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 811-3221
Fidelity Charles Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, 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 |
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Date of reporting period: | March 31, 2015 |
Item 1. Reports to Stockholders
Fidelity®
Series Broad Market Opportunities
Fund
Semiannual Report
March 31, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
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.
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. © 2015 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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.
Semiannual Report
Shareholder Expense Example
The Fund invests in Fidelity Central Funds, which are open-end investment companies with similar investment objectives to those of the Fund, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Fund also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Fund's annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2014 to March 31, 2015).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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.
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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Actual | 1.00% | $ 1,000.00 | $ 1,074.50 | $ 5.17 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.95 | $ 5.04 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's 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 the underlying Fidelity Central Funds in which the Fund invests are not included in the Fund's annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .01% to .01%.
Semiannual Report
Investment Changes (Unaudited)
The information in the following tables is based on the Fund's pro-rata share of the investments of Fidelity's Equity Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 2.9 | 2.1 |
Facebook, Inc. Class A | 1.4 | 1.0 |
Actavis PLC | 1.2 | 0.9 |
The Walt Disney Co. | 1.0 | 0.8 |
Citigroup, Inc. | 1.0 | 1.0 |
JPMorgan Chase & Co. | 1.0 | 1.0 |
Bank of America Corp. | 0.9 | 1.0 |
Google, Inc. Class C | 0.9 | 0.9 |
Google, Inc. Class A | 0.9 | 0.9 |
Berkshire Hathaway, Inc. Class B | 0.9 | 0.9 |
| 12.1 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stocks 98.6% |
| ![]() | Stocks 97.9% |
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![]() | Convertible |
| ![]() | Convertible |
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![]() | Short-Term |
| ![]() | Short-Term |
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At period end, investments in foreign securities, including the Fund's pro-rata share of Fidelity's Equity Central Funds, was 17.3% of net assets. 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. |
Semiannual Report
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 100.1% | |||
Shares | Value | ||
Fidelity Consumer Discretionary Central Fund (a) | 8,120 | $ 1,986,779 | |
Fidelity Consumer Staples Central Fund (a) | 5,964 | 1,313,498 | |
Fidelity Energy Central Fund (a) | 9,180 | 1,200,531 | |
Fidelity Financials Central Fund (a) | 35,220 | 3,117,012 | |
Fidelity Health Care Central Fund (a) | 6,093 | 2,289,813 | |
Fidelity Industrials Central Fund (a) | 7,460 | 1,764,009 | |
Fidelity Information Technology Central Fund (a) | 11,376 | 3,223,484 | |
Fidelity Materials Central Fund (a) | 2,599 | 581,453 | |
Fidelity Telecom Services Central Fund (a) | 2,176 | 368,110 | |
Fidelity Utilities Central Fund (a) | 3,375 | 535,495 | |
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $12,429,013) | 16,380,184 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (24,193) | ||
NET ASSETS - 100% | $ 16,355,991 |
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-Q 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Consumer Discretionary Central Fund | $ 12,209 |
Fidelity Consumer Staples Central Fund | 15,203 |
Fidelity Energy Central Fund | 10,343 |
Fidelity Financials Central Fund | 23,398 |
Fidelity Health Care Central Fund | 6,368 |
Fidelity Industrials Central Fund | 10,992 |
Fidelity Information Technology Central Fund | 8,457 |
Fidelity Materials Central Fund | 5,272 |
Fidelity Telecom Services Central Fund | 4,096 |
Fidelity Utilities Central Fund | 6,714 |
Total | $ 103,052 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Consumer Discretionary Central Fund | $ 1,659,146 | $ 247,074 | $ 160,058 | $ 1,986,779 | 0.1% |
Fidelity Consumer Staples Central Fund | 1,221,444 | 194,944 | 197,177 | 1,313,498 | 0.1% |
Fidelity Energy Central Fund | 1,278,487 | 432,915 | 311,647 | 1,200,531 | 0.1% |
Fidelity Financials Central Fund | 2,861,099 | 470,073 | 378,982 | 3,117,012 | 0.1% |
Fidelity Health Care Central Fund | 1,983,192 | 327,661 | 457,477 | 2,289,813 | 0.1% |
Fidelity Industrials Central Fund | 1,618,478 | 206,711 | 197,704 | 1,764,009 | 0.1% |
Fidelity Information Technology Central Fund | 2,913,254 | 353,659 | 283,090 | 3,223,484 | 0.1% |
Fidelity Materials Central Fund | 592,487 | 53,396 | 47,578 | 581,453 | 0.1% |
Fidelity Telecom Services Central Fund | 341,255 | 85,862 | 71,918 | 368,110 | 0.1% |
Fidelity Utilities Central Fund | 568,417 | 71,318 | 116,467 | 535,495 | 0.1% |
Total | $ 15,037,259 | $ 2,443,613 | $ 2,222,098 | $ 16,380,184 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
The information in the following table is based on the Fund's pro-rata share of the investments of Fidelity's Equity Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 82.7% |
Ireland | 3.5% |
Cayman Islands | 2.3% |
United Kingdom | 2.3% |
Bermuda | 1.1% |
Switzerland | 1.0% |
Others (Individually Less Than 1%) | 7.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investments in Fidelity Central Funds (cost $12,429,013) |
| $ 16,380,184 |
Cash |
| 6 |
Receivable for investments sold | 115,437 | |
Receivable for fund shares sold | 26,223 | |
Prepaid expenses | 17 | |
Other receivables | 117 | |
Total assets | 16,521,984 | |
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Liabilities | ||
Payable for fund shares redeemed | $ 134,467 | |
Accrued management fee | 7,734 | |
Audit fees payable | 15,092 | |
Other affiliated payables | 2,149 | |
Other payables and accrued expenses | 6,551 | |
Total liabilities | 165,993 | |
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Net Assets | $ 16,355,991 | |
Net Assets consist of: |
| |
Paid in capital | $ 13,386,125 | |
Undistributed net investment income | 3,062 | |
Accumulated undistributed net realized gain (loss) on investments | (984,367) | |
Net unrealized appreciation (depreciation) on investments | 3,951,171 | |
Net Assets, for 1,041,245 shares outstanding | $ 16,355,991 | |
Net Asset Value, offering price and redemption price per share ($16,355,991 ÷ 1,041,245 shares) | $ 15.71 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
| Six months ended March 31, 2015 (Unaudited) | |
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Investment Income |
|
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Income from Fidelity Central Funds |
| $ 103,052 |
|
|
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Expenses | ||
Management fee | $ 43,247 | |
Transfer agent fees | 14,717 | |
Accounting fees and expenses | 3,063 | |
Custodian fees and expenses | 4,929 | |
Independent trustees' compensation | 33 | |
Audit | 18,012 | |
Legal | 30 | |
Miscellaneous | 143 | |
Total expenses before reductions | 84,174 | |
Expense reductions | (5,839) | 78,335 |
Net investment income (loss) | 24,717 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Fidelity Central Funds | (3,583) | |
Change in net unrealized appreciation (depreciation) on investment securities | 1,125,012 | |
Net gain (loss) | 1,121,429 | |
Net increase (decrease) in net assets resulting from operations | $ 1,146,146 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 24,717 | $ 52,069 |
Net realized gain (loss) | (3,583) | (17,058) |
Change in net unrealized appreciation (depreciation) | 1,125,012 | 1,571,732 |
Net increase (decrease) in net assets resulting | 1,146,146 | 1,606,743 |
Distributions to shareholders from net investment income | (64,587) | (38,985) |
Distributions to shareholders from net realized gain | (916,756) | (89,016) |
Total distributions | (981,343) | (128,001) |
Share transactions | 3,192,924 | 9,712,828 |
Reinvestment of distributions | 981,343 | 128,001 |
Cost of shares redeemed | (2,987,981) | (3,814,487) |
Net increase (decrease) in net assets resulting from share transactions | 1,186,286 | 6,026,342 |
Total increase (decrease) in net assets | 1,351,089 | 7,505,084 |
|
|
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Net Assets | ||
Beginning of period | 15,004,902 | 7,499,818 |
End of period (including undistributed net investment income of $3,062 and undistributed net investment income of $42,932, respectively) | $ 16,355,991 | $ 15,004,902 |
Other Information Shares | ||
Sold | 206,195 | 651,934 |
Issued in reinvestment of distributions | 66,577 | 9,130 |
Redeemed | (191,596) | (252,245) |
Net increase (decrease) | 81,176 | 408,819 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 15.63 | $ 13.61 | $ 11.11 | $ 8.65 | $ 8.95 | $ 8.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .02 | .07 | .08 | .07 | .03 | .03 |
Net realized and unrealized gain (loss) | 1.08 | 2.15 | 2.50 | 2.44 | (.28) | .93 |
Total from investment operations | 1.10 | 2.22 | 2.58 | 2.51 | (.25) | .96 |
Distributions from net investment income | (.07) | (.06) | (.07) | (.04) | (.04) | (.04) |
Distributions from net realized gain | (.95) | (.14) | (.01) | -H | (.01) | (.01) |
Total distributions | (1.02) | (.20) | (.08) | (.05)I | (.05) | (.05) |
Net asset value, end of period | $ 15.71 | $ 15.63 | $ 13.61 | $ 11.11 | $ 8.65 | $ 8.95 |
Total ReturnB, C | 7.45% | 16.46% | 23.39% | 29.07% | (2.91)% | 11.92% |
Ratios to Average Net AssetsE, G |
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|
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| |
Expenses before reductions | 1.07%A | 1.09% | 1.40% | 1.87% | 1.92% | 2.18% |
Expenses net of fee waivers, if any | 1.00%A | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Expenses net of all reductions | 1.00%A | 1.00% | .98% | .98% | .98% | .98% |
Net investment income (loss) | .31%A | .44% | .66% | .64% | .34% | .38% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 16,356 | $ 15,005 | $ 7,500 | $ 5,131 | $ 3,524 | $ 3,736 |
Portfolio turnover rateF | 28%A | 18% | 28% | 36% | 39% | 38% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .01%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H Amount represents less than $.01 per share. I Total distributions of $.05 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.004 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended March 31, 2015 (Unaudited)
1. Organization.
Fidelity® Series Broad Market Opportunities Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fund. These strategies are consistent with the investment objectives of the 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 Fund. The following summarizes the Fund's investment in each Fidelity Central Fund.
Fidelity Central Fund | Investment | Investment | Investment | Expense |
Fidelity Equity Central Funds | FMR Co., Inc. (FMRC) | Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry. | Foreign Securities Repurchase Agreements Restricted Securities | Less than .01% to .01% |
* 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 each Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through each Fund's investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com. A complete unaudited list of holdings for each Fidelity Central Fund is
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Investments in Fidelity Central Funds - continued
available upon request or at the Securities and Exchange Commission (the SEC) 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - 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, 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost. Income and capital gain distributions from Fidelity Central Funds, if any, 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.
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 partnerships (including allocations from Fidelity Central Funds) and capital loss carryforwards.
The federal tax cost of investment securities and unrealized appreciation (depreciation)
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
as of period end were as follows:
Gross unrealized appreciation | $ 4,012,584 |
Gross unrealized depreciation | (61,413) |
Net unrealized appreciation (depreciation) on securities | $ 3,951,171 |
|
|
Tax cost | $ 12,429,013 |
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.
4. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares, aggregated $2,443,613 and $2,222,098, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.
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.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $17 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.00% of average net assets. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $5,559.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund and the Equity Central Funds include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $280 for the period.
8. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research (Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
BMO-SANN-0515 1.848240.107
Fidelity Asset Manager® Funds -
20%, 30%, 40%, 50%, 60%, 70%, 85%
Semiannual Report
March 31, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Asset Manager® 20% | Investment Changes Investments Financial Statements | |
Fidelity Asset Manager 30% | Investment Changes Investments Financial Statements | |
Fidelity Asset Manager 40% | Investment Changes Investments Financial Statements | |
Fidelity Asset Manager 50% | Investment Changes Investments Financial Statements | |
Fidelity Asset Manager 60% | Investment Changes Investments Financial Statements | |
Fidelity Asset Manager 70% | Investment Changes Investments Financial Statements | |
Fidelity Asset Manager 85% | Investment Changes Investments Financial Statements | |
Notes | Notes to the financial statements. |
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.
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. © 2015 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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.
Semiannual Report
Shareholder Expense Example
The Funds invest in Fidelity® Central Funds, which are open-end investment companies with similar investment objectives to those of the Funds, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Funds presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Funds also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Funds' annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the Funds 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, 2014 to March 31, 2015).
Actual Expenses
The first line of the accompanying table for each class of each fund 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 of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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 | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager® 20% |
|
|
|
|
Class A | .83% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,026.40 | $ 4.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.79 | $ 4.18 |
Class T | 1.09% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,025.90 | $ 5.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.50 | $ 5.49 |
Class B | 1.57% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.60 | $ 7.92 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.10 | $ 7.90 |
Class C | 1.59% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,023.40 | $ 8.02 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.00 | $ 8.00 |
Asset Manager 20% | .52% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.60 | $ 2.63 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.34 | $ 2.62 |
Institutional Class | .57% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.40 | $ 2.88 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.09 | $ 2.87 |
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager 30% |
|
|
|
|
Class A | .85% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,032.80 | $ 4.31 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.69 | $ 4.28 |
Class T | 1.12% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,031.60 | $ 5.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.35 | $ 5.64 |
Class B | 1.60% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.80 | $ 8.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.95 | $ 8.05 |
Class C | 1.61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,029.20 | $ 8.15 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.90 | $ 8.10 |
Asset Manager 30% | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,034.30 | $ 2.74 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.24 | $ 2.72 |
Institutional Class | .61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,034.00 | $ 3.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.89 | $ 3.07 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A | .84% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.80 | $ 4.27 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.74 | $ 4.23 |
Class T | 1.10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.50 | $ 5.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.45 | $ 5.54 |
Class B | 1.58% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.70 | $ 8.01 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.05 | $ 7.95 |
Class C | 1.62% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.00 | $ 8.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.85 | $ 8.15 |
Asset Manager 40% | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.40 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.19 | $ 2.77 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.20 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.19 | $ 2.77 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A | .96% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.00 | $ 4.89 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.14 | $ 4.84 |
Class T | 1.22% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.50 | $ 6.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.85 | $ 6.14 |
Class B | 1.69% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,037.90 | $ 8.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.50 | $ 8.50 |
Fidelity Asset Manager 50% - continued | Annualized | Beginning | Ending | Expenses Paid |
Class C | 1.72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,037.40 | $ 8.74 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.36 | $ 8.65 |
Asset Manager 50% | .66% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.80 | $ 3.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.64 | $ 3.33 |
Institutional Class | .70% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.20 | $ 3.57 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.44 | $ 3.53 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.50 | $ 5.25 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.80 | $ 5.19 |
Class T | 1.30% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.90 | $ 6.62 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.45 | $ 6.54 |
Class B | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.60 | $ 9.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.96 | $ 9.05 |
Class C | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.80 | $ 9.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.96 | $ 9.05 |
Asset Manager 60% | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.90 | $ 3.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.34 | $ 3.63 |
Institutional Class | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,046.30 | $ 3.93 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.09 | $ 3.88 |
Fidelity Asset Manager 70% |
|
|
|
|
Class A | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,047.70 | $ 5.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.80 | $ 5.19 |
Class T | 1.29% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.70 | $ 6.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.50 | $ 6.49 |
Class B | 1.86% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.20 | $ 9.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.66 | $ 9.35 |
Class C | 1.79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.50 | $ 9.12 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.01 | $ 9.00 |
Asset Manager 70% | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.80 | $ 3.68 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.34 | $ 3.63 |
Institutional Class | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.80 | $ 3.88 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.14 | $ 3.83 |
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager 85% |
|
|
|
|
Class A | 1.05% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,052.40 | $ 5.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.70 | $ 5.29 |
Class T | 1.33% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,049.80 | $ 6.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.30 | $ 6.69 |
Class B | 1.82% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,047.80 | $ 9.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.86 | $ 9.15 |
Class C | 1.81% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.20 | $ 9.24 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.91 | $ 9.10 |
Asset Manager 85% | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.80 | $ 3.84 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.19 | $ 3.78 |
Institutional Class | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.70 | $ 3.84 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.19 | $ 3.78 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' 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 the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .01% to .13%.
Semiannual Report
Fidelity Asset Manager 20%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 11.0 | 15.8 |
Fannie Mae | 4.8 | 9.5 |
Ginnie Mae | 1.9 | 1.5 |
Citigroup, Inc. | 1.4 | 0.2 |
Freddie Mac | 1.3 | 1.3 |
| 20.4 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 10.7% |
| ![]() | AAA,AA,A 6.3% |
| ||
![]() | BBB 14.1% |
| ![]() | BBB 13.5% |
| ||
![]() | BB and Below 9.3% |
| ![]() | BB and Below 5.0% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 23.0% |
| ![]() | Equities** 20.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.5 | 0.3 |
Facebook, Inc. Class A | 0.2 | 0.2 |
Actavis PLC | 0.2 | 0.2 |
The Walt Disney Co. | 0.2 | 0.1 |
Medtronic PLC | 0.1 | 0.1 |
| 1.2 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 33.0 | 28.0 |
Energy | 5.4 | 4.2 |
Consumer Discretionary | 5.1 | 4.1 |
Health Care | 4.8 | 3.1 |
Information Technology | 3.6 | 3.4 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 52.3% |
| ![]() | Bond Class 52.7% |
| ||
![]() | Short-Term Class 24.8% |
| ![]() | Short-Term Class 27.0% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| **Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
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. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 15.9% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 20%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 21.6% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (d) | 1,410,897 | $ 10,426,528 | |
Fidelity Consumer Discretionary Central Fund (d) | 402,575 | 98,502,120 | |
Fidelity Consumer Staples Central Fund (d) | 301,551 | 66,407,526 | |
Fidelity Energy Central Fund (d) | 417,291 | 54,569,101 | |
Fidelity Financials Central Fund (d) | 1,713,096 | 151,609,015 | |
Fidelity Health Care Central Fund (d) | 330,623 | 124,261,280 | |
Fidelity Industrials Central Fund (d) | 360,934 | 85,346,438 | |
Fidelity Information Technology Central Fund (d) | 569,406 | 161,352,618 | |
Fidelity International Equity Central Fund (d) | 2,783,321 | 222,944,027 | |
Fidelity Materials Central Fund (d) | 128,412 | 28,728,314 | |
Fidelity Real Estate Equity Central Fund (d) | 565,126 | 60,683,203 | |
Fidelity Telecom Services Central Fund (d) | 98,987 | 16,741,652 | |
Fidelity Utilities Central Fund (d) | 188,124 | 29,851,500 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $687,226,135) |
| ||
Fixed-Income Central Funds - 56.1% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.4% | |||
Fidelity Emerging Markets Debt Central Fund (d) | 2,595,669 | 24,814,596 | |
Fidelity Floating Rate Central Fund (d) | 970,217 | 102,445,199 | |
Fidelity High Income Central Fund 1 (d) | 1,995,784 | 201,534,248 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 49.7% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(d) | 691,952 | 68,731,574 | |
Fidelity Investment Grade Bond Central Fund (d) | 22,854,525 | 2,491,828,838 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $2,696,110,327) |
| ||
Money Market Central Funds - 20.6% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 312,246,337 | $ 312,246,337 | |
Fidelity Money Market Central Fund, 0.30% (b) | 746,659,561 | 746,659,561 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $1,058,905,898) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 (c) | $ 1,300,000 | 1,299,983 |
Investment Companies - 1.6% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 1,295,053 |
| |
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $4,526,084,675) | 5,144,087,209 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 5,358,692 | ||
NET ASSETS - 100% | $ 5,149,445,901 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
78 CME E-mini S&P 500 Index Contracts (United States) | June 2015 | $ 8,037,120 | $ 16,649 |
The face value of futures purchased as a percentage of net assets is 0.2% |
Legend |
(a) Non-income producing |
(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) 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 $386,995. |
(d) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 316,524 |
Fidelity Commodity Strategy Central Fund | 5,622 |
Fidelity Consumer Discretionary Central Fund | 624,265 |
Fidelity Consumer Staples Central Fund | 765,473 |
Fidelity Emerging Markets Debt Central Fund | 910,246 |
Fidelity Emerging Markets Equity Central Fund | 162,809 |
Fidelity Energy Central Fund | 472,870 |
Fidelity Financials Central Fund | 1,156,827 |
Fidelity Floating Rate Central Fund | 2,594,382 |
Fidelity Health Care Central Fund | 331,493 |
Fidelity High Income Central Fund 1 | 5,523,801 |
Fidelity Industrials Central Fund | 541,383 |
Fidelity Information Technology Central Fund | 413,425 |
Fidelity International Equity Central Fund | 1,956,792 |
Fidelity Investment Grade Bond Central Fund | 33,852,812 |
Fidelity Materials Central Fund | 264,866 |
Fidelity Money Market Central Fund | 1,109,120 |
Fidelity Real Estate Equity Central Fund | 390,741 |
Fidelity Telecom Services Central Fund | 181,384 |
Fidelity Utilities Central Fund | 351,913 |
Total | $ 51,926,748 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 12,710,937 | $ 359,047 | $ 449,637 | $ 10,426,528 | 3.3% |
Fidelity Consumer Discretionary Central Fund | 87,688,111 | 2,559,405 | 4,187,675 | 98,502,120 | 6.1% |
Fidelity Consumer Staples Central Fund | 65,518,725 | 2,125,258 | 5,970,456 | 66,407,526 | 5.6% |
