase (decrease) in net assets
 
350,785,708
 
 
(746,637,574)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,485,890,876
 
4,232,528,450
 
End of period
$
3,836,676,584
$
3,485,890,876
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 60% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.66
$
15.88
$
13.57
$
12.68
$
12.92
$
12.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.23
 
.13
 
.15
 
.17
 
.14
     Net realized and unrealized gain (loss)
 
1.38
 
(3.08)
 
2.42
 
1.24
 
.06
 
.69
  Total from investment operations
 
1.50  
 
(2.85)  
 
2.55  
 
1.39  
 
.23
 
.83
  Distributions from net investment income
 
(.25)
 
(.18)
 
(.12)
 
(.17)
 
(.15)
 
(.11)
  Distributions from net realized gain
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
 
(.22)
     Total distributions
 
(.53)
 
(.37)
 
(.24)
 
(.50)
 
(.47)
 
(.33)
  Net asset value, end of period
$
13.63
$
12.66
$
15.88
$
13.57
$
12.68
$
12.92
 Total Return   C,D,E
 
12.08%
 
(18.47)%
 
18.90%
 
11.13%
 
2.24%
 
6.80%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.00% H
 
.99%
 
.99%
 
1.00%
 
1.02%
 
1.02%
    Expenses net of fee waivers, if any
 
.99% H
 
.99%
 
.99%
 
1.00%
 
1.01%
 
1.01%
    Expenses net of all reductions
 
.99% H
 
.99%
 
.99%
 
1.00%
 
1.01%
 
1.01%
    Net investment income (loss)
 
1.76% H
 
1.55%
 
.84%
 
1.19%
 
1.40%
 
1.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
154,032
$
138,958
$
167,442
$
129,967
$
128,269
$
130,729
    Portfolio turnover rate I
 
27% H
 
23%
 
19%
 
29%
 
39%
 
18% J
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
J The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor Asset Manager® 60% Class M
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.58
$
15.78
$
13.48
$
12.60
$
12.84
$
12.34
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.19
 
.09
 
.12
 
.14
 
.11
     Net realized and unrealized gain (loss)
 
1.38
 
(3.07)
 
2.41
 
1.22
 
.06
 
.70
  Total from investment operations
 
1.48  
 
(2.88)  
 
2.50  
 
1.34  
 
.20
 
.81
  Distributions from net investment income
 
(.22)
 
(.13)
 
(.08)
 
(.13)
 
(.12)
 
(.08)
  Distributions from net realized gain
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
 
(.22)
     Total distributions
 
(.50)
 
(.32)
 
(.20)
 
(.46)
 
(.44)
 
(.31) C
  Net asset value, end of period
$
13.56
$
12.58
$
15.78
$
13.48
$
12.60
$
12.84
 Total Return   D,E,F
 
11.95%
 
(18.67)%
 
18.67%
 
10.83%
 
2.01%
 
6.60%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.24% I
 
1.23%
 
1.24%
 
1.26%
 
1.28%
 
1.28%
    Expenses net of fee waivers, if any
 
1.23% I
 
1.23%
 
1.24%
 
1.25%
 
1.25%
 
1.26%
    Expenses net of all reductions
 
1.23% I
 
1.23%
 
1.24%
 
1.25%
 
1.25%
 
1.26%
    Net investment income (loss)
 
1.52% I
 
1.31%
 
.59%
 
.94%
 
1.15%
 
.87%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
47,422
$
43,630
$
54,174
$
49,060
$
49,997
$
55,343
    Portfolio turnover rate J
 
27% I
 
23%
 
19%
 
29%
 
39%
 
18% K
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor Asset Manager® 60% Class C
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.39
$
15.55
$
13.29
$
12.42
$
12.67
$
12.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.12
 
.01
 
.05
 
.08
 
.05
     Net realized and unrealized gain (loss)
 
1.36
 
(3.05)
 
2.38
 
1.21
 
.06
 
.69
  Total from investment operations
 
1.43  
 
(2.93)  
 
2.39  
 
1.26  
 
.14
 
.74
  Distributions from net investment income
 
(.12)
 
(.04)
 
- C
 
(.06)
 
(.07)
 
(.02)
  Distributions from net realized gain
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
 
(.22)
     Total distributions
 
(.40)
 
(.23)
 
(.13) D
 
(.39)
 
(.39)
 
(.25) D
  Net asset value, end of period
$
13.42
$
12.39
$
15.55
$
13.29
$
12.42
$
12.67
 Total Return   E,F,G
 
11.72%
 
(19.15)%
 
18.02%
 
10.29%
 
1.47%
 
6.09%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.77% J
 
1.75%
 
1.77%
 
1.79%
 
1.81%
 
1.79%
    Expenses net of fee waivers, if any
 
1.76% J
 
1.75%
 
1.77%
 
1.76%
 
1.76%
 
1.76%
    Expenses net of all reductions
 
1.76% J
 
1.75%
 
1.77%
 
1.76%
 
1.76%
 
1.76%
    Net investment income (loss)
 
.99% J
 
.79%
 
.06%
 
.42%
 
.64%
 
.37%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,321
$
32,289
$
55,262
$
61,950
$
67,955
$
86,887
    Portfolio turnover rate K
 
27% J
 
23%
 
19%
 
29%
 
39%
 
18% L
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Amount represents less than $.005 per share.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the contingent deferred sales charge.
 
H Fees 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.
 
I Expense 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.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Asset Manager® 60%
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.75
$
15.98
$
13.65
$
12.75
$
12.98
$
12.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.28
 
.18
 
.19
 
.21
 
.18
     Net realized and unrealized gain (loss)
 
1.39
 
(3.10)
 
2.43
 
1.25
 
.06
 
.70
  Total from investment operations
 
1.53  
 
(2.82)  
 
2.61  
 
1.44  
 
.27
 
.88
  Distributions from net investment income
 
(.29)
 
(.22)
 
(.16)
 
(.21)
 
(.18)
 
(.15)
  Distributions from net realized gain
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
 
(.22)
     Total distributions
 
(.58) C
 
(.41)
 
(.28)
 
(.54)
 
(.50)
 
(.37)
  Net asset value, end of period
$
13.70
$
12.75
$
15.98
$
13.65
$
12.75
$
12.98
 Total Return   D,E
 
12.20%
 
(18.20)%
 
19.28%
 
11.50%
 
2.60%
 
7.17%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% H
 
.67%
 
.67%
 
.69%
 
.70%
 
.70%
    Expenses net of fee waivers, if any
 
.68% H
 
.67%
 
.67%
 
.68%
 
.69%
 
.70%
    Expenses net of all reductions
 
.68% H
 
.67%
 
.67%
 
.68%
 
.69%
 
.70%
    Net investment income (loss)
 
2.07% H
 
1.87%
 
1.15%
 
1.51%
 
1.71%
 
1.44%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,114,766
$
1,935,217
$
2,427,382
$
2,950,010
$
2,727,092
$
2,679,353
    Portfolio turnover rate I
 
27% H
 
23%
 
19%
 
29%
 
39%
 
18% J
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
J The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor Asset Manager® 60% Class I
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.75
$
15.99
$
13.66
$
12.76
$
12.99
$
12.48
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.27
 
.17
 
.19
 
.21
 
.18
     Net realized and unrealized gain (loss)
 
1.39
 
(3.10)
 
2.43
 
1.24
 
.05
 
.70
  Total from investment operations
 
1.53  
 
(2.83)  
 
2.60  
 
1.43  
 
.26
 
.88
  Distributions from net investment income
 
(.29)
 
(.22)
 
(.15)
 
(.20)
 
(.17)
 
(.14)
  Distributions from net realized gain
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
 
(.22)
     Total distributions
 
(.57)
 
(.41)
 
(.27)
 
(.53)
 
(.49)
 
(.37) C
  Net asset value, end of period
$
13.71
$
12.75
$
15.99
$
13.66
$
12.76
$
12.99
 Total Return   D,E
 
12.21%
 
(18.27)%
 
19.20%
 
11.44%
 
2.56%
 
7.12%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% H
 
.74%
 
.74%
 
.74%
 
.75%
 
.75%
    Expenses net of fee waivers, if any
 
.74% H
 
.73%
 
.74%
 
.73%
 
.73%
 
.74%
    Expenses net of all reductions
 
.74% H
 
.73%
 
.74%
 
.73%
 
.73%
 
.74%
    Net investment income (loss)
 
2.01% H
 
1.81%
 
1.09%
 
1.46%
 
1.67%
 
1.39%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
104,334
$
95,499
$
115,782
$
51,429
$
55,379
$
63,604
    Portfolio turnover rate I
 
27% H
 
23%
 
19%
 
29%
 
39%
 
18% J
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
J The portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor Asset Manager® 60% Class Z
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.74
$
15.98
$
13.65
$
12.76
$
12.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.29
 
.19
 
.20
 
.22
     Net realized and unrealized gain (loss)
 
1.40
 
(3.10)
 
2.43
 
1.24
 
.08
  Total from investment operations
 
1.54  
 
(2.81)  
 
2.62  
 
1.44  
 
.30
  Distributions from net investment income
 
(.31)
 
(.24)
 
(.17)
 
(.22)
 
(.19)
  Distributions from net realized gain
 
(.28)
 
(.19)
 
(.12)
 
(.33)
 
(.32)
     Total distributions
 
(.59)
 
(.43)
 
(.29)
 
(.55)
 
(.51)
  Net asset value, end of period
$
13.69
$
12.74
$
15.98
$
13.65
$
12.76
 Total Return   D,E
 
12.30%
 
(18.17)%
 
19.35%
 
11.50%
 
2.86%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% H
 
.60%
 
.61%
 
.62%
 
.63% H
    Expenses net of fee waivers, if any
 
.61% H
 
.60%
 
.61%
 
.62%
 
.63% H
    Expenses net of all reductions
 
.61% H
 
.60%
 
.61%
 
.62%
 
.63% H
    Net investment income (loss)
 
2.15% H
 
1.94%
 
1.22%
 
1.57%
 
1.77% H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,382,802
$
1,240,298
$
1,412,486
$
22,117
$
19,124
    Portfolio turnover rate I
 
27% H
 
23%
 
19%
 
29%
 
39%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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)
 
Apple, Inc.
3.0
 
Microsoft Corp.
2.9
 
Alphabet, Inc. Class A
1.5
 
Amazon.com, Inc.
1.1
 
iShares 20+ Year Treasury Bond ETF
1.0
 
Exxon Mobil Corp.
0.8
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.8
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
Meta Platforms, Inc. Class A
0.6
 
LVMH Moet Hennessy Louis Vuitton SE
0.5
 
 
13.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
16.6
 
Information Technology
14.2
 
Health Care
8.6
 
Consumer Discretionary
8.6
 
Industrials
8.5
 
Communication Services
5.4
 
Consumer Staples
5.3
 
Energy
3.9
 
Materials
3.4
 
Real Estate
2.4
 
Utilities
1.7
 
Financial Services
0.1
 
 
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* - (1.8)%
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.
*Short Term Investments Class are not included in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and 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 1.3%.
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 33.5% 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® 70%
Showing Percentage of Net Assets
Equity Central Funds - 70.3%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
802,323
77,600,706
Fidelity Emerging Markets Equity Central Fund (a)
 
2,827,973
544,724,118
Fidelity Hedged Equity Central Fund (a)
 
177,946
17,993,936
Fidelity International Equity Central Fund (a)
 
12,279,902
1,124,102,214
Fidelity Real Estate Equity Central Fund (a)
 
217,866
26,255,055
Fidelity U.S. Equity Central Fund (a)
 
22,813,471
2,553,055,517
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $2,510,835,993)
 
 
4,343,731,546
 
 
 
 
Fixed-Income Central Funds - 25.8%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 3.9%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
3,912,607
29,618,432
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
537,533
47,888,825
Fidelity Floating Rate Central Fund (a)
 
1,201,187
115,650,316
Fidelity High Income Central Fund (a)
 
498,584
51,035,010
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
244,192,583
Investment Grade Fixed-Income Funds - 21.9%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
1,374,010
124,237,994
Fidelity International Credit Central Fund (a)
 
741,695
57,666,781
Fidelity Investment Grade Bond Central Fund (a)
 
11,808,336
1,169,025,283
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
1,350,930,058
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $1,675,123,299)
 
 
 
1,595,122,641
 
 
 
 
Money Market Central Funds - 2.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
79,381,657
79,397,534
Fidelity Securities Lending Cash Central Fund 4.87% (b)(c)
 
63,177,182
63,183,500
 
TOTAL MONEY MARKET CENTRAL FUNDS
  (Cost $142,581,034)
 
 
142,581,034
 
 
 
 
U.S. Treasury Obligations - 0.4%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 4/6/23 to 6/8/23 (e)
 
  (Cost $23,696,285)
 
 
23,880,000
23,709,602
 
 
 
 
Investment Companies - 2.3%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF (f)
 
590,566
62,818,506
iShares MSCI USA Minimum Volatility ETF
 
638,852
46,470,094
VanEck Vectors Gold Miners ETF
 
999,102
32,320,950
 
TOTAL INVESTMENT COMPANIES
  (Cost $150,630,917)
 
 
141,609,550
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
  (Cost $4,502,867,528)
 
 
 
6,246,754,373
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(70,000,809)
NET ASSETS - 100.0%
6,176,753,564
 
 
 
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)
1,972
Jun 2023
206,714,900
8,707,463
8,707,463
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
184
Jun 2023
9,158,600
328,549
328,549
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
9,036,012
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
432
Jun 2023
47,307,375
1,001,507
1,001,507
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
10,037,519
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
1,266
Jun 2023
261,919,575
(15,361,618)
(15,361,618)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(5,324,099)
The notional amount of futures purchased as a percentage of Net Assets is 4.2%
The notional amount of futures sold as a percentage of Net Assets is 4.2%
 
 
 
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 $23,460,469.
 
(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 4.86%
31,878,883
326,194,493
278,675,842
809,722
-
-
79,397,534
0.2%
Fidelity Commodity Strategy Central Fund
140,326,756
3,115,048
61,657,312
1,498,478
(11,470,921)
7,287,135
77,600,706
16.7%
Fidelity Emerging Markets Debt Central Fund
28,301,729
1,582,454
1,955,119
912,411
(162,555)
1,851,923
29,618,432
1.4%
Fidelity Emerging Markets Debt Local Currency Central Fund
14,887,808
30,337,378
-
40,744
-
2,663,639
47,888,825
17.3%
Fidelity Emerging Markets Equity Central Fund
418,358,762
81,166,941
15,767,062
7,101,752
(2,949,378)
63,914,855
544,724,118
23.9%
Fidelity Floating Rate Central Fund
155,147,748
8,036,758
51,068,508
6,169,364
(1,748,827)
5,283,145
115,650,316
6.2%
Fidelity Hedged Equity Central Fund
-
17,794,397
-
9,782
-
199,539
17,993,936
16.9%
Fidelity High Income Central Fund
47,825,594
2,558,962
1,528,592
1,974,451
(4,107)
2,183,153
51,035,010
3.1%
Fidelity Inflation-Protected Bond Index Central Fund
121,276,414
14,813,135
4,159,306
13,249,431
(225,148)
(7,467,101)
124,237,994
19.8%
Fidelity International Credit Central Fund
72,088,262
3,713,617
16,024,973
2,931,044
(4,669,749)
2,559,624
57,666,781
16.3%
Fidelity International Equity Central Fund
787,786,717
146,295,179
35,014,934
5,617,211
(1,004,454)
226,039,706
1,124,102,214
23.1%
Fidelity Investment Grade Bond Central Fund
920,418,876
256,015,409
41,903,417
19,383,402
(471,938)
34,966,353
1,169,025,283
3.2%
Fidelity Real Estate Equity Central Fund
38,168,175
1,058,773
16,315,795
523,283
147,822
3,196,080
26,255,055
2.7%
Fidelity Securities Lending Cash Central Fund 4.87%
63,992,200
913,039,769
913,848,469
13,392
-
-
63,183,500
0.2%
Fidelity U.S. Equity Central Fund
2,468,179,513
84,250,577
325,240,815
52,312,016
6,566,437
319,299,805
2,553,055,517
16.2%
Total
5,308,637,437
1,889,972,890
1,763,160,144
112,546,483
(15,992,818)
661,977,856
6,081,435,221
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
4,343,731,546
4,343,731,546
-
-
 Fixed-Income Central Funds
1,595,122,641
1,595,122,641
-
-
 Money Market Central Funds
142,581,034
142,581,034
-
-
 Other Short-Term Investments and Net Other Assets
23,709,602
-
23,709,602
-
  Investment Companies
141,609,550
141,609,550
-
-
 Total Investments in Securities:
6,246,754,373
6,223,044,771
23,709,602
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
10,037,519
10,037,519
-
-
  Total Assets
10,037,519
10,037,519
-
-
 Liabilities
 
 
 
 
Futures Contracts
(15,361,618)
(15,361,618)
-
-
  Total Liabilities
(15,361,618)
(15,361,618)
-
-
 Total Derivative Instruments:
(5,324,099)
(5,324,099)
-
-
 
 
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, 2023. 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)  
9,036,012
(15,361,618)
Total Equity Risk
9,036,012
(15,361,618)
Interest Rate Risk
 
 
Futures Contracts (a)  
1,001,507
0
Total Interest Rate Risk
1,001,507
0
Total Value of Derivatives
10,037,519
(15,361,618)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $62,811,485) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $174,327,202)
$
165,319,152
 
 
Fidelity Central Funds (cost $4,328,540,326)
6,081,435,221
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,502,867,528)
 
 
$
6,246,754,373
Receivable for investments sold
 
 
3,968,165
Receivable for fund shares sold
 
 
1,897,385
Distributions receivable from Fidelity Central Funds
 
 
241,151
Prepaid expenses
 
 
3,017
Other receivables
 
 
4,191
  Total assets
 
 
6,252,868,282
Liabilities
 
 
 
 
Payable to custodian bank
$
4,826,731
 
 
Payable for investments purchased
50,521
 
 
Payable for fund shares redeemed
1,939,938
 
 
Accrued management fee
2,643,234
 
 
Distribution and service plan fees payable
96,265
 
 
Payable for daily variation margin on futures contracts
2,712,100
 
 
Other affiliated payables
619,296
 
 
Other payables and accrued expenses
43,133
 
 
Collateral on securities loaned
63,183,500
 
 
  Total Liabilities
 
 
 
76,114,718
Net Assets  
 
 
$
6,176,753,564
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,891,400,434
Total accumulated earnings (loss)
 
 
 
1,285,353,130
Net Assets
 
 
$
6,176,753,564
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($204,361,390 ÷ 8,576,342 shares) (a)
 
 
$
23.83
Maximum offering price per share (100/94.25 of $23.83)
 
 
$
25.28
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($69,398,107 ÷ 2,911,401 shares) (a)
 