Fidelity Emerging Markets Debt Central Fund | 25,304,631 | 1,517,682 | 749,462 | 24,814,596 | 23.3% |
Fidelity Emerging Markets Equity Central Fund | 47,724,203 | 627,079 | 45,697,679 | 0 | 0.0% |
Fidelity Energy Central Fund | 62,238,447 | 3,269,421 | 1,361,070 | 54,569,101 | 5.3% |
Fidelity Financials Central Fund | 143,738,104 | 4,616,078 | 4,547,345 | 151,609,015 | 6.0% |
Fidelity Floating Rate Central Fund | 102,180,290 | 4,768,885 | 2,997,633 | 102,445,199 | 5.9% |
Fidelity Health Care Central Fund | 107,208,679 | 2,699,844 | 7,677,884 | 124,261,280 | 6.2% |
Fidelity High Income Central Fund 1 | 105,785,945 | 102,173,159 | 4,918,281 | 201,534,248 | 21.7% |
Fidelity Industrials Central Fund | 78,280,164 | 2,439,657 | 2,354,008 | 85,346,438 | 6.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 69,036,967 | 1,649,316 | 2,098,309 | 68,731,574 | 24.5% |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Information Technology Central Fund | $ 141,245,501 | $ 12,203,510 | $ 3,527,960 | $ 161,352,618 | 5.8% |
Fidelity International Equity Central Fund | 219,577,330 | 7,775,202 | 7,000,120 | 222,944,027 | 7.5% |
Fidelity Investment Grade Bond Central Fund | 2,441,369,579 | 158,255,931 | 152,070,575 | 2,491,828,838 | 31.9% |
Fidelity Materials Central Fund | 29,465,736 | 921,115 | 1,331,779 | 28,728,314 | 6.1% |
Fidelity Real Estate Equity Central Fund | - | 59,272,570 | 941,258 | 60,683,203 | 21.5% |
Fidelity Telecom Services Central Fund | 16,072,988 | 597,748 | 448,857 | 16,741,652 | 5.5% |
Fidelity Utilities Central Fund | 29,040,280 | 986,021 | 832,058 | 29,851,500 | 6.4% |
Total | $ 3,784,186,617 | $ 368,816,928 | $ 249,162,046 | $ 4,000,777,777 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 1,111,423,322 | $ 1,111,423,322 | $ - | $ - |
Fixed-Income Central Funds | 2,889,354,455 | 2,889,354,455 | - | - |
Money Market Central Funds | 1,058,905,898 | 1,058,905,898 | - | - |
U.S. Treasury Obligations | 1,299,983 | - | 1,299,983 | - |
Investment Companies | 83,103,551 | 83,103,551 | - | - |
Total Investments in Securities: | $ 5,144,087,209 | $ 5,142,787,226 | $ 1,299,983 | $ - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 16,649 | $ 16,649 | $ - | $ - |
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, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 16,649 | $ - |
Total Value of Derivatives | $ 16,649 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
Other Information |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 84.1% |
United Kingdom | 3.0% |
Japan | 1.4% |
Mexico | 1.3% |
Netherlands | 1.0% |
Others (Individually Less Than 1%) | 9.2% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 20%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $83,842,315) | $ 84,403,534 |
|
Fidelity Central Funds (cost $4,442,242,360) | 5,059,683,675 |
|
Total Investments (cost $4,526,084,675) |
| $ 5,144,087,209 |
Receivable for investments sold | 1,323,863 | |
Receivable for fund shares sold | 34,655,173 | |
Distributions receivable from Fidelity Central Funds | 41,105 | |
Prepaid expenses | 5,690 | |
Other receivables | 7,515 | |
Total assets | 5,180,120,555 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 24,882,132 | |
Payable for fund shares redeemed | 3,477,092 | |
Accrued management fee | 1,748,128 | |
Distribution and service plan fees payable | 40,895 | |
Payable for daily variation margin for derivative instruments | 57,720 | |
Other affiliated payables | 452,840 | |
Other payables and accrued expenses | 15,847 | |
Total liabilities | 30,674,654 | |
|
|
|
Net Assets | $ 5,149,445,901 | |
Net Assets consist of: |
| |
Paid in capital | $ 4,849,725,137 | |
Undistributed net investment income | 7,638,872 | |
Accumulated undistributed net realized gain (loss) on investments | (325,937,291) | |
Net unrealized appreciation (depreciation) on investments | 618,019,183 | |
Net Assets | $ 5,149,445,901 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 13.41 | |
|
|
|
Maximum offering price per share (100/94.25 of $13.41) | $ 14.23 | |
Class T: | $ 13.39 | |
|
|
|
Maximum offering price per share (100/96.50 of $13.39) | $ 13.88 | |
Class B: | $ 13.36 | |
|
|
|
Class C: | $ 13.34 | |
|
|
|
Asset Manager 20%: | $ 13.43 | |
|
|
|
Institutional Class: | $ 13.43 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 20%
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 265 |
Income from Fidelity Central Funds |
| 51,926,748 |
Total income |
| 51,927,013 |
|
|
|
Expenses | ||
Management fee | $ 10,390,041 | |
Transfer agent fees | 2,121,778 | |
Distribution and service plan fees | 244,599 | |
Accounting fees and expenses | 587,207 | |
Custodian fees and expenses | 657 | |
Independent trustees' compensation | 10,780 | |
Registration fees | 106,580 | |
Audit | 16,449 | |
Legal | 11,920 | |
Miscellaneous | 17,897 | |
Total expenses before reductions | 13,507,908 | |
Expense reductions | (17,012) | 13,490,896 |
Net investment income (loss) | 38,436,117 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 362 | |
Fidelity Central Funds | 1,046,206 |
|
Futures contracts | 6,596,976 | |
Capital gain distributions from Fidelity Central Funds | 110,761 |
|
Total net realized gain (loss) |
| 7,754,305 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 95,967,096 | |
Futures contracts | 16,649 | |
Total change in net unrealized appreciation (depreciation) |
| 95,983,745 |
Net gain (loss) | 103,738,050 | |
Net increase (decrease) in net assets resulting from operations | $ 142,174,167 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 38,436,117 | $ 71,573,687 |
Net realized gain (loss) | 7,754,305 | 51,842,193 |
Change in net unrealized appreciation (depreciation) | 95,983,745 | 105,479,799 |
Net increase (decrease) in net assets resulting from operations | 142,174,167 | 228,895,679 |
Distributions to shareholders from net investment income | (35,888,831) | (71,593,620) |
Distributions to shareholders from net realized gain | (154,642,056) | (107,790,846) |
Total distributions | (190,530,887) | (179,384,466) |
Share transactions - net increase (decrease) | 171,846,319 | 144,097,358 |
Total increase (decrease) in net assets | 123,489,599 | 193,608,571 |
|
|
|
Net Assets | ||
Beginning of period | 5,025,956,302 | 4,832,347,731 |
End of period (including undistributed net investment income of $7,638,872 and undistributed net investment income of $5,091,586, respectively) | $ 5,149,445,901 | $ 5,025,956,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.56 | $ 13.42 | $ 13.37 | $ 12.62 | $ 12.55 | $ 11.80 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .08 | .16 | .14 | .18 | .19 | .22 |
Net realized and unrealized gain (loss) | .27 | .44 | .31 | .91 | .09 | .74 |
Total from investment operations | .35 | .60 | .45 | 1.09 | .28 | .96 |
Distributions from net investment income | (.08) | (.15) | (.14) | (.18) | (.20) | (.21) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.50) | (.46) I | (.40) J | (.34) | (.21) K | (.21) L |
Net asset value, end of period | $ 13.41 | $ 13.56 | $ 13.42 | $ 13.37 | $ 12.62 | $ 12.55 |
Total ReturnB, C, D | 2.64% | 4.54% | 3.47% | 8.76% | 2.22% | 8.26% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .83%A | .82% | .82% | .84% | .85% | .84% |
Expenses net of fee waivers, if any | .83%A | .82% | .82% | .84% | .85% | .84% |
Expenses net of all reductions | .83%A | .82% | .82% | .83% | .85% | .83% |
Net investment income (loss) | 1.22%A | 1.16% | 1.03% | 1.36% | 1.51% | 1.80% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 39,261 | $ 38,733 | $ 43,449 | $ 46,763 | $ 36,016 | $ 31,268 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.46 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.302 per share. J Total distributions of $.40 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.266 per share. K Total distributions of $.21 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.015 per share. L Total distributions of $.21 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.005 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.53 | $ 13.40 | $ 13.34 | $ 12.60 | $ 12.53 | $ 11.78 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .12 | .10 | .14 | .16 | .19 |
Net realized and unrealized gain (loss) | .28 | .43 | .33 | .90 | .09 | .74 |
Total from investment operations | .34 | .55 | .43 | 1.04 | .25 | .93 |
Distributions from net investment income | (.06) | (.12) | (.10) | (.15) | (.16) | (.18) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.48) | (.42) | (.37) | (.30) I | (.18) | (.18) J |
Net asset value, end of period | $ 13.39 | $ 13.53 | $ 13.40 | $ 13.34 | $ 12.60 | $ 12.53 |
Total ReturnB, C, D | 2.59% | 4.20% | 3.28% | 8.39% | 1.96% | 8.00% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.09%A | 1.10% | 1.10% | 1.10% | 1.11% | 1.09% |
Expenses net of fee waivers, if any | 1.09%A | 1.10% | 1.10% | 1.10% | 1.10% | 1.09% |
Expenses net of all reductions | 1.09%A | 1.09% | 1.09% | 1.10% | 1.10% | 1.09% |
Net investment income (loss) | .96%A | .89% | .75% | 1.09% | 1.26% | 1.55% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 20,128 | $ 21,010 | $ 19,844 | $ 18,870 | $ 17,765 | $ 15,771 |
Portfolio turnover rateG | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.155 per share. J Total distributions of $.18 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.51 | $ 13.38 | $ 13.33 | $ 12.59 | $ 12.51 | $ 11.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .03 | .07 | .09 | .12 |
Net realized and unrealized gain (loss) | .27 | .43 | .32 | .90 | .10 | .74 |
Total from investment operations | .30 | .48 | .35 | .97 | .19 | .86 |
Distributions from net investment income | (.03) | (.05) | (.04) | (.08) | (.09) | (.11) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.45) | (.35) | (.30) I | (.23) J | (.11) | (.12) |
Net asset value, end of period | $ 13.36 | $ 13.51 | $ 13.38 | $ 13.33 | $ 12.59 | $ 12.51 |
Total ReturnB, C, D | 2.26% | 3.68% | 2.71% | 7.81% | 1.48% | 7.34% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.57%A | 1.59% | 1.62% | 1.64% | 1.65% | 1.67% |
Expenses net of fee waivers, if any | 1.57%A | 1.59% | 1.62% | 1.64% | 1.65% | 1.65% |
Expenses net of all reductions | 1.57%A | 1.59% | 1.61% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .48%A | .39% | .23% | .55% | .72% | .99% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,792 | $ 2,083 | $ 2,725 | $ 2,732 | $ 3,044 | $ 3,717 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.038 and distributions from net realized gain of $.266 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.155 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.48 | $ 13.35 | $ 13.30 | $ 12.57 | $ 12.50 | $ 11.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .03 | .08 | .10 | .12 |
Net realized and unrealized gain (loss) | .28 | .43 | .33 | .89 | .09 | .74 |
Total from investment operations | .31 | .48 | .36 | .97 | .19 | .86 |
Distributions from net investment income | (.03) | (.05) | (.04) | (.08) | (.10) | (.12) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.45) | (.35) | (.31) | (.24) | (.12) | (.12) I |
Net asset value, end of period | $ 13.34 | $ 13.48 | $ 13.35 | $ 13.30 | $ 12.57 | $ 12.50 |
Total ReturnB, C, D | 2.34% | 3.70% | 2.73% | 7.80% | 1.48% | 7.40% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.59%A | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Expenses net of fee waivers, if any | 1.59%A | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Expenses net of all reductions | 1.59%A | 1.60% | 1.59% | 1.60% | 1.60% | 1.60% |
Net investment income (loss) | .46%A | .39% | .25% | .59% | .76% | 1.03% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 27,631 | $ 26,225 | $ 24,910 | $ 22,600 | $ 19,325 | $ 15,728 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.12 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 20%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.57 | $ 13.44 | $ 13.39 | $ 12.64 | $ 12.57 | $ 11.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .20 | .18 | .22 | .23 | .25 |
Net realized and unrealized gain (loss) | .28 | .43 | .31 | .91 | .09 | .75 |
Total from investment operations | .38 | .63 | .49 | 1.13 | .32 | 1.00 |
Distributions from net investment income | (.10) | (.20) | (.18) | (.22) | (.23) | (.24) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.52) | (.50) | (.44) H | (.38) | (.25) | (.25) |
Net asset value, end of period | $ 13.43 | $ 13.57 | $ 13.44 | $ 13.39 | $ 12.64 | $ 12.57 |
Total ReturnB, C | 2.86% | 4.80% | 3.79% | 9.06% | 2.52% | 8.54% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .52%A | .53% | .53% | .54% | .55% | .56% |
Expenses net of fee waivers, if any | .52%A | .53% | .53% | .54% | .55% | .56% |
Expenses net of all reductions | .52%A | .52% | .52% | .54% | .54% | .56% |
Net investment income (loss) | 1.53%A | 1.46% | 1.32% | 1.65% | 1.82% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 5,045,770 | $ 4,923,702 | $ 4,708,494 | $ 4,595,339 | $ 3,569,848 | $ 3,064,676 |
Portfolio turnover rate F | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.266 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.57 | $ 13.44 | $ 13.38 | $ 12.64 | $ 12.56 | $ 11.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .19 | .17 | .21 | .23 | .25 |
Net realized and unrealized gain (loss) | .27 | .43 | .33 | .90 | .10 | .74 |
Total from investment operations | .37 | .62 | .50 | 1.11 | .33 | .99 |
Distributions from net investment income | (.09) | (.19) | (.17) | (.22) | (.23) | (.24) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.51) | (.49) | (.44) | (.37) H | (.25) | (.25) |
Net asset value, end of period | $ 13.43 | $ 13.57 | $ 13.44 | $ 13.38 | $ 12.64 | $ 12.56 |
Total ReturnB, C | 2.84% | 4.74% | 3.83% | 8.94% | 2.57% | 8.46% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .57%A | .56% | .57% | .58% | .59% | .56% |
Expenses net of fee waivers, if any | .57%A | .56% | .57% | .58% | .59% | .56% |
Expenses net of all reductions | .57%A | .56% | .56% | .57% | .59% | .55% |
Net investment income (loss) | 1.49%A | 1.42% | 1.29% | 1.62% | 1.77% | 2.09% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 14,864 | $ 14,204 | $ 32,926 | $ 30,383 | $ 23,073 | $ 4,739 |
Portfolio turnover rate F | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.37 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 30%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 11.1 | 15.7 |
Fannie Mae | 4.8 | 9.5 |
Ginnie Mae | 1.9 | 1.6 |
Citigroup, Inc. | 1.4 | 0.2 |
Freddie Mac | 1.3 | 1.3 |
| 20.5 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 10.7% |
| ![]() | AAA,AA,A 6.4% |
| ||
![]() | BBB 13.9% |
| ![]() | BBB 13.4% |
| ||
![]() | BB and Below 9.3% |
| ![]() | BB and Below 4.9% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 33.0% |
| ![]() | Equities** 30.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.7 | 0.5 |
Facebook, Inc. Class A | 0.3 | 0.2 |
Actavis PLC | 0.3 | 0.3 |
The Walt Disney Co. | 0.3 | 0.2 |
Citigroup, Inc. | 0.2 | 0.2 |
| 1.8 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 22.5 | 17.6 |
Consumer Discretionary | 6.7 | 5.4 |
Energy | 6.0 | 4.9 |
Health Care | 5.9 | 4.4 |
Information Technology | 5.2 | 4.9 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 52.1% |
| ![]() | Bond Class 52.6% |
| ||
![]() | Short-Term Class 15.0% |
| ![]() | Short-Term Class 17.1% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 19.4% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 30%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 31.5% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 248,700 | $ 1,837,895 | |
Fidelity Consumer Discretionary Central Fund (c) | 102,890 | 25,175,100 | |
Fidelity Consumer Staples Central Fund (c) | 75,964 | 16,728,714 | |
Fidelity Energy Central Fund (c) | 107,461 | 14,052,665 | |
Fidelity Financials Central Fund (c) | 440,472 | 38,981,782 | |
Fidelity Health Care Central Fund (c) | 80,517 | 30,261,638 | |
Fidelity Industrials Central Fund (c) | 93,476 | 22,103,247 | |
Fidelity Information Technology Central Fund (c) | 146,364 | 41,475,135 | |
Fidelity International Equity Central Fund (c) | 772,048 | 61,841,080 | |
Fidelity Materials Central Fund (c) | 32,789 | 7,335,613 | |
Fidelity Real Estate Equity Central Fund (c) | 97,677 | 10,488,536 | |
Fidelity Telecom Services Central Fund (c) | 25,416 | 4,298,563 | |
Fidelity Utilities Central Fund (c) | 45,813 | 7,269,562 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $202,495,092) |
| ||
Fixed-Income Central Funds - 55.9% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 445,735 | 4,261,223 | |
Fidelity Floating Rate Central Fund (c) | 167,723 | 17,709,903 | |
Fidelity High Income Central Fund 1 (c) | 344,606 | 34,798,274 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 49.6% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 123,385 | 12,255,855 | |
Fidelity Investment Grade Bond Central Fund (c) | 3,952,134 | 430,901,153 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUND |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $480,833,585) |
| ||
Money Market Central Funds - 10.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 71,991,523 | 71,991,523 | |
Fidelity Money Market Central Fund, 0.30% (b) | 22,503,934 | 22,503,934 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $94,495,457) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 200,000 | $ 199,998 |
Investment Companies - 2.0% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 276,878 |
| |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $795,621,119) | 894,238,653 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 25,341 | ||
NET ASSETS - 100% | $ 894,263,994 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 59,089 |
Fidelity Commodity Strategy Central Fund | 940 |
Fidelity Consumer Discretionary Central Fund | 155,419 |
Fidelity Consumer Staples Central Fund | 190,745 |
Fidelity Emerging Markets Debt Central Fund | 136,263 |
Fidelity Emerging Markets Equity Central Fund | 29,688 |
Fidelity Energy Central Fund | 119,265 |
Fidelity Financials Central Fund | 289,076 |
Fidelity Floating Rate Central Fund | 405,384 |
Fidelity Health Care Central Fund | 81,329 |
Fidelity High Income Central Fund 1 | 868,729 |
Fidelity Industrials Central Fund | 136,604 |
Fidelity Information Technology Central Fund | 103,852 |
Fidelity International Equity Central Fund | 532,627 |
Fidelity Investment Grade Bond Central Fund | 5,815,057 |
Fidelity Materials Central Fund | 66,046 |
Fidelity Money Market Central Fund | 30,176 |
Fidelity Real Estate Equity Central Fund | 65,728 |
Fidelity Telecom Services Central Fund | 45,023 |
Fidelity Utilities Central Fund | 86,488 |
Total | $ 9,217,528 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 2,068,534 | $ 195,085 | $ 54,856 | $ 1,837,895 | 0.6% |
Fidelity Consumer Discretionary Central Fund | 21,176,863 | 1,595,441 | 673,714 | 25,175,100 | 1.5% |
Fidelity Consumer Staples Central Fund | 15,805,384 | 1,199,928 | 1,430,738 | 16,728,714 | 1.4% |
Fidelity Emerging Markets Debt Central Fund | 4,078,506 | 478,058 | 91,431 | 4,261,223 | 4.1% |
Fidelity Emerging Markets Equity Central Fund | 8,547,434 | 463,061 | 8,530,800 | - | 0.0% |
Fidelity Energy Central Fund | 15,186,952 | 1,460,381 | 232,264 | 14,052,665 | 1.4% |
Fidelity Financials Central Fund | 34,998,326 | 3,153,365 | 1,117,281 | 38,981,782 | 1.5% |
Fidelity Floating Rate Central Fund | 16,620,152 | 1,699,643 | 365,703 | 17,709,903 | 1.0% |
Fidelity Health Care Central Fund | 25,731,828 | 1,806,842 | 2,703,458 | 30,261,638 | 1.5% |
Fidelity High Income Central Fund 1 | 16,438,202 | 19,170,106 | 577,435 | 34,798,274 | 3.7% |
Fidelity Industrials Central Fund | 19,083,057 | 1,718,283 | 444,614 | 22,103,247 | 1.6% |
Fidelity Inflation-Protected Bond Index Central Fund | 9,584,419 | 2,880,905 | 224,310 | 12,255,855 | 4.4% |
Fidelity Information Technology Central Fund | 34,374,383 | 4,814,453 | 614,019 | 41,475,135 | 1.5% |
Fidelity International Equity Central Fund | 57,136,336 | 5,280,504 | 1,347,724 | 61,841,080 | 2.1% |
Fidelity Investment Grade Bond Central Fund | 397,927,512 | 47,639,685 | 22,072,377 | 430,901,153 | 5.5% |
Fidelity Materials Central Fund | 7,108,586 | 574,269 | 151,940 | 7,335,613 | 1.6% |
Fidelity Real Estate Equity Central Fund | - | 10,200,376 | 109,908 | 10,488,536 | 3.7% |
Fidelity Telecom Services Central Fund | 3,844,573 | 397,373 | 73,603 | 4,298,563 | 1.4% |
Fidelity Utilities Central Fund | 6,992,871 | 598,267 | 466,638 | 7,269,562 | 1.5% |
Total | $ 696,703,918 | $ 105,326,025 | $ 41,282,813 | $ 781,775,938 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 281,849,530 | $ 281,849,530 | $ - | $ - |
Fixed-Income Central Funds | 499,926,408 | 499,926,408 | - | - |
Money Market Central Funds | 94,495,457 | 94,495,457 | - | - |
U.S. Treasury Obligations | 199,998 | - | 199,998 | - |
Investment Companies | 17,767,260 | 17,767,260 | - | - |
Total Investments in Securities: | $ 894,238,653 | $ 894,038,655 | $ 199,998 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 80.6% |
United Kingdom | 3.7% |
Japan | 2.0% |
Mexico | 1.3% |
Cayman Islands | 1.3% |
Netherlands | 1.1% |
Ireland | 1.0% |
Others (Individually Less Than 1%) | 9.0% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 30%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $17,796,985) | $ 17,967,258 |
|
Fidelity Central Funds (cost $777,824,134) | 876,271,395 |
|
Total Investments (cost $795,621,119) |
| $ 894,238,653 |
Cash |
| 49,812 |
Receivable for investments sold | 258,066 | |
Receivable for fund shares sold | 1,572,404 | |
Distributions receivable from Fidelity Central Funds | 9,162 | |
Prepaid expenses | 930 | |
Other receivables | 1,803 | |
Total assets | 896,130,830 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 942,081 | |
Payable for fund shares redeemed | 495,627 | |
Accrued management fee | 302,708 | |
Distribution and service plan fees payable | 25,497 | |
Other affiliated payables | 85,214 | |
Other payables and accrued expenses | 15,709 | |
Total liabilities | 1,866,836 | |
|
|
|
Net Assets | $ 894,263,994 | |
Net Assets consist of: |
| |
Paid in capital | $ 836,748,488 | |
Undistributed net investment income | 1,465,588 | |
Accumulated undistributed net realized gain (loss) on investments | (42,567,616) | |
Net unrealized appreciation (depreciation) on investments | 98,617,534 | |
Net Assets | $ 894,263,994 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.69 | |
|
|
|
Maximum offering price per share (100/94.25 of $10.69) | $ 11.34 | |
Class T: | $ 10.68 | |
|
|
|
Maximum offering price per share (100/96.50 of $10.68) | $ 11.07 | |
Class B: | $ 10.67 | |
|
|
|
Class C: | $ 10.64 | |
|
|
|
Asset Manager 30%: | $ 10.69 | |
|
|
|
Institutional Class: | $ 10.69 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 43 |
Income from Fidelity Central Funds |
| 9,217,528 |
Total income |
| 9,217,571 |
|
|
|
Expenses | ||
Management fee | $ 1,747,335 | |
Transfer agent fees | 343,841 | |
Distribution and service plan fees | 147,078 | |
Accounting fees and expenses | 156,543 | |
Custodian fees and expenses | 507 | |
Independent trustees' compensation | 1,777 | |
Registration fees | 56,207 | |
Audit | 22,783 | |
Legal | 1,647 | |
Miscellaneous | 3,203 | |
Total expenses before reductions | 2,480,921 | |
Expense reductions | (4,038) | 2,476,883 |
Net investment income (loss) | 6,740,688 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (711,029) |
|
Futures contracts | 1,063,750 | |
Capital gain distributions from Fidelity Central Funds | 18,251 |
|
Total net realized gain (loss) |
| 370,972 |
Change in net unrealized appreciation (depreciation) on investment securities | 21,910,110 | |
Net gain (loss) | 22,281,082 | |
Net increase (decrease) in net assets resulting from operations | $ 29,021,770 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,740,688 | $ 11,368,732 |
Net realized gain (loss) | 370,972 | 1,907,071 |
Change in net unrealized appreciation (depreciation) | 21,910,110 | 27,736,996 |
Net increase (decrease) in net assets resulting from operations | 29,021,770 | 41,012,799 |
Distributions to shareholders from net investment income | (6,066,471) | (11,374,832) |
Distributions to shareholders from net realized gain | (23,090,456) | (11,398,470) |
Total distributions | (29,156,927) | (22,773,302) |
Share transactions - net increase (decrease) | 78,023,121 | 197,925,492 |
Total increase (decrease) in net assets | 77,887,964 | 216,164,989 |
|
|
|
Net Assets | ||
Beginning of period | 816,376,030 | 600,211,041 |
End of period (including undistributed net investment income of $1,465,588 and undistributed net investment income of $791,371, respectively) | $ 894,263,994 | $ 816,376,030 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .07 | .14 | .12 | .14 | .16 | .17 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .34 | .60 | .56 | 1.03 | .17 | .84 |
Distributions from net investment income | (.06) | (.13) | (.11) | (.14) | (.15) | (.17) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.36) | (.32) I | (.28) | (.25) | (.46) | (.22) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 |
Total ReturnB, C, D | 3.28% | 5.83% | 5.64% | 11.20% | 1.67% | 9.39% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .85%A | .85% | .87% | .89% | .91% | .98% |
Expenses net of fee waivers, if any | .85%A | .85% | .87% | .89% | .90% | .90% |
Expenses net of all reductions | .85%A | .85% | .87% | .88% | .89% | .89% |
Net investment income (loss) | 1.31%A | 1.29% | 1.15% | 1.46% | 1.63% | 1.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 21,805 | $ 22,071 | $ 15,100 | $ 11,431 | $ 9,024 | $ 7,495 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.183 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.70 | $ 10.42 | $ 10.14 | $ 9.36 | $ 9.65 | $ 9.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .11 | .09 | .12 | .14 | .15 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .33 | .57 | .53 | 1.01 | .15 | .82 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.12) | (.13) | (.15) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.35) | (.29) I | (.25) | (.23) | (.44) | (.20) |
Net asset value, end of period | $ 10.68 | $ 10.70 | $ 10.42 | $ 10.14 | $ 9.36 | $ 9.65 |
Total ReturnB, C, D | 3.16% | 5.53% | 5.37% | 10.91% | 1.47% | 9.15% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.12%A | 1.13% | 1.13% | 1.14% | 1.13% | 1.19% |
Expenses net of fee waivers, if any | 1.12%A | 1.13% | 1.13% | 1.14% | 1.13% | 1.15% |
Expenses net of all reductions | 1.12%A | 1.13% | 1.13% | 1.13% | 1.13% | 1.14% |
Net investment income (loss) | 1.05%A | 1.01% | .89% | 1.21% | 1.39% | 1.58% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 11,044 | $ 9,932 | $ 7,064 | $ 6,542 | $ 4,885 | $ 5,800 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.29 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.183 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.69 | $ 10.41 | $ 10.14 | $ 9.36 | $ 9.65 | $ 9.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .04 | .07 | .09 | .10 |
Net realized and unrealized gain (loss) | .27 | .47 | .44 | .89 | - I | .67 |
Total from investment operations | .30 | .52 | .48 | .96 | .09 | .77 |
Distributions from net investment income | (.02) | (.05) | (.04) | (.07) | (.07) | (.11) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.32) | (.24) J | (.21) | (.18) | (.38) | (.15) K |
Net asset value, end of period | $ 10.67 | $ 10.69 | $ 10.41 | $ 10.14 | $ 9.36 | $ 9.65 |