 
$
23.84
Maximum offering price per share (100/96.50 of $23.84)
 
 
$
24.70
Class C :
 
 
 
 
Net Asset Value and offering price per share ($32,226,030 ÷ 1,355,991 shares) (a)
 
 
$
23.77
Asset Manager 70% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($3,854,707,235 ÷ 161,370,473 shares)
 
 
$
23.89
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($48,985,927 ÷ 2,049,266 shares)
 
 
$
23.90
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,967,074,875 ÷ 82,485,032 shares)
 
 
$
23.85
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,979,272
Interest  
 
 
428,639
Income from Fidelity Central Funds (including $13,392 from security lending)
 
 
73,029,997
 Total Income
 
 
 
75,437,908
Expenses
 
 
 
 
Management fee
$
15,708,811
 
 
Transfer agent fees
2,968,567
 
 
Distribution and service plan fees
569,671
 
 
Accounting fees
667,982
 
 
Custodian fees and expenses
17,752
 
 
Independent trustees' fees and expenses
11,928
 
 
Registration fees
57,958
 
 
Audit
24,745
 
 
Legal
10,841
 
 
Miscellaneous
14,514
 
 
 Total expenses before reductions
 
20,052,769
 
 
 Expense reductions
 
(112,196)
 
 
 Total expenses after reductions
 
 
 
19,940,573
Net Investment income (loss)
 
 
 
55,497,335
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(37,132,912)
 
 
   Fidelity Central Funds
 
(15,992,818)
 
 
 Futures contracts
 
18,609,561
 
 
 Capital gain distributions from Fidelity Central Funds
 
39,516,486
 
 
Total net realized gain (loss)
 
 
 
5,000,317
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
45,013,138
 
 
   Fidelity Central Funds
 
661,977,856
 
 
 Futures contracts
 
(16,865,632)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
690,125,362
Net gain (loss)
 
 
 
695,125,679
Net increase (decrease) in net assets resulting from operations
 
 
$
750,623,014
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
55,497,335
$
118,820,892
Net realized gain (loss)
 
5,000,317
 
 
351,046,181
 
Change in net unrealized appreciation (depreciation)
 
690,125,362
 
(1,801,796,030)
 
Net increase (decrease) in net assets resulting from operations
 
750,623,014
 
 
(1,331,928,957)
 
Distributions to shareholders
 
(369,551,537)
 
 
(197,081,541)
 
Share transactions - net increase (decrease)
 
263,622,022
 
 
166,143,423
 
Total increase (decrease) in net assets
 
644,693,499
 
 
(1,362,867,075)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,532,060,065
 
6,894,927,140
 
End of period
$
6,176,753,564
$
5,532,060,065
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 70% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.33
$
28.33
$
23.67
$
22.21
$
23.27
$
22.26
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.40
 
.21
 
.25
 
.27
 
.23
     Net realized and unrealized gain (loss)
 
2.76
 
(5.69)
 
4.95
 
2.32
 
(.17)
 
1.59
  Total from investment operations
 
2.94  
 
(5.29)  
 
5.16  
 
2.57  
 
.10
 
1.82
  Distributions from net investment income
 
(.42)
 
(.31)
 
(.18)
 
(.28)
 
(.25)
 
(.19)
  Distributions from net realized gain
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
 
(.62)
     Total distributions
 
(1.44)
 
(.71)
 
(.50)
 
(1.11)
 
(1.16)
 
(.81)
  Net asset value, end of period
$
23.83
$
22.33
$
28.33
$
23.67
$
22.21
$
23.27
 Total Return   C,D,E
 
13.51%
 
(19.23)%
 
21.99%
 
11.81%
 
1.16%
 
8.31%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97% H
 
.96%
 
.96%
 
.99%
 
1.00%
 
1.00%
    Expenses net of fee waivers, if any
 
.96% H
 
.96%
 
.96%
 
.98%
 
1.00%
 
1.00%
    Expenses net of all reductions
 
.96% H
 
.96%
 
.96%
 
.98%
 
1.00%
 
1.00%
    Net investment income (loss)
 
1.57% H
 
1.50%
 
.76%
 
1.11%
 
1.25%
 
.99%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
204,361
$
179,830
$
219,595
$
179,404
$
166,280
$
155,622
    Portfolio turnover rate I
 
25% H
 
23%
 
20%
 
27%
 
41%
 
21%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.30
$
28.30
$
23.65
$
22.19
$
23.24
$
22.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.33
 
.14
 
.19
 
.22
 
.17
     Net realized and unrealized gain (loss)
 
2.75
 
(5.69)
 
4.96
 
2.33
 
(.17)
 
1.58
  Total from investment operations
 
2.91  
 
(5.36)  
 
5.10  
 
2.52  
 
.05
 
1.75
  Distributions from net investment income
 
(.35)
 
(.24)
 
(.13)
 
(.23)
 
(.19)
 
(.14)
  Distributions from net realized gain
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
 
(.62)
     Total distributions
 
(1.37)
 
(.64)
 
(.45)
 
(1.06)
 
(1.10)
 
(.76)
  Net asset value, end of period
$
23.84
$
22.30
$
28.30
$
23.65
$
22.19
$
23.24
 Total Return   C,D,E
 
13.38%
 
(19.45)%
 
21.71%
 
11.56%
 
.90%
 
7.99%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21% H
 
1.21%
 
1.21%
 
1.23%
 
1.24%
 
1.25%
    Expenses net of fee waivers, if any
 
1.21% H
 
1.20%
 
1.21%
 
1.23%
 
1.24%
 
1.25%
    Expenses net of all reductions
 
1.21% H
 
1.20%
 
1.21%
 
1.23%
 
1.24%
 
1.25%
    Net investment income (loss)
 
1.32% H
 
1.25%
 
.51%
 
.87%
 
1.01%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
69,398
$
62,915
$
80,784
$
69,250
$
63,064
$
61,587
    Portfolio turnover rate I
 
25% H
 
23%
 
20%
 
27%
 
41%
 
21%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Total returns do not include the effect of the sales charges.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.18
$
28.12
$
23.50
$
22.03
$
23.06
$
22.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.19
 
- C
 
.08
 
.11
 
.05
     Net realized and unrealized gain (loss)
 
2.74
 
(5.66)
 
4.94
 
2.30
 
(.15)
 
1.57
  Total from investment operations
 
2.83  
 
(5.47)  
 
4.94  
 
2.38  
 
(.04)
 
1.62
  Distributions from net investment income
 
(.22)
 
(.07)
 
-
 
(.08)
 
(.07)
 
(.03)
  Distributions from net realized gain
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
 
(.62)
     Total distributions
 
(1.24)
 
(.47)
 
(.32)
 
(.91)
 
(.99) D
 
(.64) D
  Net asset value, end of period
$
23.77
$
22.18
$
28.12
$
23.50
$
22.03
$
23.06
 Total Return   E,F,G
 
13.06%
 
(19.84)%
 
21.12%
 
10.98%
 
.42%
 
7.46%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.73% J
 
1.72%
 
1.72%
 
1.74%
 
1.75%
 
1.75%
    Expenses net of fee waivers, if any
 
1.72% J
 
1.72%
 
1.72%
 
1.74%
 
1.75%
 
1.75%
    Expenses net of all reductions
 
1.72% J
 
1.72%
 
1.72%
 
1.74%
 
1.75%
 
1.75%
    Net investment income (loss)
 
.81% J
 
.74%
 
-% K
 
.36%
 
.50%
 
.24%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,226
$
29,116
$
44,170
$
40,240
$
42,547
$
63,398
    Portfolio turnover rate L
 
25% J
 
23%
 
20%
 
27%
 
41%
 
21%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Amount represents less than $.005 per share.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the contingent deferred sales charge.
 
H Fees 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.
 
I Expense 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.
 
J Annualized.
 
K Amount represents less than .005%.
 
L Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.42
$
28.43
$
23.74
$
22.27
$
23.33
$
22.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.48
 
.29
 
.32
 
.34
 
.30
     Net realized and unrealized gain (loss)
 
2.76
 
(5.70)
 
4.97
 
2.33
 
(.17)
 
1.58
  Total from investment operations
 
2.98  
 
(5.22)  
 
5.26  
 
2.65  
 
.17
 
1.88
  Distributions from net investment income
 
(.48)
 
(.39)
 
(.26)
 
(.35)
 
(.31)
 
(.26)
  Distributions from net realized gain
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
 
(.62)
     Total distributions
 
(1.51) C
 
(.79)
 
(.57) C
 
(1.18)
 
(1.23) C
 
(.88)
  Net asset value, end of period
$
23.89
$
22.42
$
28.43
$
23.74
$
22.27
$
23.33
 Total Return   D,E
 
13.65%
 
(18.98)%
 
22.39%
 
12.14%
 
1.51%
 
8.57%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.68% H
 
.67%
 
.66%
 
.68%
 
.69%
 
.69%
    Expenses net of fee waivers, if any
 
.67% H
 
.66%
 
.66%
 
.68%
 
.69%
 
.69%
    Expenses net of all reductions
 
.67% H
 
.66%
 
.66%
 
.68%
 
.69%
 
.69%
    Net investment income (loss)
 
1.86% H
 
1.79%
 
1.06%
 
1.42%
 
1.56%
 
1.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,854,707
$
3,518,486
$
4,523,497
$
5,203,794
$
4,893,270
$
5,088,118
    Portfolio turnover rate I
 
25% H
 
23%
 
20%
 
27%
 
41%
 
21%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.43
$
28.46
$
23.75
$
22.27
$
23.33
$
22.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.47
 
.28
 
.31
 
.33
 
.29
     Net realized and unrealized gain (loss)
 
2.75
 
(5.71)
 
4.98
 
2.34
 
(.17)
 
1.58
  Total from investment operations
 
2.97  
 
(5.24)  
 
5.26  
 
2.65  
 
.16
 
1.87
  Distributions from net investment income
 
(.48)
 
(.39)
 
(.24)
 
(.34)
 
(.30)
 
(.25)
  Distributions from net realized gain
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
 
(.62)
     Total distributions
 
(1.50)
 
(.79)
 
(.55) C
 
(1.17)
 
(1.22) C
 
(.87)
  Net asset value, end of period
$
23.90
$
22.43
$
28.46
$
23.75
$
22.27
$
23.33
 Total Return   D,E
 
13.62%
 
(19.03)%
 
22.37%
 
12.14%
 
1.46%
 
8.53%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.70% H
 
.69%
 
.69%
 
.71%
 
.72%
 
.72%
    Expenses net of fee waivers, if any
 
.70% H
 
.69%
 
.69%
 
.71%
 
.72%
 
.72%
    Expenses net of all reductions
 
.70% H
 
.69%
 
.69%
 
.71%
 
.72%
 
.72%
    Net investment income (loss)
 
1.83% H
 
1.76%
 
1.03%
 
1.39%
 
1.53%
 
1.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
48,986
$
43,240
$
54,440
$
38,396
$
68,475
$
74,682
    Portfolio turnover rate I
 
25% H
 
23%
 
20%
 
27%
 
41%
 
21%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.39
$
28.41
$
23.72
$
22.26
$
23.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.23
 
.49
 
.32
 
.33
 
.35
     Net realized and unrealized gain (loss)
 
2.76
 
(5.68)
 
4.96
 
2.33
 
(.13)
  Total from investment operations
 
2.99  
 
(5.19)  
 
5.28  
 
2.66  
 
.22
  Distributions from net investment income
 
(.50)
 
(.42)
 
(.27)
 
(.37)
 
(.34)
  Distributions from net realized gain
 
(1.02)
 
(.40)
 
(.32)
 
(.83)
 
(.91)
     Total distributions
 
(1.53) D
 
(.83) D
 
(.59)
 
(1.20)
 
(1.25)
  Net asset value, end of period
$
23.85
$
22.39
$
28.41
$
23.72
$
22.26
 Total Return   E,F
 
13.72%
 
(18.94)%
 
22.48%
 
12.21%
 
1.78%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% I
 
.59%
 
.59%
 
.61%
 
.62% I
    Expenses net of fee waivers, if any
 
.59% I
 
.59%
 
.59%
 
.60%
 
.61% I
    Expenses net of all reductions
 
.59% I
 
.59%
 
.59%
 
.60%
 
.61% I
    Net investment income (loss)
 
1.94% I
 
1.86%
 
1.13%
 
1.49%
 
1.64% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,967,075
$
1,698,474
$
1,972,441
$
28,723
$
24,876
    Portfolio turnover rate J
 
25% I
 
23%
 
20%
 
27%
 
41%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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)
 
Apple, Inc.
3.6
 
Microsoft Corp.
3.4
 
iShares 20+ Year Treasury Bond ETF
1.8
 
Alphabet, Inc. Class A
1.8
 
Amazon.com, Inc.
1.3
 
Exxon Mobil Corp.
1.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.
1.0
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
Meta Platforms, Inc. Class A
0.7
 
LVMH Moet Hennessy Louis Vuitton SE
0.6
 
 
16.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
17.0
 
Financials
16.6
 
Health Care
10.3
 
Consumer Discretionary
9.7
 
Industrials
9.3
 
Consumer Staples
6.2
 
Communication Services
6.0
 
Materials
3.9
 
Energy
3.8
 
Real Estate
2.6
 
Utilities
1.7
 
Financial Services
0.1
 
 
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 * - (2.5)%
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.
*Short Term Investments Class are not included in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and 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 1.3%.
 
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 38.4% 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%
Showing Percentage of Net Assets
Equity Central Funds - 85.1%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
443,728
42,917,339
Fidelity Emerging Markets Equity Central Fund (a)
 
1,924,067
370,613,817
Fidelity Hedged Equity Central Fund (a)
 
100,496
10,162,142
Fidelity International Equity Central Fund (a)
 
8,374,229
766,576,904
Fidelity Real Estate Equity Central Fund (a)
 
183,723
22,140,482
Fidelity U.S. Equity Central Fund (a)
 
15,449,720
1,728,978,201
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $1,964,930,759)
 
 
2,941,388,885
 
 
 
 
Fixed-Income Central Funds - 10.8%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 1.7%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
1,679,150
12,711,165
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
408,797
36,419,761
Fidelity Floating Rate Central Fund (a)
 
115,145
11,086,148
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
60,217,074
Investment Grade Fixed-Income Funds - 9.1%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
791,118
71,532,927
Fidelity International Credit Central Fund (a)
 
411,316
31,979,827
Fidelity Investment Grade Bond Central Fund (a)
 
2,122,024
210,080,365
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
313,593,119
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $396,250,100)
 
 
 
373,810,193
 
 
 
 
Money Market Central Funds - 2.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
23,181,128
23,185,764
Fidelity Securities Lending Cash Central Fund 4.87% (b)(c)
 
65,204,730
65,211,250
 
TOTAL MONEY MARKET CENTRAL FUNDS
  (Cost $88,397,014)
 
 
88,397,014
 
 
 
 
U.S. Treasury Obligations - 0.4%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.41% to 4.93% 5/4/23 to 6/8/23 (e)
 
  (Cost $13,214,992)
 
 
13,310,000
13,221,363
 
 
 
 
Investment Companies - 3.1%
 
 
Shares
Value ($)
 
iShares 20+ Year Treasury Bond ETF (f)
 
591,422
62,909,559
iShares MSCI USA Minimum Volatility ETF (f)
 
362,118
26,340,463
VanEck Vectors Gold Miners ETF (f)
 
566,788
18,335,592
 
TOTAL INVESTMENT COMPANIES
  (Cost $118,702,771)
 
 
107,585,614
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
  (Cost $2,581,495,636)
 
 
 
3,524,403,069
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(66,450,603)
NET ASSETS - 100.0%
3,457,952,466
 
 
 
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)
1,222
Jun 2023
128,096,150
5,395,498
5,395,498
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
112
Jun 2023
5,574,800
199,976
199,976
 
 
 
 
 
 
TOTAL EQUITY INDEX CONTRACTS
 
 
 
 
5,595,474
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
246
Jun 2023
26,938,922
570,302
570,302
 
 
 
 
 
 
TOTAL PURCHASED
 
 
 
 
6,165,776
 
 
 
 
 
 
Sold
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
660
Jun 2023
136,545,750
(8,008,427)
(8,008,427)
 
 
 
 
 
 
TOTAL FUTURES CONTRACTS
 
 
 
 
(1,842,651)
The notional amount of futures purchased as a percentage of Net Assets is 4.7%
The notional amount of futures sold as a percentage of Net Assets is 3.9%
 
 
 
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 $13,070,634.
 
(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 4.86%
13,400,862
167,391,705
157,606,803
350,582
-
-
23,185,764
0.1%
Fidelity Commodity Strategy Central Fund
78,940,714
2,310,894
36,003,460
840,050
(5,459,422)
3,128,613
42,917,339
9.3%
Fidelity Emerging Markets Debt Central Fund
12,999,589
1,050,523
2,105,966
411,971
(306,014)
1,073,033
12,711,165
0.6%
Fidelity Emerging Markets Debt Local Currency Central Fund
8,467,097
26,172,671
-
23,053
-
1,779,993
36,419,761
13.2%
Fidelity Emerging Markets Equity Central Fund
292,726,440
67,693,419
30,577,671
4,823,506
(9,171,810)
49,943,439
370,613,817
16.3%
Fidelity Floating Rate Central Fund
26,789,150
1,561,282
17,936,425
1,011,948
(701,683)
1,373,824
11,086,148
0.6%
Fidelity Hedged Equity Central Fund
-
10,049,451
-
5,524
-
112,691
10,162,142
9.6%
Fidelity High Income Central Fund
-
28
4,821
45
4,793
-
-
0.0%
Fidelity Inflation-Protected Bond Index Central Fund
63,761,519
15,153,445
3,586,697
6,888,421
(125,700)
(3,669,640)
71,532,927
11.4%
Fidelity International Credit Central Fund
42,225,958
2,431,705
11,475,273
1,650,776
(3,263,792)
2,061,229
31,979,827
9.1%
Fidelity International Equity Central Fund
580,772,173
65,200,233
38,381,175
3,939,557
(4,559,906)
163,545,579
766,576,904
15.8%
Fidelity Investment Grade Bond Central Fund
146,696,239
113,460,967
56,367,033
3,636,930
(4,516,853)
10,807,045
210,080,365
0.6%
Fidelity Real Estate Equity Central Fund
28,721,218
1,126,915
10,203,909
392,387
(11,795)
2,508,053
22,140,482
2.3%
Fidelity Securities Lending Cash Central Fund 4.87%
16,469,750
768,829,551
720,088,051
15,844
-
-
65,211,250
0.2%
Fidelity U.S. Equity Central Fund
1,623,482,375
101,626,119
214,775,249
35,560,027
5,083,989
213,560,967
1,728,978,201
11.0%
Total
2,935,453,084
1,344,058,908
1,299,112,533
59,550,621
(23,028,193)
446,224,826
3,403,596,092
 
 
 
 
 
 
 
 
 
 
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.
 
Investment Valuation
 
The following is a summary of the inputs used, as of March 31, 2023, 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
2,941,388,885
2,941,388,885
-
-
 Fixed-Income Central Funds
373,810,193
373,810,193
-
-
 Money Market Central Funds
88,397,014
88,397,014
-
-
 Other Short-Term Investments and Net Other Assets
13,221,363
-
13,221,363
-
  Investment Companies
107,585,614
107,585,614
-
-
 Total Investments in Securities:
3,524,403,069
3,511,181,706
13,221,363
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
6,165,776
6,165,776
-
-
  Total Assets
6,165,776
6,165,776
-
-
 Liabilities
 
 
 
 
Futures Contracts
(8,008,427)
(8,008,427)
-
-
  Total Liabilities
(8,008,427)
(8,008,427)
-
-
 Total Derivative Instruments:
(1,842,651)
(1,842,651)
-
-
 
 
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, 2023. 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)  
5,595,474
(8,008,427)
Total Equity Risk
5,595,474
(8,008,427)
Interest Rate Risk
 
 
Futures Contracts (a)  
570,302
0
Total Interest Rate Risk
570,302
0
Total Value of Derivatives
6,165,776
(8,008,427)
 
(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, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $64,636,353) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $131,917,763)
$
120,806,977
 
 
Fidelity Central Funds (cost $2,449,577,873)
3,403,596,092
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,581,495,636)
 
 
$
3,524,403,069
Receivable for investments sold
 
 
1,959,024
Receivable for fund shares sold
 
 
1,395,288
Distributions receivable from Fidelity Central Funds
 
 
71,782
Prepaid expenses
 
 
1,698
  Total assets
 
 
3,527,830,861
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
1,356,357
 
 
Accrued management fee
1,477,559
 
 
Distribution and service plan fees payable
90,858
 
 
Payable for daily variation margin on futures contracts
1,325,777
 
 
Other affiliated payables
378,253
 
 
Other payables and accrued expenses
38,341
 
 
Collateral on securities loaned
65,211,250
 
 
  Total Liabilities
 
 
 
69,878,395
Net Assets  
 
 
$
3,457,952,466
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,742,279,894
Total accumulated earnings (loss)
 
 
 
715,672,572
Net Assets
 
 
$
3,457,952,466
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($197,887,655 ÷ 9,064,890 shares) (a)
 
 
$
21.83
Maximum offering price per share (100/94.25 of $21.83)
 
 
$
23.16
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($45,856,745 ÷ 2,115,938 shares) (a)
 
 
$
21.67
Maximum offering price per share (100/96.50 of $21.67)
 
 
$
22.46
Class C :
 
 
 
 
Net Asset Value and offering price per share ($39,934,412 ÷ 1,863,448 shares) (a)
 
 
$
21.43
Asset Manager 85% :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,907,130,529 ÷ 86,312,777 shares)
 
 
$
22.10
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($58,288,588 ÷ 2,646,496 shares)
 
 
$
22.02
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,208,854,537 ÷ 55,032,869 shares)
 
 
$
21.97
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,249,544
Interest  
 
 
239,960
Income from Fidelity Central Funds (including $15,844 from security lending)
 
 
33,263,134
 Total Income
 
 
 
34,752,638
Expenses
 
 
 
 
Management fee
$
8,834,934
 
 
Transfer agent fees
1,790,009
 
 
Distribution and service plan fees
538,362
 
 
Accounting fees
430,704
 
 
Custodian fees and expenses
13,518
 
 
Independent trustees' fees and expenses
6,711
 
 
Registration fees
53,434
 
 
Audit
24,715
 
 
Legal
6,109
 
 
Interest
1,696
 
 
Miscellaneous
8,175
 
 
 Total expenses before reductions
 
11,708,367
 
 
 Expense reductions
 
(63,071)
 
 
 Total expenses after reductions
 
 
 
11,645,296
Net Investment income (loss)
 
 
 
23,107,342
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(20,561,010)
 
 
   Fidelity Central Funds
 
(23,028,193)
 
 
 Futures contracts
 
7,806,524
 
 
 Capital gain distributions from Fidelity Central Funds
 
26,287,487
 
 
Total net realized gain (loss)
 
 
 
(9,495,192)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
24,957,104
 
 
   Fidelity Central Funds
 
446,224,826
 
 
 Futures contracts
 
(2,767,834)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
468,414,096
Net gain (loss)
 
 
 
458,918,904
Net increase (decrease) in net assets resulting from operations
 
 
$
482,026,246
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
23,107,342
$
57,022,306
Net realized gain (loss)
 
(9,495,192)
 
 
172,237,074
 
Change in net unrealized appreciation (depreciation)
 
468,414,096
 
(1,059,883,711)
 
Net increase (decrease) in net assets resulting from operations
 
482,026,246
 
 
(830,624,331)
 
Distributions to shareholders
 
(159,424,150)
 
 
(128,057,101)
 
Share transactions - net increase (decrease)
 
49,260,546
 
 
242,638,642
 
Total increase (decrease) in net assets
 
371,862,642
 
 
(716,042,790)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,086,089,824
 
3,802,132,614
 
End of period
$
3,457,952,466
$
3,086,089,824
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor Asset Manager® 85% Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.79
$
25.79
$
20.73
$
19.30
$
20.36
$
19.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.30
 
.16
 
.19
 
.20
 
.16
     Net realized and unrealized gain (loss)
 
2.91
 
(5.52)
 
5.31
 
2.29
 
(.37)
 
1.77
  Total from investment operations
 
3.03  
 
(5.22)  
 
5.47  
 
2.48  
 
(.17)
 
1.93
  Distributions from net investment income
 
(.32)
 
(.24)
 
(.13)
 
(.22)
 
(.17)
 
(.14)
  Distributions from net realized gain
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
 
(.45)
     Total distributions
 
(.99)
 
(.78)
 
(.41)
 
(1.05) C
 
(.89)
 
(.59)
  Net asset value, end of period
$
21.83
$
19.79
$
25.79
$
20.73
$
19.30
$
20.36
 Total Return   D,E,F
 
15.63%
 
(21.00)%
 
26.59%
 
13.11%
 
(.11)%
 
10.29%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% I
 
.97%
 
.98%
 
1.00%
 
1.01%
 
1.02%
    Expenses net of fee waivers, if any
 
.98% I
 
.97%
 
.98%
 
.99%
 
1.01%
 
1.02%
    Expenses net of all reductions
 
.98% I
 
.97%
 
.98%
 
.99%
 
1.01%
 
1.02%
    Net investment income (loss)
 
1.10% I
 
1.24%
 
.64%
 
.97%
 
1.06%
 
.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
197,888
$
165,075
$
191,715
$
143,117
$
125,168
$
115,447
    Portfolio turnover rate J
 
29% I
 
27%
 
18%
 
41%
 
47%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.62
$
25.58
$
20.57
$
19.17
$
20.22
$
18.91
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.24
 
.09
 
.14
 
.15
 
.10
     Net realized and unrealized gain (loss)
 
2.89
 
(5.48)
 
5.28
 
2.27
 
(.36)
 
1.75
  Total from investment operations
 
2.98  
 
(5.24)  
 
5.37  
 
2.41  
 
(.21)
 
1.85
  Distributions from net investment income
 
(.26)
 
(.18)
 
(.08)
 
(.18)
 
(.13)
 
(.09)
  Distributions from net realized gain
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
 
(.45)
     Total distributions
 
(.93)
 
(.72)
 
(.36)
 
(1.01) C
 
(.84) C
 
(.54)
  Net asset value, end of period
$
21.67
$
19.62
$
25.58
$
20.57
$
19.17
$
20.22
 Total Return   D,E,F
 
15.46%
 
(21.21)%
 
26.30%
 
12.81%
 
(.35)%
 
9.94%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.23% I
 
1.22%
 
1.23%
 
1.25%
 
1.27%
 
1.29%
    Expenses net of fee waivers, if any
 
1.22% I
 
1.22%
 
1.23%
 
1.25%
 
1.27%
 
1.29%
    Expenses net of all reductions
 
1.22% I
 
1.22%
 
1.23%
 
1.25%
 
1.27%
 
1.29%
    Net investment income (loss)
 
.85% I
 
1.00%
 
.39%
 
.72%
 
.80%
 
.53%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
45,857
$
42,034
$
54,864
$
40,604
$
33,611
$
31,371
    Portfolio turnover rate J
 
29% I
 
27%
 
18%
 
41%
 
47%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.36
$
25.24
$
20.31
$
18.92
$
19.95
$
18.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.11
 
(.03)
 
.04
 
.06
 
.01
     Net realized and unrealized gain (loss)
 
2.86
 
(5.42)
 
5.21
 
2.24
 
(.35)
 
1.74
  Total from investment operations
 
2.89  
 
(5.31)  
 
5.18  
 
2.28  
 
(.29)
 
1.75
  Distributions from net investment income
 
(.15)
 
(.03)
 
-
 
(.06)
 
(.02)
 
- C
  Distributions from net realized gain
 
(.67)
 
(.54)
 
(.25)
 
(.84)
 
(.72)
 
(.45)
     Total distributions
 
(.82)
 
(.57)
 
(.25)
 
(.89) D
 
(.74)
 
(.45)
  Net asset value, end of period
$
21.43
$
19.36
$
25.24
$
20.31
$
18.92
$
19.95
 Total Return   E,F,G
 
15.16%
 
(21.61)%
 
25.65%
 
12.25%
 
(.88)%
 
9.51%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.74% J
 
1.74%
 
1.74%
 
1.76%
 
1.77%
 
1.77%
    Expenses net of fee waivers, if any
 
1.74% J
 
1.73%
 
1.74%
 
1.76%
 
1.77%
 
1.77%
    Expenses net of all reductions
 
1.74% J
 
1.73%
 
1.74%
 
1.76%
 
1.77%
 
1.77%
    Net investment income (loss)
 
.33% J
 
.48%
 
(.13)%
 
.21%
 
.30%
 
.05%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
39,934
$
36,141
$
49,896
$
44,510
$
40,909
$
50,588
    Portfolio turnover rate K
 
29% J
 
27%
 
18%
 
41%
 
47%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Amount represents less than $.005 per share.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the contingent deferred sales charge.
 
H Fees 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.
 
I Expense 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.
 
J Annualized.
 
K Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.05
$
26.10
$
20.96
$
19.50
$
20.56
$
19.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.37
 
.23
 
.25
 
.26
 
.22
     Net realized and unrealized gain (loss)
 
2.95
 
(5.58)
 
5.38
 
2.32
 
(.38)
 
1.78
  Total from investment operations
 
3.10  
 
(5.21)  
 
5.61  
 
2.57  
 
(.12)
 
2.00
  Distributions from net investment income
 
(.38)
 
(.30)
 
(.19)
 
(.27)
 
(.23)
 
(.19)
  Distributions from net realized gain
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
 
(.45)
     Total distributions
 
(1.05)
 
(.84)
 
(.47)
 
(1.11)
 
(.94) C
 
(.64)
  Net asset value, end of period
$
22.10
$
20.05
$
26.10
$
20.96
$
19.50
$
20.56
 Total Return   D,E
 
15.79%
 
(20.76)%
 
27.00%
 
13.44%
 
.21%
 
10.62%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.70% H
 
.69%
 
.68%
 
.69%
 
.71%
 
.71%
    Expenses net of fee waivers, if any
 
.69% H
 
.68%
 
.68%
 
.69%
 
.71%
 
.71%
    Expenses net of all reductions
 
.69% H
 
.68%
 
.68%
 
.69%
 
.71%
 
.71%
    Net investment income (loss)
 
1.38% H
 
1.53%
 
.94%
 
1.28%
 
1.36%
 
1.11%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,907,131
$
1,697,192
$
2,185,948
$
2,520,790
$
2,278,919
$
2,377,705
    Portfolio turnover rate I
 
29% H
 
27%
 
18%
 
41%
 
47%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total distributions per share do not sum due to rounding.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.99
$
26.03
$
20.91
$
19.45
$
20.50
$
19.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.36
 
.22
 
.24
 
.25
 
.21
     Net realized and unrealized gain (loss)
 
2.93
 
(5.56)
 
5.36
 
2.32
 
(.37)
 
1.78
  Total from investment operations
 
3.08  
 
(5.20)  
 
5.58  
 
2.56  
 
(.12)
 
1.99
  Distributions from net investment income
 
(.38)
 
(.30)
 
(.18)
 
(.26)
 
(.21)
 
(.19)
  Distributions from net realized gain
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
 
(.45)
     Total distributions
 
(1.05)
 
(.84)
 
(.46)
 
(1.10)
 
(.93)
 
(.64)
  Net asset value, end of period
$
22.02
$
19.99
$
26.03
$
20.91
$
19.45
$
20.50
 Total Return   C,D
 
15.72%
 
(20.78)%
 
26.93%
 
13.40%
 
.15%
 
10.58%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% G
 
.71%
 
.71%
 
.73%
 
.74%
 
.75%
    Expenses net of fee waivers, if any
 
.72% G
 
.71%
 
.71%
 
.72%
 
.74%
 
.75%
    Expenses net of all reductions
 
.72% G
 
.71%
 
.71%
 
.72%
 
.74%
 
.75%
    Net investment income (loss)
 
1.36% G
 
1.50%
 
.90%
 
1.25%
 
1.33%
 
1.07%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
58,289
$
51,528
$
60,989
$
31,606
$
39,115
$
54,135
    Portfolio turnover rate H
 
29% G
 
27%
 
18%
 
41%
 
47%
 
24%
 
A Calculated based on average shares outstanding during the period.
 
B Net 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.
 
C Total returns for periods of less than one year are not annualized.
 
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
E Fees 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.
 
F Expense 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.
 
G Annualized.
 
H Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020  
 
2019   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.95
$
25.99
$
20.87
$
19.43
$
20.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.16
 
.39
 
.26
 
.26
 
.27
     Net realized and unrealized gain (loss)
 
2.93
 
(5.55)
 
5.34
 
2.31
 
(.32)
  Total from investment operations
 
3.09  
 
(5.16)  
 
5.60  
 
2.57  
 
(.05)
  Distributions from net investment income
 
(.40)
 
(.34)
 
(.21)
 
(.30)
 
(.25)
  Distributions from net realized gain
 
(.67)
 
(.54)
 
(.28)
 
(.84)
 
(.72)
     Total distributions
 
(1.07)
 
(.88)
 
(.48) D
 
(1.13) D
 
(.97)
  Net asset value, end of period
$
21.97
$
19.95
$
25.99
$
20.87
$
19.43
 Total Return   E,F
 
15.84%
 
(20.71)%
 
27.11%
 
13.50%
 
.54%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% I
 
.60%
 
.60%
 
.61%
 
.62% I
    Expenses net of fee waivers, if any
 
.60% I
 
.59%
 
.60%
 
.61%
 
.62% I
    Expenses net of all reductions
 
.60% I
 
.59%
 
.60%
 
.61%
 
.62% I
    Net investment income (loss)
 
1.48% I
 
1.62%
 
1.01%
 
1.36%
 
1.45% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,208,855
$
1,094,119
$
1,258,721
$
24,683
$
23,286
    Portfolio turnover rate J
 
29% I
 
27%
 
18%
 
41%
 
47%
 
A For the period October 2, 2018 (commencement of sale of shares) through September 30, 2019.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended March 31, 2023
 
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 Ratio A
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
Less than .005%
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
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
Futures
Loans & Direct Debt Instruments
.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.
Delayed Delivery & When Issued Securities
Foreign Securities
Futures
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.
Foreign Securities
Loans & Direct Debt Instruments
Restricted Securities
Less than .005%
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.
Loans & Direct Debt Instruments
Restricted Securities
 
0.03%
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
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
Options
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.
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
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.
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, 2023, 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. 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. 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.
 
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%
148,116
Fidelity Asset Manager 70%
4,191
 
 
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.
 
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%
$5,561,799,651
$405,202,096
$   (329,074,046)
$76,128,050
Fidelity Asset Manager 30%
2,136,092,532
185,779,126
  (146,584,530)
39,194,596
Fidelity Asset Manager 40%
2,079,203,940
269,073,554
  (129,111,822)
139,961,732
Fidelity Asset Manager 50%
8,272,059,998
1,722,782,984
  (467,960,902)
1,254,822,082
Fidelity Asset Manager 60%
3,094,634,721
878,064,125
  (111,575,650)
766,488,475
Fidelity Asset Manager 70%
5,015,207,113
1,435,659,035
  (209,435,874)
1,226,223,161
Fidelity Asset Manager 85%
2,798,514,093
827,811,307
  (103,764,982)
724,046,325
 
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.
 
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.
 
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
 
Primary Risk Exposure / Derivative Type
Net Realized Gain (Loss)
Change in Net Unrealized Appreciation (Depreciation)
Fidelity Asset Manager 20%
 
 
Equity Risk
 
 
Futures Contracts
$20,173,782
$(59,708,042)
Total Equity Risk
20,173,782
(59,708,042)
Interest Rate Risk
 
 
Futures Contracts
(1,158,188)
1,012,927
Total Interest Rate Risk
(1,158,188)
1,012,927
Totals
$19,015,594
$(58,695,115)
Fidelity Asset Manager 30%
 
 
Equity Risk
 
 
Futures Contracts
$9,244,111
$(25,807,173)
Total Equity Risk
9,244,111
(25,807,173)
Interest Rate Risk
 
 
Futures Contracts
(469,331)
390,299
Total Interest Rate Risk
(469,331)
390,299
Totals
$8,774,780
$(25,416,874)
Fidelity Asset Manager 40%
 
 
Equity Risk
 
 
Futures Contracts
$9,250,508
$(25,211,738)
Total Equity Risk
9,250,508
(25,211,738)
Interest Rate Risk
 
 
Futures Contracts
(462,471)
396,877
Total Interest Rate Risk
(462,471)
396,877
Totals
$8,788,037
$(24,814,861)
Fidelity Asset Manager 50%
 
 
Equity Risk
 
 
Futures Contracts
$34,709,448
$(95,464,944)
Total Equity Risk
34,709,448
(95,464,944)
Interest Rate Risk
 
 
Futures Contracts
(1,924,011)
1,706,027
Total Interest Rate Risk
(1,924,011)
1,706,027
Totals
$32,785,437
$(93,758,917)
Fidelity Asset Manager 60%
 
 
Equity Risk
 
 
Futures Contracts
$13,745,216
$(9,370,005)
Total Equity Risk
13,745,216
(9,370,005)
Interest Rate Risk
 
 
Futures Contracts
(741,430)
680,041
Total Interest Rate Risk
(741,430)
680,041
Totals
$13,003,786
$(8,689,964)
Fidelity Asset Manager 70%
 
 
Equity Risk
 
 
Futures Contracts
$19,782,850
$(17,963,863)
Total Equity Risk
19,782,850
(17,963,863)
Interest Rate Risk
 
 
Futures Contracts
(1,173,289)
1,098,231
Total Interest Rate Risk
(1,173,289)
1,098,231
Totals
$18,609,561
$(16,865,632)
Fidelity Asset Manager 85%
 
 
Equity Risk
 
 
Futures Contracts
$8,459,522
$(3,392,191)
Total Equity Risk
8,459,522
(3,392,191)
Interest Rate Risk
 
 
Futures Contracts
(652,998)
624,357
Total Interest Rate Risk
(652,998)
624,357
Totals
$7,806,524
$(2,767,834)
 
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
 
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, 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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Asset Manager 20%
863,666,495
788,020,113
Fidelity Asset Manager 30%
289,451,463
382,881,751
Fidelity Asset Manager 40%
288,664,747
355,341,402
Fidelity Asset Manager 50%
1,213,913,958
1,469,538,401
Fidelity Asset Manager 60%
501,782,106
512,315,218
Fidelity Asset Manager 70%
744,735,025
771,339,931
Fidelity Asset Manager 85%
479,195,339
531,463,754
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 the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is 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 decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's 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%
.10%
.40%
Fidelity Asset Manager 30%
.30%
.10%
.40%
Fidelity Asset Manager 40%
.30%
.10%
.40%
Fidelity Asset Manager 50%
.25%
.23%
.48%
Fidelity Asset Manager 60%
.30%
.23%
.53%
Fidelity Asset Manager 70%
.30%
.23%
.53%
Fidelity Asset Manager 85%
.30%
.23%
.53%
 
The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.
 