Total ReturnB, C, D | 2.88% | 5.02% | 4.81% | 10.37% | .89% | 8.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.60%A | 1.63% | 1.66% | 1.68% | 1.70% | 1.78% |
Expenses net of fee waivers, if any | 1.60%A | 1.63% | 1.65% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.60%A | 1.63% | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .57%A | .51% | .37% | .69% | .88% | 1.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 709 | $ 873 | $ 1,078 | $ 1,118 | $ 1,076 | $ 1,336 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.24 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.183 per share. K Total distributions of $.15 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.045 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.66 | $ 10.38 | $ 10.12 | $ 9.34 | $ 9.63 | $ 9.01 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .09 | .10 |
Net realized and unrealized gain (loss) | .27 | .46 | .43 | .89 | .01 | .67 |
Total from investment operations | .30 | .52 | .47 | .96 | .10 | .77 |
Distributions from net investment income | (.03) | (.06) | (.04) | (.07) | (.08) | (.10) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.32) I | (.24) | (.21) | (.18) | (.39) | (.15) |
Net asset value, end of period | $ 10.64 | $ 10.66 | $ 10.38 | $ 10.12 | $ 9.34 | $ 9.63 |
Total ReturnB, C, D | 2.92% | 5.09% | 4.75% | 10.41% | .92% | 8.63% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.61%A | 1.62% | 1.64% | 1.66% | 1.67% | 1.72% |
Expenses net of fee waivers, if any | 1.61%A | 1.62% | 1.64% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.61%A | 1.61% | 1.63% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .56%A | .52% | .39% | .69% | .88% | 1.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,047 | $ 16,976 | $ 12,001 | $ 7,937 | $ 5,967 | $ 4,789 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.298 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 30%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .15 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .36 | .63 | .59 | 1.06 | .20 | .86 |
Distributions from net investment income | (.08) | (.17) | (.14) | (.17) | (.18) | (.19) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.38) | (.35) | (.31) | (.28) | (.49) | (.24) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 |
Total ReturnB, C | 3.43% | 6.19% | 5.96% | 11.53% | 1.98% | 9.67% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .54%A | .55% | .56% | .58% | .61% | .69% |
Expenses net of fee waivers, if any | .54%A | .55% | .56% | .58% | .61% | .65% |
Expenses net of all reductions | .54%A | .55% | .56% | .58% | .60% | .64% |
Net investment income (loss) | 1.62%A | 1.59% | 1.46% | 1.76% | 1.92% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 833,625 | $ 757,908 | $ 560,306 | $ 364,386 | $ 208,380 | $ 109,249 |
Portfolio turnover rate F | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.16 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .16 | .14 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .27 | .47 | .44 | .90 | - H | .67 |
Total from investment operations | .35 | .63 | .58 | 1.07 | .19 | .86 |
Distributions from net investment income | (.08) | (.16) | (.13) | (.17) | (.18) | (.19) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.37) L | (.35) I | (.31) J | (.28) | (.48) K | (.24) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.16 | $ 9.37 | $ 9.66 |
Total ReturnB, C | 3.40% | 6.12% | 5.81% | 11.56% | 1.93% | 9.67% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .61%A | .62% | .62% | .65% | .63% | .71% |
Expenses net of fee waivers, if any | .61%A | .62% | .62% | .65% | .63% | .65% |
Expenses net of all reductions | .61%A | .62% | .62% | .64% | .62% | .64% |
Net investment income (loss) | 1.56%A | 1.52% | 1.40% | 1.69% | 1.90% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,034 | $ 8,616 | $ 4,663 | $ 2,099 | $ 1,218 | $ 1,168 |
Portfolio turnover rate F | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.35 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.183 per share. J Total distributions of $.31 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.174 per share. K Total distributions of $.48 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.309 per share. L Total distributions of $.37 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.298 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 40%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 9.6 | 13.8 |
Fannie Mae | 4.2 | 8.3 |
Ginnie Mae | 1.6 | 1.4 |
Citigroup, Inc. | 1.2 | 0.2 |
Freddie Mac | 1.1 | 1.2 |
| 17.7 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 9.0% |
| ![]() | AAA,AA,A 5.5% |
| ||
![]() | BBB 12.3% |
| ![]() | BBB 11.9% |
| ||
![]() | BB and Below 8.9% |
| ![]() | BB and Below 4.8% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 42.7% |
| ![]() | Equities** 40.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.9 | 0.6 |
Facebook, Inc. Class A | 0.4 | 0.3 |
Actavis PLC | 0.4 | 0.3 |
The Walt Disney Co. | 0.3 | 0.3 |
Citigroup, Inc. | 0.3 | 0.3 |
| 2.3 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 21.3 | 17.3 |
Consumer Discretionary | 7.8 | 6.7 |
Health Care | 6.8 | 5.7 |
Information Technology | 6.8 | 6.3 |
Energy | 6.2 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 46.0% |
| ![]() | Bond Class 46.6% |
| ||
![]() | Short-Term Class 11.3% |
| ![]() | Short-Term Class 12.8% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 22.8% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 40%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 42.0% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 275,271 | $ 2,034,250 | |
Fidelity Consumer Discretionary Central Fund (c) | 146,285 | 35,793,045 | |
Fidelity Consumer Staples Central Fund (c) | 105,607 | 23,256,675 | |
Fidelity Emerging Markets Equity Central Fund (c) | 19,151 | 3,892,009 | |
Fidelity Energy Central Fund (c) | 153,840 | 20,117,630 | |
Fidelity Financials Central Fund (c) | 627,789 | 55,559,322 | |
Fidelity Health Care Central Fund (c) | 112,728 | 42,367,534 | |
Fidelity Industrials Central Fund (c) | 132,994 | 31,447,697 | |
Fidelity Information Technology Central Fund (c) | 205,481 | 58,227,016 | |
Fidelity International Equity Central Fund (c) | 1,213,303 | 97,185,606 | |
Fidelity Materials Central Fund (c) | 46,843 | 10,479,770 | |
Fidelity Real Estate Equity Central Fund (c) | 105,585 | 11,337,668 | |
Fidelity Telecom Services Central Fund (c) | 36,778 | 6,220,180 | |
Fidelity Utilities Central Fund (c) | 62,220 | 9,873,148 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $310,637,238) |
| ||
Fixed-Income Central Funds - 49.4% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 482,446 | 4,612,184 | |
Fidelity Floating Rate Central Fund (c) | 182,010 | 19,218,392 | |
Fidelity High Income Central Fund 1 (c) | 372,772 | 37,642,499 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 43.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 110,781 | 11,003,839 | |
Fidelity Investment Grade Bond Central Fund (c) | 3,735,472 | 407,278,529 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $464,710,769) |
| ||
Money Market Central Funds - 7.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 58,226,763 | $ 58,226,763 | |
Fidelity Money Market Central Fund, 0.30% (b) | 10,324,823 | 10,324,823 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $68,551,586) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.02% 4/16/15 | $ 160,000 |
|
Investment Companies - 1.6% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 240,579 |
| |
TOTAL INVESTMENT (Cost $859,277,420) | 971,696,530 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (80,971) | ||
NET ASSETS - 100% | $ 971,615,559 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 45,495 |
Fidelity Commodity Strategy Central Fund | 993 |
Fidelity Consumer Discretionary Central Fund | 217,106 |
Fidelity Consumer Staples Central Fund | 264,500 |
Fidelity Emerging Markets Debt Central Fund | 142,685 |
Fidelity Emerging Markets Equity Central Fund | 50,230 |
Fidelity Energy Central Fund | 161,783 |
Fidelity Financials Central Fund | 400,539 |
Fidelity Floating Rate Central Fund | 426,562 |
Fidelity Health Care Central Fund | 112,190 |
Fidelity High Income Central Fund 1 | 913,964 |
Fidelity Industrials Central Fund | 190,527 |
Fidelity Information Technology Central Fund | 144,151 |
Fidelity International Equity Central Fund | 794,268 |
Fidelity Investment Grade Bond Central Fund | 5,324,772 |
Fidelity Materials Central Fund | 92,601 |
Fidelity Money Market Central Fund | 13,845 |
Fidelity Real Estate Equity Central Fund | 69,527 |
Fidelity Telecom Services Central Fund | 62,739 |
Fidelity Utilities Central Fund | 119,644 |
Total | $ 9,548,121 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 2,097,081 | $ 372,697 | $ 40,606 | $ 2,034,250 | 0.6% |
Fidelity Consumer Discretionary Central Fund | 28,519,121 | 3,936,847 | 901,428 | 35,793,045 | 2.2% |
Fidelity Consumer Staples Central Fund | 21,243,847 | 2,943,029 | 2,492,482 | 23,256,675 | 2.0% |
Fidelity Emerging Markets Debt Central Fund | 4,107,144 | 781,107 | 67,676 | 4,612,184 | 4.5% |
Fidelity Emerging Markets Equity Central Fund | 14,092,797 | 1,779,854 | 11,214,757 | 3,892,009 | 3.1% |
Fidelity Energy Central Fund | 19,008,861 | 4,269,740 | 223,108 | 20,117,630 | 2.0% |
Fidelity Financials Central Fund | 46,778,280 | 7,565,759 | 1,434,031 | 55,559,322 | 2.2% |
Fidelity Floating Rate Central Fund | 16,833,483 | 2,904,559 | 270,703 | 19,218,392 | 1.1% |
Fidelity Health Care Central Fund | 34,567,961 | 4,656,367 | 4,363,525 | 42,367,534 | 2.1% |
Fidelity High Income Central Fund 1 | 16,306,904 | 22,020,734 | 457,464 | 37,642,499 | 4.1% |
Fidelity Industrials Central Fund | 25,559,578 | 4,122,631 | 621,101 | 31,447,697 | 2.2% |
Fidelity Inflation-Protected Bond Index Central Fund | 9,655,040 | 1,486,816 | 162,421 | 11,003,839 | 3.9% |
Fidelity Information Technology Central Fund | 45,939,403 | 9,707,221 | 1,461,274 | 58,227,016 | 2.1% |
Fidelity International Equity Central Fund | 79,483,079 | 17,868,237 | 1,380,254 | 97,185,606 | 3.3% |
Fidelity Investment Grade Bond Central Fund | 351,285,747 | 68,123,311 | 18,921,517 | 407,278,529 | 5.2% |
Fidelity Materials Central Fund | 9,594,305 | 1,353,995 | 198,816 | 10,479,770 | 2.2% |
Fidelity Real Estate Equity Central Fund | - | 11,028,818 | 109,960 | 11,337,668 | 4.0% |
Fidelity Telecom Services Central Fund | 5,164,901 | 947,171 | 71,734 | 6,220,180 | 2.0% |
Fidelity Utilities Central Fund | 9,429,374 | 1,450,324 | 1,173,285 | 9,873,148 | 2.1% |
Total | $ 739,666,906 | $ 167,319,217 | $ 45,566,142 | $ 887,546,993 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 407,791,550 | $ 407,791,550 | $ - | $ - |
Fixed-Income Central Funds | 479,755,443 | 479,755,443 | - | - |
Money Market Central Funds | 68,551,586 | 68,551,586 | - | - |
U.S. Treasury Obligations | 159,998 | - | 159,998 | - |
Investment Companies | 15,437,953 | 15,437,953 | - | - |
Total Investments in Securities: | $ 971,696,530 | $ 971,536,532 | $ 159,998 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 77.2% |
United Kingdom | 4.2% |
Japan | 2.5% |
Cayman Islands | 1.4% |
Ireland | 1.3% |
Netherlands | 1.3% |
France | 1.2% |
Mexico | 1.1% |
Germany | 1.0% |
Switzerland | 1.0% |
Others (Individually Less Than 1%) | 7.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 40%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $15,377,827) | $ 15,597,951 |
|
Fidelity Central Funds (cost $843,899,593) | 956,098,579 |
|
Total Investments (cost $859,277,420) |
| $ 971,696,530 |
Cash |
| 42,168 |
Receivable for investments sold | 291,287 | |
Receivable for fund shares sold | 999,167 | |
Distributions receivable from Fidelity Central Funds | 7,261 | |
Prepaid expenses | 940 | |
Other receivables | 2,489 | |
Total assets | 973,039,842 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 274,865 | |
Payable for fund shares redeemed | 686,486 | |
Accrued management fee | 328,464 | |
Distribution and service plan fees payable | 25,897 | |
Other affiliated payables | 92,860 | |
Other payables and accrued expenses | 15,711 | |
Total liabilities | 1,424,283 | |
|
|
|
Net Assets | $ 971,615,559 | |
Net Assets consist of: |
| |
Paid in capital | $ 899,993,147 | |
Undistributed net investment income | 3,704,099 | |
Accumulated undistributed net realized gain (loss) on investments | (44,500,797) | |
Net unrealized appreciation (depreciation) on investments | 112,419,110 | |
Net Assets | $ 971,615,559 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.98 | |
|
|
|
Maximum offering price per share (100/94.25 of $10.98) | $ 11.65 | |
Class T: | $ 10.96 | |
|
|
|
Maximum offering price per share (100/96.50 of $10.96) | $ 11.36 | |
Class B: | $ 10.98 | |
|
|
|
Class C: | $ 10.93 | |
|
|
|
Asset Manager 40%: | $ 10.98 | |
|
|
|
Institutional Class: | $ 10.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 42 |
Income from Fidelity Central Funds |
| 9,548,121 |
Total income |
| 9,548,163 |
|
|
|
Expenses | ||
Management fee | $ 1,836,031 | |
Transfer agent fees | 371,604 | |
Distribution and service plan fees | 147,111 | |
Accounting fees and expenses | 163,045 | |
Custodian fees and expenses | 489 | |
Independent trustees' compensation | 1,841 | |
Registration fees | 51,362 | |
Audit | 22,783 | |
Legal | 1,682 | |
Miscellaneous | 3,267 | |
Total expenses before reductions | 2,599,215 | |
Expense reductions | (5,736) | 2,593,479 |
Net investment income (loss) | 6,954,684 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (930,338) |
|
Futures contracts | 870,355 | |
Capital gain distributions from Fidelity Central Funds | 18,928 |
|
Total net realized gain (loss) |
| (41,055) |
Change in net unrealized appreciation (depreciation) on investment securities | 27,277,473 | |
Net gain (loss) | 27,236,418 | |
Net increase (decrease) in net assets resulting from operations | $ 34,191,102 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,954,684 | $ 10,941,317 |
Net realized gain (loss) | (41,055) | 1,623,845 |
Change in net unrealized appreciation (depreciation) | 27,277,473 | 31,586,072 |
Net increase (decrease) in net assets resulting from operations | 34,191,102 | 44,151,234 |
Distributions to shareholders from net investment income | (5,964,674) | (10,627,197) |
Distributions to shareholders from net realized gain | (24,422,962) | (15,119,456) |
Total distributions | (30,387,636) | (25,746,653) |
Share transactions - net increase (decrease) | 143,264,013 | 276,870,491 |
Total increase (decrease) in net assets | 147,067,479 | 295,275,072 |
|
|
|
Net Assets | ||
Beginning of period | 824,548,080 | 529,273,008 |
End of period (including undistributed net investment income of $3,704,099 and undistributed net investment income of $2,714,089, respectively) | $ 971,615,559 | $ 824,548,080 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .07 | .14 | .12 | .14 | .16 | .16 |
Net realized and unrealized gain (loss) | .32 | .59 | .66 | 1.07 | (.06) | .70 |
Total from investment operations | .39 | .73 | .78 | 1.21 | .10 | .86 |
Distributions from net investment income | (.06) | (.15) | (.10) | (.14) | (.14) | (.15) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.37) | (.43) | (.23) | (.23) | (.42) | (.18) |
Net asset value, end of period | $ 10.98 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C, D | 3.68% | 6.98% | 7.88% | 13.47% | .91% | 9.96% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .84%A | .85% | .87% | .90% | .95% | 1.06% |
Expenses net of fee waivers, if any | .84%A | .85% | .87% | .90% | .90% | .90% |
Expenses net of all reductions | .84%A | .85% | .86% | .89% | .89% | .89% |
Net investment income (loss) | 1.30%A | 1.31% | 1.21% | 1.49% | 1.61% | 1.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 28,691 | $ 25,419 | $ 16,042 | $ 14,048 | $ 10,337 | $ 6,308 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.94 | $ 10.64 | $ 10.09 | $ 9.12 | $ 9.44 | $ 8.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .11 | .10 | .12 | .13 | .14 |
Net realized and unrealized gain (loss) | .32 | .59 | .66 | 1.06 | (.05) | .70 |
Total from investment operations | .38 | .70 | .76 | 1.18 | .08 | .84 |
Distributions from net investment income | (.05) | (.12) | (.08) | (.12) | (.12) | (.13) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.36) | (.40) | (.21) | (.21) | (.40) | (.16) |
Net asset value, end of period | $ 10.96 | $ 10.94 | $ 10.64 | $ 10.09 | $ 9.12 | $ 9.44 |
Total ReturnB, C, D | 3.55% | 6.72% | 7.62% | 13.09% | .68% | 9.69% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.10%A | 1.12% | 1.14% | 1.17% | 1.19% | 1.32% |
Expenses net of fee waivers, if any | 1.10%A | 1.12% | 1.14% | 1.15% | 1.15% | 1.15% |
Expenses net of all reductions | 1.10%A | 1.12% | 1.13% | 1.14% | 1.14% | 1.14% |
Net investment income (loss) | 1.03%A | 1.04% | .94% | 1.24% | 1.36% | 1.52% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 9,475 | $ 8,295 | $ 6,969 | $ 4,803 | $ 3,760 | $ 2,972 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.95 | $ 10.66 | $ 10.10 | $ 9.12 | $ 9.44 | $ 8.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .08 | .09 |
Net realized and unrealized gain (loss) | .33 | .58 | .67 | 1.06 | (.06) | .71 |
Total from investment operations | .36 | .64 | .71 | 1.13 | .02 | .80 |
Distributions from net investment income | (.02) | (.07) | (.02) | (.06) | (.07) | (.08) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.33) | (.35) | (.15) | (.15) | (.34) I | (.11) |
Net asset value, end of period | $ 10.98 | $ 10.95 | $ 10.66 | $ 10.10 | $ 9.12 | $ 9.44 |
Total ReturnB, C, D | 3.37% | 6.10% | 7.11% | 12.56% | .13% | 9.20% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.58%A | 1.61% | 1.68% | 1.70% | 1.73% | 1.82% |
Expenses net of fee waivers, if any | 1.58%A | 1.61% | 1.65% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.58%A | 1.61% | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .56%A | .55% | .43% | .74% | .86% | 1.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 927 | $ 1,189 | $ 776 | $ 839 | $ 856 | $ 1,075 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.34 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.278 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.91 | $ 10.62 | $ 10.08 | $ 9.11 | $ 9.43 | $ 8.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .08 | .09 |
Net realized and unrealized gain (loss) | .32 | .58 | .66 | 1.06 | (.05) | .70 |
Total from investment operations | .35 | .64 | .70 | 1.13 | .03 | .79 |
Distributions from net investment income | (.02) | (.07) | (.03) | (.08) | (.08) | (.09) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.33) | (.35) | (.16) | (.16) J | (.35) I | (.12) |
Net asset value, end of period | $ 10.93 | $ 10.91 | $ 10.62 | $ 10.08 | $ 9.11 | $ 9.43 |
Total ReturnB, C, D | 3.30% | 6.17% | 7.02% | 12.59% | .22% | 9.07% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.62%A | 1.62% | 1.64% | 1.67% | 1.70% | 1.82% |
Expenses net of fee waivers, if any | 1.62%A | 1.62% | 1.64% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.62%A | 1.62% | 1.63% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .52%A | .54% | .44% | .74% | .86% | 1.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 18,490 | $ 15,769 | $ 9,272 | $ 6,814 | $ 3,911 | $ 2,193 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.35 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.278 per share. J Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.088 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 40%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .16 | .18 | .18 | .18 |
Net realized and unrealized gain (loss) | .32 | .59 | .65 | 1.06 | (.06) | .71 |
Total from investment operations | .41 | .76 | .81 | 1.24 | .12 | .89 |
Distributions from net investment income | (.08) | (.18) | (.13) | (.17) | (.17) | (.18) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.39) | (.46) | (.26) | (.26) | (.44) H | (.21) |
Net asset value, end of period | $ 10.98 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C | 3.84% | 7.29% | 8.21% | 13.78% | 1.17% | 10.28% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .55%A | .56% | .57% | .59% | .64% | .76% |
Expenses net of fee waivers, if any | .55%A | .56% | .57% | .59% | .64% | .65% |
Expenses net of all reductions | .54%A | .56% | .56% | .58% | .63% | .64% |
Net investment income (loss) | 1.59%A | 1.60% | 1.51% | 1.81% | 1.87% | 2.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 907,958 | $ 769,619 | $ 495,019 | $ 328,995 | $ 146,236 | $ 77,613 |
Portfolio turnover rate F | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.278 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .15 | .17 | .18 | .18 |
Net realized and unrealized gain (loss) | .33 | .58 | .66 | 1.06 | (.06) | .71 |
Total from investment operations | .42 | .75 | .81 | 1.23 | .12 | .89 |
Distributions from net investment income | (.08) | (.18) | (.13) | (.16) | (.16) | (.18) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.39) | (.45) H | (.26) | (.25) | (.44) | (.21) |
Net asset value, end of period | $ 10.99 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C | 3.92% | 7.25% | 8.15% | 13.74% | 1.15% | 10.28% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .55%A | .58% | .63% | .66% | .68% | .76% |
Expenses net of fee waivers, if any | .55%A | .58% | .63% | .65% | .65% | .65% |
Expenses net of all reductions | .55%A | .57% | .62% | .64% | .64% | .64% |
Net investment income (loss) | 1.59%A | 1.59% | 1.45% | 1.74% | 1.86% | 2.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 6,075 | $ 4,256 | $ 1,196 | $ 911 | $ 580 | $ 882 |
Portfolio turnover rate F | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.45 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.276 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 50%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.1 | 0.7 |
Facebook, Inc. Class A | 0.5 | 0.4 |
Actavis PLC | 0.5 | 0.4 |
The Walt Disney Co. | 0.4 | 0.3 |
Citigroup, Inc. | 0.4 | 0.4 |
JPMorgan Chase & Co. | 0.3 | 0.4 |
Medtronic PLC | 0.3 | 0.3 |
Bank of America Corp. | 0.3 | 0.4 |
Google, Inc. Class C | 0.3 | 0.3 |
Google, Inc. Class A | 0.3 | 0.3 |
| 4.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 21.8 | 17.8 |
Consumer Discretionary | 9.1 | 7.8 |
Information Technology | 8.4 | 7.8 |
Health Care | 7.9 | 6.8 |
Industrials | 7.0 | 6.4 |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 8.5 | 12.4 |
Fannie Mae | 3.7 | 7.3 |
Ginnie Mae | 1.5 | 1.2 |
Citigroup, Inc. | 1.1 | 0.2 |
Freddie Mac | 1.0 | 1.0 |
| 15.8 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 7.7% |
| ![]() | AAA,AA,A 4.5% |
| ||
![]() | BBB 10.8% |
| ![]() | BBB 10.8% |
| ||
![]() | BB and Below 8.8% |
| ![]() | BB and Below 4.7% |
| ||
![]() | Not Rated 0.7% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 52.8% |
| ![]() | Equities** 50.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 41.4% |
| ![]() | Bond Class 41.7% |
| ||
![]() | Short-Term Class 6.0% |
| ![]() | Short-Term Class 7.6% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 25.6% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 50%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 51.8% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (e) | 2,230,939 | $ 16,486,642 | |
Fidelity Consumer Discretionary Central Fund (e) | 1,572,683 | 384,804,129 | |
Fidelity Consumer Staples Central Fund (e) | 1,123,734 | 247,468,792 | |
Fidelity Emerging Markets Equity Central Fund (e) | 204,640 | 41,588,889 | |
Fidelity Energy Central Fund (e) | 1,635,045 | 213,814,816 | |
Fidelity Financials Central Fund (e) | 6,703,974 | 593,301,708 | |
Fidelity Health Care Central Fund (e) | 1,200,731 | 451,282,822 | |
Fidelity Industrials Central Fund (e) | 1,416,225 | 334,880,603 | |
Fidelity Information Technology Central Fund (e) | 2,188,353 | 620,113,673 | |
Fidelity International Equity Central Fund (e) | 13,081,017 | 1,047,789,479 | |
Fidelity Materials Central Fund (e) | 498,612 | 111,549,545 | |
Fidelity Real Estate Equity Central Fund (e) | 901,414 | 96,793,865 | |
Fidelity Telecom Services Central Fund (e) | 364,966 | 61,726,710 | |
Fidelity Utilities Central Fund (e) | 660,690 | 104,838,350 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $2,707,718,229) |
| ||
Fixed-Income Central Funds - 44.4% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 4,096,274 | 39,160,381 | |
Fidelity Floating Rate Central Fund (e) | 1,551,432 | 163,815,674 | |
Fidelity High Income Central Fund 1 (e) | 3,203,484 | 323,487,857 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 38.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 944,142 | 93,781,662 | |
Fidelity Investment Grade Bond Central Fund (e) | 28,294,474 | 3,084,946,449 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $3,474,564,403) |
| ||
Money Market Central Funds - 2.2% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 110,687,214 | $ 110,687,214 | |
Fidelity Money Market Central Fund, 0.30% (b) | 55,344,512 | 55,344,512 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 20,482,000 | 20,482,000 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $186,513,726) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 860,000 | 859,989 |
Investment Companies - 1.9% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF (d) | 2,412,097 |
| |
TOTAL INVESTMENT (Cost $6,521,607,671) | 8,373,790,025 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (21,911,634) | ||
NET ASSETS - 100% | $ 8,351,878,391 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 168,808 |
Fidelity Commodity Strategy Central Fund | 9,015 |
Fidelity Consumer Discretionary Central Fund | 2,452,778 |
Fidelity Consumer Staples Central Fund | 2,949,224 |
Fidelity Emerging Markets Debt Central Fund | 1,302,622 |
Fidelity Emerging Markets Equity Central Fund | 554,269 |
Fidelity Energy Central Fund | 1,825,460 |
Fidelity Financials Central Fund | 4,606,749 |
Fidelity Floating Rate Central Fund | 3,890,307 |
Fidelity Health Care Central Fund | 1,275,102 |
Fidelity High Income Central Fund 1 | 8,337,728 |
Fidelity Industrials Central Fund | 2,155,158 |
Fidelity Information Technology Central Fund | 1,617,848 |
Fidelity International Equity Central Fund | 9,023,484 |
Fidelity Investment Grade Bond Central Fund | 42,961,300 |
Fidelity Materials Central Fund | 1,054,105 |
Fidelity Money Market Central Fund | 74,212 |
Fidelity Real Estate Equity Central Fund | 630,154 |
Fidelity Securities Lending Cash Central Fund | 846 |
Fidelity Telecom Services Central Fund | 675,498 |
Fidelity Utilities Central Fund | 1,368,948 |
Total | $ 86,933,615 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 20,470,784 | $ 219,785 | $ 691,567 | $ 16,486,642 | 5.2% |
Fidelity Consumer Discretionary Central Fund | 349,029,597 | 5,204,453 | 18,363,012 | 384,804,129 | 23.7% |
Fidelity Consumer Staples Central Fund | 260,890,931 | 4,919,004 | 37,050,921 | 247,468,792 | 21.0% |
Fidelity Emerging Markets Debt Central Fund | 40,494,059 | 1,830,107 | 1,152,617 | 39,160,381 | 36.6% |
Fidelity Emerging Markets Equity Central Fund | 163,068,383 | 1,726,948 | 114,636,588 | 41,588,889 | 33.4% |
Fidelity Energy Central Fund | 235,160,131 | 18,458,030 | 4,177,908 | 213,814,816 | 20.9% |
Fidelity Financials Central Fund | 572,892,452 | 9,571,484 | 20,244,078 | 593,301,708 | 23.4% |
Fidelity Floating Rate Central Fund | 165,566,828 | 5,295,343 | 4,610,460 | 163,815,674 | 9.4% |
Fidelity Health Care Central Fund | 427,242,889 | 4,656,643 | 66,352,615 | 451,282,822 | 22.4% |
Fidelity High Income Central Fund 1 | 158,322,446 | 174,696,426 | 7,038,425 | 323,487,857 | 34.8% |
Fidelity Industrials Central Fund | 311,842,081 | 4,883,348 | 9,681,945 | 334,880,603 | 23.6% |
Fidelity Inflation-Protected Bond Index Central Fund | 95,507,367 | 843,078 | 2,766,270 | 93,781,662 | 33.4% |
Fidelity Information Technology Central Fund | 562,454,955 | 35,663,085 | 23,255,961 | 620,113,673 | 22.3% |
Fidelity International Equity Central Fund | 1,007,434,589 | 58,005,870 | 29,510,135 | 1,047,789,479 | 35.3% |
Fidelity Investment Grade Bond Central Fund | 3,060,845,980 | 189,011,010 | 220,399,399 | 3,084,946,449 | 39.4% |
Fidelity Materials Central Fund | 117,717,077 | 2,739,516 | 5,745,948 | 111,549,545 | 23.8% |
Fidelity Real Estate Equity Central Fund | - | 94,202,360 | 1,194,795 | 96,793,865 | 34.3% |
Fidelity Telecom Services Central Fund | 59,838,623 | 1,298,206 | 1,342,218 | 61,726,710 | 20.3% |
Fidelity Utilities Central Fund | 116,214,245 | 2,322,495 | 15,900,895 | 104,838,350 | 22.3% |
Total | $ 7,724,993,417 | $ 615,547,191 | $ 584,115,757 | $ 8,031,632,046 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 4,326,440,023 | $ 4,326,440,023 | $ - | $ - |
Fixed-Income Central Funds | 3,705,192,023 | 3,705,192,023 | - | - |
Money Market Central Funds | 186,513,726 | 186,513,726 | - | - |
U.S. Treasury Obligations | 859,989 | - | 859,989 | - |
Investment Companies | 154,784,264 | 154,784,264 | - | - |
Total Investments in Securities: | $ 8,373,790,025 | $ 8,372,930,036 | $ 859,989 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 74.4% |
United Kingdom | 4.4% |
Japan | 2.9% |
Ireland | 1.7% |
Cayman Islands | 1.6% |
France | 1.4% |
Netherlands | 1.4% |
Switzerland | 1.2% |
Germany | 1.2% |
Mexico | 1.0% |
Others (Individually Less Than 1%) | 8.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 50%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $19,764,360) - See accompanying schedule: Unaffiliated issuers (cost $152,811,313) | $ 155,644,253 |
|
Fidelity Central Funds (cost $6,368,796,358) | 8,218,145,772 |
|
Total Investments (cost $6,521,607,671) |
| $ 8,373,790,025 |
Receivable for investments sold | 3,742,270 | |
Receivable for fund shares sold | 4,151,716 | |
Distributions receivable from Fidelity Central Funds | 16,822 | |
Prepaid expenses | 9,387 | |
Other receivables | 246,518 | |
Total assets | 8,381,956,738 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 4,765,634 | |
Accrued management fee | 3,466,417 | |
Distribution and service plan fees payable | 66,091 | |
Other affiliated payables | 1,065,950 | |
Other payables and accrued expenses | 232,255 | |
Collateral on securities loaned, at value | 20,482,000 | |
Total liabilities | 30,078,347 | |
|
|
|
Net Assets | $ 8,351,878,391 | |
Net Assets consist of: |
| |
Paid in capital | $ 7,348,769,546 | |
Undistributed net investment income | 29,802,805 | |
Accumulated undistributed net realized gain (loss) on investments | (878,876,314) | |
Net unrealized appreciation (depreciation) on investments | 1,852,182,354 | |
Net Assets | $ 8,351,878,391 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 17.43 | |
|
|
|
Maximum offering price per share (100/94.25 of $17.43) | $ 18.49 | |
Class T: | $ 17.41 | |
|
|
|
Maximum offering price per share (100/96.50 of $17.41) | $ 18.04 | |
Class B: | $ 17.38 | |
|
|
|
Class C: | $ 17.31 | |
|
|
|
Asset Manager 50%: | $ 17.49 | |
|
|
|
Institutional Class: | $ 17.47 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 343 |
Income from Fidelity Central Funds |
| 86,933,615 |
Total income |
| 86,933,958 |
|
|
|
Expenses | ||
Management fee | $ 20,459,967 | |
Transfer agent fees | 5,544,763 | |
Distribution and service plan fees | 388,815 | |
Accounting and security lending fees | 748,768 | |
Custodian fees and expenses | 705 | |
Independent trustees' compensation | 17,888 | |
Appreciation in deferred trustee compensation account | 217 | |
Registration fees | 90,276 | |
Audit | 21,549 | |
Legal | 35,015 | |
Miscellaneous | 29,625 | |
Total expenses before reductions | 27,337,588 | |
Expense reductions | (64,243) | 27,273,345 |
Net investment income (loss) | 59,660,613 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 2,388,399 | |
Fidelity Central Funds | 63,905,671 |
|
Futures contracts | 7,127,916 | |
Capital gain distributions from Fidelity Central Funds | 176,869 |
|
Total net realized gain (loss) |
| 73,598,855 |
Change in net unrealized appreciation (depreciation) on investment securities | 214,134,458 | |
Net gain (loss) | 287,733,313 | |
Net increase (decrease) in net assets resulting from operations | $ 347,393,926 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 59,660,613 | $ 121,717,370 |
Net realized gain (loss) | 73,598,855 | 110,762,468 |
Change in net unrealized appreciation (depreciation) | 214,134,458 | 394,152,737 |
Net increase (decrease) in net assets resulting from operations | 347,393,926 | 626,632,575 |
Distributions to shareholders from net investment income | (54,307,021) | (124,253,233) |
Distributions to shareholders from net realized gain | (522,702,473) | (387,669,599) |
Total distributions | (577,009,494) | (511,922,832) |
Share transactions - net increase (decrease) | 444,890,239 | 477,669,886 |
Total increase (decrease) in net assets | 215,274,671 | 592,379,629 |
|
|
|
Net Assets | ||
Beginning of period | 8,136,603,720 | 7,544,224,091 |
End of period (including undistributed net investment income of $29,802,805 and undistributed net investment income of $24,449,213, respectively) | $ 8,351,878,391 | $ 8,136,603,720 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.99 | $ 17.78 | $ 16.36 | $ 14.43 | $ 14.64 | $ 13.48 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .10 | .22 | .19 | .21 | .22 | .23 |
Net realized and unrealized gain (loss) | .61 | 1.13 | 1.43 | 1.98 | (.19) | 1.17 |
Total from investment operations | .71 | 1.35 | 1.62 | 2.19 | .03 | 1.40 |
Distributions from net investment income | (.10) | (.23) | (.19) | (.23) | (.22) | (.24) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.27) | (1.14) | (.20) I | (.26) J | (.24) | (.24) |
Net asset value, end of period | $ 17.43 | $ 17.99 | $ 17.78 | $ 16.36 | $ 14.43 | $ 14.64 |
Total ReturnB, C, D | 4.20% | 7.96% | 10.01% | 15.31% | .11% | 10.52% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .96%A | .95% | .99% | 1.01% | 1.01% | .98% |
Expenses net of fee waivers, if any | .96%A | .95% | .99% | 1.01% | 1.01% | .98% |
Expenses net of all reductions | .95%A | .95% | .98% | 1.00% | 1.00% | .96% |
Net investment income (loss) | 1.17%A | 1.24% | 1.12% | 1.35% | 1.43% | 1.62% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 73,454 | $ 72,246 | $ 74,128 | $ 61,693 | $ 48,154 | $ 44,879 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.20 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.015 per share. J Total distributions of $.26 per share is comprised of distributions from net investment income of $.232 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.97 | $ 17.76 | $ 16.34 | $ 14.41 | $ 14.63 | $ 13.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .08 | .17 | .15 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .60 | 1.14 | 1.43 | 1.98 | (.20) | 1.17 |
Total from investment operations | .68 | 1.31 | 1.58 | 2.15 | (.01) | 1.36 |
Distributions from net investment income | (.07) | (.19) | (.15) | (.20) | (.19) | (.20) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.24) | (1.10) | (.16) I | (.22) | (.21) | (.20) |
Net asset value, end of period | $ 17.41 | $ 17.97 | $ 17.76 | $ 16.34 | $ 14.41 | $ 14.63 |
Total ReturnB, C, D | 4.05% | 7.69% | 9.76% | 15.06% | (.16)% | 10.24% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.22%A | 1.22% | 1.24% | 1.24% | 1.23% | 1.22% |
Expenses net of fee waivers, if any | 1.22%A | 1.22% | 1.24% | 1.24% | 1.23% | 1.22% |
Expenses net of all reductions | 1.22%A | 1.22% | 1.22% | 1.23% | 1.22% | 1.21% |
Net investment income (loss) | .90%A | .97% | .87% | 1.12% | 1.21% | 1.38% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,710 | $ 32,372 | $ 28,826 | $ 22,505 | $ 19,679 | $ 17,343 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.16 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.94 | $ 17.73 | $ 16.31 | $ 14.38 | $ 14.59 | $ 13.44 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .09 | .06 | .09 | .11 | .11 |
Net realized and unrealized gain (loss) | .60 | 1.13 | 1.44 | 1.98 | (.20) | 1.17 |
Total from investment operations | .64 | 1.22 | 1.50 | 2.07 | (.09) | 1.28 |
Distributions from net investment income | (.03) | (.10) | (.06) | (.11) | (.10) | (.13) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.20) | (1.01) | (.08) | (.14) I | (.12) | (.13) |
Net asset value, end of period | $ 17.38 | $ 17.94 | $ 17.73 | $ 16.31 | $ 14.38 | $ 14.59 |
Total ReturnB, C, D | 3.79% | 7.17% | 9.20% | 14.47% | (.65)% | 9.60% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.69%A | 1.70% | 1.74% | 1.76% | 1.76% | 1.78% |
Expenses net of fee waivers, if any | 1.69%A | 1.70% | 1.74% | 1.76% | 1.76% | 1.78% |
Expenses net of all reductions | 1.69%A | 1.70% | 1.72% | 1.75% | 1.75% | 1.77% |
Net investment income (loss) | .43%A | .49% | .37% | .61% | .68% | .82% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,035 | $ 3,579 | $ 3,882 | $ 4,186 | $ 4,109 | $ 4,843 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.88 | $ 17.68 | $ 16.27 | $ 14.35 | $ 14.57 | $ 13.42 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .08 | .06 | .09 | .11 | .12 |
Net realized and unrealized gain (loss) | .60 | 1.13 | 1.43 | 1.98 | (.19) | 1.17 |
Total from investment operations | .63 | 1.21 | 1.49 | 2.07 | (.08) | 1.29 |
Distributions from net investment income | (.03) | (.10) | (.07) | (.12) | (.11) | (.14) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.20) | (1.01) | (.08) I | (.15) J | (.14) K | (.14) |
Net asset value, end of period | $ 17.31 | $ 17.88 | $ 17.68 | $ 16.27 | $ 14.35 | $ 14.57 |
Total ReturnB, C, D | 3.74% | 7.16% | 9.21% | 14.49% | (.64)% | 9.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.72%A | 1.72% | 1.74% | 1.75% | 1.74% | 1.74% |
Expenses net of fee waivers, if any | 1.72%A | 1.72% | 1.74% | 1.75% | 1.74% | 1.74% |
Expenses net of all reductions | 1.72%A | 1.72% | 1.73% | 1.74% | 1.73% | 1.73% |
Net investment income (loss) | .40%A | .47% | .37% | .61% | .71% | .86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,037 | $ 38,792 | $ 31,204 | $ 21,859 | $ 17,320 | $ 14,274 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share. J Total distributions of $.15 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.024 per share. K Total distributions of $.14 per share is comprised of distributions from net investment income of $.11 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 50%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 18.06 | $ 17.84 | $ 16.41 | $ 14.47 | $ 14.68 | $ 13.51 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .13 | .28 | .24 | .26 | .27 | .26 |
Net realized and unrealized gain (loss) | .59 | 1.14 | 1.44 | 1.99 | (.19) | 1.18 |
Total from investment operations | .72 | 1.42 | 1.68 | 2.25 | .08 | 1.44 |
Distributions from net investment income | (.12) | (.29) | (.24) | (.28) | (.26) | (.27) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.29) | (1.20) | (.25) H | (.31) I | (.29) J | (.27) |
Net asset value, end of period | $ 17.49 | $ 18.06 | $ 17.84 | $ 16.41 | $ 14.47 | $ 14.68 |
Total ReturnB, C | 4.28% | 8.33% | 10.38% | 15.71% | .41% | 10.79% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .66%A | .66% | .68% | .69% | .70% | .71% |
Expenses net of fee waivers, if any | .66%A | .66% | .67% | .69% | .70% | .71% |
Expenses net of all reductions | .66%A | .66% | .66% | .68% | .69% | .70% |
Net investment income (loss) | 1.47%A | 1.53% | 1.43% | 1.67% | 1.75% | 1.89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,167,287 | $ 7,956,041 | $ 7,384,756 | $ 6,838,743 | $ 5,878,293 | $ 6,308,311 |
Portfolio turnover rate F | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.25 per share is comprised of distributions from net investment income of $.239 and distributions from net realized gain of $.015 per share. I Total distributions of $.31 per share is comprised of distributions from net investment income of $.281 and distributions from net realized gain of $.024 per share. J Total distributions of $.29 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 18.03 | $ 17.81 | $ 16.39 | $ 14.46 | $ 14.67 | $ 13.50 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .13 | .27 | .24 | .25 | .26 | .26 |
Net realized and unrealized gain (loss) | .60 | 1.14 | 1.43 | 1.98 | (.19) | 1.19 |
Total from investment operations | .73 | 1.41 | 1.67 | 2.23 | .07 | 1.45 |
Distributions from net investment income | (.12) | (.28) | (.23) | (.27) | (.26) | (.28) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.29) | (1.19) | (.25) | (.30) H | (.28) | (.28) |
Net asset value, end of period | $ 17.47 | $ 18.03 | $ 17.81 | $ 16.39 | $ 14.46 | $ 14.67 |
Total ReturnB, C | 4.32% | 8.29% | 10.28% | 15.58% | .37% | 10.87% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .70%A | .71% | .72% | .75% | .74% | .71% |
Expenses net of fee waivers, if any | .70%A | .71% | .72% | .75% | .74% | .71% |
Expenses net of all reductions | .70%A | .71% | .71% | .74% | .73% | .69% |
Net investment income (loss) | 1.42%A | 1.48% | 1.39% | 1.61% | 1.71% | 1.90% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 31,354 | $ 33,575 | $ 21,429 | $ 14,732 | $ 7,316 | $ 5,154 |
Portfolio turnover rate F | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.30 per share is comprised of distributions from net investment income of $.272 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.3 | 0.9 |
Facebook, Inc. Class A | 0.6 | 0.4 |
Actavis PLC | 0.6 | 0.5 |
The Walt Disney Co. | 0.5 | 0.4 |
Citigroup, Inc. | 0.4 | 0.4 |
JPMorgan Chase & Co. | 0.4 | 0.4 |
Medtronic PLC | 0.4 | 0.3 |
Google, Inc. Class C | 0.4 | 0.4 |
Google, Inc. Class A | 0.4 | 0.4 |
Bank of America Corp. | 0.4 | 0.4 |
| 5.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.8 | 17.5 |
Consumer Discretionary | 9.6 | 8.7 |
Information Technology | 9.6 | 9.3 |
Health Care | 9.2 | 8.2 |
Industrials | 7.9 | 7.3 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 6.3% |
| ![]() | AAA,AA,A 3.7% |
| ||
![]() | BBB 8.8% |
| ![]() | BBB 9.0% |
| ||
![]() | BB and Below 7.4% |
| ![]() | BB and Below 3.6% |
| ||
![]() | Not Rated 0.5% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 62.6% |
| ![]() | Equities** 59.8% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 34.1% |
| ![]() | Bond Class 34.9% |
| ||
![]() | Short-Term Class 3.7% |
| ![]() | Short-Term Class 4.4% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 28.8% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 60%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 61.4% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 411,263 | $ 3,039,235 | |
Fidelity Consumer Discretionary Central Fund (c) | 327,656 | 80,170,895 | |
Fidelity Consumer Staples Central Fund (c) | 238,839 | 52,597,151 | |
Fidelity Emerging Markets Equity Central Fund (c) | 44,098 | 8,962,000 | |
Fidelity Energy Central Fund (c) | 343,227 | 44,883,740 | |
Fidelity Financials Central Fund (c) | 1,402,480 | 124,119,496 | |
Fidelity Health Care Central Fund (c) | 254,071 | 95,490,007 | |
Fidelity Industrials Central Fund (c) | 297,559 | 70,360,761 | |
Fidelity Information Technology Central Fund (c) | 462,596 | 131,085,875 | |
Fidelity International Equity Central Fund (c) | 2,842,620 | 227,693,863 | |
Fidelity Materials Central Fund (c) | 105,279 | 23,552,930 | |
Fidelity Real Estate Equity Central Fund (c) | 160,115 | 17,193,191 | |
Fidelity Telecom Services Central Fund (c) | 79,481 | 13,442,573 | |
Fidelity Utilities Central Fund (c) | 142,357 | 22,589,206 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $664,897,237) |
| ||
Fixed-Income Central Funds - 36.5% | |||
|
|
|
|
High Yield Fixed-Income Funds - 5.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 727,530 | 6,955,183 | |
Fidelity Floating Rate Central Fund (c) | 132,514 | 13,992,205 | |
Fidelity High Income Central Fund 1 (c) | 568,180 | 57,374,841 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 31.2% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 168,465 | 16,733,638 | |
Fidelity Investment Grade Bond Central Fund (c) | 4,109,269 | 448,033,550 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $524,462,125) |
| ||
Money Market Central Funds - 0.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 264,409 | $ 264,409 |
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 220,000 |
|
Investment Companies - 2.1% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 487,417 |
| |
TOTAL INVESTMENT (Cost $1,220,586,173) | 1,490,032,295 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (248,386) | ||
NET ASSETS - 100% | $ 1,489,783,909 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 15,170 |
Fidelity Commodity Strategy Central Fund | 1,528 |
Fidelity Consumer Discretionary Central Fund | 493,572 |
Fidelity Consumer Staples Central Fund | 600,337 |
Fidelity Emerging Markets Debt Central Fund | 219,701 |
Fidelity Emerging Markets Equity Central Fund | 96,529 |
Fidelity Energy Central Fund | 369,191 |
Fidelity Financials Central Fund | 908,115 |
Fund | Income earned |
Fidelity Floating Rate Central Fund | $ 316,274 |
Fidelity Health Care Central Fund | 256,367 |
Fidelity High Income Central Fund 1 | 1,433,541 |
Fidelity Industrials Central Fund | 430,275 |
Fidelity Information Technology Central Fund | 327,545 |
Fidelity International Equity Central Fund | 1,911,524 |
Fidelity Investment Grade Bond Central Fund | 5,999,409 |
Fidelity Materials Central Fund | 210,050 |
Fidelity Real Estate Equity Central Fund | 107,655 |
Fidelity Telecom Services Central Fund | 137,943 |
Fidelity Utilities Central Fund | 273,228 |
Total | $ 14,107,954 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 3,272,057 | $ 451,276 | $ 77,249 | $ 3,039,235 | 1.0% |
Fidelity Consumer Discretionary Central Fund | 65,587,086 | 7,414,657 | 2,528,650 | 80,170,895 | 4.9% |
Fidelity Consumer Staples Central Fund | 48,995,079 | 5,417,135 | 5,425,595 | 52,597,151 | 4.5% |
Fidelity Emerging Markets Debt Central Fund | 6,409,677 | 998,576 | 128,748 | 6,955,183 | 6.7% |
Fidelity Emerging Markets Equity Central Fund | 27,387,377 | 2,846,855 | 19,830,997 | 8,962,000 | 7.2% |
Fidelity Energy Central Fund | 44,754,610 | 7,726,670 | 675,420 | 44,883,740 | 4.4% |
Fidelity Financials Central Fund | 107,841,822 | 13,404,228 | 3,128,472 | 124,119,496 | 4.9% |
Fidelity Floating Rate Central Fund | 12,620,463 | 1,820,924 | 263,859 | 13,992,205 | 0.8% |
Fidelity Health Care Central Fund | 79,869,175 | 8,466,985 | 10,074,013 | 95,490,007 | 4.7% |
Fidelity High Income Central Fund 1 | 24,479,691 | 34,141,060 | 861,565 | 57,374,841 | 6.2% |
Fidelity Industrials Central Fund | 58,752,305 | 7,379,916 | 1,182,851 | 70,360,761 | 5.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 15,206,746 | 1,798,996 | 308,995 | 16,733,638 | 6.0% |
Fidelity Information Technology Central Fund | 105,422,442 | 19,220,771 | 2,664,761 | 131,085,875 | 4.7% |
Fidelity International Equity Central Fund | 196,706,354 | 32,233,223 | 4,118,438 | 227,693,863 | 7.7% |
Fidelity Investment Grade Bond Central Fund | 409,665,548 | 61,952,645 | 31,148,257 | 448,033,550 | 5.7% |
Fidelity Materials Central Fund | 22,067,642 | 2,501,208 | 402,328 | 23,552,930 | 5.0% |
Fidelity Real Estate Equity Central Fund | - | 16,725,753 | 185,358 | 17,193,191 | 6.1% |
Fidelity Telecom Services Central Fund | 11,563,019 | 1,698,524 | 217,251 | 13,442,573 | 4.4% |
Fidelity Utilities Central Fund | 21,744,979 | 2,567,948 | 2,119,016 | 22,589,206 | 4.8% |
Total | $ 1,262,346,072 | $ 228,767,350 | $ 85,341,823 | $ 1,458,270,340 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 915,180,923 | $ 915,180,923 | $ - | $ - |
Fixed-Income Central Funds | 543,089,417 | 543,089,417 | - | - |
Money Market Central Funds | 264,409 | 264,409 | - | - |
U.S. Treasury Obligations | 219,997 | - | 219,997 | - |
Investment Companies | 31,277,549 | 31,277,549 | - | - |
Total Investments in Securities: | $ 1,490,032,295 | $ 1,489,812,298 | $ 219,997 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 71.2% |
United Kingdom | 5.2% |
Japan | 3.3% |
Ireland | 2.1% |
France | 1.6% |
Switzerland | 1.6% |
Cayman Islands | 1.6% |
Germany | 1.4% |
Netherlands | 1.4% |
Others (Individually Less Than 1%) | 10.6% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $30,962,402) | $ 31,497,546 |
|
Fidelity Central Funds (cost $1,189,623,771) | 1,458,534,749 |
|
Total Investments (cost $1,220,586,173) |
| $ 1,490,032,295 |
Cash |
| 19,514 |
Receivable for investments sold | 646,463 | |
Receivable for fund shares sold | 1,109,083 | |
Distributions receivable from Fidelity Central Funds | 120 | |
Prepaid expenses | 1,513 | |
Other receivables | 5,615 | |
Total assets | 1,491,814,603 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 206,739 | |
Payable for fund shares redeemed | 891,665 | |
Accrued management fee | 677,430 | |
Transfer agent fee payable | 145,056 | |
Distribution and service plan fees payable | 44,717 | |
Other affiliated payables | 49,373 | |
Other payables and accrued expenses | 15,714 | |
Total liabilities | 2,030,694 | |
|
|
|
Net Assets | $ 1,489,783,909 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,331,595,857 | |
Undistributed net investment income | 4,538,058 | |
Accumulated undistributed net realized gain (loss) on investments | (115,796,128) | |
Net unrealized appreciation (depreciation) on investments | 269,446,122 | |
Net Assets | $ 1,489,783,909 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 11.35 | |
|
|
|
Maximum offering price per share (100/94.25 of $11.35) | $ 12.04 | |
Class T: | $ 11.30 | |
|
|
|
Maximum offering price per share (100/96.50 of $11.30) | $ 11.71 | |
Class B: | $ 11.36 | |
|
|
|
Class C: | $ 11.20 | |
|
|
|
Asset Manager 60%: | $ 11.38 | |
|
|
|
Institutional Class: | $ 11.39 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 81 |
Income from Fidelity Central Funds |
| 14,107,954 |
Total income |
| 14,108,035 |
|
|
|
Expenses | ||
Management fee | $ 3,817,666 | |
Transfer agent fees | 837,807 | |
Distribution and service plan fees | 255,013 | |
Accounting fees and expenses | 280,098 | |
Custodian fees and expenses | 491 | |
Independent trustees' compensation | 2,877 | |
Registration fees | 75,217 | |
Audit | 22,783 | |
Legal | 2,650 | |
Miscellaneous | 5,196 | |
Total expenses before reductions | 5,299,798 | |
Expense reductions | (12,579) | 5,287,219 |
Net investment income (loss) | 8,820,816 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (1,598,605) |
|
Futures contracts | 1,537,357 | |
Capital gain distributions from Fidelity Central Funds | 29,342 |
|
Total net realized gain (loss) |
| (31,906) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 54,632,491 | |
Futures contracts | 100,946 | |
Total change in net unrealized appreciation (depreciation) |
| 54,733,437 |
Net gain (loss) | 54,701,531 | |
Net increase (decrease) in net assets resulting from operations | $ 63,522,347 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 8,820,816 | $ 15,720,508 |
Net realized gain (loss) | (31,906) | 3,083,410 |
Change in net unrealized appreciation (depreciation) | 54,733,437 | 75,693,397 |
Net increase (decrease) in net assets resulting from operations | 63,522,347 | 94,497,315 |
Distributions to shareholders from net investment income | (17,475,457) | (10,626,498) |
Distributions to shareholders from net realized gain | (64,516,613) | (44,197,173) |
Total distributions | (81,992,070) | (54,823,671) |
Share transactions - net increase (decrease) | 211,400,534 | 322,567,151 |
Total increase (decrease) in net assets | 192,930,811 | 362,240,795 |
|
|
|
Net Assets | ||
Beginning of period | 1,296,853,098 | 934,612,303 |
End of period (including undistributed net investment income of $4,538,058 and undistributed net investment income of $13,192,699, respectively) | $ 1,489,783,909 | $ 1,296,853,098 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.53 | $ 11.17 | $ 10.16 | $ 8.76 | $ 9.19 | $ 8.41 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .12 | .11 | .12 | .13 | .13 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.38 | (.20) | .76 |
Total from investment operations | .50 | .95 | 1.21 | 1.50 | (.07) | .89 |
Distributions from net investment income | (.12) | (.09) | (.09) | (.08) | (.09) | (.09) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.68) | (.59) | (.20) | (.10) | (.36) I | (.11) |
Net asset value, end of period | $ 11.35 | $ 11.53 | $ 11.17 | $ 10.16 | $ 8.76 | $ 9.19 |
Total ReturnB, C, D | 4.55% | 8.87% | 12.15% | 17.27% | (1.05)% | 10.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | 1.03% | 1.06% | 1.09% | 1.12% | 1.22% |
Expenses net of fee waivers, if any | 1.03%A | 1.03% | 1.06% | 1.09% | 1.10% | 1.10% |
Expenses net of all reductions | 1.03%A | 1.03% | 1.05% | 1.08% | 1.09% | 1.08% |
Net investment income (loss) | 1.00%A | 1.08% | 1.02% | 1.26% | 1.39% | 1.44% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 56,766 | $ 53,382 | $ 41,926 | $ 37,312 | $ 30,707 | $ 20,690 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.36 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.262 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.48 | $ 11.12 | $ 10.12 | $ 8.72 | $ 9.15 | $ 8.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .09 | .08 | .10 | .11 | .10 |
Net realized and unrealized gain (loss) | .43 | .84 | 1.09 | 1.38 | (.21) | .76 |
Total from investment operations | .47 | .93 | 1.17 | 1.48 | (.10) | .86 |
Distributions from net investment income | (.09) | (.07) | (.06) | (.06) | (.07) | (.07) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.65) | (.57) | (.17) | (.08) | (.33) | (.09) |
Net asset value, end of period | $ 11.30 | $ 11.48 | $ 11.12 | $ 10.12 | $ 8.72 | $ 9.15 |
Total ReturnB, C, D | 4.29% | 8.66% | 11.78% | 17.12% | (1.34)% | 10.32% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.30%A | 1.30% | 1.32% | 1.34% | 1.37% | 1.45% |
Expenses net of fee waivers, if any | 1.30%A | 1.30% | 1.32% | 1.34% | 1.35% | 1.35% |
Expenses net of all reductions | 1.29%A | 1.30% | 1.31% | 1.33% | 1.34% | 1.33% |
Net investment income (loss) | .74%A | .81% | .76% | 1.01% | 1.14% | 1.19% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 16,871 | $ 14,759 | $ 13,639 | $ 11,380 | $ 8,045 | $ 6,035 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.48 | $ 11.12 | $ 10.11 | $ 8.69 | $ 9.12 | $ 8.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | .03 | .02 | .05 | .06 | .06 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.39 | (.21) | .75 |
Total from investment operations | .45 | .86 | 1.12 | 1.44 | (.15) | .81 |
Distributions from net investment income | (.02) | - | - | - | (.02) | (.04) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.57) I | (.50) | (.11) | (.02) | (.28) | (.06) |
Net asset value, end of period | $ 11.36 | $ 11.48 | $ 11.12 | $ 10.11 | $ 8.69 | $ 9.12 |
Total ReturnB, C, D | 4.16% | 8.01% | 11.21% | 16.53% | (1.82)% | 9.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.80%A | 1.82% | 1.89% | 1.92% | 1.95% | 2.05% |