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%
$71,199
$4,138
Class M  
.25%
.25%
68,922
472
Class C  
.75%
.25%
96,743
11,110
 
 
 
$236,864
$15,720
Fidelity Asset Manager 30%
 
 
 
 
Class A    
- %
.25%
$90,765
$3,097
Class M  
.25%
.25%
56,606
370
Class C  
.75%
.25%
120,499
14,923
 
 
 
$267,870
$18,390
Fidelity Asset Manager 40%
 
 
 
 
Class A    
- %
.25%
$90,561
$1,274
Class M  
.25%
.25%
32,640
269
Class C  
.75%
.25%
97,689
13,136
 
 
 
$220,890
$14,679
Fidelity Asset Manager 50%
 
 
 
 
Class A    
- %
.25%
$147,621
$5,409
Class M  
.25%
.25%
126,264
1,005
Class C  
.75%
.25%
160,041
15,385
 
 
 
$433,926
$21,799
Fidelity Asset Manager 60%
 
 
 
 
Class A    
- %
.25%
$186,716
$3,479
Class M  
.25%
.25%
116,402
915
Class C  
.75%
.25%
167,507
17,645
 
 
 
$470,625
$22,039
Fidelity Asset Manager 70%
 
 
 
 
Class A    
- %
.25%
$245,030
$4,255
Class M  
.25%
.25%
168,428
1,277
Class C  
.75%
.25%
156,213
22,595
 
 
 
$569,671
$28,127
Fidelity Asset Manager 85%
 
 
 
 
Class A    
- %
.25%
$231,435
$1,932
Class M  
.25%
.25%
112,622
961
Class C  
.75%
.25%
194,305
32,400
 
 
 
$538,362
$35,293
 
 
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  
$17,387
Class M  
3,468
Class C A
1,576
 
$22,431
Fidelity Asset Manager 30%
 
Class A  
$5,821
Class M  
2,119
Class C A
1,186
 
$9,126
Fidelity Asset Manager 40%
 
Class A  
$8,781
Class M  
6,286
Class C A
816
 
$15,883
Fidelity Asset Manager 50%
 
Class A  
$29,393
Class M  
2,882
Class C A
1,653
 
$33,928
Fidelity Asset Manager 60%
 
Class A  
$24,203
Class M  
3,114
Class C A
2,399
 
$29,716
Fidelity Asset Manager 70%
 
Class A  
$80,548
Class M  
6,294
Class C A
3,640
 
$90,482
Fidelity Asset Manager 85%
 
Class A  
$191,908
Class M  
3,703
Class C A
5,094
 
$200,705
 
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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets A
Fidelity Asset Manager 20%
 
 
Class A  
$40,198
.14
Class M  
19,499
.14
Class C  
13,942
.14
Asset Manager 20%  
1,565,375
.08
Class I  
18,647
.13
Class Z  
438,121
.05
 
$2,095,782
 
Fidelity Asset Manager 30%
 
 
Class A  
$46,770
.13
Class M  
14,798
.13
Class C  
17,439
.14
Asset Manager 30%  
665,894
.08
Class I  
20,613
.14
Class Z  
107,707
.05
 
$873,221
 
Fidelity Asset Manager 40%
 
 
Class A  
$49,127
.14
Class M  
8,028
.12
Class C  
14,651
.15
Asset Manager 40%  
658,554
.09
Class I  
24,159
.14
Class Z  
135,144
.05
 
$889,663
 
Fidelity Asset Manager 50%
 
 
Class A  
$97,797
.17
Class M  
39,463
.16
Class C  
27,151
.17
Asset Manager 50%  
4,392,206
.12
Class I  
41,226
.14
Class Z  
380,459
.04
 
$4,978,302
 
Fidelity Asset Manager 60%
 
 
Class A  
$134,541
.18
Class M  
39,838
.17
Class C  
33,188
.20
Asset Manager 60%  
1,220,548
.12
Class I  
90,855
.18
Class Z  
278,273
.04
 
$1,797,243
 
Fidelity Asset Manager 70%
 
 
Class A  
$161,461
.16
Class M  
53,200
.16
Class C  
27,060
.17
Asset Manager 70%  
2,299,990
.12
Class I  
35,027
.15
Class Z  
391,829
.04
 
$2,968,567
 
Fidelity Asset Manager 85%
 
 
Class A  
$   157,872
.17
Class M  
37,819
.17
Class C  
35,404
.18
Asset Manager 85%  
1,264,299
.14
Class I  
44,833
.16
Class Z  
249,782
.04
 
$1,790,009
 
 
A   Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, 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
 
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 Asset Manager 20%
$4
Fidelity Asset Manager 30%
2
Fidelity Asset Manager 40%
2
Fidelity Asset Manager 50%
7
Fidelity Asset Manager 60%
3
Fidelity Asset Manager 70%
4
Fidelity Asset Manager 85%
2
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Asset Manager 85%
Borrower
$5,008,000
4.07%
$1,696
 
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%
$7,983
Fidelity Asset Manager 30%
3,183
Fidelity Asset Manager 40%
3,173
Fidelity Asset Manager 50%
13,444
Fidelity Asset Manager 60%
5,287
Fidelity Asset Manager 70%
8,469
Fidelity Asset Manager 85%
4,772
 
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%
$172
$-
$-
Fidelity Asset Manager 30%
$181
$-
$-
Fidelity Asset Manager 40%
$181
$-
$-
Fidelity Asset Manager 50%
$871
$-
$-
Fidelity Asset Manager 60%
$556
$-
$-
Fidelity Asset Manager 70%
$1,427
$-
$-
Fidelity Asset Manager 85%
$1,708
$-
$-
 
9. Expense Reductions.
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 A
-
$55
Class M
-
359
Class C
-
25
Fidelity Asset Manager 30%
-
-
Class M
-
140
Class C
-
19
Fidelity Asset Manager 40%
-
-
Class A
-
8
Class M
-
54
Fidelity Asset Manager 50%
-
-
Class M
-
277
Fidelity Asset Manager 60%
-
-
Class M
-
187
Fidelity Asset Manager 70%
-
-
Class M
-
66
Fidelity Asset Manager 85%
15
-
Class M
-
147
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses as follows:
 
 
Fund-Level Amount
Fidelity Asset Manager 20%
$57,214
Fidelity Asset Manager 30%
23,109
Fidelity Asset Manager 40%
22,866
Fidelity Asset Manager 50%
178,938
Fidelity Asset Manager 60%
70,112
Fidelity Asset Manager 70%
112,130
Fidelity Asset Manager 85%
62,909
 
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
March 31, 2023
Year ended
September 30, 2022
Fidelity Asset Manager 20%
 
 
Distributions to shareholders
 
 
Class A
$2,109,254
$991,390
Class M
977,829
421,840
Class C
649,959
250,693
Asset Manager 20%
141,979,792
85,201,958
Class I
1,074,025
564,762
Class Z
67,691,114
34,570,193
Total   
$214,481,973
$122,000,836
Fidelity Asset Manager 30%
 
 
Distributions to shareholders
 
 
Class A
$2,879,486
$1,450,459
Class M
882,548
413,081
Class C
880,253
398,808
Asset Manager 30%
67,275,456
44,055,920
Class I
1,128,188
1,487,743
Class Z
17,922,739
10,317,674
Total   
$90,968,670
$58,123,685
Fidelity Asset Manager 40%
 
 
Distributions to shareholders
 
 
Class A
  3,392,274
$1,639,380
Class M
605,521
277,419
Class C
850,399
395,975
Asset Manager 40%
75,322,994
45,248,272
Class I
1,709,476
1,013,722
Class Z
26,179,291
14,531,162
Total   
$108,059,955
$63,105,930
Fidelity Asset Manager 50%
 
 
Distributions to shareholders
 
 
Class A
$6,769,754
$3,721,847
Class M
2,824,180
1,484,787
Class C
1,719,660
1,078,039
Asset Manager 50%
429,155,365
273,464,153
Class I
3,362,774
2,421,243
Class Z
106,319,553
63,662,925
Total   
$550,151,286
$345,832,994
Fidelity Asset Manager 60%
 
 
Distributions to shareholders
 
 
Class A
$5,829,870
$3,902,281
Class M
1,719,076
1,101,083
Class C
1,017,325
858,414
Asset Manager 60%
86,418,079
63,251,257
Class I
4,209,470
2,945,047
Class Z
57,000,860
42,100,720
Total   
$156,194,680
$114,158,802
Fidelity Asset Manager 70%
 
 
Distributions to shareholders
 
 
Class A
$11,630,364
$5,556,535
Class M
3,792,389
1,832,295
Class C
1,619,138
693,159
Asset Manager 70%
232,428,831
125,547,326
Class I
2,972,044
1,586,971
Class Z
117,108,771
61,865,255
Total   
$369,551,537
$197,081,541
Fidelity Asset Manager 85%
 
 
Distributions to shareholders
 
 
Class A
$8,386,513
$5,950,158
Class M
1,930,817
1,556,477
Class C
1,489,984
1,116,460
Asset Manager 85%
87,417,456
70,669,724
Class I
2,665,270
1,988,931
Class Z
57,534,110
46,775,351
Total   
$159,424,150
$128,057,101
 
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, 2023
Year ended
September 30, 2022
Six months ended
  March 31, 2023
Year ended
September 30, 2022
Fidelity Asset Manager 20%
 
 
 
 
Class A
 
 
 
 
Shares sold
339,200
1,213,628
$4,385,401
$17,161,109
Reinvestment of distributions
160,622
67,107
2,048,249
958,183
Shares redeemed
(538,803)
(1,102,850)
(6,983,697)
(15,442,378)
Net increase (decrease)
(38,981)
177,885
$(550,047)
$2,676,914
Class M
 
 
 
 
Shares sold
140,331
260,742
$1,804,511
$3,700,387
Reinvestment of distributions
76,466
29,459
972,076
421,152
Shares redeemed
(126,137)
(321,181)
(1,624,753)
(4,514,288)
Net increase (decrease)
90,660
(30,980)
$1,151,834
$(392,749)
Class C
 
 
 
 
Shares sold
106,857
781,490
$1,371,622
$11,016,567
Reinvestment of distributions
51,075
17,269
644,337
247,715
Shares redeemed
(221,913)
(1,021,837)
(2,847,361)
(13,973,536)
Net increase (decrease)
(63,981)
(223,078)
$(831,402)
$(2,709,254)
Asset Manager 20%
 
 
 
 
Shares sold
7,958,636
34,537,085
$103,130,423
$493,333,788
Reinvestment of distributions
10,502,509
5,685,424
134,169,451
81,364,653
Shares redeemed
(29,832,407)
(69,009,967)
(386,860,073)
(964,227,064)
Net increase (decrease)
(11,371,262)
(28,787,458)
$(149,560,199)
$(389,528,623)
Class I
 
 
 
 
Shares sold
463,611
1,039,602
$6,013,458
$14,594,278
Reinvestment of distributions
80,375
36,840
1,026,746
525,188
Shares redeemed
(514,964)
(1,004,799)
(6,675,127)
(14,055,036)
Net increase (decrease)
29,022
71,643
$365,077
$1,064,430
Class Z
 
 
 
 
Shares sold
28,716,561
58,153,285
$372,705,656
$852,912,615
Reinvestment of distributions
5,295,330
2,420,374
67,595,679
34,545,167
Shares redeemed
(13,892,489)
(39,079,978)
(180,337,194)
(547,996,639)
Net increase (decrease)
20,119,402
21,493,681
$259,964,141
$339,461,143
Fidelity Asset Manager 30%
 
 
 
 
Class A
 
 
 
 
Shares sold
411,108
1,638,808
$4,500,837
$20,111,023
Reinvestment of distributions
262,107
114,874
2,831,330
1,424,987
Shares redeemed
(785,849)
(1,185,055)
(8,684,844)
(14,197,922)
Net increase (decrease)
(112,634)
568,627
$(1,352,677)
$7,338,088
Class M
 
 
 
 
Shares sold
119,779
492,689
$1,328,099
$6,024,847
Reinvestment of distributions
81,827
33,190
882,138
412,720
Shares redeemed
(233,302)
(506,164)
(2,559,955)
(6,083,193)
Net increase (decrease)
(31,696)
19,715
$(349,718)
$354,374
Class C
 
 
 
 
Shares sold
103,482
621,466
$1,121,213
$7,670,984
Reinvestment of distributions
82,461
31,982
880,164
398,765
Shares redeemed
(307,680)
(913,951)
(3,344,689)
(10,932,489)
Net increase (decrease)
(121,737)
(260,503)
$(1,343,312)
$(2,862,740)
Asset Manager 30%
 
 
 
 
Shares sold
4,562,611
25,304,829
$50,245,426
$313,879,604
Reinvestment of distributions
5,828,702
3,362,693
62,921,195
41,729,028
Shares redeemed
(18,644,778)
(50,063,881)
(205,159,780)
(603,305,981)
Net increase (decrease)
(8,253,465)
(21,396,359)
$(91,993,159)
$(247,697,349)
Class I
 
 
 
 
Shares sold
2,099,019
927,221
$23,558,077
$11,540,764
Reinvestment of distributions
100,073
115,131
1,080,234
1,427,504
Shares redeemed
(2,556,974)
(4,219,686)
(28,333,571)
(48,105,245)
Net increase (decrease)
(357,882)
(3,177,334)
$(3,695,260)
$(35,136,977)
Class Z
 
 
 
 
Shares sold
4,658,314
9,286,612
$51,380,402
$116,583,512
Reinvestment of distributions
1,653,947
829,481
17,855,013
10,268,903
Shares redeemed
(3,067,227)
(10,199,285)
(33,857,952)
(123,276,606)
Net increase (decrease)
3,245,034
(83,192)
$35,377,463
$3,575,809
Fidelity Asset Manager 40%
 
 
 
 
Class A
 
 
 
 
Shares sold
433,266
1,624,250
$5,090,704
$21,547,853
Reinvestment of distributions
295,998
120,588
3,389,727
1,637,134
Shares redeemed
(729,912)
(1,013,908)
(8,568,381)
(13,044,713)
Net increase (decrease)
(648)
730,930
$(87,950)
$10,140,274
Class M
 
 
 
 
Shares sold
117,425
141,483
$1,394,276
$1,854,906
Reinvestment of distributions
51,892
19,968
593,730
272,231
Shares redeemed
(79,511)
(163,695)
(935,199)
(2,112,478)
Net increase (decrease)
89,806
(2,244)
$1,052,807
$14,659
Class C
 
 
 
 
Shares sold
98,611
445,803
$1,156,133
$5,889,712
Reinvestment of distributions
74,383
28,802
847,964
395,493
Shares redeemed
(283,618)
(709,727)
(3,314,388)
(9,131,451)
Net increase (decrease)
(110,624)
(235,122)
$(1,310,291)
$(2,846,246)
Asset Manager 40%
 
 
 
 
Shares sold
5,088,750
30,122,919
$59,822,435
$400,913,648
Reinvestment of distributions
6,078,750
3,151,983
69,552,916
42,769,069
Shares redeemed
(15,866,682)
(33,206,313)
(186,434,858)
(429,561,437)
Net increase (decrease)
(4,699,182)
68,589
$(57,059,507)
$14,121,280
Class I
 
 
 
 
Shares sold
486,724
833,599
$5,724,187
$10,882,785
Reinvestment of distributions
127,034
60,145
1,454,542
815,909
Shares redeemed
(472,820)
(957,436)
(5,535,230)
(12,321,248)
Net increase (decrease)
140,938
(63,692)
$1,643,499
$(622,554)
Class Z
 
 
 
 
Shares sold
4,768,193
8,734,021
$55,705,367
$118,135,811
Reinvestment of distributions
2,284,750
1,070,159
26,141,858
14,495,871
Shares redeemed
(3,329,439)
(6,274,751)
(39,183,622)
(80,857,226)
Net increase (decrease)
3,723,504
3,529,429
$42,663,603
$51,774,456
Fidelity Asset Manager 50%
 
 
 
 
Class A
 
 
 
 
Shares sold
527,234
1,097,694
$9,578,264
$22,893,055
Reinvestment of distributions
371,346
166,313
6,574,277
3,608,779
Shares redeemed
(572,333)
(1,126,804)
(10,458,709)
(22,919,785)
Net increase (decrease)
326,247
137,203
$5,693,832
$3,582,049
Class M
 
 
 
 
Shares sold
154,979
406,424
$2,820,508
$8,571,943
Reinvestment of distributions
159,444
68,192
2,820,862
1,483,171
Shares redeemed
(210,240)
(399,715)
(3,861,125)
(8,135,490)
Net increase (decrease)
104,183
74,901
$1,780,245
$1,919,624
Class C
 
 
 
 
Shares sold
91,014
356,481
$1,648,650
$7,555,005
Reinvestment of distributions
96,908
48,862
1,698,976
1,064,828
Shares redeemed
(290,313)
(947,734)
(5,262,968)
(19,409,950)
Net increase (decrease)
(102,391)
(542,391)
$(1,915,342)
$(10,790,117)
Asset Manager 50%
 
 
 
 
Shares sold
7,676,966
27,309,440
$141,299,969
$577,432,799
Reinvestment of distributions
22,772,252
11,987,047
404,978,547
260,572,763
Shares redeemed
(30,616,347)
(61,543,211)
(562,886,637)
(1,266,134,074)
Net increase (decrease)
(167,129)
(22,246,724)
$(16,608,121)
$(428,128,512)
Class I
 