Expenses net of fee waivers, if any | 1.80%A | 1.82% | 1.85% | 1.85% | 1.85% | 1.85% |
Expenses net of all reductions | 1.80%A | 1.82% | 1.84% | 1.84% | 1.84% | 1.83% |
Net investment income (loss) | .24%A | .29% | .23% | .50% | .64% | .69% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,543 | $ 1,667 | $ 1,756 | $ 1,745 | $ 1,833 | $ 1,987 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.57 per share is comprised of distributions from net investment income of $.018 and distributions from net realized gain of $.555 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.35 | $ 11.04 | $ 10.06 | $ 8.67 | $ 9.10 | $ 8.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | .04 | .02 | .05 | .06 | .06 |
Net realized and unrealized gain (loss) | .44 | .81 | 1.10 | 1.38 | (.20) | .74 |
Total from investment operations | .45 | .85 | 1.12 | 1.43 | (.14) | .80 |
Distributions from net investment income | (.04) | (.04) | (.02) | (.02) | (.03) | (.05) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.60) | (.54) | (.14) I | (.04) | (.29) | (.07) |
Net asset value, end of period | $ 11.20 | $ 11.35 | $ 11.04 | $ 10.06 | $ 8.67 | $ 9.10 |
Total ReturnB, C, D | 4.18% | 7.98% | 11.24% | 16.55% | (1.79)% | 9.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.80%A | 1.80% | 1.84% | 1.88% | 1.90% | 1.97% |
Expenses net of fee waivers, if any | 1.80%A | 1.80% | 1.84% | 1.85% | 1.85% | 1.85% |
Expenses net of all reductions | 1.79%A | 1.80% | 1.83% | 1.84% | 1.83% | 1.83% |
Net investment income (loss) | .24%A | .31% | .24% | .50% | .64% | .69% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 29,907 | $ 25,867 | $ 18,390 | $ 10,185 | $ 6,928 | $ 4,256 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.112 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 60%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.80 | $ 9.22 | $ 8.43 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .07 | .16 | .14 | .15 | .16 | .15 |
Net realized and unrealized gain (loss) | .43 | .84 | 1.10 | 1.39 | (.21) | .76 |
Total from investment operations | .50 | 1.00 | 1.24 | 1.54 | (.05) | .91 |
Distributions from net investment income | (.16) | (.13) | (.12) | (.11) | (.11) | (.10) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.71) H | (.63) | (.23) | (.13) | (.37) | (.12) |
Net asset value, end of period | $ 11.38 | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.80 | $ 9.22 |
Total ReturnB, C | 4.59% | 9.26% | 12.45% | 17.73% | (.79)% | 10.88% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .72%A | .72% | .74% | .77% | .82% | .92% |
Expenses net of fee waivers, if any | .72%A | .72% | .74% | .77% | .82% | .85% |
Expenses net of all reductions | .72%A | .72% | .73% | .76% | .80% | .83% |
Net investment income (loss) | 1.31%A | 1.39% | 1.34% | 1.59% | 1.67% | 1.69% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,368,072 | $ 1,187,056 | $ 850,361 | $ 557,351 | $ 246,943 | $ 95,660 |
Portfolio turnover rate F | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.71 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.555 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.79 | $ 9.22 | $ 8.43 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .07 | .15 | .13 | .15 | .16 | .15 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.39 | (.22) | .76 |
Total from investment operations | .51 | .98 | 1.23 | 1.54 | (.06) | .91 |
Distributions from net investment income | (.15) | (.11) | (.11) | (.10) | (.11) | (.10) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.71) | (.61) | (.22) | (.12) | (.37) | (.12) |
Net asset value, end of period | $ 11.39 | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.79 | $ 9.22 |
Total ReturnB, C | 4.63% | 9.15% | 12.35% | 17.73% | (.87)% | 10.88% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .77%A | .78% | .82% | .84% | .85% | .95% |
Expenses net of fee waivers, if any | .77%A | .78% | .82% | .84% | .85% | .85% |
Expenses net of all reductions | .76%A | .78% | .81% | .83% | .84% | .83% |
Net investment income (loss) | 1.27%A | 1.33% | 1.26% | 1.51% | 1.64% | 1.69% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 16,625 | $ 14,122 | $ 8,540 | $ 8,964 | $ 7,470 | $ 3,228 |
Portfolio turnover rate F | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 70%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.5 | 1.0 |
Facebook, Inc. Class A | 0.7 | 0.5 |
Actavis PLC | 0.7 | 0.6 |
The Walt Disney Co. | 0.5 | 0.4 |
Citigroup, Inc. | 0.5 | 0.5 |
JPMorgan Chase & Co. | 0.5 | 0.5 |
Medtronic PLC | 0.5 | 0.3 |
Google, Inc. Class C | 0.5 | 0.4 |
Bank of America Corp. | 0.5 | 0.5 |
Google, Inc. Class A | 0.5 | 0.4 |
| 6.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.2 | 18.4 |
Information Technology | 11.2 | 10.2 |
Consumer Discretionary | 10.5 | 9.9 |
Health Care | 10.4 | 9.7 |
Industrials | 8.5 | 8.3 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 4.4% |
| ![]() | AAA,AA,A 2.8% |
| ||
![]() | BBB 6.1% |
| ![]() | BBB 5.8% |
| ||
![]() | BB and Below 6.3% |
| ![]() | BB and Below 3.5% |
| ||
![]() | Not Rated 0.3% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 71.9% |
| ![]() | Equities** 70.2% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 24.9% |
| ![]() | Bond Class 25.0% |
| ||
![]() | Short-Term Class 3.1% |
| ![]() | Short-Term Class 4.2% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 30.4% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 70%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 70.9% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (e) | 1,154,787 | $ 8,533,875 | |
Fidelity Consumer Discretionary Central Fund (e) | 1,101,753 | 269,576,930 | |
Fidelity Consumer Staples Central Fund (e) | 800,307 | 176,243,663 | |
Fidelity Emerging Markets Equity Central Fund (e) | 212,533 | 43,192,997 | |
Fidelity Energy Central Fund (e) | 1,145,236 | 149,762,483 | |
Fidelity Financials Central Fund (e) | 4,704,609 | 416,357,859 | |
Fidelity Health Care Central Fund (e) | 846,936 | 318,312,538 | |
Fidelity Industrials Central Fund (e) | 989,480 | 233,972,415 | |
Fidelity Information Technology Central Fund (e) | 1,549,006 | 438,941,831 | |
Fidelity International Equity Central Fund (e) | 9,385,091 | 751,745,791 | |
Fidelity Materials Central Fund (e) | 352,738 | 78,914,653 | |
Fidelity Real Estate Equity Central Fund (e) | 460,166 | 49,412,592 | |
Fidelity Telecom Services Central Fund (e) | 254,853 | 43,103,357 | |
Fidelity Utilities Central Fund (e) | 477,737 | 75,807,278 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $2,114,823,044) |
| ||
Fixed-Income Central Funds - 26.6% | |||
|
|
|
|
High Yield Fixed-Income Funds - 5.2% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 2,086,623 | 19,948,113 | |
Fidelity Floating Rate Central Fund (e) | 377,993 | 39,912,317 | |
Fidelity High Income Central Fund 1 (e) | 1,639,508 | 165,557,501 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 21.4% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 500,593 | 49,723,888 | |
Fidelity Investment Grade Bond Central Fund (e) | 7,981,517 | 870,224,851 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,102,950,583) |
| ||
Money Market Central Funds - 0.1% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 158,050 | 158,050 | |
Fidelity Money Market Central Fund, 0.30% (b) | 4 | 4 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 1,602,650 | 1,602,650 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $1,760,704) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 1,420,000 | $ 1,419,982 |
Investment Companies - 2.5% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF (d) | 1,642,107 |
| |
TOTAL INVESTMENT (Cost $3,324,804,039) | 4,307,799,623 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,695,123) | ||
NET ASSETS - 100% | $ 4,305,104,500 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 43,252 |
Fidelity Commodity Strategy Central Fund | 4,551 |
Fidelity Consumer Discretionary Central Fund | 1,703,851 |
Fidelity Consumer Staples Central Fund | 2,062,514 |
Fidelity Emerging Markets Debt Central Fund | 653,408 |
Fidelity Emerging Markets Equity Central Fund | 399,830 |
Fidelity Energy Central Fund | 1,292,239 |
Fidelity Financials Central Fund | 3,151,124 |
Fidelity Floating Rate Central Fund | 934,467 |
Fidelity Health Care Central Fund | 889,605 |
Fidelity High Income Central Fund 1 | 4,264,380 |
Fidelity Industrials Central Fund | 1,476,845 |
Fidelity Information Technology Central Fund | 1,128,995 |
Fidelity International Equity Central Fund | 6,480,346 |
Fidelity Investment Grade Bond Central Fund | 11,967,798 |
Fidelity Materials Central Fund | 724,615 |
Fidelity Real Estate Equity Central Fund | 318,964 |
Fidelity Securities Lending Cash Central Fund | 237 |
Fidelity Telecom Services Central Fund | 463,277 |
Fidelity Utilities Central Fund | 945,283 |
Total | $ 38,905,581 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 10,103,371 | $ 372,063 | $ 159,559 | $ 8,533,875 | 2.7% |
Fidelity Consumer Discretionary Central Fund | 234,969,975 | 8,066,416 | 7,307,574 | 269,576,930 | 16.6% |
Fidelity Consumer Staples Central Fund | 176,144,673 | 6,763,241 | 19,586,406 | 176,243,663 | 15.0% |
Fidelity Emerging Markets Debt Central Fund | 19,855,699 | 1,354,129 | 265,931 | 19,948,113 | 18.6% |
Fidelity Emerging Markets Equity Central Fund | 115,733,112 | 3,634,739 | 70,247,116 | 43,192,997 | 34.7% |
Fidelity Energy Central Fund | 167,317,558 | 9,921,240 | 1,619,112 | 149,762,483 | 14.6% |
Fidelity Financials Central Fund | 385,467,487 | 14,937,356 | 5,167,008 | 416,357,859 | 16.4% |
Fidelity Floating Rate Central Fund | 38,858,316 | 2,166,477 | 539,105 | 39,912,317 | 2.3% |
Fidelity Health Care Central Fund | 287,633,271 | 8,891,716 | 37,894,250 | 318,312,538 | 15.8% |
Fidelity High Income Central Fund 1 | 74,152,556 | 94,476,007 | 1,787,744 | 165,557,501 | 17.8% |
Fidelity Industrials Central Fund | 209,749,006 | 8,090,600 | 2,799,756 | 233,972,415 | 16.5% |
Fidelity Inflation-Protected Bond Index Central Fund | 39,283,784 | 10,989,743 | 621,763 | 49,723,888 | 17.7% |
Fidelity Information Technology Central Fund | 378,865,383 | 37,041,196 | 8,244,107 | 438,941,831 | 15.8% |
Fidelity International Equity Central Fund | 730,319,960 | 47,400,106 | 34,783,056 | 751,745,791 | 25.3% |
Fidelity Investment Grade Bond Central Fund | 868,102,602 | 74,463,897 | 87,476,069 | 870,224,851 | 11.1% |
Fidelity Materials Central Fund | 79,084,304 | 3,536,266 | 1,539,387 | 78,914,653 | 16.9% |
Fidelity Real Estate Equity Central Fund | - | 47,880,980 | 385,353 | 49,412,592 | 17.5% |
Fidelity Telecom Services Central Fund | 40,322,450 | 1,971,599 | 521,213 | 43,103,357 | 14.2% |
Fidelity Utilities Central Fund | 78,119,318 | 3,267,018 | 7,119,012 | 75,807,278 | 16.2% |
Total | $ 3,934,082,825 | $ 385,224,789 | $ 288,063,521 | $ 4,199,244,932 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $ 3,053,878,262 | $ 3,053,878,262 | $ - | $ - |
Fixed-Income Central Funds | 1,145,366,670 | 1,145,366,670 | - | - |
Money Market Central Funds | 1,760,704 | 1,760,704 | - | - |
U.S. Treasury Obligations | 1,419,982 | - | 1,419,982 | - |
Investment Companies | 105,374,005 | 105,374,005 | - | - |
Total Investments in Securities: | $ 4,307,799,623 | $ 4,306,379,641 | $ 1,419,982 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 69.6% |
United Kingdom | 5.4% |
Japan | 3.8% |
Ireland | 2.3% |
France | 1.8% |
Switzerland | 1.7% |
Cayman Islands | 1.7% |
Germany | 1.3% |
Netherlands | 1.3% |
Australia | 1.0% |
Others (Individually Less Than 1%) | 10.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 70%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $1,546,497) - See accompanying schedule: Unaffiliated issuers (cost $105,269,708) | $ 106,793,987 |
|
Fidelity Central Funds (cost $3,219,534,331) | 4,201,005,636 |
|
Total Investments (cost $3,324,804,039) |
| $ 4,307,799,623 |
Receivable for investments sold | 1,874,794 | |
Receivable for fund shares sold | 2,082,055 | |
Distributions receivable from Fidelity Central Funds | 977 | |
Prepaid expenses | 4,684 | |
Other receivables | 78,876 | |
Total assets | 4,311,841,009 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 424,518 | |
Payable for fund shares redeemed | 1,969,767 | |
Accrued management fee | 1,964,450 | |
Transfer agent fee payable | 483,573 | |
Distribution and service plan fees payable | 103,402 | |
Other affiliated payables | 113,289 | |
Other payables and accrued expenses | 74,860 | |
Collateral on securities loaned, at value | 1,602,650 | |
Total liabilities | 6,736,509 | |
|
|
|
Net Assets | $ 4,305,104,500 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,688,966,366 | |
Undistributed net investment income | 11,827,983 | |
Accumulated undistributed net realized gain (loss) on investments | (378,685,433) | |
Net unrealized appreciation (depreciation) on investments | 982,995,584 | |
Net Assets | $ 4,305,104,500 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 20.34 | |
|
|
|
Maximum offering price per share (100/94.25 of $20.34) | $ 21.58 | |
Class T: | $ 20.34 | |
|
|
|
Maximum offering price per share (100/96.50 of $20.34) | $ 21.08 | |
Class B: | $ 20.56 | |
|
|
|
Class C: | $ 20.25 | |
|
|
|
Asset Manager 70%: | $ 20.36 | |
|
|
|
Institutional Class: | $ 20.38 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 245 |
Income from Fidelity Central Funds |
| 38,905,581 |
Total income |
| 38,905,826 |
|
|
|
Expenses | ||
Management fee | $ 11,391,862 | |
Transfer agent fees | 2,843,088 | |
Distribution and service plan fees | 606,122 | |
Accounting and security lending fees | 665,782 | |
Custodian fees and expenses | 652 | |
Independent trustees' compensation | 8,890 | |
Appreciation in deferred trustee compensation account | 47 | |
Registration fees | 66,767 | |
Audit | 16,449 | |
Legal | 16,088 | |
Miscellaneous | 15,167 | |
Total expenses before reductions | 15,630,914 | |
Expense reductions | (44,006) | 15,586,908 |
Net investment income (loss) | 23,318,918 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,323,701 | |
Fidelity Central Funds | 1,055,091 |
|
Futures contracts | 4,310,553 | |
Capital gain distributions from Fidelity Central Funds | 88,213 |
|
Total net realized gain (loss) |
| 6,777,558 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 168,470,018 | |
Futures contracts | 96,251 | |
Total change in net unrealized appreciation (depreciation) |
| 168,566,269 |
Net gain (loss) | 175,343,827 | |
Net increase (decrease) in net assets resulting from operations | $ 198,662,745 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 23,318,918 | $ 49,356,857 |
Net realized gain (loss) | 6,777,558 | 54,325,602 |
Change in net unrealized appreciation (depreciation) | 168,566,269 | 252,116,796 |
Net increase (decrease) in net assets resulting from operations | 198,662,745 | 355,799,255 |
Distributions to shareholders from net investment income | (52,308,560) | (39,398,483) |
Distributions to shareholders from net realized gain | (305,208,249) | (13,342,022) |
Total distributions | (357,516,809) | (52,740,505) |
Share transactions - net increase (decrease) | 442,248,912 | 209,167,082 |
Total increase (decrease) in net assets | 283,394,848 | 512,225,832 |
|
|
|
Net Assets | ||
Beginning of period | 4,021,709,652 | 3,509,483,820 |
End of period (including undistributed net investment income of $11,827,983 and undistributed net investment income of $40,817,625, respectively) | $ 4,305,104,500 | $ 4,021,709,652 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.24 | $ 19.60 | $ 17.33 | $ 14.72 | $ 15.24 | $ 13.94 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .09 | .21 | .18 | .19 | .19 | .17 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.31 | 2.64 | (.50) | 1.33 |
Total from investment operations | .92 | 1.88 | 2.49 | 2.83 | (.31) | 1.50 |
Distributions from net investment income | (.22) | (.16) | (.19) | (.19) | (.18) | (.19) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.82) | (.24) I | (.22) | (.22) | (.21) | (.20) |
Net asset value, end of period | $ 20.34 | $ 21.24 | $ 19.60 | $ 17.33 | $ 14.72 | $ 15.24 |
Total ReturnB, C, D | 4.77% | 9.65% | 14.56% | 19.44% | (2.14)% | 10.87% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | 1.03% | 1.06% | 1.08% | 1.09% | 1.12% |
Expenses net of fee waivers, if any | 1.03%A | 1.03% | 1.06% | 1.08% | 1.09% | 1.12% |
Expenses net of all reductions | 1.03%A | 1.03% | 1.04% | 1.07% | 1.07% | 1.10% |
Net investment income (loss) | .85%A | 1.00% | .98% | 1.17% | 1.17% | 1.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 152,578 | $ 143,310 | $ 127,865 | $ 120,425 | $ 107,670 | $ 111,293 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.24 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $.074 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.22 | $ 19.58 | $ 17.30 | $ 14.70 | $ 15.21 | $ 13.91 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .15 | .13 | .15 | .15 | .13 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.32 | 2.62 | (.49) | 1.33 |
Total from investment operations | .89 | 1.82 | 2.45 | 2.77 | (.34) | 1.46 |
Distributions from net investment income | (.16) | (.11) | (.14) | (.15) | (.14) | (.16) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.77) K | (.18) | (.17) | (.17) J | (.17) | (.16) I |
Net asset value, end of period | $ 20.34 | $ 21.22 | $ 19.58 | $ 17.30 | $ 14.70 | $ 15.21 |
Total ReturnB, C, D | 4.57% | 9.38% | 14.31% | 19.03% | (2.36)% | 10.61% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.29%A | 1.29% | 1.32% | 1.35% | 1.35% | 1.38% |
Expenses net of fee waivers, if any | 1.29%A | 1.29% | 1.32% | 1.35% | 1.35% | 1.38% |
Expenses net of all reductions | 1.28%A | 1.29% | 1.30% | 1.33% | 1.34% | 1.36% |
Net investment income (loss) | .59%A | .74% | .72% | .91% | .91% | .89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 50,735 | $ 49,337 | $ 44,421 | $ 43,064 | $ 40,033 | $ 45,394 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.16 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.009 per share. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.025 per share. K Total distributions of $1.77 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $1.604 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.30 | $ 19.61 | $ 17.30 | $ 14.66 | $ 15.15 | $ 13.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | - I | .03 | .03 | .06 | .06 | .05 |
Net realized and unrealized gain (loss) | .85 | 1.69 | 2.32 | 2.63 | (.50) | 1.33 |
Total from investment operations | .85 | 1.72 | 2.35 | 2.69 | (.44) | 1.38 |
Distributions from net investment income | - | - | (.01) | (.03) | (.02) | (.08) |
Distributions from net realized gain | (1.59) | (.03) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.59) | (.03) | (.04) | (.05) J | (.05) | (.09) |
Net asset value, end of period | $ 20.56 | $ 21.30 | $ 19.61 | $ 17.30 | $ 14.66 | $ 15.15 |
Total ReturnB, C, D | 4.32% | 8.79% | 13.61% | 18.42% | (2.92)% | 10.00% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.86%A | 1.87% | 1.90% | 1.90% | 1.90% | 1.92% |
Expenses net of fee waivers, if any | 1.86%A | 1.87% | 1.90% | 1.90% | 1.90% | 1.92% |
Expenses net of all reductions | 1.86%A | 1.87% | 1.88% | 1.89% | 1.89% | 1.90% |
Net investment income (loss) | .02%A | .16% | .14% | .35% | .36% | .35% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,349 | $ 4,142 | $ 5,656 | $ 8,014 | $ 9,605 | $ 14,696 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.025 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.08 | $ 19.48 | $ 17.23 | $ 14.63 | $ 15.13 | $ 13.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | .05 | .04 | .07 | .07 | .06 |
Net realized and unrealized gain (loss) | .83 | 1.66 | 2.31 | 2.62 | (.49) | 1.33 |
Total from investment operations | .84 | 1.71 | 2.35 | 2.69 | (.42) | 1.39 |
Distributions from net investment income | (.07) | (.04) | (.07) | (.07) | (.05) | (.11) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.67) | (.11) | (.10) | (.09) I | (.08) | (.12) |
Net asset value, end of period | $ 20.25 | $ 21.08 | $ 19.48 | $ 17.23 | $ 14.63 | $ 15.13 |
Total ReturnB, C, D | 4.35% | 8.82% | 13.70% | 18.49% | (2.81)% | 10.09% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.79%A | 1.79% | 1.81% | 1.83% | 1.83% | 1.84% |
Expenses net of fee waivers, if any | 1.79%A | 1.79% | 1.81% | 1.83% | 1.83% | 1.84% |
Expenses net of all reductions | 1.78%A | 1.78% | 1.79% | 1.81% | 1.81% | 1.82% |
Net investment income (loss) | .10%A | .25% | .23% | .43% | .43% | .43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 57,258 | $ 55,104 | $ 46,498 | $ 38,245 | $ 32,160 | $ 34,847 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.09 per share is comprised of distributions from net investment income of $.067 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 70%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.30 | $ 19.66 | $ 17.38 | $ 14.77 | $ 15.28 | $ 13.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .12 | .27 | .24 | .24 | .24 | .21 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.32 | 2.64 | (.49) | 1.34 |
Total from investment operations | .95 | 1.94 | 2.56 | 2.88 | (.25) | 1.55 |
Distributions from net investment income | (.28) | (.23) | (.25) | (.25) | (.23) | (.23) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.89) I | (.30) | (.28) | (.27) H | (.26) | (.24) |
Net asset value, end of period | $ 20.36 | $ 21.30 | $ 19.66 | $ 17.38 | $ 14.77 | $ 15.28 |
Total ReturnB, C | 4.88% | 9.98% | 14.94% | 19.79% | (1.79)% | 11.21% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .72%A | .73% | .75% | .76% | .78% | .80% |
Expenses net of fee waivers, if any | .72%A | .73% | .75% | .76% | .78% | .80% |
Expenses net of all reductions | .72%A | .72% | .73% | .75% | .76% | .78% |
Net investment income (loss) | 1.16%A | 1.31% | 1.29% | 1.49% | 1.48% | 1.47% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,999,653 | $ 3,729,256 | $ 3,253,088 | $ 2,758,119 | $ 2,103,346 | $ 2,357,618 |
Portfolio turnover rate F | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.025 per share. I Total distributions of $1.89 per share is comprised of distributions from net investment income of $.282 and distributions from net realized gain of $1.604 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.31 | $ 19.66 | $ 17.38 | $ 14.78 | $ 15.29 | $ 13.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .11 | .26 | .23 | .24 | .24 | .21 |
Net realized and unrealized gain (loss) | .84 | 1.68 | 2.32 | 2.63 | (.50) | 1.33 |
Total from investment operations | .95 | 1.94 | 2.55 | 2.87 | (.26) | 1.54 |
Distributions from net investment income | (.27) | (.22) | (.24) | (.24) | (.22) | (.21) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.88) H | (.29) | (.27) | (.27) | (.25) | (.22) |
Net asset value, end of period | $ 20.38 | $ 21.31 | $ 19.66 | $ 17.38 | $ 14.78 | $ 15.29 |
Total ReturnB, C | 4.88% | 9.98% | 14.90% | 19.68% | (1.82)% | 11.17% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .76%A | .77% | .79% | .80% | .81% | .84% |
Expenses net of fee waivers, if any | .76%A | .77% | .79% | .80% | .81% | .84% |
Expenses net of all reductions | .76%A | .77% | .77% | .79% | .80% | .82% |
Net investment income (loss) | 1.12%A | 1.26% | 1.25% | 1.45% | 1.45% | 1.43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,531 | $ 40,561 | $ 31,955 | $ 30,418 | $ 26,678 | $ 25,956 |
Portfolio turnover rate F | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $1.88 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $1.604 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 85%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.8 | 1.2 |
Facebook, Inc. Class A | 0.9 | 0.7 |
Actavis PLC | 0.9 | 0.7 |
The Walt Disney Co. | 0.6 | 0.5 |
Medtronic PLC | 0.6 | 0.5 |
Citigroup, Inc. | 0.6 | 0.6 |
JPMorgan Chase & Co. | 0.6 | 0.6 |
Google, Inc. Class C | 0.6 | 0.5 |
Google, Inc. Class A | 0.6 | 0.5 |
Bank of America Corp. | 0.6 | 0.7 |
| 7.8 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 19.2 | 18.9 |
Information Technology | 13.5 | 12.4 |
Health Care | 12.3 | 11.4 |
Consumer Discretionary | 12.0 | 11.4 |
Industrials | 9.8 | 9.9 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 1.5% |
| ![]() | AAA,AA,A 1.2% |
| ||
![]() | BBB 1.5% |
| ![]() | BBB 2.2% |
| ||
![]() | BB and Below 4.0% |
| ![]() | BB and Below 3.1% |
| ||
![]() | Not Rated 0.1% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities 88.1% |
| ![]() | Equities* 84.3% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
|
| * Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 9.6% |
| ![]() | Bond Class 12.5% |
| ||
![]() | Short-Term Class 2.4% |
| ![]() | Short-Term Class 2.1% |
| ||
|
| * Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 33.9% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 85%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 86.2% | |||
Shares | Value | ||
Fidelity Consumer Discretionary Central Fund (e) | 485,952 | $ 118,902,839 | |
Fidelity Consumer Staples Central Fund (e) | 366,271 | 80,660,100 | |
Fidelity Emerging Markets Equity Central Fund (e) | 87,036 | 17,688,231 | |
Fidelity Energy Central Fund (e) | 545,706 | 71,361,965 | |
Fidelity Financials Central Fund (e) | 2,113,093 | 187,008,700 | |
Fidelity Health Care Central Fund (e) | 392,190 | 147,400,506 | |
Fidelity Industrials Central Fund (e) | 430,183 | 101,721,061 | |
Fidelity Information Technology Central Fund (e) | 705,729 | 199,982,337 | |
Fidelity International Equity Central Fund (e) | 4,300,971 | 344,507,798 | |
Fidelity Materials Central Fund (e) | 151,460 | 33,884,544 | |
Fidelity Real Estate Equity Central Fund (e) | 169,683 | 18,220,515 | |
Fidelity Telecom Services Central Fund (e) | 125,758 | 21,269,408 | |
Fidelity Utilities Central Fund (e) | 225,484 | 35,779,731 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $975,512,871) |
| ||
Fixed-Income Central Funds - 10.1% | |||
|
|
|
|
High Yield Fixed-Income Funds - 3.8% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 2,771 | 26,487 | |
Fidelity Floating Rate Central Fund (e) | 139,293 | 14,707,959 | |
Fidelity High Income Central Fund 1 (e) | 463,102 | 46,764,017 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 6.3% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 109,029 | 10,829,811 | |
Fidelity Investment Grade Bond Central Fund (e) | 820,909 | 89,503,704 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $160,113,454) |
| ||
Money Market Central Funds - 1.0% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 1,333,549 | 1,333,549 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 14,657,500 | 14,657,500 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $15,991,049) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/9/15 to 4/16/15 | $ 660,000 | $ 659,994 |
Investment Companies - 3.6% | |||
Shares |
| ||
iShares Barclays 20+ Year Treasury Bond ETF (d) | 146,712 | 19,173,791 | |
iShares MSCI EAFE Index ETF | 592,990 | 38,052,167 | |
TOTAL INVESTMENT COMPANIES (Cost $56,770,298) |
| ||
TOTAL INVESTMENT (Cost $1,209,047,666) | 1,614,096,714 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (14,966,685) | ||
NET ASSETS - 100% | $ 1,599,130,029 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 13,334 |
Fidelity Consumer Discretionary Central Fund | 738,640 |
Fidelity Consumer Staples Central Fund | 926,603 |
Fidelity Emerging Markets Debt Central Fund | 27,937 |
Fidelity Emerging Markets Equity Central Fund | 151,274 |
Fidelity Energy Central Fund | 618,332 |
Fidelity Financials Central Fund | 1,362,676 |
Fidelity Floating Rate Central Fund | 342,840 |
Fidelity Health Care Central Fund | 391,586 |
Fidelity High Income Central Fund 1 | 1,316,321 |
Fidelity Industrials Central Fund | 635,137 |
Fidelity Information Technology Central Fund | 516,397 |
Fidelity International Equity Central Fund | 2,952,507 |
Fidelity Investment Grade Bond Central Fund | 1,430,058 |
Fidelity Materials Central Fund | 308,162 |
Fidelity Real Estate Equity Central Fund | 116,513 |
Fidelity Securities Lending Cash Central Fund | 2,995 |
Fidelity Telecom Services Central Fund | 226,186 |
Fidelity Utilities Central Fund | 415,810 |
Total | $ 12,493,308 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 4,001,573 | $ 14,591 | $ 4,007,159 | $ - | 0.0% |
Fidelity Consumer Discretionary Central Fund | 113,161,445 | 5,774,712 | 14,120,971 | 118,902,839 | 7.3% |
Fidelity Consumer Staples Central Fund | 84,571,562 | 4,584,228 | 13,909,311 | 80,660,100 | 6.9% |
Fidelity Emerging Markets Debt Central Fund | 7,845,467 | 66,636 | 7,830,591 | 26,487 | 0.0% |
Fidelity Emerging Markets Equity Central Fund | 47,646,633 | 2,213,975 | 29,810,630 | 17,688,231 | 14.2% |
Fidelity Energy Central Fund | 80,552,685 | 4,613,694 | 1,225,517 | 71,361,965 | 7.0% |
Fidelity Financials Central Fund | 185,588,261 | 17,038,265 | 23,969,644 | 187,008,700 | 7.4% |
Fidelity Floating Rate Central Fund | 15,312,201 | 1,169,686 | 1,555,336 | 14,707,959 | 0.8% |
Fidelity Health Care Central Fund | 137,843,581 | 6,555,531 | 22,240,695 | 147,400,506 | 7.3% |
Fidelity High Income Central Fund 1 | 29,906,639 | 21,416,902 | 4,020,629 | 46,764,017 | 5.0% |
Fidelity Industrials Central Fund | 101,199,635 | 6,244,697 | 13,211,807 | 101,721,061 | 7.2% |
Fidelity Inflation-Protected Bond Index Central Fund | 15,524,474 | 4,161,814 | 8,947,040 | 10,829,811 | 3.9% |
Fidelity Information Technology Central Fund | 180,363,403 | 10,926,685 | 5,559,381 | 199,982,337 | 7.2% |
Fidelity International Equity Central Fund | 344,525,328 | 31,888,643 | 34,248,371 | 344,507,798 | 11.6% |
Fidelity Investment Grade Bond Central Fund | 137,496,728 | 25,119,421 | 75,099,009 | 89,503,704 | 1.1% |
Fidelity Materials Central Fund | 37,821,930 | 2,108,892 | 4,760,343 | 33,884,544 | 7.2% |
Fidelity Real Estate Equity Central Fund | - | 17,720,753 | 202,884 | 18,220,515 | 6.5% |
Fidelity Telecom Services Central Fund | 19,526,034 | 1,484,530 | 395,293 | 21,269,408 | 7.0% |
Fidelity Utilities Central Fund | 37,683,012 | 2,280,763 | 4,749,135 | 35,779,731 | 7.6% |
Total | $ 1,580,570,591 | $ 165,384,418 | $ 269,863,746 | $ 1,540,219,713 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 1,378,387,735 | $ 1,378,387,735 | $ - | $ - |
Fixed-Income Central Funds | 161,831,978 | 161,831,978 | - | - |
Money Market Central Funds | 15,991,049 | 15,991,049 | - | - |
U.S. Treasury Obligations | 659,994 | - | 659,994 | - |
Investment Companies | 57,225,958 | 57,225,958 | - | - |
Total Investments in Securities: | $ 1,614,096,714 | $ 1,613,436,720 | $ 659,994 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 66.1% |
United Kingdom | 6.0% |
Japan | 4.3% |
Ireland | 2.8% |
Switzerland | 2.1% |
France | 2.0% |
Cayman Islands | 1.8% |
Germany | 1.7% |
Bermuda | 1.3% |
Australia | 1.2% |
Netherlands | 1.0% |
Others (Individually Less Than 1%) | 9.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 85%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $14,375,900) - See accompanying schedule: Unaffiliated issuers (cost $57,430,292) | $ 57,885,952 |
|
Fidelity Central Funds (cost $1,151,617,374) | 1,556,210,762 |
|
Total Investments (cost $1,209,047,666) |
| $ 1,614,096,714 |
Cash |
| 8,848 |
Receivable for investments sold | 685,327 | |
Receivable for fund shares sold | 1,801,759 | |
Distributions receivable from Fidelity Central Funds | 2,756 | |
Prepaid expenses | 1,861 | |
Other receivables | 8,802 | |
Total assets | 1,616,606,067 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 134,851 | |
Payable for fund shares redeemed | 1,642,198 | |
Accrued management fee | 727,197 | |
Distribution and service plan fees payable | 54,209 | |
Other affiliated payables | 244,344 | |
Other payables and accrued expenses | 15,739 | |
Collateral on securities loaned, at value | 14,657,500 | |
Total liabilities | 17,476,038 | |
|
|
|
Net Assets | $ 1,599,130,029 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,350,946,445 | |
Undistributed net investment income | 3,127,179 | |
Accumulated undistributed net realized gain (loss) on investments | (159,992,643) | |
Net unrealized appreciation (depreciation) on investments | 405,049,048 | |
Net Assets | $ 1,599,130,029 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 16.88 | |
|
|
|
Maximum offering price per share (100/94.25 of $16.88) | $ 17.91 | |
Class T: | $ 16.79 | |
|
|
|
Maximum offering price per share (100/96.50 of $16.79) | $ 17.40 | |
Class B: | $ 16.88 | |
|
|
|
Class C: | $ 16.64 | |
|
|
|
Asset Manager 85%: | $ 17.00 | |
|
|
|
Institutional Class: | $ 16.94 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended March 31, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 36,985 |
Interest |
| 108 |
Income from Fidelity Central Funds |
| 12,493,308 |
Total income |
| 12,530,401 |
|
|
|
Expenses | ||
Management fee | $ 4,198,078 | |
Transfer agent fees | 1,199,342 | |
Distribution and service plan fees | 307,916 | |
Accounting and security lending fees | 238,744 | |
Custodian fees and expenses | 557 | |
Independent trustees' compensation | 3,262 | |
Registration fees | 54,719 | |
Audit | 27,883 | |
Legal | 3,810 | |
Miscellaneous | 6,242 | |
Total expenses before reductions | 6,040,553 | |
Expense reductions | (19,899) | 6,020,654 |
Net investment income (loss) | 6,509,747 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 11,891 | |
Fidelity Central Funds | (14,776,538) |
|
Futures contracts | 2,020,957 | |
Capital gain distributions from Fidelity Central Funds | 119 |
|
Total net realized gain (loss) |
| (12,743,571) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 79,360,646 | |
Futures contracts | 145,551 | |
Total change in net unrealized appreciation (depreciation) |
| 79,506,197 |
Net gain (loss) | 66,762,626 | |
Net increase (decrease) in net assets resulting from operations | $ 73,272,373 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,509,747 | $ 17,262,135 |
Net realized gain (loss) | (12,743,571) | 19,043,349 |
Change in net unrealized appreciation (depreciation) | 79,506,197 | 112,623,173 |
Net increase (decrease) in net assets resulting from operations | 73,272,373 | 148,928,657 |
Distributions to shareholders from net investment income | (18,161,472) | (12,072,498) |
Distributions to shareholders from net realized gain | (119,223,405) | (32,360,551) |
Total distributions | (137,384,877) | (44,433,049) |
Share transactions - net increase (decrease) | 70,743,303 | 252,813,012 |
Total increase (decrease) in net assets | 6,630,799 | 357,308,620 |
|
|
|
Net Assets | ||
Beginning of period | 1,592,499,230 | 1,235,190,610 |
End of period (including undistributed net investment income of $3,127,179 and undistributed net investment income of $14,778,904, respectively) | $ 1,599,130,029 | $ 1,592,499,230 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.64 | $ 16.38 | $ 14.03 | $ 11.62 | $ 12.23 | $ 11.18 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .05 | .16 | .14 | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | .78 | 1.64 | 2.38 | 2.43 | (.58) | 1.06 |
Total from investment operations | .83 | 1.80 | 2.52 | 2.57 | (.45) | 1.17 |
Distributions from net investment income | (.17) | (.11) | (.14) | (.14) | (.13) | (.11) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.59) L | (.54) K | (.17) I | (.16) | (.16) | (.12) J |
Net asset value, end of period | $ 16.88 | $ 17.64 | $ 16.38 | $ 14.03 | $ 11.62 | $ 12.23 |
Total ReturnB, C, D | 5.24% | 11.24% | 18.14% | 22.30% | (3.85)% | 10.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.05%A | 1.04% | 1.05% | 1.08% | 1.10% | 1.10% |
Expenses net of fee waivers, if any | 1.05%A | 1.04% | 1.05% | 1.08% | 1.10% | 1.10% |
Expenses net of all reductions | 1.04%A | 1.04% | 1.03% | 1.07% | 1.08% | 1.08% |
Net investment income (loss) | .60%A | .92% | .91% | 1.07% | 1.00% | .93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 71,672 | $ 66,659 | $ 82,805 | $ 66,048 | $ 50,854 | $ 45,550 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.17 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.024 per share. J Total distributions of $.12 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.015 per share. K Total distributions of $.54 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.423 per share. L Total distributions of $1.59 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $1.427 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.56 | $ 16.32 | $ 13.97 | $ 11.58 | $ 12.19 | $ 11.14 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .11 | .09 | .10 | .10 | .08 |
Net realized and unrealized gain (loss) | .76 | 1.63 | 2.38 | 2.41 | (.58) | 1.06 |
Total from investment operations | .79 | 1.74 | 2.47 | 2.51 | (.48) | 1.14 |
Distributions from net investment income | (.13) | (.08) | (.10) | (.10) | (.10) | (.08) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.56) | (.50) | (.12) | (.12) | (.13) | (.09) I |
Net asset value, end of period | $ 16.79 | $ 17.56 | $ 16.32 | $ 13.97 | $ 11.58 | $ 12.19 |
Total ReturnB, C, D | 4.98% | 10.92% | 17.85% | 21.86% | (4.08)% | 10.33% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.33%A | 1.33% | 1.35% | 1.36% | 1.35% | 1.36% |
Expenses net of fee waivers, if any | 1.33%A | 1.33% | 1.35% | 1.36% | 1.35% | 1.36% |
Expenses net of all reductions | 1.33%A | 1.33% | 1.33% | 1.35% | 1.33% | 1.33% |
Net investment income (loss) | .31%A | .63% | .61% | .80% | .75% | .68% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 20,849 | $ 17,690 | $ 13,606 | $ 10,604 | $ 8,449 | $ 7,154 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.09 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.55 | $ 16.29 | $ 13.94 | $ 11.53 | $ 12.12 | $ 11.09 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | .02 | .01 | .03 | .02 | .01 |
Net realized and unrealized gain (loss) | .77 | 1.64 | 2.38 | 2.41 | (.57) | 1.06 |
Total from investment operations | .76 | 1.66 | 2.39 | 2.44 | (.55) | 1.07 |
Distributions from net investment income | - I | - | (.02) | (.01) | (.01) | (.03) |
Distributions from net realized gain | (1.43) | (.40) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.43) | (.40) | (.04) | (.03) | (.04) | (.04) J |
Net asset value, end of period | $ 16.88 | $ 17.55 | $ 16.29 | $ 13.94 | $ 11.53 | $ 12.12 |
Total ReturnB, C, D | 4.78% | 10.37% | 17.19% | 21.24% | (4.60)% | 9.70% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.82%A | 1.83% | 1.88% | 1.91% | 1.91% | 1.94% |
Expenses net of fee waivers, if any | 1.82%A | 1.83% | 1.88% | 1.91% | 1.91% | 1.93% |
Expenses net of all reductions | 1.81%A | 1.83% | 1.86% | 1.89% | 1.89% | 1.91% |
Net investment income (loss) | (.17)%A | .13% | .08% | .25% | .18% | .10% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,187 | $ 2,463 | $ 3,071 | $ 2,996 | $ 2,898 | $ 3,798 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.04 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.37 | $ 16.16 | $ 13.85 | $ 11.47 | $ 12.10 | $ 11.08 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | .03 | .02 | .04 | .03 | .02 |
Net realized and unrealized gain (loss) | .77 | 1.61 | 2.35 | 2.41 | (.58) | 1.06 |
Total from investment operations | .76 | 1.64 | 2.37 | 2.45 | (.55) | 1.08 |
Distributions from net investment income | (.06) | (.01) | (.04) | (.05) | (.05) | (.04) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.49) | (.43) | (.06) | (.07) | (.08) | (.06) |
Net asset value, end of period | $ 16.64 | $ 17.37 | $ 16.16 | $ 13.85 | $ 11.47 | $ 12.10 |
Total ReturnB, C, D | 4.82% | 10.37% | 17.22% | 21.44% | (4.62)% | 9.75% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.81%A | 1.81% | 1.84% | 1.84% | 1.84% | 1.87% |
Expenses net of fee waivers, if any | 1.81%A | 1.81% | 1.83% | 1.84% | 1.84% | 1.87% |
Expenses net of all reductions | 1.80%A | 1.81% | 1.81% | 1.83% | 1.82% | 1.84% |
Net investment income (loss) | (.16)%A | .15% | .13% | .32% | .26% | .17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 34,950 | $ 30,717 | $ 21,781 | $ 17,243 | $ 13,379 | $ 9,945 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 85%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.79 | $ 16.52 | $ 14.14 | $ 11.72 | $ 12.31 | $ 11.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .21 | .18 | .18 | .17 | .14 |
Net realized and unrealized gain (loss) | .78 | 1.65 | 2.40 | 2.43 | (.58) | 1.07 |
Total from investment operations | .86 | 1.86 | 2.58 | 2.61 | (.41) | 1.21 |
Distributions from net investment income | (.23) | (.17) | (.18) | (.17) | (.15) | (.12) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.65) H | (.59) | (.20) | (.19) | (.18) | (.14) |
Net asset value, end of period | $ 17.00 | $ 17.79 | $ 16.52 | $ 14.14 | $ 11.72 | $ 12.31 |
Total ReturnB, C | 5.38% | 11.54% | 18.52% | 22.53% | (3.51)% | 10.81% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .75%A | .74% | .77% | .81% | .82% | .86% |
Expenses net of fee waivers, if any | .75%A | .74% | .77% | .81% | .82% | .86% |
Expenses net of all reductions | .74%A | .74% | .75% | .80% | .80% | .84% |
Net investment income (loss) | .90%A | 1.21% | 1.19% | 1.35% | 1.27% | 1.17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,428,099 | $ 1,433,196 | $ 1,100,838 | $ 706,722 | $ 557,908 | $ 592,472 |
Portfolio turnover rate F | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $1.65 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $1.427 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.74 | $ 16.48 | $ 14.11 | $ 11.69 | $ 12.30 | $ 11.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .21 | .18 | .18 | .17 | .14 |
Net realized and unrealized gain (loss) | .78 | 1.64 | 2.39 | 2.43 | (.59) | 1.07 |
Total from investment operations | .86 | 1.85 | 2.57 | 2.61 | (.42) | 1.21 |
Distributions from net investment income | (.23) | (.16) | (.17) | (.17) | (.16) | (.14) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.66) | (.59) J | (.20) H | (.19) | (.19) | (.15) I |
Net asset value, end of period | $ 16.94 | $ 17.74 | $ 16.48 | $ 14.11 | $ 11.69 | $ 12.30 |
Total ReturnB, C | 5.37% | 11.49% | 18.45% | 22.60% | (3.58)% | 10.89% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .75%A | .76% | .79% | .81% | .81% | .83% |
Expenses net of fee waivers, if any | .75%A | .76% | .79% | .81% | .81% | .83% |
Expenses net of all reductions | .75%A | .76% | .77% | .79% | .79% | .80% |
Net investment income (loss) | .89%A | 1.19% | 1.17% | 1.35% | 1.29% | 1.21% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,374 | $ 41,775 | $ 13,088 | $ 10,710 | $ 8,600 | $ 6,351 |
Portfolio turnover rate F | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.20 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.024 per share. I Total distributions of $.15 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.015 per share. J Total distributions of $.59 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.423 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended March 31, 2015 (Unaudited)
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 T, Class C, Asset Manager and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Funds 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 each Fund. These strategies are consistent with the investment objectives of each 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 each Fund. The following summarizes the Funds' investment in each Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio* |
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 Swaps | .05% |
Fidelity Equity Central Funds | FMR Co., Inc. (FMRC) | Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry. | Foreign Securities Futures Restricted Securities | Less than .01% to .01% |
Fidelity Emerging Markets Debt Central Fund | FMRC | 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 Loans & Direct Debt Instruments Restricted Securities | .01% |
Fidelity Emerging Markets Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities Foreign Securities Futures Restricted Securities | .13% |
Fidelity International Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Foreign Securities Futures | .01% |
Fidelity Floating Rate Central Fund | FMRC | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .01% |
Fidelity High Income Central Fund 1 | FMRC | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities Loans & Direct Debt Instruments Restricted Securities | Less than .01% |
Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Investment Money Management, Inc. (FIMM) | 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 .01% |
Fidelity Investment Grade Bond Central Fund | FIMM | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities Futures Repurchase Agreements Restricted Securities Swaps | Less than .01% |
Semiannual Report
2. Investments in Fidelity Central Funds - continued
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio* |
Fidelity Real Estate Equity Central Fund | FMRC | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |
| .01% |
Fidelity Money Market Central Funds | FIMM | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. |
| Less than .01% |
* 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 each Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through each fund's investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.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 (the SEC) 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 following summarizes the significant accounting policies of the Funds:
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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 - 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 vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor 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, 2015, is included at the end of each Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and 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 each 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 each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses of the Fidelity Central Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Fidelity Asset Manager 50% and Fidelity Asset Manager 70%, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
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 dividends 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 Fidelity Central Funds, futures contracts, market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Asset Manager 20% | $ 4,526,156,665 | $ 625,722,410 | $ (7,791,866) | $ 617,930,544 |
Fidelity Asset Manager 30% | 795,636,254 | 100,570,528 | (1,968,129) | 98,602,399 |
Fidelity Asset Manager 40% | 859,290,852 | 115,334,370 | (2,928,692) | 112,405,678 |
Fidelity Asset Manager 50% | 6,521,728,504 | 1,891,542,646 | (39,481,125) | 1,852,061,521 |
Fidelity Asset Manager 60% | 1,220,596,223 | 273,432,261 | (3,996,189) | 269,436,072 |
Fidelity Asset Manager 70% | 3,324,822,368 | 1,044,035,303 | (61,058,048) | 982,977,255 |
Fidelity Asset Manager 85% | 1,209,049,664 | 412,619,205 | (7,572,155) | 405,047,050 |
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Funds' financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
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. |
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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 of the Funds, 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 | Change in Net |
Fidelity Asset Manager 20% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 6,596,976 | $ 16,649 |
Totals (a) | $ 6,596,976 | $ 16,649 |
Fidelity Asset Manager 30% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 1,063,750 | $ - |
Totals (a) | $ 1,063,750 | $ - |
Fidelity Asset Manager 40% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 870,355 | $ - |
Totals (a) | $ 870,355 | $ - |
Fidelity Asset Manager 50% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 7,127,916 | $ - |
Totals (a) | $ 7,127,916 | $ - |
Fidelity Asset Manager 60% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 1,537,357 | $ 100,946 |
Totals (a) | $ 1,537,357 | $ 100,946 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives - continued
Primary Risk Exposure / Derivative Type | Net Realized | Change in Net |
Fidelity Asset Manager 70% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 4,310,553 | $ 96,251 |
Totals (a) | $ 4,310,553 | $ 96,251 |
Fidelity Asset Manager 85% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 2,020,957 | $ 145,551 |
Totals (a) | $ 2,020,957 | $ 145,551 |
(a) A summary of the value of derivatives by primary risk exposure as of period end, if any, 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. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) 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 for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities including the Equity and Fixed-Income Central Funds, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Asset Manager 20% | 451,359,260 | 249,162,046 |
Fidelity Asset Manager 30% | 122,923,012 | 41,282,813 |
Fidelity Asset Manager 40% | 182,537,046 | 45,566,142 |
Fidelity Asset Manager 50% | 767,498,515 | 584,115,757 |
Fidelity Asset Manager 60% | 259,509,755 | 85,341,823 |
Fidelity Asset Manager 70% | 489,074,515 | 288,063,521 |
Fidelity Asset Manager 85% | 222,154,716 | 269,863,746 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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.
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Asset Manager 20% | .30% | .11% | .41% |
Fidelity Asset Manager 30% | .30% | .11% | .41% |
Fidelity Asset Manager 40% | .30% | .11% | .41% |
Fidelity Asset Manager 50% | .25% | .25% | .50% |
Fidelity Asset Manager 60% | .30% | .25% | .55% |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Asset Manager 70% | .30% | .25% | .55% |
Fidelity Asset Manager 85% | .30% | .25% | .55% |
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 Corporation (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:
Fidelity Asset Manager 20% | Distribution | Service | Total Fees | Retained |
Class A | - % | .25% | $ 48,574 | $ 330 |
Class T | .25% | .25% | 51,418 | 240 |
Class B | .75% | .25% | 9,964 | 7,481 |
Class C | .75% | .25% | 134,643 | 27,597 |
|
|
| $ 244,599 | $ 35,648 |
Fidelity Asset Manager 30% |
|
|
|
|
Class A | - % | .25% | $ 26,459 | $ 242 |
Class T | .25% | .25% | 25,686 | 56 |
Class B | .75% | .25% | 3,880 | 2,981 |
Class C | .75% | .25% | 91,053 | 29,714 |
|
|
| $ 147,078 | $ 32,993 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A | - % | .25% | $ 34,157 | $ 2,040 |
Class T | .25% | .25% | 22,162 | 109 |
Class B | .75% | .25% | 5,872 | 4,413 |
Class C | .75% | .25% | 84,920 | 27,332 |
|
|
| $ 147,111 | $ 33,894 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A | - % | .25% | $ 90,160 | $ 2,297 |
Class T | .25% | .25% | 84,636 | 277 |
Class B | .75% | .25% | 16,428 | 12,334 |
Class C | .75% | .25% | 197,591 | 40,157 |
|
|
| $ 388,815 | $ 55,065 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A | - % | .25% | $ 68,388 | $ 3,109 |
Class T | .25% | .25% | 39,168 | 85 |
Class B | .75% | .25% | 8,144 | 6,135 |
Class C | .75% | .25% | 139,313 | 33,566 |
|
|
| $ 255,013 | $ 42,895 |
Fidelity Asset Manager 70% |
|
|
|
|
Class A | - % | .25% | $ 183,950 | $ 5,977 |
Class T | .25% | .25% | 123,300 | 518 |
Class B | .75% | .25% | 18,736 | 14,075 |
Class C | .75% | .25% | 280,136 | 43,398 |
|
|
| $ 606,122 | $ 63,968 |
Fidelity Asset Manager 85% |
|
|
|
|
Class A | - % | .25% | $ 85,973 | $ 2,292 |
Class T | .25% | .25% | 47,186 | 90 |
Class B | .75% | .25% | 11,521 | 8,648 |
Class C | .75% | .25% | 163,236 | 43,448 |
|
|
| $ 307,916 | $ 54,478 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Fidelity Asset Manager 20% | Retained |
Class A | $ 7,237 |
Class T | 2,802 |
Class B* | 490 |
Class C* | 5,020 |
| $ 15,549 |
Fidelity Asset Manager 30% |
|
Class A | $ 10,389 |
Class T | 2,037 |
Class B* | 1,213 |
Class C* | 1,510 |
| $ 15,149 |
Fidelity Asset Manager 40% |
|
Class A | $ 17,444 |
Class T | 2,810 |
Class B* | 29 |
Class C* | 2,673 |
| $ 22,956 |
Fidelity Asset Manager 50% |
|
Class A | $ 19,265 |
Class T | 5,706 |
Class B* | 1,313 |
Class C* | 1,886 |
| $ 28,170 |
Fidelity Asset Manager 60% |
|
Class A | $ 22,697 |
Class T | 5,350 |
Class B* | 413 |
Class C* | 2,017 |
| $ 30,477 |
Fidelity Asset Manager 70% |
|
Class A | $ 31,480 |
Class T | 8,147 |
Class B* | 1,304 |
Class C* | 2,404 |
| $ 43,335 |
Fidelity Asset Manager 85% |
|
Class A | $ 23,773 |
Class T | 4,348 |
Class B* | 566 |
Class C* | 3,014 |
| $ 31,701 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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. 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:
Fidelity Asset Manager 20% | Amount | % of |
Class A | $ 27,458 | .14 |
Class T | 15,857 | .15 |
Class B | 1,300 | .13 |
Class C | 20,696 | .15 |
Asset Manager 20% | 2,047,389 | .08 |
Institutional Class | 9,078 | .13 |
| $ 2,121,778 |
|
Fidelity Asset Manager 30% |
|
|
Class A | $ 14,441 | .14 |
Class T | 7,736 | .15 |
Class B | 527 | .14 |
Class C | 13,149 | .14 |
Asset Manager 30% | 301,972 | .08 |
Institutional Class | 6,016 | .14 |
| $ 343,841 |
|
Fidelity Asset Manager 40% |
|
|
Class A | $ 17,136 | .13 |
Class T | 6,117 | .14 |
Class B | 650 | .11 |
Class C | 12,886 | .15 |
Asset Manager 40% | 332,641 | .08 |
Institutional Class | 2,174 | .09 |
| $ 371,604 |
|
Fidelity Asset Manager 50% |
|
|
Class A | $ 65,840 | .18 |
Class T | 33,627 | .20 |
Class B | 2,829 | .17 |
Class C | 39,490 | .20 |
Asset Manager 50% | 5,374,191 | .13 |
Institutional Class | 28,786 | .18 |
| $ 5,544,763 |
|
Fidelity Asset Manager 60% |
|
|
Class A | $ 48,794 | .18 |
Class T | 14,820 | .19 |
Class B | 1,565 | .19 |
Class C | 26,320 | .19 |
Asset Manager 60% | 734,249 | .12 |
Institutional Class | 12,059 | .16 |
| $ 837,807 |
|
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Fidelity Asset Manager 70% | Amount | % of |
Class A | $ 139,199 | .19 |
Class T | 48,884 | .20 |
Class B | 5,049 | .27 |
Class C | 54,892 | .20 |
Asset Manager 70% | 2,559,299 | .13 |
Institutional Class | 35,765 | .17 |
| $ 2,843,088 |
|
Fidelity Asset Manager 85% |
|
|
Class A | $ 69,345 | .20 |
Class T | 22,204 | .24 |
Class B | 2,560 | .22 |
Class C | 34,552 | .21 |
Asset Manager 85% | 1,036,939 | .15 |
Institutional Class | 33,742 | .16 |
| $ 1,199,342 |
|
* Annualized
Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
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 as follows:
Fidelity Asset Manager 20% | $ 5,505 |
Fidelity Asset Manager 30% | 908 |
Fidelity Asset Manager 40% | 940 |
Fidelity Asset Manager 50% | 8,921 |
Fidelity Asset Manager 60% | 1,475 |
Fidelity Asset Manager 70% | 4,477 |
Fidelity Asset Manager 85% | 1,683 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the
Semiannual Report
8. Security Lending - continued
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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM.