 
 
 
Shares sold
269,376
643,396
$4,923,948
$13,349,939
Reinvestment of distributions
175,750
102,735
3,118,781
2,227,359
Shares redeemed
(830,026)
(1,045,348)
(15,266,773)
(20,852,276)
Net increase (decrease)
(384,900)
(299,217)
$(7,224,044)
$(5,274,978)
Class Z
 
 
 
 
Shares sold
8,779,789
14,429,540
$160,603,647
$317,156,617
Reinvestment of distributions
5,995,269
2,940,624
106,266,274
63,625,470
Shares redeemed
(6,168,756)
(12,520,527)
(112,900,596)
(254,971,772)
Net increase (decrease)
8,606,302
4,849,637
$153,969,325
$125,810,315
Fidelity Asset Manager 60%
 
 
 
 
Class A
 
 
 
 
Shares sold
669,360
1,933,013
$8,942,943
$28,794,422
Reinvestment of distributions
442,750
238,708
5,742,465
3,845,582
Shares redeemed
(787,163)
(1,739,346)
(10,512,566)
(25,611,081)
Net increase (decrease)
324,947
432,375
$4,172,842
$7,028,923
Class M
 
 
 
 
Shares sold
120,260
404,590
$1,588,489
$5,941,698
Reinvestment of distributions
132,108
68,230
1,705,515
1,094,411
Shares redeemed
(223,244)
(437,923)
(2,986,941)
(6,435,330)
Net increase (decrease)
29,124
34,897
$307,063
$600,779
Class C
 
 
 
 
Shares sold
241,264
761,108
$3,159,440
$11,638,028
Reinvestment of distributions
79,236
53,957
1,013,431
856,301
Shares redeemed
(442,077)
(1,764,942)
(5,742,284)
(25,816,724)
Net increase (decrease)
(121,577)
(949,877)
$(1,569,413)
$(13,322,395)
Asset Manager 60%
 
 
 
 
Shares sold
10,118,988
24,399,337
$135,538,075
$372,698,318
Reinvestment of distributions
6,154,563
3,711,829
80,193,953
60,094,504
Shares redeemed
(13,762,778)
(28,208,147)
(184,869,236)
(417,194,958)
Net increase (decrease)
2,510,773
(96,981)
$30,862,792
$15,597,864
Class I
 
 
 
 
Shares sold
504,939
1,457,978
$6,827,725
$21,857,509
Reinvestment of distributions
316,435
178,293
4,126,312
2,888,342
Shares redeemed
(701,530)
(1,387,591)
(9,478,038)
(20,572,676)
Net increase (decrease)
119,844
248,680
$1,475,999
$4,173,175
Class Z
 
 
 
 
Shares sold
5,877,968
20,950,179
$79,056,293
$332,907,746
Reinvestment of distributions
4,361,118
2,601,636
56,781,753
42,068,451
Shares redeemed
(6,577,061)
(14,604,794)
(88,066,293)
(212,747,799)
Net increase (decrease)
3,662,025
8,947,021
$47,771,753
$162,228,398
Fidelity Asset Manager 70%
 
 
 
 
Class A
 
 
 
 
Shares sold
552,335
1,232,167
$12,947,247
$32,684,583
Reinvestment of distributions
497,456
185,884
11,227,571
5,366,481
Shares redeemed
(526,093)
(1,115,506)
(12,319,198)
(29,516,026)
Net increase (decrease)
523,698
302,545
$11,855,620
$8,535,038
Class M
 
 
 
 
Shares sold
140,392
365,881
$3,304,791
$9,976,911
Reinvestment of distributions
166,294
62,819
3,756,587
1,814,208
Shares redeemed
(216,238)
(462,420)
(5,012,878)
(12,080,636)
Net increase (decrease)
90,448
(33,720)
$2,048,500
$(289,517)
Class C
 
 
 
 
Shares sold
136,735
244,063
$3,208,529
$6,432,819
Reinvestment of distributions
71,764
24,031
1,618,279
692,811
Shares redeemed
(165,459)
(526,175)
(3,857,503)
(14,054,121)
Net increase (decrease)
43,040
(258,081)
$969,305
$(6,928,491)
Asset Manager 70%
 
 
 
 
Shares sold
5,248,018
13,461,929
$123,868,996
$363,284,018
Reinvestment of distributions
9,702,638
4,176,392
219,376,640
120,739,485
Shares redeemed
(10,542,782)
(19,789,580)
(248,483,246)
(523,368,127)
Net increase (decrease)
4,407,874
(2,151,259)
$94,762,390
$(39,344,624)
Class I
 
 
 
 
Shares sold
272,613
611,462
$6,405,383
$16,733,716
Reinvestment of distributions
123,913
52,797
2,804,156
1,527,414
Shares redeemed
(275,100)
(649,608)
(6,405,228)
(17,306,780)
Net increase (decrease)
121,426
14,651
$2,804,311
$954,350
Class Z
 
 
 
 
Shares sold
5,053,830
11,306,690
$118,922,338
$323,885,349
Reinvestment of distributions
5,183,731
2,141,090
116,996,811
61,791,848
Shares redeemed
(3,607,735)
(7,017,762)
(84,737,253)
(182,460,530)
Net increase (decrease)
6,629,826
6,430,018
$151,181,896
$203,216,667
Fidelity Asset Manager 85%
 
 
 
 
Class A
 
 
 
 
Shares sold
880,607
1,954,912
$18,669,647
$46,844,607
Reinvestment of distributions
406,693
223,610
8,349,398
5,909,999
Shares redeemed
(562,540)
(1,270,677)
(11,980,477)
(30,396,928)
Net increase (decrease)
724,760
907,845
$15,038,568
$22,357,678
Class M
 
 
 
 
Shares sold
107,439
294,786
$2,280,650
$7,228,937
Reinvestment of distributions
94,377
59,085
1,924,349
1,550,980
Shares redeemed
(228,207)
(356,369)
(4,866,649)
(8,566,938)
Net increase (decrease)
(26,391)
(2,498)
$(661,650)
$212,979
Class C
 
 
 
 
Shares sold
174,249
372,668
$3,638,035
$8,760,605
Reinvestment of distributions
73,597
42,825
1,485,932
1,113,453
Shares redeemed
(251,343)
(525,731)
(5,237,669)
(12,376,554)
Net increase (decrease)
(3,497)
(110,238)
$(113,702)
$(2,502,496)
Asset Manager 85%
 
 
 
 
Shares sold
3,377,264
10,443,635
$72,792,791
$258,814,937
Reinvestment of distributions
4,009,724
2,550,056
83,241,869
68,112,000
Shares redeemed
(5,725,987)
(12,083,008)
(122,932,572)
(291,630,863)
Net increase (decrease)
1,661,001
910,683
$33,102,088
$35,296,074
Class I
 
 
 
 
Shares sold
274,842
636,693
$5,868,891
$15,242,748
Reinvestment of distributions
122,678
73,939
2,539,426
1,969,001
Shares redeemed
(329,181)
(475,195)
(7,027,130)
(11,332,371)
Net increase (decrease)
68,339
235,437
$1,381,187
$5,879,378
Class Z
 
 
 
 
Shares sold
4,741,638
13,530,246
$100,578,116
$344,125,128
Reinvestment of distributions
2,786,073
1,760,616
57,504,545
46,761,952
Shares redeemed
(7,343,162)
(8,877,361)
(157,568,606)
(209,492,051)
Net increase (decrease)
184,549
6,413,501
$514,055
$181,395,029
 
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%
33%
Fidelity Asset Manager 60%
35%
Fidelity Asset Manager 70%
31%
Fidelity Asset Manager 85%
33%
 
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.
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, 2022 to March 31, 2023).
 
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, 2022
 
Ending Account Value March 31, 2023
 
Expenses Paid During Period- C October 1, 2022 to March 31, 2023
Fidelity Asset Manager® 20%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,058.30
 
$ 4.16
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.89
 
$ 4.08
 
Class M
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,057.10
 
$ 5.44
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.65
 
$ 5.34
 
Class C
 
 
 
1.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,054.10
 
$ 8.04
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.10
 
$ 7.90
 
Fidelity Asset Manager® 20%
 
 
 
.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,059.80
 
$ 2.62
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.39
 
$ 2.57
 
Class I
 
 
 
.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,059.40
 
$ 2.82
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.19
 
$ 2.77
 
Class Z
 
 
 
.47%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,060.00
 
$ 2.41
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.59
 
$ 2.37
 
Fidelity Asset Manager® 30%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.82%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,075.20
 
$ 4.24
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.84
 
$ 4.13
 
Class M
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,074.00
 
$ 5.53
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.60
 
$ 5.39
 
Class C
 
 
 
1.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,072.00
 
$ 8.16
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.05
 
$ 7.95
 
Fidelity Asset Manager® 30%
 
 
 
.52%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,076.90
 
$ 2.69
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.34
 
$ 2.62
 
Class I
 
 
 
.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,077.40
 
$ 3.00
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.04
 
$ 2.92
 
Class Z
 
 
 
.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,077.10
 
$ 2.54
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.49
 
$ 2.47
 
Fidelity Asset Manager® 40%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.82%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,090.80
 
$ 4.27
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.84
 
$ 4.13
 
Class M
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,088.80
 
$ 5.52
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.65
 
$ 5.34
 
Class C
 
 
 
1.59%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,086.70
 
$ 8.27
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,017.00
 
$ 8.00
 
Fidelity Asset Manager® 40%
 
 
 
.52%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,092.70
 
$ 2.71
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.34
 
$ 2.62
 
Class I
 
 
 
.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,092.30
 
$ 2.97
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.09
 
$ 2.87
 
Class Z
 
 
 
.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,092.00
 
$ 2.56
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.49
 
$ 2.47
 
Fidelity Asset Manager® 50%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,105.80
 
$ 4.78
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.39
 
$ 4.58
 
Class M
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,104.50
 
$ 6.03
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.20
 
$ 5.79
 
Class C
 
 
 
1.66%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,101.70
 
$ 8.70
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.65
 
$ 8.35
 
Fidelity Asset Manager® 50%
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,107.60
 
$ 3.21
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.89
 
$ 3.07
 
Class I
 
 
 
.64%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,107.60
 
$ 3.36
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.74
 
$ 3.23
 
Class Z
 
 
 
.53%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,107.90
 
$ 2.79
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.29
 
$ 2.67
 
Fidelity Asset Manager® 60%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,120.80
 
$ 5.23
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.00
 
$ 4.99
 
Class M
 
 
 
1.23%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,119.50
 
$ 6.50
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.80
 
$ 6.19
 
Class C
 
 
 
1.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,117.20
 
$ 9.29
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.16
 
$ 8.85
 
Fidelity Asset Manager® 60%
 
 
 
.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,122.00
 
$ 3.60
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.54
 
$ 3.43
 
Class I
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,122.10
 
$ 3.92
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.24
 
$ 3.73
 
Class Z
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,123.00
 
$ 3.23
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.89
 
$ 3.07
 
Fidelity Asset Manager® 70%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,135.10
 
$ 5.11
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.14
 
$ 4.84
 
Class M
 
 
 
1.21%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,133.80
 
$ 6.44
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.09
 
Class C
 
 
 
1.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,130.60
 
$ 9.14
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.36
 
$ 8.65
 
Fidelity Asset Manager® 70%
 
 
 
.67%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,136.50
 
$ 3.57
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.59
 
$ 3.38
 
Class I
 
 
 
.70%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,136.20
 
$ 3.73
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.44
 
$ 3.53
 
Class Z
 
 
 
.59%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,137.20
 
$ 3.14
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.99
 
$ 2.97
 
Fidelity Asset Manager® 85%
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,156.30
 
$ 5.27
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,020.04
 
$ 4.94
 
Class M
 
 
 
1.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,154.60
 
$ 6.55
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,018.85
 
$ 6.14
 
Class C
 
 
 
1.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,151.60
 
$ 9.33
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,016.26
 
$ 8.75
 
Fidelity Asset Manager® 85%
 
 
 
.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,157.90
 
$ 3.71
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.49
 
$ 3.48
 
Class I
 
 
 
.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,157.20
 
$ 3.87
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.34
 
$ 3.63
 
Class Z
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,158.40
 
$ 3.23
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,021.94
 
$ 3.02
 
 
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 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
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, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.878280.115
AR-SANN-0523
Fidelity® Sustainable Multi-Asset Fund
 
 
Semi-Annual Report
March 31, 2023
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

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. © 2023 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.
 
 
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
26.3
 
Fidelity Sustainable International Equity Fund
18.5
 
Fidelity Sustainable Core Plus Bond Fund
13.3
 
Fidelity Sustainable U.S. Equity ETF
11.1
 
Fidelity Inflation-Protected Bond Index Fund
7.0
 
Fidelity International Sustainability Index Fund
6.9
 
Fidelity Sustainable Emerging Markets Equity Fund
5.8
 
Fidelity Sustainability Bond Index Fund
4.4
 
Fidelity Long-Term Treasury Bond Index Fund
4.1
 
Fidelity Sustainable Low Duration Bond Fund
2.6
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
Percentages shown as 0.0% may reflect amounts less than 0.05%.
 
 
Showing Percentage of Net Assets
Domestic Equity Funds - 37.4%
 
 
Shares
Value ($)
 
Fidelity Sustainable U.S. Equity ETF (a)
 
56,542
1,106,550
Fidelity U.S. Sustainability Index Fund (a)
 
144,718
2,606,367
 
TOTAL DOMESTIC EQUITY FUNDS
  (Cost $3,542,054)
 
 
3,712,917
 
 
 
 
International Equity Funds - 31.2%
 
 
Shares
Value ($)
 
Fidelity International Sustainability Index Fund (a)
 
61,042
688,548
Fidelity Sustainable Emerging Markets Equity Fund (a)
 
72,257
576,611
Fidelity Sustainable International Equity Fund (a)
 
214,938
1,831,270
 
TOTAL INTERNATIONAL EQUITY FUNDS
  (Cost $2,931,122)
 
 
3,096,429
 
 
 
 
Bond Funds - 31.4%
 
 
Shares
Value ($)
 
Fidelity Inflation-Protected Bond Index Fund (a)
 
74,127
691,604
Fidelity Long-Term Treasury Bond Index Fund (a)
 
37,635
404,575
Fidelity Sustainability Bond Index Fund (a)
 
47,302
441,331
Fidelity Sustainable Core Plus Bond Fund (a)
 
141,525
1,321,845
Fidelity Sustainable Low Duration Bond Fund (a)
 
25,664
257,671
 
TOTAL BOND FUNDS
  (Cost $3,153,378)
 
 
3,117,026
 
 
 
 
Short-Term Funds - 0.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
  (Cost $1,420)
 
 
1,420
1,420
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $9,627,974)
 
 
 
9,927,792
NET OTHER ASSETS (LIABILITIES) - 0.0%  
2,007
NET ASSETS - 100.0%
9,929,799
 
 
 
 
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 4.86%
464
161,247
160,291
54
-
-
1,420
0.0%
Total
464
161,247
160,291
54
-
-
1,420
 
 
 
 
 
 
 
 
 
 
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
442,310
499,622
227,177
54,227
(22,858)
(293)
691,604
Fidelity International Sustainability Index Fund
330,703
369,486
105,371
11,780
(7,871)
101,601
688,548
Fidelity Long-Term Treasury Bond Index Fund
247,345
300,909
166,843
5,122
(16,029)
39,193
404,575
Fidelity Sustainability Bond Index Fund
165,311
306,050
38,262
3,887
(1,203)
9,435
441,331
Fidelity Sustainable Core Plus Bond Fund
497,093
922,708
117,418
18,785
(3,715)
23,177
1,321,845
Fidelity Sustainable Emerging Markets Equity Fund
319,811
427,326
241,807
3,459
(879)
72,160
576,611
Fidelity Sustainable International Equity Fund
876,458
967,208
269,947
7,257
(22,871)
280,422
1,831,270
Fidelity Sustainable Low Duration Bond Fund
70,084
222,296
35,744
1,136
(51)
1,086
257,671
Fidelity Sustainable U.S. Equity ETF
569,900
424,098
13,656
5,806
(625)
126,833
1,106,550
Fidelity U.S. Sustainability Index Fund
1,349,419
1,802,184
813,827
27,536
(50,945)
319,536
2,606,367
 
4,868,434
6,241,887
2,030,052
138,995
(127,047)
973,150
9,926,372
 
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, 2023, 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
3,712,917
3,712,917
-
-
 International Equity Funds
3,096,429
3,096,429
-
-
 Bond Funds
3,117,026
3,117,026
-
-
  Short-Term Funds
1,420
1,420
-
-
 Total Investments in Securities:
9,927,792
9,927,792
-
-
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Fidelity Central Funds (cost $1,420)
$
1,420
 
 
Other affiliated issuers (cost $9,626,554)
9,926,372
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $9,627,974)
 
 
$
9,927,792
Cash
 
 
1,823
Receivable for fund shares sold
 
 
31,132
Distributions receivable from Fidelity Central Funds
 
 
6
Receivable from investment adviser for expense reductions
 
 
376
  Total assets
 
 
9,961,129
Liabilities
 
 
 
 
Payable for investments purchased
$
29,406
 
 
Payable for fund shares redeemed
814
 
 
Accrued management fee
774
 
 
Distribution and service plan fees payable
336
 
 
  Total Liabilities
 
 
 
31,330
Net Assets  
 
 
$
9,929,799
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
9,862,419
Total accumulated earnings (loss)
 
 
 
67,380
Net Assets
 
 
$
9,929,799
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($211,311 ÷ 23,995 shares) (a)
 
 
$
8.81
Maximum offering price per share (100/94.25 of $8.81)
 
 
$
9.35
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($194,100 ÷ 22,054 shares) (a)
 
 
$
8.80
Maximum offering price per share (100/96.50 of $8.80)
 
 
$
9.12
Class C :
 
 
 
 
Net Asset Value and offering price per share ($266,057 ÷ 30,288 shares) (a)
 
 
$
8.78
Fidelity Sustainable Multi-Asset Fund :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($8,616,267 ÷ 977,757 shares)
 
 
$
8.81
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($642,064 ÷ 72,860 shares)
 
 
$
8.81
(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, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
138,995
Income from Fidelity Central Funds  
 
 
54
 Total Income
 
 
 
139,049
Expenses
 
 
 
 
Management fee
$
3,845
 
 
Distribution and service plan fees
1,963
 
 
Independent trustees' fees and expenses
13
 
 
 Total expenses before reductions
 
5,821
 
 
 Expense reductions
 
(2,077)
 
 
 Total expenses after reductions
 
 
 
3,744
Net Investment income (loss)
 
 
 
135,305
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(127,047)
 
 
Total net realized gain (loss)
 
 
 
(127,047)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
973,150
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
973,150
Net gain (loss)
 
 
 
846,103
Net increase (decrease) in net assets resulting from operations
 
 
$
981,408
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
For the period February 10, 2022 (commencement of operations) through September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
135,305
$
7,371
Net realized gain (loss)
 
(127,047)
 
 
(120,181)
 
Change in net unrealized appreciation (depreciation)
 
973,150
 
(673,332)
 
Net increase (decrease) in net assets resulting from operations
 
981,408
 
 
(786,142)
 
Distributions to shareholders
 
(127,886)
 
 
-
 
Share transactions - net increase (decrease)
 
4,206,095
 
 
5,656,324
 
Total increase (decrease) in net assets
 
5,059,617
 
 
4,870,182
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,870,182
 
-
 
End of period
$
9,929,799
$
4,870,182
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable Multi-Asset Fund Class A
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.79
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.02
     Net realized and unrealized gain (loss)
 
1.01
 
(2.23)
  Total from investment operations
 
1.15  
 
(2.21)  
  Distributions from net investment income
 
(.13)
 
-
     Total distributions
 
(.13)
 
-
  Net asset value, end of period
$
8.81
$
7.79
 Total Return   D,E,F
 
14.86%
 
(22.10)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.35% I
 
.35% I
    Expenses net of fee waivers, if any
 
.30% I
 
.30% I
    Expenses net of all reductions
 
.29% I
 
.30% I
    Net investment income (loss)
 
3.32% I
 
.30% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
211
$
163
    Portfolio turnover rate J
 
53% I
 
111% I
 
A For the period February 10, 2022 (commencement of operations) through September 30, 2022
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the sales charges.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.77
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.13
 
- D
     Net realized and unrealized gain (loss)
 
1.01
 
(2.23)
  Total from investment operations
 
1.14  
 
(2.23)  
  Distributions from net investment income
 
(.11)
 
-
     Total distributions
 
(.11)
 
-
  Net asset value, end of period
$
8.80
$
7.77
 Total Return   E,F,G
 
14.77%
 
(22.30)%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
.60% J
 
.60% J
    Expenses net of fee waivers, if any
 
.55% J
 
.55% J
    Expenses net of all reductions
 
.54% J
 
.55% J
    Net investment income (loss)
 
3.07% J
 
.05% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
194
$
169
    Portfolio turnover rate K
 
53% J
 
111% J
 
A For the period February 10, 2022 (commencement of operations) through September 30, 2022
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Amount represents less than $.005 per share.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Total returns do not include the effect of the sales charges.
 