| Total Security |
Fidelity Asset Manager 50% | $ 846 |
Fidelity Asset Manager 70% | 237 |
Fidelity Asset Manager 85% | 2,995 |
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of Certain Funds and certain Central Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Brokerage Service reduction | Custody expense |
Fidelity Asset Manager 20% | $ 16,509 | $ - |
Fidelity Asset Manager 30% | 4,010 | 2 |
Fidelity Asset Manager 40% | 5,696 | 3 |
Fidelity Asset Manager 50% | 63,552 | 14 |
Fidelity Asset Manager 60% | 12,491 | 4 |
Fidelity Asset Manager 70% | 43,600 | 3 |
Fidelity Asset Manager 85% | 19,619 | 1 |
In addition, the investment adviser reimbursed a portion of each class's operating expenses during the period as follows:
| Reimbursement |
Fidelity Asset Manager 20% | $ 503 |
Fidelity Asset Manager 30% | 26 |
Fidelity Asset Manager 40% | 37 |
Fidelity Asset Manager 50% | 677 |
Fidelity Asset Manager 60% | 84 |
Fidelity Asset Manager 70% | 403 |
Fidelity Asset Manager 85% | 279 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
Fidelity Asset Manager 20% |
|
|
From net investment income |
|
|
Class A | $ 221,333 | $ 457,824 |
Class T | 91,397 | 174,877 |
Class B | 4,069 | 9,028 |
Class C | 54,183 | 96,743 |
Asset Manager 20% | 35,418,102 | 70,415,197 |
Institutional Class | 99,747 | 439,951 |
Total | $ 35,888,831 | $ 71,593,620 |
From net realized gain |
|
|
Class A | $ 1,200,191 | $ 933,007 |
Class T | 630,164 | 441,467 |
Class B | 64,097 | 59,909 |
Class C | 839,473 | 547,699 |
Asset Manager 20% | 151,471,130 | 105,090,102 |
Institutional Class | 437,001 | 718,662 |
Total | $ 154,642,056 | $ 107,790,846 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders - continued
| Six months ended | Year ended |
Fidelity Asset Manager 30% |
|
|
From net investment income |
|
|
Class A | $ 124,710 | $ 221,593 |
Class T | 48,588 | 78,864 |
Class B | 1,599 | 4,802 |
Class C | 42,594 | 80,716 |
Asset Manager 30% | 5,788,742 | 10,862,174 |
Institutional Class | 60,238 | 126,683 |
Total | $ 6,066,471 | $ 11,374,832 |
From net realized gain |
|
|
Class A | $ 561,549 | $ 275,244 |
Class T | 274,626 | 124,916 |
Class B | 21,937 | 18,248 |
Class C | 502,117 | 225,987 |
Asset Manager 30% | 21,489,587 | 10,615,906 |
Institutional Class | 240,640 | 138,169 |
Total | $ 23,090,456 | $ 11,398,470 |
Fidelity Asset Manager 40% |
|
|
From net investment income |
|
|
Class A | $ 151,354 | $ 269,328 |
Class T | 38,093 | 82,133 |
Class B | 2,268 | 6,682 |
Class C | 31,402 | 82,661 |
Asset Manager 40% | 5,710,792 | 10,151,960 |
Institutional Class | 30,765 | 34,433 |
Total | $ 5,964,674 | $ 10,627,197 |
From net realized gain |
|
|
Class A | $ 758,501 | $ 452,005 |
Class T | 244,124 | 184,205 |
Class B | 33,171 | 27,043 |
Class C | 470,384 | 281,252 |
Asset Manager 40% | 22,793,923 | 14,138,549 |
Institutional Class | 122,859 | 36,402 |
Total | $ 24,422,962 | $ 15,119,456 |
Fidelity Asset Manager 50% |
|
|
From net investment income |
|
|
Class A | $ 382,808 | $ 918,247 |
Class T | 130,079 | 316,199 |
Class B | 4,907 | 20,500 |
Class C | 56,283 | 204,799 |
Asset Manager 50% | 53,517,655 | 122,376,822 |
Institutional Class | 215,289 | 416,666 |
Total | $ 54,307,021 | $ 124,253,233 |
From net realized gain |
|
|
Class A | $ 4,639,740 | $ 3,577,054 |
Class T | 2,164,069 | 1,490,193 |
Class B | 216,191 | 194,323 |
Class C | 2,528,642 | 1,732,377 |
Asset Manager 50% | 511,052,764 | 379,416,820 |
Institutional Class | 2,101,067 | 1,258,832 |
Total | $ 522,702,473 | $ 387,669,599 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended | Year ended |
Fidelity Asset Manager 60% |
|
|
From net investment income |
|
|
Class A | $ 562,334 | $ 356,588 |
Class T | 119,094 | 80,854 |
Class B | 2,508 | - |
Class C | 106,137 | 69,650 |
Asset Manager 60% | 16,510,467 | 10,035,862 |
Institutional Class | 174,917 | 83,544 |
Total | $ 17,475,457 | $ 10,626,498 |
From net realized gain |
|
|
Class A | $ 2,600,794 | $ 1,985,006 |
Class T | 734,414 | 623,199 |
Class B | 77,323 | 76,551 |
Class C | 1,338,769 | 918,282 |
Asset Manager 60% | 59,118,120 | 40,223,730 |
Institutional Class | 647,193 | 370,405 |
Total | $ 64,516,613 | $ 44,197,173 |
Fidelity Asset Manager 70% |
|
|
From net investment income |
|
|
Class A | $ 1,479,841 | $ 1,033,151 |
Class T | 367,575 | 244,099 |
Class C | 171,602 | 91,021 |
Asset Manager 70% | 49,763,383 | 37,644,867 |
Institutional Class | 526,159 | 385,345 |
Total | $ 52,308,560 | $ 39,398,483 |
From net realized gain |
|
|
Class A | $ 10,888,363 | $ 474,865 |
Class T | 3,662,050 | 164,213 |
Class B | 280,534 | 8,517 |
Class C | 4,234,614 | 182,043 |
Asset Manager 70% | 283,051,266 | 12,380,976 |
Institutional Class | 3,091,422 | 131,408 |
Total | $ 305,208,249 | $ 13,342,022 |
Fidelity Asset Manager 85% |
|
|
From net investment income |
|
|
Class A | $ 638,758 | $ 513,103 |
Class T | 138,492 | 68,362 |
Class B | 528 | - |
Class C | 109,436 | 15,442 |
Asset Manager 85% | 16,718,895 | 11,337,929 |
Institutional Class | 555,363 | 137,662 |
Total | $ 18,161,472 | $ 12,072,498 |
From net realized gain |
|
|
Class A | $ 5,458,131 | $ 1,903,881 |
Class T | 1,508,615 | 366,040 |
Class B | 188,215 | 71,038 |
Class C | 2,602,752 | 593,821 |
Asset Manager 85% | 106,034,944 | 29,066,321 |
Institutional Class | 3,430,748 | 359,450 |
Total | $ 119,223,405 | $ 32,360,551 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 20% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 338,232 | 783,612 | $ 4,550,705 | $ 10,575,925 |
Reinvestment of distributions | 104,300 | 102,139 | 1,373,422 | 1,355,011 |
Shares redeemed | (372,779) | (1,265,498) | (5,007,390) | (17,064,545) |
Net increase (decrease) | 69,753 | (379,747) | $ 916,737 | $ (5,133,609) |
Class T |
|
|
|
|
Shares sold | 119,040 | 355,085 | $ 1,595,834 | $ 4,797,729 |
Reinvestment of distributions | 49,002 | 40,508 | 644,006 | 536,101 |
Shares redeemed | (217,261) | (323,786) | (2,920,752) | (4,370,396) |
Net increase (decrease) | (49,219) | 71,807 | $ (680,912) | $ 963,434 |
Class B |
|
|
|
|
Shares sold | 8,195 | 4,405 | $ 111,037 | $ 59,143 |
Reinvestment of distributions | 4,946 | 4,556 | 64,890 | 60,028 |
Shares redeemed | (33,282) | (58,449) | (443,727) | (785,911) |
Net increase (decrease) | (20,141) | (49,488) | $ (267,800) | $ (666,740) |
Class C |
|
|
|
|
Shares sold | 274,107 | 540,793 | $ 3,669,707 | $ 7,269,919 |
Reinvestment of distributions | 62,659 | 43,385 | 820,123 | 571,036 |
Shares redeemed | (210,185) | (504,325) | (2,797,901) | (6,769,069) |
Net increase (decrease) | 126,581 | 79,853 | $ 1,691,929 | $ 1,071,886 |
Asset Manager 20% |
|
|
|
|
Shares sold | 38,850,966 | 76,021,177 | $ 522,008,452 | $ 1,029,161,925 |
Reinvestment of distributions | 13,735,007 | 12,771,889 | 181,216,547 | 169,960,357 |
Shares redeemed | (39,680,140) | (76,287,745) | (533,833,085) | (1,032,059,057) |
Net increase (decrease) | 12,905,833 | 12,505,321 | $ 169,391,914 | $ 167,063,225 |
Institutional Class |
|
|
|
|
Shares sold | 231,369 | 615,962 | $ 3,102,449 | $ 8,327,250 |
Reinvestment of distributions | 33,913 | 80,191 | 447,120 | 1,065,593 |
Shares redeemed | (205,149) | (2,100,063) | (2,755,118) | (28,593,681) |
Net increase (decrease) | 60,133 | (1,403,910) | $ 794,451 | $ (19,200,838) |
Fidelity Asset Manager 30% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 455,949 | 923,824 | $ 4,855,963 | $ 9,839,885 |
Reinvestment of distributions | 64,870 | 45,595 | 677,050 | 476,412 |
Shares redeemed | (542,470) | (356,138) | (5,810,799) | (3,791,452) |
Net increase (decrease) | (21,651) | 613,281 | $ (277,786) | $ 6,524,845 |
Class T |
|
|
|
|
Shares sold | 204,026 | 447,269 | $ 2,168,273 | $ 4,763,848 |
Reinvestment of distributions | 30,215 | 18,376 | 315,176 | 191,659 |
Shares redeemed | (128,532) | (215,363) | (1,372,820) | (2,281,453) |
Net increase (decrease) | 105,709 | 250,282 | $ 1,110,629 | $ 2,674,054 |
Class B |
|
|
|
|
Shares sold | 1,788 | 4,974 | $ 19,117 | $ 52,753 |
Reinvestment of distributions | 2,056 | 2,037 | 21,399 | 21,116 |
Shares redeemed | (19,054) | (28,867) | (201,836) | (305,657) |
Net increase (decrease) | (15,210) | (21,856) | $ (161,320) | $ (231,788) |
Class C |
|
|
|
|
Shares sold | 303,270 | 753,278 | $ 3,214,995 | $ 7,967,516 |
Reinvestment of distributions | 51,458 | 28,866 | 534,099 | 298,964 |
Shares redeemed | (157,083) | (344,924) | (1,664,347) | (3,654,971) |
Net increase (decrease) | 197,645 | 437,220 | $ 2,084,747 | $ 4,611,509 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 30% - continued |
|
|
|
|
Asset Manager 30% |
|
|
|
|
Shares sold | 12,861,071 | 30,473,306 | $ 136,860,604 | $ 323,377,131 |
Reinvestment of distributions | 2,551,308 | 2,007,679 | 26,641,048 | 21,016,847 |
Shares redeemed | (8,227,356) | (15,412,216) | (87,674,143) | (163,792,350) |
Net increase (decrease) | 7,185,023 | 17,068,769 | $ 75,827,509 | $ 180,601,628 |
Institutional Class |
|
|
|
|
Shares sold | 103,924 | 681,438 | $ 1,107,788 | $ 7,209,060 |
Reinvestment of distributions | 27,828 | 23,147 | 290,507 | 242,082 |
Shares redeemed | (184,998) | (346,980) | (1,958,953) | (3,705,898) |
Net increase (decrease) | (53,246) | 357,605 | $ (560,658) | $ 3,745,244 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 505,012 | 1,263,650 | $ 5,509,033 | $ 13,761,962 |
Reinvestment of distributions | 84,203 | 67,100 | 896,045 | 710,726 |
Shares redeemed | (296,907) | (516,001) | (3,229,815) | (5,611,221) |
Net increase (decrease) | 292,308 | 814,749 | $ 3,175,263 | $ 8,861,467 |
Class T |
|
|
|
|
Shares sold | 113,648 | 312,137 | $ 1,236,758 | $ 3,392,690 |
Reinvestment of distributions | 23,065 | 21,273 | 245,117 | 224,606 |
Shares redeemed | (30,901) | (229,860) | (335,375) | (2,504,206) |
Net increase (decrease) | 105,812 | 103,550 | $ 1,146,500 | $ 1,113,090 |
Class B |
|
|
|
|
Shares sold | 6,397 | 39,096 | $ 68,683 | $ 420,433 |
Reinvestment of distributions | 3,326 | 3,033 | 35,406 | 32,013 |
Shares redeemed | (33,873) | (6,357) | (371,510) | (68,439) |
Net increase (decrease) | (24,150) | 35,772 | $ (267,421) | $ 384,007 |
Class C |
|
|
|
|
Shares sold | 335,469 | 727,515 | $ 3,647,281 | $ 7,865,569 |
Reinvestment of distributions | 45,049 | 33,167 | 477,378 | 349,051 |
Shares redeemed | (134,909) | (188,102) | (1,465,877) | (2,035,598) |
Net increase (decrease) | 245,609 | 572,580 | $ 2,658,782 | $ 6,179,022 |
Asset Manager 40% |
|
|
|
|
Shares sold | 18,917,144 | 34,608,489 | $ 206,117,237 | $ 375,595,169 |
Reinvestment of distributions | 2,637,973 | 2,254,356 | 28,059,274 | 23,883,227 |
Shares redeemed | (9,129,155) | (13,072,865) | (99,397,151) | (142,125,758) |
Net increase (decrease) | 12,425,962 | 23,789,980 | $ 134,779,360 | $ 257,352,638 |
Institutional Class |
|
|
|
|
Shares sold | 224,289 | 381,158 | $ 2,421,339 | $ 4,131,264 |
Reinvestment of distributions | 12,982 | 6,032 | 138,073 | 64,241 |
Shares redeemed | (72,700) | (110,956) | (787,883) | (1,215,238) |
Net increase (decrease) | 164,571 | 276,234 | $ 1,771,529 | $ 2,980,267 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 436,737 | 1,273,404 | $ 7,592,279 | $ 22,836,027 |
Reinvestment of distributions | 291,135 | 249,445 | 4,892,763 | 4,294,566 |
Shares redeemed | (528,668) | (1,677,065) | (9,202,042) | (30,019,672) |
Net increase (decrease) | 199,204 | (154,216) | $ 3,283,000 | $ (2,889,079) |
Class T |
|
|
|
|
Shares sold | 297,772 | 421,419 | $ 5,197,528 | $ 7,534,388 |
Reinvestment of distributions | 135,035 | 103,225 | 2,266,477 | 1,775,374 |
Shares redeemed | (182,784) | (346,351) | (3,193,265) | (6,182,970) |
Net increase (decrease) | 250,023 | 178,293 | $ 4,270,740 | $ 3,126,792 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 50% - continued |
|
|
|
|
Class B |
|
|
|
|
Shares sold | 4,120 | 18,361 | $ 69,728 | $ 327,611 |
Reinvestment of distributions | 11,011 | 10,446 | 184,613 | 179,002 |
Shares redeemed | (39,970) | (48,283) | (698,357) | (861,906) |
Net increase (decrease) | (24,839) | (19,476) | $ (444,016) | $ (355,293) |
Class C |
|
|
|
|
Shares sold | 327,979 | 690,698 | $ 5,679,786 | $ 12,278,516 |
Reinvestment of distributions | 140,067 | 97,203 | 2,338,587 | 1,661,721 |
Shares redeemed | (267,612) | (383,168) | (4,655,097) | (6,824,826) |
Net increase (decrease) | 200,434 | 404,733 | $ 3,363,276 | $ 7,115,411 |
Asset Manager 50% |
|
|
|
|
Shares sold | 26,565,686 | 57,933,970 | $ 465,271,495 | $ 1,036,371,244 |
Reinvestment of distributions | 32,542,461 | 28,194,410 | 548,555,315 | 487,561,137 |
Shares redeemed | (32,891,289) | (59,456,854) | (578,153,867) | (1,065,196,235) |
Net increase (decrease) | 26,216,858 | 26,671,526 | $ 435,672,943 | $ 458,736,146 |
Institutional Class |
|
|
|
|
Shares sold | 197,413 | 935,462 | $ 3,463,594 | $ 16,958,566 |
Reinvestment of distributions | 134,319 | 90,630 | 2,261,208 | 1,566,572 |
Shares redeemed | (398,925) | (366,630) | (6,980,506) | (6,589,229) |
Net increase (decrease) | (67,193) | 659,462 | $ (1,255,704) | $ 11,935,909 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 674,125 | 1,668,732 | $ 7,651,513 | $ 18,898,865 |
Reinvestment of distributions | 286,389 | 211,037 | 3,113,048 | 2,281,312 |
Shares redeemed | (586,643) | (1,003,510) | (6,583,776) | (11,382,583) |
Net increase (decrease) | 373,871 | 876,259 | $ 4,180,785 | $ 9,797,594 |
Class T |
|
|
|
|
Shares sold | 222,458 | 290,330 | $ 2,502,404 | $ 3,301,821 |
Reinvestment of distributions | 76,931 | 63,652 | 833,160 | 686,165 |
Shares redeemed | (92,979) | (293,961) | (1,042,763) | (3,332,709) |
Net increase (decrease) | 206,410 | 60,021 | $ 2,292,801 | $ 655,277 |
Class B |
|
|
|
|
Shares sold | 1,606 | 16,130 | $ 17,902 | $ 181,770 |
Reinvestment of distributions | 6,746 | 6,303 | 73,534 | 68,266 |
Shares redeemed | (17,725) | (35,095) | (202,389) | (398,584) |
Net increase (decrease) | (9,373) | (12,662) | $ (110,953) | $ (148,548) |
Class C |
|
|
|
|
Shares sold | 411,600 | 898,639 | $ 4,618,402 | $ 10,097,475 |
Reinvestment of distributions | 131,144 | 87,114 | 1,409,801 | 932,996 |
Shares redeemed | (149,786) | (373,556) | (1,672,651) | (4,187,695) |
Net increase (decrease) | 392,958 | 612,197 | $ 4,355,552 | $ 6,842,776 |
Asset Manager 60% |
|
|
|
|
Shares sold | 20,558,890 | 37,561,490 | $ 233,485,463 | $ 427,371,130 |
Reinvestment of distributions | 6,877,984 | 4,594,576 | 74,901,251 | 49,805,206 |
Shares redeemed | (9,723,629) | (15,471,323) | (110,287,067) | (176,932,453) |
Net increase (decrease) | 17,713,245 | 26,684,743 | $ 198,099,647 | $ 300,243,883 |
Institutional Class |
|
|
|
|
Shares sold | 321,581 | 616,312 | $ 3,553,401 | $ 7,026,647 |
Reinvestment of distributions | 68,910 | 39,401 | 751,123 | 427,103 |
Shares redeemed | (149,498) | (198,301) | (1,721,822) | (2,277,581) |
Net increase (decrease) | 240,993 | 457,412 | $ 2,582,702 | $ 5,176,169 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 70% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 788,969 | 1,318,189 | $ 16,126,896 | $ 27,521,256 |
Reinvestment of distributions | 612,690 | 71,653 | 11,873,923 | 1,420,170 |
Shares redeemed | (645,615) | (1,167,187) | (13,245,970) | (24,250,163) |
Net increase (decrease) | 756,044 | 222,655 | $ 14,754,849 | $ 4,691,263 |
Class T |
|
|
|
|
Shares sold | 179,462 | 412,779 | $ 3,676,302 | $ 8,619,406 |
Reinvestment of distributions | 197,690 | 19,544 | 3,837,168 | 387,747 |
Shares redeemed | (208,589) | (375,976) | (4,306,578) | (7,801,668) |
Net increase (decrease) | 168,563 | 56,347 | $ 3,206,892 | $ 1,205,485 |
Class B |
|
|
|
|
Shares sold | 2,753 | 6,369 | $ 58,620 | $ 129,376 |
Reinvestment of distributions | 13,435 | 386 | 263,858 | 7,726 |
Shares redeemed | (47,752) | (100,644) | (986,788) | (2,101,481) |
Net increase (decrease) | (31,564) | (93,889) | $ (664,310) | $ (1,964,379) |
Class C |
|
|
|
|
Shares sold | 223,353 | 598,362 | $ 4,557,043 | $ 12,381,428 |
Reinvestment of distributions | 211,320 | 12,613 | 4,089,035 | 249,612 |
Shares redeemed | (221,031) | (384,445) | (4,466,533) | (7,965,324) |
Net increase (decrease) | 213,642 | 226,530 | $ 4,179,545 | $ 4,665,716 |
Asset Manager 70% |
|
|
|
|
Shares sold | 16,044,164 | 29,980,573 | $ 327,944,953 | $ 622,793,936 |
Reinvestment of distributions | 16,897,365 | 2,479,485 | 327,639,913 | 49,168,187 |
Shares redeemed | (11,607,563) | (22,888,887) | (237,425,408) | (476,948,875) |
Net increase (decrease) | 21,333,966 | 9,571,171 | $ 418,159,458 | $ 195,013,248 |
Institutional Class |
|
|
|
|
Shares sold | 193,379 | 742,363 | $ 3,926,032 | $ 15,414,559 |
Reinvestment of distributions | 181,334 | 25,659 | 3,519,697 | 509,076 |
Shares redeemed | (240,091) | (489,636) | (4,833,251) | (10,367,886) |
Net increase (decrease) | 134,622 | 278,386 | $ 2,612,478 | $ 5,555,749 |
Fidelity Asset Manager 85% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 437,819 | 1,180,141 | $ 7,444,493 | $ 20,417,561 |
Reinvestment of distributions | 377,235 | 145,475 | 6,024,439 | 2,374,156 |
Shares redeemed | (347,767) | (2,600,568) | (5,904,509) | (44,961,802) |
Net increase (decrease) | 467,287 | (1,274,952) | $ 7,564,423 | $ (22,170,085) |
Class T |
|
|
|
|
Shares sold | 259,722 | 304,656 | $ 4,376,782 | $ 5,241,079 |
Reinvestment of distributions | 102,375 | 26,314 | 1,628,792 | 428,386 |
Shares redeemed | (128,053) | (156,965) | (2,125,076) | (2,723,840) |
Net increase (decrease) | 234,044 | 174,005 | $ 3,880,498 | $ 2,945,625 |
Class B |
|
|
|
|
Shares sold | 627 | 2,425 | $ 10,002 | $ 41,228 |
Reinvestment of distributions | 11,206 | 4,022 | 179,408 | 65,673 |
Shares redeemed | (22,685) | (54,590) | (381,499) | (941,233) |
Net increase (decrease) | (10,852) | (48,143) | $ (192,089) | $ (834,332) |
Class C |
|
|
|
|
Shares sold | 320,414 | 612,975 | $ 5,308,504 | $ 10,478,018 |
Reinvestment of distributions | 169,095 | 36,961 | 2,668,312 | 597,292 |
Shares redeemed | (157,380) | (228,986) | (2,601,536) | (3,902,773) |
Net increase (decrease) | 332,129 | 420,950 | $ 5,375,280 | $ 7,172,537 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 85% - continued |
|
|
|
|
Asset Manager 85% |
|
|
|
|
Shares sold | 10,795,097 | 24,950,987 | $ 184,153,392 | $ 432,242,884 |
Reinvestment of distributions | 7,541,142 | 2,430,935 | 121,186,144 | 39,915,946 |
Shares redeemed | (14,891,067) | (13,449,549) | (252,590,123) | (234,002,868) |
Net increase (decrease) | 3,445,172 | 13,932,373 | $ 52,749,413 | $ 238,155,962 |
Institutional Class |
|
|
|
|
Shares sold | 422,584 | 1,805,275 | $ 7,121,342 | $ 31,863,541 |
Reinvestment of distributions | 225,394 | 29,297 | 3,610,804 | 479,884 |
Shares redeemed | (560,524) | (274,438) | (9,366,368) | (4,800,120) |
Net increase (decrease) | 87,454 | 1,560,134 | $ 1,365,778 | $ 27,543,305 |
12. Other.
The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. 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 of the following fund:
Fund | % of shares owned |
Fidelity Asset Manager 60% | 30% |
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Investments Money Management, Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Japan) Limited
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
AR-USAN-0515
1.878279.107
Fidelity Advisor Asset Manager® Funds -
20%, 30%, 40%, 50%, 60%, 70%, 85% -
Class A, Class T, Class B, and Class C
Semiannual Report
March 31, 2015
Each Class A, Class T, Class B, and Class C are
classes of Fidelity Asset Manager® Funds
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Advisor Asset Manager® 20% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 30% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 40% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 50% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 60% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 70% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 85% | Investment Changes Investments Financial Statements | |
Notes | Notes to the financial statements. |
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 1-877-208-0098 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. © 2015 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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.
Semiannual Report
Shareholder Expense Example
The Funds invest in Fidelity® Central Funds, which are open-end investment companies with similar investment objectives to those of the Funds, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Funds presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Funds also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Funds' annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the Funds 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, 2014 to March 31, 2015).
Actual Expenses
The first line of the accompanying table for each class of each fund 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 of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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 | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager® 20% |
|
|
|
|
Class A | .83% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,026.40 | $ 4.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.79 | $ 4.18 |
Class T | 1.09% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,025.90 | $ 5.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.50 | $ 5.49 |
Class B | 1.57% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.60 | $ 7.92 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.10 | $ 7.90 |
Class C | 1.59% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,023.40 | $ 8.02 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.00 | $ 8.00 |
Asset Manager 20% | .52% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.60 | $ 2.63 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.34 | $ 2.62 |
Institutional Class | .57% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.40 | $ 2.88 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.09 | $ 2.87 |
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager 30% |
|
|
|
|
Class A | .85% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,032.80 | $ 4.31 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.69 | $ 4.28 |
Class T | 1.12% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,031.60 | $ 5.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.35 | $ 5.64 |
Class B | 1.60% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.80 | $ 8.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.95 | $ 8.05 |
Class C | 1.61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,029.20 | $ 8.15 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.90 | $ 8.10 |
Asset Manager 30% | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,034.30 | $ 2.74 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.24 | $ 2.72 |
Institutional Class | .61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,034.00 | $ 3.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.89 | $ 3.07 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A | .84% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.80 | $ 4.27 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.74 | $ 4.23 |
Class T | 1.10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.50 | $ 5.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.45 | $ 5.54 |
Class B | 1.58% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.70 | $ 8.01 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.05 | $ 7.95 |
Class C | 1.62% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.00 | $ 8.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.85 | $ 8.15 |
Asset Manager 40% | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.40 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.19 | $ 2.77 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.20 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.19 | $ 2.77 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A | .96% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.00 | $ 4.89 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.14 | $ 4.84 |
Class T | 1.22% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.50 | $ 6.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.85 | $ 6.14 |
Class B | 1.69% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,037.90 | $ 8.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.50 | $ 8.50 |
Fidelity Asset Manager 50% - continued | Annualized | Beginning | Ending | Expenses Paid |
Class C | 1.72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,037.40 | $ 8.74 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.36 | $ 8.65 |
Asset Manager 50% | .66% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.80 | $ 3.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.64 | $ 3.33 |
Institutional Class | .70% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.20 | $ 3.57 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.44 | $ 3.53 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.50 | $ 5.25 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.80 | $ 5.19 |
Class T | 1.30% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.90 | $ 6.62 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.45 | $ 6.54 |
Class B | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.60 | $ 9.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.96 | $ 9.05 |
Class C | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.80 | $ 9.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.96 | $ 9.05 |
Asset Manager 60% | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.90 | $ 3.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.34 | $ 3.63 |
Institutional Class | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,046.30 | $ 3.93 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.09 | $ 3.88 |
Fidelity Asset Manager 70% |
|
|
|
|
Class A | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,047.70 | $ 5.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.80 | $ 5.19 |
Class T | 1.29% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.70 | $ 6.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.50 | $ 6.49 |
Class B | 1.86% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.20 | $ 9.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.66 | $ 9.35 |
Class C | 1.79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.50 | $ 9.12 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.01 | $ 9.00 |
Asset Manager 70% | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.80 | $ 3.68 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.34 | $ 3.63 |
Institutional Class | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.80 | $ 3.88 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.14 | $ 3.83 |
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager 85% |
|
|
|
|
Class A | 1.05% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,052.40 | $ 5.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.70 | $ 5.29 |
Class T | 1.33% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,049.80 | $ 6.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.30 | $ 6.69 |
Class B | 1.82% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,047.80 | $ 9.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.86 | $ 9.15 |
Class C | 1.81% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.20 | $ 9.24 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.91 | $ 9.10 |
Asset Manager 85% | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.80 | $ 3.84 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.19 | $ 3.78 |
Institutional Class | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.70 | $ 3.84 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.19 | $ 3.78 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' 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 the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .01% to .13%.