H Fees 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.
 
I Expense 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.
 
J Annualized.
 
K Amount 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, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.75
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
(.03)
     Net realized and unrealized gain (loss)
 
1.00
 
(2.22)
  Total from investment operations
 
1.11  
 
(2.25)  
  Distributions from net investment income
 
(.08)
 
-
     Total distributions
 
(.08)
 
-
  Net asset value, end of period
$
8.78
$
7.75
 Total Return   D,E,F
 
14.37%
 
(22.50)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
1.10% I
 
1.10% I
    Expenses net of fee waivers, if any
 
1.05% I
 
1.05% I
    Expenses net of all reductions
 
1.04% I
 
1.05% I
    Net investment income (loss)
 
2.57% I
 
(.45)% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
266
$
229
    Portfolio turnover rate J
 
53% I
 
111% I
 
A For the period February 10, 2022 (commencement of operations) through September 30, 2022
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Total returns do not include the effect of the contingent deferred sales charge.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount 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, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.80
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.03
     Net realized and unrealized gain (loss)
 
1.01
 
(2.23)
  Total from investment operations
 
1.16  
 
(2.20)  
  Distributions from net investment income
 
(.15)
 
-
     Total distributions
 
(.15)
 
-
  Net asset value, end of period
$
8.81
$
7.80
 Total Return   D,E
 
14.96%
 
(22.00)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.10% H
 
.10% H
    Expenses net of fee waivers, if any
 
.05% H
 
.05% H
    Expenses net of all reductions
 
.05% H
 
.05% H
    Net investment income (loss)
 
3.57% H
 
.55% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,616
$
4,010
    Portfolio turnover rate I
 
53% H
 
111% H
 
A For the period February 10, 2022 (commencement of operations) through September 30, 2022
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.80
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.03
     Net realized and unrealized gain (loss)
 
1.01
 
(2.23)
  Total from investment operations
 
1.16  
 
(2.20)  
  Distributions from net investment income
 
(.15)
 
-
     Total distributions
 
(.15)
 
-
  Net asset value, end of period
$
8.81
$
7.80
 Total Return   D,E
 
14.96%
 
(22.00)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.10% H
 
.10% H
    Expenses net of fee waivers, if any
 
.05% H
 
.05% H
    Expenses net of all reductions
 
.05% H
 
.05% H
    Net investment income (loss)
 
3.57% H
 
.55% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
642
$
300
    Portfolio turnover rate I
 
53% H
 
111% H
 
A For the period February 10, 2022 (commencement of operations) through September 30, 2022
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended March 31, 2023
 
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 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 Ratio A
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, 2023 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 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. 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 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
$345,882
Gross unrealized depreciation
(223,867)
Net unrealized appreciation (depreciation)
$122,015
Tax cost
$9,805,777
 
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
$(39,082)
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
6,241,887
2,030,052
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%
$238
$213
Class M
.25%
.25%
462
426
Class C
.75%
.25%
1,263
1,249
 
 
 
$1,963
$1,888
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, there were no sales charge amounts retained by FDC.
 
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
$4
 
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, 2024. 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%
$48
Class M
.55%
46
Class C
1.05%
63
Fidelity Sustainable Multi-Asset Fund
.05%
1,633
Class I
.05%
138
 
 
$1,928
Through arrangements with the Fund's custodian and each class' transfer agent, 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. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$3
Class M
3
Class C
4
Fidelity Sustainable Multi-Asset Fund
38
 
$48
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
March 31, 2023
Year ended
September 30, 2022
Fidelity Sustainable Multi-Asset Fund
 
 
Distributions to shareholders
 
 
Class A
$2,921
$-
Class M
2,413
-
Class C
2,356
-
Fidelity Sustainable Multi-Asset Fund
111,228
-
Class I
8,968
-
Total   
$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, 2023
Year ended
  September 30, 2022 A
Six months ended
  March 31, 2023
Year ended
  September 30, 2022 A
Fidelity Sustainable Multi-Asset Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
2,847
21,029
$23,837
$209,320
Reinvestment of distributions
351
-
2,921
-
Shares redeemed
(177)
(55)
(1,513)
(462)
Net increase (decrease)
3,021
20,974
$25,245
$208,858
Class M
 
 
 
 
Shares sold
74
21,690
$635
$214,500
Reinvestment of distributions
290
-
2,413
-
Net increase (decrease)
364
21,690
$3,048
$214,500
Class C
 
 
 
 
Shares sold
452
29,553
$3,711
$287,500
Reinvestment of distributions
283
-
2,356
-
Net increase (decrease)
735
29,553
$6,067
$287,500
Fidelity Sustainable Multi-Asset Fund
 
 
 
 
Shares sold
564,733
577,511
$4,773,514
$5,157,892
Reinvestment of distributions
9,927
-
82,677
-
Shares redeemed
(111,025)
(63,389)
(960,531)
(568,256)
Net increase (decrease)
463,635
514,122
$3,895,660
$4,589,636
Class I
 
 
 
 
Shares sold
33,510
39,415
$268,206
$364,524
Reinvestment of distributions
983
-
8,185
-
Shares redeemed
(37)
(1,011)
(316)
(8,694)
Net increase (decrease)
34,456
38,404
$276,075
$355,830
 
A   For the period February 10, 2022 (commencement of operations) through September 30, 2022.
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
13%
Fidelity Sustainable International Equity Fund
26%
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.
 
 
 
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, 2022 to March 31, 2023).
 
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, 2022
 
Ending Account Value March 31, 2023
 
Expenses Paid During Period- C October 1, 2022 to March 31, 2023
Fidelity® Sustainable Multi-Asset Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,148.60
 
$ 1.61
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,023.44
 
$ 1.51
 
Class M
 
 
 
.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,147.70
 
$ 2.94
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.19
 
$ 2.77
 
Class C
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,143.70
 
$ 5.61
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,019.70
 
$ 5.29
 
Fidelity® Sustainable Multi-Asset Fund
 
 
 
.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,149.60
 
$ .27
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.68
 
$ .25
 
Class I
 
 
 
.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,149.60
 
$ .27
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.68
 
$ .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 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
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, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9904617.101
MAF-SANN-0523
Fidelity® Health Savings Index Fund
 
 
Semi-Annual Report
March 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

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. © 2023 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.
 
 
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
18.6
 
Fidelity U.S. Bond Index Fund
15.4
 
Fidelity Total Market Index Fund
13.1
 
Fidelity Long-Term Treasury Bond Index Fund
11.0
 
iShares JPMorgan USD Emerging Markets Bond ETF
9.2
 
Fidelity International Index Fund
8.5
 
Fidelity Emerging Markets Index Fund
4.0
 
Invesco Senior Loan ETF
2.4
 
iShares iBoxx $ High Yield Corporate Bond ETF
1.0
 
VanEck JP Morgan EM Local Currency Bond ETF
0.7
 
 
83.9
 
 
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)
Futures - 0.9%
Percentages shown as 0.0% may reflect amounts less than 0.05%.
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.
 
 
Showing Percentage of Net Assets
Equity Central Funds - 0.3%
 
 
Shares
Value ($)
 
Fidelity Hedged Equity Central Fund (a)
 
  (Cost $63,035)
 
 
630
63,742
 
 
 
 
Equity Funds - 26.9%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Fund (b)
 
2,442
237,645
Fidelity Emerging Markets Index Fund (b)
 
95,421
937,987
Fidelity International Index Fund (b)
 
44,094
1,972,306
Fidelity Real Estate Index Fund (b)
 
6,677
98,818
Fidelity Total Market Index Fund (b)
 
26,823
3,049,014
 
TOTAL EQUITY FUNDS
  (Cost $6,118,232)
 
 
6,295,770
 
 
 
 
Fixed-Income Central Funds - 13.0%
 
 
Shares
Value ($)
 
Investment Grade Fixed-Income Funds - 13.0%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
  (Cost $3,502,268)
 
33,562
3,034,635
 
 
 
 
Money Market Central Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (c)
 
  (Cost $35,373)
 
 
35,366
35,373
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.44% 6/1/23 (e)
 
  (Cost $9,925)
 
 
10,000
9,926
 
 
 
 
Investment Companies - 14.6%
 
 
Shares
Value ($)
 
Invesco Senior Loan ETF
 
26,452
550,202
iShares iBoxx $ High Yield Corporate Bond ETF
 
3,203
241,987
iShares JPMorgan USD Emerging Markets Bond ETF
 
24,787
2,138,622
iShares MSCI USA Minimum Volatility ETF
 
2,372
172,539
VanEck JP Morgan EM Local Currency Bond ETF
 
6,941
175,260
VanEck Vectors Gold Miners ETF
 
3,726
120,536
 
TOTAL INVESTMENT COMPANIES
  (Cost $3,882,618)
 
 
3,399,146
 
 
 
 
Fixed-Income Funds - 45.0%
 
 
Shares
Value ($)
 
Fidelity International Bond Index Fund (b)
 
482,049
4,357,720
Fidelity Long-Term Treasury Bond Index Fund (b)
 
238,509
2,563,973
Fidelity U.S. Bond Index Fund (b)
 
345,709
3,602,285
 
TOTAL FIXED-INCOME FUNDS
  (Cost $11,645,296)
 
 
10,523,978
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $25,256,747)
 
 
 
23,362,570
NET OTHER ASSETS (LIABILITIES) - 0.0%  
5,756
NET ASSETS - 100.0%
23,368,326
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
2
Jun 2023
219,016
4,637
4,637
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
 
 
 
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, 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
 
(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.
 
(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 $9,926.
 
 
 
 
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 4.86%
1,849
339,972
306,448
593
-
-
35,373
0.0%
Fidelity Hedged Equity Central Fund
-
63,035
-
35
-
707
63,742
0.1%
Fidelity Inflation-Protected Bond Index Central Fund
2,537,896
725,046
60,272
294,010
(5,351)
(162,684)
3,034,635
0.5%
Total
2,539,745
1,128,053
366,720
294,638
(5,351)
(161,977)
3,133,750
 
 
 
 
 
 
 
 
 
 
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
436,441
50,737
236,667
3,932
(115,807)
102,941
237,645
Fidelity Emerging Markets Index Fund
529,810
467,809
115,241
13,108
(32,773)
88,382
937,987
Fidelity International Bond Index Fund
3,841,487
1,081,412
663,676
22,337
(35,079)
133,576
4,357,720
Fidelity International Index Fund
741,301
1,064,163
56,924
30,215
909
222,857
1,972,306
Fidelity Long-Term Treasury Bond Index Fund
2,091,132
872,898
490,605
34,007
(67,618)
158,166
2,563,973
Fidelity Real Estate Index Fund
131,617
15,559
56,271
1,956
(2,950)
10,863
98,818
Fidelity Total Market Index Fund
3,301,986
494,773
1,166,599
44,748
(91,276)
510,130
3,049,014
Fidelity U.S. Bond Index Fund
2,677,964
1,475,292
667,689
42,962
(36,260)
152,978
3,602,285
 
13,751,738
5,522,643
3,453,672
193,265
(380,854)
1,379,893
16,819,748
 
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, 2023, 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
63,742
63,742
-
-
 Equity Funds
6,295,770
6,295,770
-
-
 Fixed-Income Central Funds
3,034,635
3,034,635
-
-
 Money Market Central Funds
35,373
35,373
-
-
 Other Short-Term Investments
9,926
-
9,926
-
 Investment Companies
3,399,146
3,399,146
-
-
  Fixed-Income Funds
10,523,978
10,523,978
-
-
 Total Investments in Securities:
23,362,570
23,352,644
9,926
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
4,637
4,637
-
-
  Total Assets
4,637
4,637
-
-
 Total Derivative Instruments:
4,637
4,637
-
-
 
 
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, 2023. 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 ($)
Liability ($)
Interest Rate Risk
 
 
Futures Contracts (a)  
4,637
0
Total Interest Rate Risk
4,637
0
Total Value of Derivatives
4,637
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).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,892,543)
$
3,409,072
 
 
Fidelity Central Funds (cost $3,600,676)
3,133,750
 
 
Other affiliated issuers (cost $17,763,528)
16,819,748
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $25,256,747)
 
 
$
23,362,570
Cash
 
 
7,093
Receivable for investments sold
 
 
32,302
Receivable for fund shares sold
 
 
15,343
Distributions receivable from Fidelity Central Funds
 
 
154
Receivable for daily variation margin on futures contracts
 
 
453
  Total assets
 
 
23,417,915
Liabilities
 
 
 
 
Payable for investments purchased
$
35,932
 
 
Payable for fund shares redeemed
11,758
 
 
Accrued management fee
1,899
 
 
  Total Liabilities
 
 
 
49,589
Net Assets  
 
 
$
23,368,326
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
26,018,706
Total accumulated earnings (loss)
 
 
 
(2,650,380)
Net Assets
 
 
$
23,368,326
Net Asset Value , offering price and redemption price per share ($23,368,326 ÷ 2,474,933 shares)
 
 
$
9.44
 
Statement of Operations
 
 
 
Six months ended
March 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Unaffiliated issuers
 
 
$
81,206
 Affiliated issuers
 
 
193,265
Interest  
 
 
193
Income from Fidelity Central Funds  
 
 
219,317
 Total Income
 
 
 
493,981
Expenses
 
 
 
 
Management fee
$
15,933
 
 
Independent trustees' fees and expenses
42
 
 
 Total expenses before reductions
 
15,975
 
 
 Expense reductions
 
(5,447)
 
 
 Total expenses after reductions
 
 
 
10,528
Net Investment income (loss)
 
 
 
483,453
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(56,800)
 
 
   Fidelity Central Funds
 
(5,351)
 
 
   Other affiliated issuers
 
(380,854)
 
 
 Futures contracts
 
(5,254)
 
 
 Capital gain distributions from underlying funds:
 
 
 
 
   Affiliated issuers
 
75,321
 
 
Total net realized gain (loss)
 
 
 
(372,938)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
270,368
 
 
   Fidelity Central Funds
 
(161,977)
 
 
   Other affiliated issuers
 
1,379,893
 
 
 Futures contracts
 
5,462
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,493,746
Net gain (loss)
 
 
 
1,120,808
Net increase (decrease) in net assets resulting from operations
 
 
$
1,604,261
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
483,453
$
605,114
Net realized gain (loss)
 
(372,938)
 
 
(383,544)
 
Change in net unrealized appreciation (depreciation)
 
1,493,746
 
(3,838,318)
 
Net increase (decrease) in net assets resulting from operations
 
1,604,261
 
 
(3,616,748)
 
Distributions to shareholders
 
(605,620)
 
 
(537,680)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,611,581
 
9,482,212
  Reinvestment of distributions
 
594,303
 
 
534,480
 
Cost of shares redeemed
 
(1,245,148)
 
(3,317,424)
  Net increase (decrease) in net assets resulting from share transactions
 
2,960,736
 
 
6,699,268
 
Total increase (decrease) in net assets
 
3,959,377
 
 
2,544,840
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
19,408,949
 
16,864,109
 
End of period
$
23,368,326
$
19,408,949
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
389,057
 
895,231
  Issued in reinvestment of distributions
 
65,451
 
 
49,657
 
Redeemed
 
(134,548)
 
(314,380)
Net increase (decrease)
 
319,960
 
630,508
 
 
 
 
 
 
Financial Highlights
Fidelity® Health Savings Index Fund
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.01
$
11.06
$
10.41
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.21
 
.32
 
.17
 
.06
     Net realized and unrealized gain (loss)
 
.49
 
(2.06)
 
.66
 
.40
  Total from investment operations
 
.70  
 
(1.74)  
 
.83  
 
.46  
  Distributions from net investment income
 
(.27)
 
(.28)
 
(.14)
 
(.05)
  Distributions from net realized gain
 
-
 
(.03)
 
(.04)
 
-
     Total distributions
 
(.27)
 
(.31)
 
(.18)
 
(.05)
  Net asset value, end of period
$
9.44
$
9.01
$
11.06
$
10.41
 Total Return   D,E
 
7.95%
 
(16.22)%
 
7.99%
 
4.58%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.15% H
 
.15%
 
.15%
 
.15% H
    Expenses net of fee waivers, if any
 
.10% H
 
.10%
 
.10%
 
.10% H
    Expenses net of all reductions
 
.10% H
 
.10%
 
.10%
 
.10% H
    Net investment income (loss)
 
4.55% H
 
3.08%
 
1.51%
 
.97% H
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,368
$
19,409
$
16,864
$
3,609
    Portfolio turnover rate I
 
39% H
 
32%
 
42%
 
71% H
 
A For the period March 2, 2020 (commencement of operations) through September 30, 2020.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended March 31, 2023
 
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 Ratio A
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 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
0.01%
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. 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. The aggregate value of investments by input level as of March 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
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.
 
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 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
$382,207
Gross unrealized depreciation
(2,696,437)
Net unrealized appreciation (depreciation)
$(2,314,230)
Tax cost
$25,681,437
 
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
$(139,134)
Total capital loss carryforward
$(139,134)
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
7,023,936
4,142,448
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
$5
 
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 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, 2024. For the period, management fees were reduced by $5,311.
 
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 $136.
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.
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, 2022 to March 31, 2023).
 
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, 2022
 
Ending Account Value March 31, 2023
 
Expenses Paid During Period- C October 1, 2022 to March 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Health Savings Index Fund
 
 
 
.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,079.50
 
$ .52
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.43
 
$ .50
 
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 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
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, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9897520.103
HSI-SANN-0523
Fidelity® Health Savings Fund
 
 
Semi-Annual Report
March 31, 2023

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

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. © 2023 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.
 
 
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
18.7
 
Fidelity Long-Term Treasury Bond Index Fund
10.9
 
Apple, Inc.
1.0
 
Microsoft Corp.
1.0
 
iShares MSCI USA Minimum Volatility ETF
0.8
 
VanEck Vectors Gold Miners ETF
0.6
 
Alphabet, Inc. Class A
0.6
 
Amazon.com, Inc.
0.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.
0.3
 
Exxon Mobil Corp.
0.3
 
 
34.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
8.3
 
Information Technology
5.7
 
Consumer Discretionary
3.9
 
Industrials
4.6
 
Health Care
4.0
 
Energy
3.7
 
Communication Services
2.9
 
Consumer Staples
2.3
 
Materials
2.0
 
Real Estate
1.1
 
Utilities
0.8
 
 
Quality Diversification (% of Fund's net assets)
 
Short-Term Investments and Net Other Assets (Liabilities) - (0.5)%*
Equities percentage includes investment in Fidelity Commodity Strategy Central Fund - 1.0%
Percentages shown as 0.0% may reflect amounts less than 0.05%.
*Short-term investments and Net Other Assets (Liabilities) are not available in the pie chart.
 
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 Investments and Net Other Assets (Liabilities) - (0.5)%
Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and 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.
 
 
Showing Percentage of Net Assets
Equity Central Funds - 27.3%
 
 
Shares
Value ($)
 
Fidelity Commodity Strategy Central Fund (a)
 
5,501
532,089
Fidelity Emerging Markets Equity Central Fund (a)
 
10,787
2,077,698
Fidelity Hedged Equity Central Fund (a)
 
1,309
132,408
Fidelity International Equity Central Fund (a)
 
48,086
4,401,766
Fidelity Real Estate Equity Central Fund (a)
 
1,865
224,710
Fidelity U.S. Equity Central Fund (a)
 
60,721
6,795,331
 
TOTAL EQUITY CENTRAL FUNDS
  (Cost $14,343,653)
 
 
14,164,002
 
 
 
 
Fixed-Income Central Funds - 41.7%
 
 
Shares
Value ($)
 
High Yield Fixed-Income Funds - 13.3%
 
 
 
Fidelity Emerging Markets Debt Central Fund (a)
 
626,726
4,744,315
Fidelity Emerging Markets Debt Local Currency Central Fund (a)
 
4,299
383,001
Fidelity Floating Rate Central Fund (a)
 
12,848
1,237,003
Fidelity High Income Central Fund (a)
 
5,375
550,217
TOTAL HIGH YIELD FIXED-INCOME FUNDS
 
 
6,914,536
Investment Grade Fixed-Income Funds - 28.4%
 
 
 
Fidelity Inflation-Protected Bond Index Central Fund (a)
 
74,428
6,729,750
Fidelity Investment Grade Bond Central Fund (a)
 
80,655
7,984,876
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS
 
 
14,714,626
 
TOTAL FIXED-INCOME CENTRAL FUNDS
  (Cost $23,805,810)
 
 
 
21,629,162
 
 
 
 
Money Market Central Funds - 0.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.86% (b)
 
  (Cost $47,902)
 
 
47,892
47,902
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 4.58% 5/4/23 (d)
 
  (Cost $9,959)
 
 
10,000
9,960
 
 
 
 
Investment Companies - 1.3%
 
 
Shares
Value ($)
 
iShares MSCI USA Minimum Volatility ETF
 
5,185
377,157
VanEck Vectors Gold Miners ETF
 
8,149
263,620
 
TOTAL INVESTMENT COMPANIES
  (Cost $619,290)
 
 
640,777
 
 
 
 
Fixed-Income Funds - 29.6%
 
 
Shares
Value ($)
 
Fidelity International Bond Index Fund (e)
 
1,071,412
9,685,567
Fidelity Long-Term Treasury Bond Index Fund (e)
 
528,726
5,683,808
 
TOTAL FIXED-INCOME FUNDS
  (Cost $17,178,352)
 
 
15,369,375
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $56,004,966)
 
 
 
51,861,178
NET OTHER ASSETS (LIABILITIES) - 0.0%  
14,643
NET ASSETS - 100.0%
51,875,821
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 5-Year U.S. Treasury Note Contracts (United States)
4
Jun 2023
438,031
9,273
9,273
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
 
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)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
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 $9,960.
 
(e)
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 4.86%
11,079
206,892
170,069
292
-
-
47,902
0.0%
Fidelity Commodity Strategy Central Fund
908,745
155,225
503,442
10,069
(154,538)
126,099
532,089
0.1%
Fidelity Emerging Markets Debt Central Fund
3,768,817
910,326
165,358
128,673
(28,245)
258,775
4,744,315
0.2%
Fidelity Emerging Markets Debt Local Currency Central Fund
93,400
271,309
-
309
-
18,292
383,001
0.1%
Fidelity Emerging Markets Equity Central Fund
1,110,376
1,028,734
206,479
19,109
(55,386)
200,453
2,077,698
0.1%
Fidelity Floating Rate Central Fund
1,232,257
243,118
266,627
54,310
(3,690)
31,945
1,237,003
0.1%
Fidelity Hedged Equity Central Fund
-
130,940
-
72
-
1,468
132,408
0.1%
Fidelity High Income Central Fund
463,947
109,484
44,119
19,802
(3,426)
24,331
550,217
0.0%
Fidelity Inflation-Protected Bond Index Central Fund
5,315,270
1,844,014
78,230
623,311
(8,387)
(342,917)
6,729,750
1.1%
Fidelity International Equity Central Fund
1,556,314
2,406,896
92,538
15,454
2,141
528,953
4,401,766
0.1%
Fidelity Investment Grade Bond Central Fund
5,612,806
3,089,791
960,965
119,998
(82,807)
326,051
7,984,876
0.0%
Fidelity Real Estate Equity Central Fund
273,025
44,008
116,395
3,912
(5,559)
29,631
224,710
0.0%
Fidelity Securities Lending Cash Central Fund 4.87%
-
1,309,627
1,309,627
23
-
-
-
0.0%
Fidelity U.S. Equity Central Fund
6,922,099
1,403,484
2,432,268
139,559
(210,819)
1,112,835
6,795,331
0.0%
Total
27,268,135
13,153,848
6,346,117
1,134,893
(550,716)
2,315,916
35,841,066
 
 
 
 
 
 
 
 
 
 
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 International Bond Index Fund
8,047,697
2,712,077
1,287,783
47,007
(85,630)
299,206
9,685,567
Fidelity Long-Term Treasury Bond Index Fund
4,381,151
2,102,161
998,289
72,557
(171,182)
369,967
5,683,808
 
12,428,848
4,814,238
2,286,072
119,564
(256,812)
669,173
15,369,375
 
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, 2023, 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
14,164,002
14,164,002
-
-
 Fixed-Income Central Funds
21,629,162
21,629,162
-
-
 Money Market Central Funds
47,902
47,902
-
-
 Other Short-Term Investments
9,960
-
9,960
-
 Investment Companies
640,777
640,777
-
-
  Fixed-Income Funds
15,369,375
15,369,375
-
-
 Total Investments in Securities:
51,861,178
51,851,218
9,960
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
9,273
9,273
-
-
  Total Assets
9,273
9,273
-
-
 Total Derivative Instruments:
9,273
9,273
-
-
 
 
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, 2023. 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 ($)
Liability ($)
Interest Rate Risk
 
 
Futures Contracts (a)  
9,273
0
Total Interest Rate Risk
9,273
0
Total Value of Derivatives
9,273
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).
 
 
 
Financial Statements   (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $629,249)
$
650,737
 
 
Fidelity Central Funds (cost $38,197,365)
35,841,066
 
 
Other affiliated issuers (cost $17,178,352)
15,369,375
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $56,004,966)
 
 
$
51,861,178
Cash
 
 
14,250
Receivable for investments sold
 
 
8,111
Receivable for fund shares sold
 
 
203,830
Distributions receivable from Fidelity Central Funds
 
 
115
Receivable for daily variation margin on futures contracts
 
 
906
  Total assets
 
 
52,088,390
Liabilities
 
 
 
 
Payable for investments purchased
$
169,725
 
 
Payable for fund shares redeemed
26,511
 
 
Accrued management fee
16,333
 
 
  Total Liabilities
 
 
 
212,569
Net Assets  
 
 
$
51,875,821
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
57,253,798
Total accumulated earnings (loss)
 
 
 
(5,377,977)
Net Assets
 
 
$
51,875,821
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Fidelity Health Savings Fund :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($21,358,492 ÷ 2,231,602 shares)
 
 
$
9.57
Class K :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($30,517,329 ÷ 3,189,183 shares)
 
 
$
9.57
 
Statement of Operations
 
 
 
Six months ended
March 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Unaffiliated issuers
 
 
$
6,907
 Affiliated issuers
 
 
119,564
Interest  
 
 
363
Income from Fidelity Central Funds (including $23 from security lending)
 
 
878,849
 Total Income
 
 
 
1,005,683
Expenses
 
 
 
 
Management fee
$
89,191
 
 
Independent trustees' fees and expenses
87
 
 
 Total expenses before reductions
 
89,278
 
 
 Expense reductions
 
(75)
 
 
 Total expenses after reductions
 
 
 
89,203
Net Investment income (loss)
 
 
 
916,480
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(74,264)
 
 
   Fidelity Central Funds
 
(550,716)
 
 
   Other affiliated issuers
 
(256,812)
 
 
 Futures contracts
 
(10,454)
 
 
 Capital gain distributions from underlying funds:
 
 
 
 
   Affiliated issuers
 
256,044
 
 
Total net realized gain (loss)
 
 
 
(636,202)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
106,489
 
 
   Fidelity Central Funds
 
2,315,916
 
 
   Other affiliated issuers
 
669,173
 
 
 Futures contracts
 
10,923
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,102,501
Net gain (loss)
 
 
 
2,466,299
Net increase (decrease) in net assets resulting from operations
 
 
$
3,382,779
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
Year ended
September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
916,480
$
1,099,098
Net realized gain (loss)
 
(636,202)
 
 
(210,536)
 
Change in net unrealized appreciation (depreciation)
 
3,102,501
 
(8,250,369)
 
Net increase (decrease) in net assets resulting from operations
 
3,382,779
 
 
(7,361,807)
 
Distributions to shareholders
 
(1,337,122)
 
 
(1,166,276)
 
Share transactions - net increase (decrease)
 
9,146,493
 
 
15,716,403
 
Total increase (decrease) in net assets
 
11,192,150
 
 
7,188,320
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
40,683,671
 
33,495,351
 
End of period
$
51,875,821
$
40,683,671
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Health Savings Fund
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.15
$
11.21
$
10.48
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.19
 
.28
 
.16
 
.08
     Net realized and unrealized gain (loss)
 
.52
 
(2.02)
 
.76
 
.46
  Total from investment operations
 
.71  
 
(1.74)  
 
.92  
 
.54  
  Distributions from net investment income
 
(.24)
 
(.25)
 
(.11)
 
(.06)
  Distributions from net realized gain
 
(.05)
 
(.07)
 
(.08)
 
-
     Total distributions
 
(.29)
 
(.32)
 
(.19)
 
(.06)
  Net asset value, end of period
$
9.57
$
9.15
$
11.21
$
10.48
 Total Return   D,E
 
7.85%
 
(15.98)%
 
8.81%
 
5.41%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% H
 
.45%
 
.45%
 
.45% H
    Expenses net of fee waivers, if any
 
.45% H
 
.45%
 
.45%
 
.45% H
    Expenses net of all reductions
 
.45% H
 
.45%
 
.45%
 
.45% H
    Net investment income (loss)
 
3.98% H
 
2.66%
 
1.48%
 
1.36% H
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,358
$
18,399
$
16,668
$
4,324
    Portfolio turnover rate I
 
36% H
 
29%
 
31%
 
43% H
 
A For the period March 2, 2020 (commencement of operations) through September 30, 2020.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount 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, 2023  
 
Years ended September 30, 2022  
 
2021    
 
2020   A
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.15
$
11.21
$
10.48
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.19
 
.29
 
.18
 
.09
     Net realized and unrealized gain (loss)
 
.52
 
(2.02)
 
.75
 
.45
  Total from investment operations
 
.71  
 
(1.73)  
 
.93  
 
.54  
  Distributions from net investment income
 
(.24)
 
(.27)
 
(.12)
 
(.06)
  Distributions from net realized gain
 
(.05)
 
(.07)
 
(.08)
 
-
     Total distributions
 
(.29)
 
(.33) D
 
(.20)
 
(.06)
  Net asset value, end of period
$
9.57
$
9.15
$
11.21
$
10.48
 Total Return   E,F
 
7.92%
 
(15.88)%
 
8.92%
 
5.45%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.35% I
 
.35%
 
.35%
 
.35% I
    Expenses net of fee waivers, if any
 
.35% I
 
.35%
 
.35%
 
.35% I
    Expenses net of all reductions
 
.35% I
 
.35%
 
.35%
 
.35% I
    Net investment income (loss)
 
4.08% I
 
2.76%
 
1.58%
 
1.46% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,517
$
22,284
$
16,827
$
3,308
    Portfolio turnover rate J
 
36% I
 
29%
 
31%
 
43% I
 
A For the period March 2, 2020 (commencement of operations) through September 30, 2020.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total distributions per share do not sum due to rounding.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended March 31, 2023
 
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. Each class has exclusive voting rights with respect to matters that affect that class. 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 Ratio A
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
 
Less than .005%
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
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
Futures
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.
Delayed Delivery & When Issued Securities
Foreign Securities
Futures
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.
Foreign Securities
Loans & Direct Debt Instruments
Restricted Securities
Less than .005%
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.
Loans & Direct Debt Instruments
Restricted Securities
 
0.03%
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
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 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.
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
Restricted Securities
Less than .005%
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
0.01%
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. 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 and 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, 2023 is included at the end of the Fund's Schedule of Investments.
 
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.
 
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. 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 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 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
$648,383
Gross unrealized depreciation
(5,824,241)
Net unrealized appreciation (depreciation)
$(5,175,858)
Tax cost
$57,046,309
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
17,114,514
8,180,998
 
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%
 
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 Fund
$1
 
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 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. 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 Health Savings Fund
$2
$-
$-
9. 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 $75.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended March 31, 2023
Year ended September 30, 2022
Fidelity Health Savings Fund
 
 
Distributions to shareholders
 
 
Fidelity Health Savings Fund
$585,083
$553,514
Class K
752,039
612,762
Total   
$1,337,122
$1,166,276
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, 2023
Year ended September 30, 2022
Six months ended March 31, 2023
Year ended September 30, 2022
Fidelity Health Savings Fund
 
 
 
 
Fidelity Health Savings Fund
 
 
 
 
Shares sold
299,592
741,885
$2,826,258
$7,995,080
Reinvestment of distributions
61,555
50,079
567,391
545,571
Shares redeemed
(140,247)
(268,130)
(1,317,906)
(2,817,885)
Net increase (decrease)
220,900
523,834
$2,075,743
$5,722,766
Class K
 
 
 
 
Shares sold
830,924
1,121,709
$7,810,517
$11,928,637
Reinvestment of distributions
80,692
56,311
744,009
610,743
Shares redeemed
(157,806)
(243,420)
(1,483,776)
(2,545,743)
Net increase (decrease)
753,810
934,600
$7,070,750
$9,993,637
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.
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.
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, 2022 to March 31, 2023).
 
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, 2022
 
Ending Account Value March 31, 2023
 
Expenses Paid During Period- C October 1, 2022 to March 31, 2023
Fidelity® Health Savings Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Health Savings Fund
 
 
 
.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,078.50
 
$ 2.33
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.69
 
$ 2.27
 
Class K
 
 
 
.35%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,079.20
 
$ 1.81
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,023.19
 
$ 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 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
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.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
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, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9897538.103
HSF-SANN-0523
Moderate with Income Allocation Fund
Balanced Allocation Fund
Growth Allocation Fund
Aggressive Growth Allocation Fund
 
 
Semi-Annual Report
March 31, 2023

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

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. © 2023 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.
 
 
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
50.1
 
Fidelity Total Market Index Fund
21.0
 
Fidelity Short-Term Bond Index Fund
20.0
 
Fidelity Total International Index Fund
8.9
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
 
Moderate with Income Allocation Fund
Showing Percentage of Net Assets
Domestic Equity Funds - 21.0%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
  (Cost $46,627)
 
 
400
45,487
 
 
 
 
International Equity Funds - 8.9%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
  (Cost $19,974)
 
 
1,548
19,348
 
 
 
 
Bond Funds - 70.1%
 
 
Shares
Value ($)
 
Fidelity Short-Term Bond Index Fund (a)
 
4,490
43,151
Fidelity U.S. Bond Index Fund (a)
 
10,413
108,503
 
TOTAL BOND FUNDS
  (Cost $158,840)
 
 
151,654
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $225,441)
 
 
 
216,489
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(1)
NET ASSETS - 100.0%
216,488
 
 
 
 
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
31,835
11,143
636
266
(21)
830
43,151
Fidelity Total International Index Fund
14,076
4,529
2,124
380
(324)
3,191
19,348
Fidelity Total Market Index Fund
32,681
12,198
4,227
495
(612)
5,447
45,487
Fidelity U.S. Bond Index Fund
79,280
26,847
613
1,254
(39)
3,028
108,503
 
157,872
54,717
7,600
2,395
(996)
12,496
216,489
 
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, 2023, 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
45,487
45,487
-
-
 International Equity Funds
19,348
19,348
-
-
  Bond Funds
151,654
151,654
-
-
 Total Investments in Securities:
216,489
216,489
-
-
 
Moderate with Income Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $225,441)
$
216,489
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $225,441)
 
 
$
216,489
  Total assets
 
 
216,489
Net Assets  
 
 
$
216,488
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
226,508
Total accumulated earnings (loss)
 
 
 
(10,020)
Net Assets
 
 
$
216,488
Net Asset Value , offering price and redemption price per share ($216,488 ÷ 23,706 shares)
 
 
$
9.13
 
Statement of Operations
 
 
 
Six months ended
March 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
2,395
Expenses
 
 
 
 
Management fee
$
92
 
 
 Total expenses before reductions
 
92
 
 
 Expense reductions
 
(92)
 
 
Net Investment income (loss)
 
 
 
2,395
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(996)
 
 
Total net realized gain (loss)
 
 
 
(996)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
12,496
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
12,496
Net gain (loss)
 
 
 
11,500
Net increase (decrease) in net assets resulting from operations
 
 
$
13,895
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
For the period February 9, 2022 (commencement of operations) through September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,395
$
1,215
Net realized gain (loss)
 
(996)
 
 
(508)
 
Change in net unrealized appreciation (depreciation)
 
12,496
 
(21,448)
 
Net increase (decrease) in net assets resulting from operations
 
13,895
 
 
(20,741)
 
Distributions to shareholders
 
(2,247)
 
 
(927)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
67,457
 
178,618
  Reinvestment of distributions
 
2,247
 
 
927
 
Cost of shares redeemed
 
(22,736)
 
(5)
  Net increase (decrease) in net assets resulting from share transactions
 
46,968
 
 
179,540
 
Total increase (decrease) in net assets
 
58,616
 
 
157,872
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
157,872
 
-
 
End of period
$
216,488
$
157,872
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
7,500
 
18,354
  Issued in reinvestment of distributions
 
255
 
 
101
 
Redeemed
 
(2,503)
 
(1)
Net increase (decrease)
 
5,252
 
18,454
 
 
 
 
 
 
Financial Highlights
Moderate with Income Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
8.55
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
.57
 
(1.47)
  Total from investment operations
 
.69  
 
(1.39)  
  Distributions from net investment income
 
(.11)
 
(.06)
     Total distributions
 
(.11)
 
(.06)
  Net asset value, end of period
$
9.13
$
8.55
 Total Return   D,E
 
8.17%
 
(13.93)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.10% H
 
.10% H
    Expenses net of fee waivers, if any
 
-% H
 
-% H
    Expenses net of all reductions
 
-% H
 
-% H
    Net investment income (loss)
 
2.60% H
 
1.36% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
216
$
158
    Portfolio turnover rate I
 
8% H
 
11% H
 
A For the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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
40.1
 
Fidelity Total Market Index Fund
35.0
 
Fidelity Total International Index Fund
14.9
 
Fidelity Short-Term Bond Index Fund
10.0
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
 
Balanced Allocation Fund
Showing Percentage of Net Assets
Domestic Equity Funds - 35.0%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
  (Cost $128,439)
 
 
1,100
125,015
 
 
 
 
International Equity Funds - 14.9%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
  (Cost $54,234)
 
 
4,255
53,189
 
 
 
 
Bond Funds - 50.1%
 
 
Shares
Value ($)
 
Fidelity Short-Term Bond Index Fund (a)
 
3,710
35,652
Fidelity U.S. Bond Index Fund (a)
 
13,727
143,035
 
TOTAL BOND FUNDS
  (Cost $186,334)
 
 
178,687
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $369,007)
 
 
 
356,891
NET OTHER ASSETS (LIABILITIES) - 0.0%  
2
NET ASSETS - 100.0%
356,893
 
 
 
 
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
25,588
12,544
3,175
222
(36)
731
35,652
Fidelity Total International Index Fund
37,701
16,272
8,568
1,053
(873)
8,657
53,189
Fidelity Total Market Index Fund
87,411
40,294
15,816
1,371
(1,684)
14,810
125,015
Fidelity U.S. Bond Index Fund
101,723
48,597
11,334
1,674
(572)
4,621
143,035
 
252,423
117,707
38,893
4,320
(3,165)
28,819
356,891
 
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, 2023, 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
125,015
125,015
-
-
 International Equity Funds
53,189
53,189
-
-
  Bond Funds
178,687
178,687
-
-
 Total Investments in Securities:
356,891
356,891
-
-
 
Balanced Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $369,007)
$
356,891
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $369,007)
 
 
$
356,891
Receivable for fund shares sold
 
 
633
  Total assets
 
 
357,524
Liabilities
 
 
 
 
Payable for investments purchased
$
631
 
 
  Total Liabilities
 
 
 
631
Net Assets  
 
 
$
356,893
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
371,860
Total accumulated earnings (loss)
 
 
 
(14,967)
Net Assets
 
 
$
356,893
Net Asset Value , offering price and redemption price per share ($356,893 ÷ 39,420 shares)
 
 
$
9.05
 
Statement of Operations
 
 
 
Six months ended
March 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
4,320
Expenses
 
 
 
 
Management fee
$
154
 
 
Independent trustees' fees and expenses
1
 
 
 Total expenses before reductions
 
155
 
 
 Expense reductions
 
(154)
 
 
 Total expenses after reductions
 
 
 
1
Net Investment income (loss)
 
 
 
4,319
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(3,165)
 
 
Total net realized gain (loss)
 
 
 
(3,165)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
28,819
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
28,819
Net gain (loss)
 
 
 
25,654
Net increase (decrease) in net assets resulting from operations
 
 
$
29,973
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
For the period February 9, 2022 (commencement of operations) through September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,319
$
1,452
Net realized gain (loss)
 
(3,165)
 
 
(684)
 
Change in net unrealized appreciation (depreciation)
 
28,819
 
(40,935)
 
Net increase (decrease) in net assets resulting from operations
 
29,973
 
 
(40,167)
 
Distributions to shareholders
 
(4,067)
 
 
(706)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
152,272
 
296,747
  Reinvestment of distributions
 
4,067
 
 
706
 
Cost of shares redeemed
 
(77,775)
 
(4,157)
  Net increase (decrease) in net assets resulting from share transactions
 
78,564
 
 
293,296
 
Total increase (decrease) in net assets
 
104,470
 
 
252,423
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
252,423
 
-
 
End of period
$
356,893
$
252,423
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
17,144
 
30,805
  Issued in reinvestment of distributions
 
473
 
 
79
 
Redeemed
 
(8,641)
 
(440)
Net increase (decrease)
 
8,976
 
30,444
 
 
 
 
 
 
Financial Highlights
Balanced Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
8.29
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.06
     Net realized and unrealized gain (loss)
 
.77
 
(1.74)
  Total from investment operations
 
.89  
 
(1.68)  
  Distributions from net investment income
 
(.13)
 
(.03)
     Total distributions
 
(.13)
 
(.03)
  Net asset value, end of period
$
9.05
$
8.29
 Total Return   D,E
 
10.78%
 
(16.81)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.10% H
 
.10% H
    Expenses net of fee waivers, if any
 
-% H
 
-% H
    Expenses net of all reductions
 
-% H
 
-% H
    Net investment income (loss)
 
2.81% H
 
1.07% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
357
$
252
    Portfolio turnover rate I
 
25% H
 
12% H
 
A For the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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
25.1
 
Fidelity Total International Index Fund
20.8
 
Fidelity Short-Term Bond Index Fund
5.0
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
 
Growth Allocation Fund
Showing Percentage of Net Assets
Domestic Equity Funds - 49.1%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
  (Cost $242,356)
 
 
2,100
238,652
 
 
 
 
International Equity Funds - 20.8%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
  (Cost $101,181)
 
 
8,109
101,365
 
 
 
 
Bond Funds - 30.1%
 
 
Shares
Value ($)
 
Fidelity Short-Term Bond Index Fund (a)
 
2,533
24,342
Fidelity U.S. Bond Index Fund (a)
 
11,685
121,758
 
TOTAL BOND FUNDS
  (Cost $152,104)
 
 
146,100
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $495,641)
 
 
 
486,117
NET OTHER ASSETS (LIABILITIES) - 0.0%  
0
NET ASSETS - 100.0%
486,117
 
 
 
 
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
17,365
8,813
2,331
155
(19)
514
24,342
Fidelity Total International Index Fund
71,347
30,290
15,773
2,169
(1,193)
16,694
101,365
Fidelity Total Market Index Fund
165,312
73,959
25,577
2,823
(1,315)
26,273
238,652
Fidelity U.S. Bond Index Fund
85,923
43,014
10,860
1,463
(361)
4,042
121,758
 
339,947
156,076
54,541
6,610
(2,888)
47,523
486,117
 
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, 2023, 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
238,652
238,652
-
-
 International Equity Funds
101,365
101,365
-
-
  Bond Funds
146,100
146,100
-
-
 Total Investments in Securities:
486,117
486,117
-
-
 
Growth Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $495,641)
$
486,117
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $495,641)
 
 
$
486,117
Receivable for investments sold
 
 
51
Receivable for fund shares sold
 
 
570
  Total assets
 
 
486,738
Liabilities
 
 
 
 
Payable for investments purchased
$
621
 
 
  Total Liabilities
 
 
 
621
Net Assets  
 
 
$
486,117
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
504,199
Total accumulated earnings (loss)
 
 
 
(18,082)
Net Assets
 
 
$
486,117
Net Asset Value , offering price and redemption price per share ($486,117 ÷ 54,025 shares)
 
 
$
9.00
 
Statement of Operations
 
 
 
Six months ended
March 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
6,610
Expenses
 
 
 
 
Management fee
$
215
 
 
Independent trustees' fees and expenses
1
 
 
 Total expenses before reductions
 
216
 
 
 Expense reductions
 
(215)
 
 
 Total expenses after reductions
 
 
 
1
Net Investment income (loss)
 
 
 
6,609
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(2,888)
 
 
Total net realized gain (loss)
 
 
 
(2,888)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
47,523
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
47,523
Net gain (loss)
 
 
 
44,635
Net increase (decrease) in net assets resulting from operations
 
 
$
51,244
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
For the period February 9, 2022 (commencement of operations) through September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,609
$
1,350
Net realized gain (loss)
 
(2,888)
 
 
(6,503)
 
Change in net unrealized appreciation (depreciation)
 
47,523
 
(57,047)
 
Net increase (decrease) in net assets resulting from operations
 
51,244
 
 
(62,200)
 
Distributions to shareholders
 
(7,126)
 
 
-
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
148,351
 
445,709
  Reinvestment of distributions
 
7,126
 
 
-
 
Cost of shares redeemed
 
(53,425)
 
(43,562)
  Net increase (decrease) in net assets resulting from share transactions
 
102,052
 
 
402,147
 
Total increase (decrease) in net assets
 
146,170
 
 
339,947
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
339,947
 
-
 
End of period
$
486,117
$
339,947
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
17,066
 
47,105
  Issued in reinvestment of distributions
 
835
 
 
-
 
Redeemed
 
(6,006)
 
(4,975)
Net increase (decrease)
 
11,895
 
42,130
 
 
 
 
 
 
Financial Highlights
Growth Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
8.07
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.13
 
.04
     Net realized and unrealized gain (loss)
 
.95
 
(1.97)
  Total from investment operations
 
1.08  
 
(1.93)  
  Distributions from net investment income
 
(.15)
 
-
     Total distributions
 
(.15)
 
-
  Net asset value, end of period
$
9.00
$
8.07
 Total Return   D,E
 
13.42%
 
(19.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.10% H
 
.10% H
    Expenses net of fee waivers, if any
 
-% H
 
-% H
    Expenses net of all reductions
 
-% H
 
-% H
    Net investment income (loss)
 
3.07% H
 
.73% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
486
$
340
    Portfolio turnover rate I
 
26% H
 
34% H
 
A For the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Total returns for periods of less than one year are not annualized.
 
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
F Fees 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.
 
G Expense 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.
 
H Annualized.
 
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
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
60.1
 
Fidelity Total International Index Fund
24.8
 
Fidelity U.S. Bond Index Fund
15.1
 
 
100.0
 
 
Asset Allocation (% of Fund's net assets)
 
Aggressive Growth Allocation Fund
Showing Percentage of Net Assets
Domestic Equity Funds - 60.1%
 
 
Shares
Value ($)
 
Fidelity Total Market Index Fund (a)
 
  (Cost $326,783)
 
 
2,831
321,777
 
 
 
 
International Equity Funds - 24.8%
 
 
Shares
Value ($)
 
Fidelity Total International Index Fund (a)
 
  (Cost $131,577)
 
 
10,630
132,880
 
 
 
 
Bond Funds - 15.1%
 
 
Shares
Value ($)
 
Fidelity U.S. Bond Index Fund (a)
 
  (Cost $83,592)
 
 
7,726
80,506
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
  (Cost $541,952)
 
 
 
535,163
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(1)
NET ASSETS - 100.0%
535,162
 
 
 
 
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
88,592
46,115
21,476
2,808
(2,257)
21,906
132,880
Fidelity Total Market Index Fund
210,960
111,442
33,114
3,759
(1,138)
33,627
321,777
Fidelity U.S. Bond Index Fund
53,774
32,169
7,785
953
(369)
2,717
80,506
 
353,326
189,726
62,375
7,520
(3,764)
58,250
535,163
 
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, 2023, 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
321,777
321,777
-
-
 International Equity Funds
132,880
132,880
-
-
  Bond Funds
80,506
80,506
-
-
 Total Investments in Securities:
535,163
535,163
-
-
 
Aggressive Growth Allocation Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
March 31, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Affiliated issuers (cost $541,952)
$
535,163
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $541,952)
 
 
$
535,163
Receivable for fund shares sold
 
 
1,638
  Total assets
 
 
536,801
Liabilities
 
 
 
 
Payable for investments purchased
$
1,639
 
 
  Total Liabilities
 
 
 
1,639
Net Assets  
 
 
$
535,162
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
547,983
Total accumulated earnings (loss)
 
 
 
(12,821)
Net Assets
 
 
$
535,162
Net Asset Value , offering price and redemption price per share ($535,162 ÷ 60,045 shares)
 
 
$
8.91
 
Statement of Operations
 
 
 
Six months ended
March 31, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends:
 
 
 
 
 Affiliated issuers
 
 
$
7,520
Expenses
 
 
 
 
Management fee
$
233
 
 
Independent trustees' fees and expenses
1
 
 
 Total expenses before reductions
 
234
 
 
 Expense reductions
 
(233)
 
 
 Total expenses after reductions
 
 
 
1
Net Investment income (loss)
 
 
 
7,519
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
(3,764)
 
 
Total net realized gain (loss)
 
 
 
(3,764)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Affiliated issuers
 
58,250
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
58,250
Net gain (loss)
 
 
 
54,486
Net increase (decrease) in net assets resulting from operations
 
 
$
62,005
Statement of Changes in Net Assets
 
 
Six months ended
March 31, 2023
(Unaudited)
 
For the period February 9, 2022 (commencement of operations) through September 30, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,519
$
880
Net realized gain (loss)
 
(3,764)
 
 
(2,613)
 
Change in net unrealized appreciation (depreciation)
 
58,250
 
(65,039)
 
Net increase (decrease) in net assets resulting from operations
 
62,005
 
 
(66,772)
 
Distributions to shareholders
 
(8,054)
 
 
-
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
192,830
 
437,529
  Reinvestment of distributions
 
8,054
 
 
-
 
Cost of shares redeemed
 
(72,998)
 
(17,432)
  Net increase (decrease) in net assets resulting from share transactions
 
127,886
 
 
420,097
 
Total increase (decrease) in net assets
 
181,837
 
 
353,325
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
353,325
 
-
 
End of period
$
535,162
$
353,325
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
22,523
 
46,920
  Issued in reinvestment of distributions
 
959
 
 
-
 
Redeemed
 
(8,345)
 
(2,012)
Net increase (decrease)
 
15,137
 
44,908
 
 
 
 
 
 
Financial Highlights
Aggressive Growth Allocation Fund
 
 
Six months ended
(Unaudited) March 31, 2023  
 
Years ended September 30, 2022   A
  Selected Per-Share Data  
 
 
 
 
  Net asset value, beginning of period
$
7.87
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.03
     Net realized and unrealized gain (loss)
 
1.05
 
(2.16)
  Total from investment operations
 
1.19  
 
(2.13)  
  Distributions from net investment income
 
(.15)
 
-
  Distributions from net realized gain
 
- D
 
-
     Total distributions
 
(.15)
 
-
  Net asset value, end of period
$
8.91
$
7.87
 Total Return   E,F
 
15.29%
 
(21.30)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.10% I
 
.10% I
    Expenses net of fee waivers, if any
 
-% I
 
-% I
    Expenses net of all reductions
 
-% I
 
-% I
    Net investment income (loss)
 
3.22% I
 
.46% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
535
$
353
    Portfolio turnover rate J
 
27% I
 
14% I
 
A For the period February 9, 2022 (commencement of operations) through September 30, 2022.
 
B Calculated based on average shares outstanding during the period.
 
C Net 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.
 
D Amount represents less than $.005 per share.
 
E Total returns for periods of less than one year are not annualized.
 
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
G Fees 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.
 
H Expense 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.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended March 31, 2023
 
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, 2023 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
$226,748
$1,524
$   (11,783)
$   (10,259)
Balanced Allocation Fund
372,878
4,204
(20,191)
(15,987)
Growth Allocation Fund
503,368
9,156
(26,407)
(17,251)
Aggressive Growth Allocation Fund
548,446
11,805
(25,088)
(13,283)
 
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
$(8)
$-
$(8)
Growth Allocation Fund
(1,655)
-
(1,655)
 
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
54,717
7,600
Balanced Allocation Fund
117,707
38,893
Growth Allocation Fund
156,076
54,541
Aggressive Growth Allocation Fund
189,726
62,375
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, 2026. For the period, management fees were reduced by the following amounts:
 
 
Management Fee Waiver
Moderate with Income Allocation Fund
$92
Balanced Allocation Fund
$154
Growth Allocation Fund
$215
Aggressive Growth Allocation Fund
$233
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
33%
Balanced Allocation Fund
10%
Growth Allocation Fund
15%
Aggressive Growth Allocation Fund
15%
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.
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, 2022 to March 31, 2023).
 
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, 2022
 
Ending Account Value March 31, 2023
 
Expenses Paid During Period- C October 1, 2022 to March 31, 2023
 
 
 
 
 
 
 
 
 
 
Moderate with Income Allocation Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,081.70
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.93
 
$- E
 
 
 
 
 
 
 
 
 
 
 
Balanced Allocation Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,107.80
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.93
 
$- E
 
 
 
 
 
 
 
 
 
 
 
Growth Allocation Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,134.20
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.93
 
$- E
 
 
 
 
 
 
 
 
 
 
 
Aggressive Growth Allocation Fund
 
 
 
-%- D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,152.90
 
$- E
 
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.93
 
$- 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 182/ 365 (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.
 
 
 
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.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
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, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9904653.101
HSA-SANN-0523


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 13.

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



Date:

May 19, 2023


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



Date:

May 19, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

May 19, 2023