Semiannual Report
Fidelity Asset Manager 20%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 11.0 | 15.8 |
Fannie Mae | 4.8 | 9.5 |
Ginnie Mae | 1.9 | 1.5 |
Citigroup, Inc. | 1.4 | 0.2 |
Freddie Mac | 1.3 | 1.3 |
| 20.4 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 10.7% |
| ![]() | AAA,AA,A 6.3% |
| ||
![]() | BBB 14.1% |
| ![]() | BBB 13.5% |
| ||
![]() | BB and Below 9.3% |
| ![]() | BB and Below 5.0% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 23.0% |
| ![]() | Equities** 20.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.5 | 0.3 |
Facebook, Inc. Class A | 0.2 | 0.2 |
Actavis PLC | 0.2 | 0.2 |
The Walt Disney Co. | 0.2 | 0.1 |
Medtronic PLC | 0.1 | 0.1 |
| 1.2 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 33.0 | 28.0 |
Energy | 5.4 | 4.2 |
Consumer Discretionary | 5.1 | 4.1 |
Health Care | 4.8 | 3.1 |
Information Technology | 3.6 | 3.4 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 52.3% |
| ![]() | Bond Class 52.7% |
| ||
![]() | Short-Term Class 24.8% |
| ![]() | Short-Term Class 27.0% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| **Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
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. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 15.9% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 20%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 21.6% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (d) | 1,410,897 | $ 10,426,528 | |
Fidelity Consumer Discretionary Central Fund (d) | 402,575 | 98,502,120 | |
Fidelity Consumer Staples Central Fund (d) | 301,551 | 66,407,526 | |
Fidelity Energy Central Fund (d) | 417,291 | 54,569,101 | |
Fidelity Financials Central Fund (d) | 1,713,096 | 151,609,015 | |
Fidelity Health Care Central Fund (d) | 330,623 | 124,261,280 | |
Fidelity Industrials Central Fund (d) | 360,934 | 85,346,438 | |
Fidelity Information Technology Central Fund (d) | 569,406 | 161,352,618 | |
Fidelity International Equity Central Fund (d) | 2,783,321 | 222,944,027 | |
Fidelity Materials Central Fund (d) | 128,412 | 28,728,314 | |
Fidelity Real Estate Equity Central Fund (d) | 565,126 | 60,683,203 | |
Fidelity Telecom Services Central Fund (d) | 98,987 | 16,741,652 | |
Fidelity Utilities Central Fund (d) | 188,124 | 29,851,500 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $687,226,135) |
| ||
Fixed-Income Central Funds - 56.1% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.4% | |||
Fidelity Emerging Markets Debt Central Fund (d) | 2,595,669 | 24,814,596 | |
Fidelity Floating Rate Central Fund (d) | 970,217 | 102,445,199 | |
Fidelity High Income Central Fund 1 (d) | 1,995,784 | 201,534,248 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 49.7% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(d) | 691,952 | 68,731,574 | |
Fidelity Investment Grade Bond Central Fund (d) | 22,854,525 | 2,491,828,838 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $2,696,110,327) |
| ||
Money Market Central Funds - 20.6% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 312,246,337 | $ 312,246,337 | |
Fidelity Money Market Central Fund, 0.30% (b) | 746,659,561 | 746,659,561 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $1,058,905,898) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 (c) | $ 1,300,000 | 1,299,983 |
Investment Companies - 1.6% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 1,295,053 |
| |
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $4,526,084,675) | 5,144,087,209 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 5,358,692 | ||
NET ASSETS - 100% | $ 5,149,445,901 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
78 CME E-mini S&P 500 Index Contracts (United States) | June 2015 | $ 8,037,120 | $ 16,649 |
The face value of futures purchased as a percentage of net assets is 0.2% |
Legend |
(a) Non-income producing |
(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) 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 $386,995. |
(d) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 316,524 |
Fidelity Commodity Strategy Central Fund | 5,622 |
Fidelity Consumer Discretionary Central Fund | 624,265 |
Fidelity Consumer Staples Central Fund | 765,473 |
Fidelity Emerging Markets Debt Central Fund | 910,246 |
Fidelity Emerging Markets Equity Central Fund | 162,809 |
Fidelity Energy Central Fund | 472,870 |
Fidelity Financials Central Fund | 1,156,827 |
Fidelity Floating Rate Central Fund | 2,594,382 |
Fidelity Health Care Central Fund | 331,493 |
Fidelity High Income Central Fund 1 | 5,523,801 |
Fidelity Industrials Central Fund | 541,383 |
Fidelity Information Technology Central Fund | 413,425 |
Fidelity International Equity Central Fund | 1,956,792 |
Fidelity Investment Grade Bond Central Fund | 33,852,812 |
Fidelity Materials Central Fund | 264,866 |
Fidelity Money Market Central Fund | 1,109,120 |
Fidelity Real Estate Equity Central Fund | 390,741 |
Fidelity Telecom Services Central Fund | 181,384 |
Fidelity Utilities Central Fund | 351,913 |
Total | $ 51,926,748 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 12,710,937 | $ 359,047 | $ 449,637 | $ 10,426,528 | 3.3% |
Fidelity Consumer Discretionary Central Fund | 87,688,111 | 2,559,405 | 4,187,675 | 98,502,120 | 6.1% |
Fidelity Consumer Staples Central Fund | 65,518,725 | 2,125,258 | 5,970,456 | 66,407,526 | 5.6% |
Fidelity Emerging Markets Debt Central Fund | 25,304,631 | 1,517,682 | 749,462 | 24,814,596 | 23.3% |
Fidelity Emerging Markets Equity Central Fund | 47,724,203 | 627,079 | 45,697,679 | 0 | 0.0% |
Fidelity Energy Central Fund | 62,238,447 | 3,269,421 | 1,361,070 | 54,569,101 | 5.3% |
Fidelity Financials Central Fund | 143,738,104 | 4,616,078 | 4,547,345 | 151,609,015 | 6.0% |
Fidelity Floating Rate Central Fund | 102,180,290 | 4,768,885 | 2,997,633 | 102,445,199 | 5.9% |
Fidelity Health Care Central Fund | 107,208,679 | 2,699,844 | 7,677,884 | 124,261,280 | 6.2% |
Fidelity High Income Central Fund 1 | 105,785,945 | 102,173,159 | 4,918,281 | 201,534,248 | 21.7% |
Fidelity Industrials Central Fund | 78,280,164 | 2,439,657 | 2,354,008 | 85,346,438 | 6.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 69,036,967 | 1,649,316 | 2,098,309 | 68,731,574 | 24.5% |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Information Technology Central Fund | $ 141,245,501 | $ 12,203,510 | $ 3,527,960 | $ 161,352,618 | 5.8% |
Fidelity International Equity Central Fund | 219,577,330 | 7,775,202 | 7,000,120 | 222,944,027 | 7.5% |
Fidelity Investment Grade Bond Central Fund | 2,441,369,579 | 158,255,931 | 152,070,575 | 2,491,828,838 | 31.9% |
Fidelity Materials Central Fund | 29,465,736 | 921,115 | 1,331,779 | 28,728,314 | 6.1% |
Fidelity Real Estate Equity Central Fund | - | 59,272,570 | 941,258 | 60,683,203 | 21.5% |
Fidelity Telecom Services Central Fund | 16,072,988 | 597,748 | 448,857 | 16,741,652 | 5.5% |
Fidelity Utilities Central Fund | 29,040,280 | 986,021 | 832,058 | 29,851,500 | 6.4% |
Total | $ 3,784,186,617 | $ 368,816,928 | $ 249,162,046 | $ 4,000,777,777 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 1,111,423,322 | $ 1,111,423,322 | $ - | $ - |
Fixed-Income Central Funds | 2,889,354,455 | 2,889,354,455 | - | - |
Money Market Central Funds | 1,058,905,898 | 1,058,905,898 | - | - |
U.S. Treasury Obligations | 1,299,983 | - | 1,299,983 | - |
Investment Companies | 83,103,551 | 83,103,551 | - | - |
Total Investments in Securities: | $ 5,144,087,209 | $ 5,142,787,226 | $ 1,299,983 | $ - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 16,649 | $ 16,649 | $ - | $ - |
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, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 16,649 | $ - |
Total Value of Derivatives | $ 16,649 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
Other Information |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 84.1% |
United Kingdom | 3.0% |
Japan | 1.4% |
Mexico | 1.3% |
Netherlands | 1.0% |
Others (Individually Less Than 1%) | 9.2% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 20%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $83,842,315) | $ 84,403,534 |
|
Fidelity Central Funds (cost $4,442,242,360) | 5,059,683,675 |
|
Total Investments (cost $4,526,084,675) |
| $ 5,144,087,209 |
Receivable for investments sold | 1,323,863 | |
Receivable for fund shares sold | 34,655,173 | |
Distributions receivable from Fidelity Central Funds | 41,105 | |
Prepaid expenses | 5,690 | |
Other receivables | 7,515 | |
Total assets | 5,180,120,555 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 24,882,132 | |
Payable for fund shares redeemed | 3,477,092 | |
Accrued management fee | 1,748,128 | |
Distribution and service plan fees payable | 40,895 | |
Payable for daily variation margin for derivative instruments | 57,720 | |
Other affiliated payables | 452,840 | |
Other payables and accrued expenses | 15,847 | |
Total liabilities | 30,674,654 | |
|
|
|
Net Assets | $ 5,149,445,901 | |
Net Assets consist of: |
| |
Paid in capital | $ 4,849,725,137 | |
Undistributed net investment income | 7,638,872 | |
Accumulated undistributed net realized gain (loss) on investments | (325,937,291) | |
Net unrealized appreciation (depreciation) on investments | 618,019,183 | |
Net Assets | $ 5,149,445,901 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 13.41 | |
|
|
|
Maximum offering price per share (100/94.25 of $13.41) | $ 14.23 | |
Class T: | $ 13.39 | |
|
|
|
Maximum offering price per share (100/96.50 of $13.39) | $ 13.88 | |
Class B: | $ 13.36 | |
|
|
|
Class C: | $ 13.34 | |
|
|
|
Asset Manager 20%: | $ 13.43 | |
|
|
|
Institutional Class: | $ 13.43 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 20%
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 265 |
Income from Fidelity Central Funds |
| 51,926,748 |
Total income |
| 51,927,013 |
|
|
|
Expenses | ||
Management fee | $ 10,390,041 | |
Transfer agent fees | 2,121,778 | |
Distribution and service plan fees | 244,599 | |
Accounting fees and expenses | 587,207 | |
Custodian fees and expenses | 657 | |
Independent trustees' compensation | 10,780 | |
Registration fees | 106,580 | |
Audit | 16,449 | |
Legal | 11,920 | |
Miscellaneous | 17,897 | |
Total expenses before reductions | 13,507,908 | |
Expense reductions | (17,012) | 13,490,896 |
Net investment income (loss) | 38,436,117 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 362 | |
Fidelity Central Funds | 1,046,206 |
|
Futures contracts | 6,596,976 | |
Capital gain distributions from Fidelity Central Funds | 110,761 |
|
Total net realized gain (loss) |
| 7,754,305 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 95,967,096 | |
Futures contracts | 16,649 | |
Total change in net unrealized appreciation (depreciation) |
| 95,983,745 |
Net gain (loss) | 103,738,050 | |
Net increase (decrease) in net assets resulting from operations | $ 142,174,167 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 38,436,117 | $ 71,573,687 |
Net realized gain (loss) | 7,754,305 | 51,842,193 |
Change in net unrealized appreciation (depreciation) | 95,983,745 | 105,479,799 |
Net increase (decrease) in net assets resulting from operations | 142,174,167 | 228,895,679 |
Distributions to shareholders from net investment income | (35,888,831) | (71,593,620) |
Distributions to shareholders from net realized gain | (154,642,056) | (107,790,846) |
Total distributions | (190,530,887) | (179,384,466) |
Share transactions - net increase (decrease) | 171,846,319 | 144,097,358 |
Total increase (decrease) in net assets | 123,489,599 | 193,608,571 |
|
|
|
Net Assets | ||
Beginning of period | 5,025,956,302 | 4,832,347,731 |
End of period (including undistributed net investment income of $7,638,872 and undistributed net investment income of $5,091,586, respectively) | $ 5,149,445,901 | $ 5,025,956,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.56 | $ 13.42 | $ 13.37 | $ 12.62 | $ 12.55 | $ 11.80 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .08 | .16 | .14 | .18 | .19 | .22 |
Net realized and unrealized gain (loss) | .27 | .44 | .31 | .91 | .09 | .74 |
Total from investment operations | .35 | .60 | .45 | 1.09 | .28 | .96 |
Distributions from net investment income | (.08) | (.15) | (.14) | (.18) | (.20) | (.21) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.50) | (.46) I | (.40) J | (.34) | (.21) K | (.21) L |
Net asset value, end of period | $ 13.41 | $ 13.56 | $ 13.42 | $ 13.37 | $ 12.62 | $ 12.55 |
Total ReturnB, C, D | 2.64% | 4.54% | 3.47% | 8.76% | 2.22% | 8.26% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .83%A | .82% | .82% | .84% | .85% | .84% |
Expenses net of fee waivers, if any | .83%A | .82% | .82% | .84% | .85% | .84% |
Expenses net of all reductions | .83%A | .82% | .82% | .83% | .85% | .83% |
Net investment income (loss) | 1.22%A | 1.16% | 1.03% | 1.36% | 1.51% | 1.80% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 39,261 | $ 38,733 | $ 43,449 | $ 46,763 | $ 36,016 | $ 31,268 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.46 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.302 per share. J Total distributions of $.40 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.266 per share. K Total distributions of $.21 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.015 per share. L Total distributions of $.21 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.005 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.53 | $ 13.40 | $ 13.34 | $ 12.60 | $ 12.53 | $ 11.78 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .12 | .10 | .14 | .16 | .19 |
Net realized and unrealized gain (loss) | .28 | .43 | .33 | .90 | .09 | .74 |
Total from investment operations | .34 | .55 | .43 | 1.04 | .25 | .93 |
Distributions from net investment income | (.06) | (.12) | (.10) | (.15) | (.16) | (.18) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.48) | (.42) | (.37) | (.30) I | (.18) | (.18) J |
Net asset value, end of period | $ 13.39 | $ 13.53 | $ 13.40 | $ 13.34 | $ 12.60 | $ 12.53 |
Total ReturnB, C, D | 2.59% | 4.20% | 3.28% | 8.39% | 1.96% | 8.00% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.09%A | 1.10% | 1.10% | 1.10% | 1.11% | 1.09% |
Expenses net of fee waivers, if any | 1.09%A | 1.10% | 1.10% | 1.10% | 1.10% | 1.09% |
Expenses net of all reductions | 1.09%A | 1.09% | 1.09% | 1.10% | 1.10% | 1.09% |
Net investment income (loss) | .96%A | .89% | .75% | 1.09% | 1.26% | 1.55% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 20,128 | $ 21,010 | $ 19,844 | $ 18,870 | $ 17,765 | $ 15,771 |
Portfolio turnover rateG | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.155 per share. J Total distributions of $.18 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.51 | $ 13.38 | $ 13.33 | $ 12.59 | $ 12.51 | $ 11.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .03 | .07 | .09 | .12 |
Net realized and unrealized gain (loss) | .27 | .43 | .32 | .90 | .10 | .74 |
Total from investment operations | .30 | .48 | .35 | .97 | .19 | .86 |
Distributions from net investment income | (.03) | (.05) | (.04) | (.08) | (.09) | (.11) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.45) | (.35) | (.30) I | (.23) J | (.11) | (.12) |
Net asset value, end of period | $ 13.36 | $ 13.51 | $ 13.38 | $ 13.33 | $ 12.59 | $ 12.51 |
Total ReturnB, C, D | 2.26% | 3.68% | 2.71% | 7.81% | 1.48% | 7.34% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.57%A | 1.59% | 1.62% | 1.64% | 1.65% | 1.67% |
Expenses net of fee waivers, if any | 1.57%A | 1.59% | 1.62% | 1.64% | 1.65% | 1.65% |
Expenses net of all reductions | 1.57%A | 1.59% | 1.61% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .48%A | .39% | .23% | .55% | .72% | .99% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,792 | $ 2,083 | $ 2,725 | $ 2,732 | $ 3,044 | $ 3,717 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.038 and distributions from net realized gain of $.266 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.155 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.48 | $ 13.35 | $ 13.30 | $ 12.57 | $ 12.50 | $ 11.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .03 | .08 | .10 | .12 |
Net realized and unrealized gain (loss) | .28 | .43 | .33 | .89 | .09 | .74 |
Total from investment operations | .31 | .48 | .36 | .97 | .19 | .86 |
Distributions from net investment income | (.03) | (.05) | (.04) | (.08) | (.10) | (.12) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.45) | (.35) | (.31) | (.24) | (.12) | (.12) I |
Net asset value, end of period | $ 13.34 | $ 13.48 | $ 13.35 | $ 13.30 | $ 12.57 | $ 12.50 |
Total ReturnB, C, D | 2.34% | 3.70% | 2.73% | 7.80% | 1.48% | 7.40% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.59%A | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Expenses net of fee waivers, if any | 1.59%A | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Expenses net of all reductions | 1.59%A | 1.60% | 1.59% | 1.60% | 1.60% | 1.60% |
Net investment income (loss) | .46%A | .39% | .25% | .59% | .76% | 1.03% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 27,631 | $ 26,225 | $ 24,910 | $ 22,600 | $ 19,325 | $ 15,728 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.12 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 20%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.57 | $ 13.44 | $ 13.39 | $ 12.64 | $ 12.57 | $ 11.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .20 | .18 | .22 | .23 | .25 |
Net realized and unrealized gain (loss) | .28 | .43 | .31 | .91 | .09 | .75 |
Total from investment operations | .38 | .63 | .49 | 1.13 | .32 | 1.00 |
Distributions from net investment income | (.10) | (.20) | (.18) | (.22) | (.23) | (.24) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.52) | (.50) | (.44) H | (.38) | (.25) | (.25) |
Net asset value, end of period | $ 13.43 | $ 13.57 | $ 13.44 | $ 13.39 | $ 12.64 | $ 12.57 |
Total ReturnB, C | 2.86% | 4.80% | 3.79% | 9.06% | 2.52% | 8.54% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .52%A | .53% | .53% | .54% | .55% | .56% |
Expenses net of fee waivers, if any | .52%A | .53% | .53% | .54% | .55% | .56% |
Expenses net of all reductions | .52%A | .52% | .52% | .54% | .54% | .56% |
Net investment income (loss) | 1.53%A | 1.46% | 1.32% | 1.65% | 1.82% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 5,045,770 | $ 4,923,702 | $ 4,708,494 | $ 4,595,339 | $ 3,569,848 | $ 3,064,676 |
Portfolio turnover rate F | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.266 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.57 | $ 13.44 | $ 13.38 | $ 12.64 | $ 12.56 | $ 11.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .19 | .17 | .21 | .23 | .25 |
Net realized and unrealized gain (loss) | .27 | .43 | .33 | .90 | .10 | .74 |
Total from investment operations | .37 | .62 | .50 | 1.11 | .33 | .99 |
Distributions from net investment income | (.09) | (.19) | (.17) | (.22) | (.23) | (.24) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.51) | (.49) | (.44) | (.37) H | (.25) | (.25) |
Net asset value, end of period | $ 13.43 | $ 13.57 | $ 13.44 | $ 13.38 | $ 12.64 | $ 12.56 |
Total ReturnB, C | 2.84% | 4.74% | 3.83% | 8.94% | 2.57% | 8.46% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .57%A | .56% | .57% | .58% | .59% | .56% |
Expenses net of fee waivers, if any | .57%A | .56% | .57% | .58% | .59% | .56% |
Expenses net of all reductions | .57%A | .56% | .56% | .57% | .59% | .55% |
Net investment income (loss) | 1.49%A | 1.42% | 1.29% | 1.62% | 1.77% | 2.09% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 14,864 | $ 14,204 | $ 32,926 | $ 30,383 | $ 23,073 | $ 4,739 |
Portfolio turnover rate F | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.37 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 30%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 11.1 | 15.7 |
Fannie Mae | 4.8 | 9.5 |
Ginnie Mae | 1.9 | 1.6 |
Citigroup, Inc. | 1.4 | 0.2 |
Freddie Mac | 1.3 | 1.3 |
| 20.5 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 10.7% |
| ![]() | AAA,AA,A 6.4% |
| ||
![]() | BBB 13.9% |
| ![]() | BBB 13.4% |
| ||
![]() | BB and Below 9.3% |
| ![]() | BB and Below 4.9% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 33.0% |
| ![]() | Equities** 30.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.7 | 0.5 |
Facebook, Inc. Class A | 0.3 | 0.2 |
Actavis PLC | 0.3 | 0.3 |
The Walt Disney Co. | 0.3 | 0.2 |
Citigroup, Inc. | 0.2 | 0.2 |
| 1.8 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 22.5 | 17.6 |
Consumer Discretionary | 6.7 | 5.4 |
Energy | 6.0 | 4.9 |
Health Care | 5.9 | 4.4 |
Information Technology | 5.2 | 4.9 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 52.1% |
| ![]() | Bond Class 52.6% |
| ||
![]() | Short-Term Class 15.0% |
| ![]() | Short-Term Class 17.1% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 19.4% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 30%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 31.5% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 248,700 | $ 1,837,895 | |
Fidelity Consumer Discretionary Central Fund (c) | 102,890 | 25,175,100 | |
Fidelity Consumer Staples Central Fund (c) | 75,964 | 16,728,714 | |
Fidelity Energy Central Fund (c) | 107,461 | 14,052,665 | |
Fidelity Financials Central Fund (c) | 440,472 | 38,981,782 | |
Fidelity Health Care Central Fund (c) | 80,517 | 30,261,638 | |
Fidelity Industrials Central Fund (c) | 93,476 | 22,103,247 | |
Fidelity Information Technology Central Fund (c) | 146,364 | 41,475,135 | |
Fidelity International Equity Central Fund (c) | 772,048 | 61,841,080 | |
Fidelity Materials Central Fund (c) | 32,789 | 7,335,613 | |
Fidelity Real Estate Equity Central Fund (c) | 97,677 | 10,488,536 | |
Fidelity Telecom Services Central Fund (c) | 25,416 | 4,298,563 | |
Fidelity Utilities Central Fund (c) | 45,813 | 7,269,562 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $202,495,092) |
| ||
Fixed-Income Central Funds - 55.9% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 445,735 | 4,261,223 | |
Fidelity Floating Rate Central Fund (c) | 167,723 | 17,709,903 | |
Fidelity High Income Central Fund 1 (c) | 344,606 | 34,798,274 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 49.6% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 123,385 | 12,255,855 | |
Fidelity Investment Grade Bond Central Fund (c) | 3,952,134 | 430,901,153 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUND |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $480,833,585) |
| ||
Money Market Central Funds - 10.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 71,991,523 | 71,991,523 | |
Fidelity Money Market Central Fund, 0.30% (b) | 22,503,934 | 22,503,934 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $94,495,457) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 200,000 | $ 199,998 |
Investment Companies - 2.0% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 276,878 |
| |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $795,621,119) | 894,238,653 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 25,341 | ||
NET ASSETS - 100% | $ 894,263,994 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 59,089 |
Fidelity Commodity Strategy Central Fund | 940 |
Fidelity Consumer Discretionary Central Fund | 155,419 |
Fidelity Consumer Staples Central Fund | 190,745 |
Fidelity Emerging Markets Debt Central Fund | 136,263 |
Fidelity Emerging Markets Equity Central Fund | 29,688 |
Fidelity Energy Central Fund | 119,265 |
Fidelity Financials Central Fund | 289,076 |
Fidelity Floating Rate Central Fund | 405,384 |
Fidelity Health Care Central Fund | 81,329 |
Fidelity High Income Central Fund 1 | 868,729 |
Fidelity Industrials Central Fund | 136,604 |
Fidelity Information Technology Central Fund | 103,852 |
Fidelity International Equity Central Fund | 532,627 |
Fidelity Investment Grade Bond Central Fund | 5,815,057 |
Fidelity Materials Central Fund | 66,046 |
Fidelity Money Market Central Fund | 30,176 |
Fidelity Real Estate Equity Central Fund | 65,728 |
Fidelity Telecom Services Central Fund | 45,023 |
Fidelity Utilities Central Fund | 86,488 |
Total | $ 9,217,528 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 2,068,534 | $ 195,085 | $ 54,856 | $ 1,837,895 | 0.6% |
Fidelity Consumer Discretionary Central Fund | 21,176,863 | 1,595,441 | 673,714 | 25,175,100 | 1.5% |
Fidelity Consumer Staples Central Fund | 15,805,384 | 1,199,928 | 1,430,738 | 16,728,714 | 1.4% |
Fidelity Emerging Markets Debt Central Fund | 4,078,506 | 478,058 | 91,431 | 4,261,223 | 4.1% |
Fidelity Emerging Markets Equity Central Fund | 8,547,434 | 463,061 | 8,530,800 | - | 0.0% |
Fidelity Energy Central Fund | 15,186,952 | 1,460,381 | 232,264 | 14,052,665 | 1.4% |
Fidelity Financials Central Fund | 34,998,326 | 3,153,365 | 1,117,281 | 38,981,782 | 1.5% |
Fidelity Floating Rate Central Fund | 16,620,152 | 1,699,643 | 365,703 | 17,709,903 | 1.0% |
Fidelity Health Care Central Fund | 25,731,828 | 1,806,842 | 2,703,458 | 30,261,638 | 1.5% |
Fidelity High Income Central Fund 1 | 16,438,202 | 19,170,106 | 577,435 | 34,798,274 | 3.7% |
Fidelity Industrials Central Fund | 19,083,057 | 1,718,283 | 444,614 | 22,103,247 | 1.6% |
Fidelity Inflation-Protected Bond Index Central Fund | 9,584,419 | 2,880,905 | 224,310 | 12,255,855 | 4.4% |
Fidelity Information Technology Central Fund | 34,374,383 | 4,814,453 | 614,019 | 41,475,135 | 1.5% |
Fidelity International Equity Central Fund | 57,136,336 | 5,280,504 | 1,347,724 | 61,841,080 | 2.1% |
Fidelity Investment Grade Bond Central Fund | 397,927,512 | 47,639,685 | 22,072,377 | 430,901,153 | 5.5% |
Fidelity Materials Central Fund | 7,108,586 | 574,269 | 151,940 | 7,335,613 | 1.6% |
Fidelity Real Estate Equity Central Fund | - | 10,200,376 | 109,908 | 10,488,536 | 3.7% |
Fidelity Telecom Services Central Fund | 3,844,573 | 397,373 | 73,603 | 4,298,563 | 1.4% |
Fidelity Utilities Central Fund | 6,992,871 | 598,267 | 466,638 | 7,269,562 | 1.5% |
Total | $ 696,703,918 | $ 105,326,025 | $ 41,282,813 | $ 781,775,938 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 281,849,530 | $ 281,849,530 | $ - | $ - |
Fixed-Income Central Funds | 499,926,408 | 499,926,408 | - | - |
Money Market Central Funds | 94,495,457 | 94,495,457 | - | - |
U.S. Treasury Obligations | 199,998 | - | 199,998 | - |
Investment Companies | 17,767,260 | 17,767,260 | - | - |
Total Investments in Securities: | $ 894,238,653 | $ 894,038,655 | $ 199,998 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 80.6% |
United Kingdom | 3.7% |
Japan | 2.0% |
Mexico | 1.3% |
Cayman Islands | 1.3% |
Netherlands | 1.1% |
Ireland | 1.0% |
Others (Individually Less Than 1%) | 9.0% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 30%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $17,796,985) | $ 17,967,258 |
|
Fidelity Central Funds (cost $777,824,134) | 876,271,395 |
|
Total Investments (cost $795,621,119) |
| $ 894,238,653 |
Cash |
| 49,812 |
Receivable for investments sold | 258,066 | |
Receivable for fund shares sold | 1,572,404 | |
Distributions receivable from Fidelity Central Funds | 9,162 | |
Prepaid expenses | 930 | |
Other receivables | 1,803 | |
Total assets | 896,130,830 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 942,081 | |
Payable for fund shares redeemed | 495,627 | |
Accrued management fee | 302,708 | |
Distribution and service plan fees payable | 25,497 | |
Other affiliated payables | 85,214 | |
Other payables and accrued expenses | 15,709 | |
Total liabilities | 1,866,836 | |
|
|
|
Net Assets | $ 894,263,994 | |
Net Assets consist of: |
| |
Paid in capital | $ 836,748,488 | |
Undistributed net investment income | 1,465,588 | |
Accumulated undistributed net realized gain (loss) on investments | (42,567,616) | |
Net unrealized appreciation (depreciation) on investments | 98,617,534 | |
Net Assets | $ 894,263,994 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.69 | |
|
|
|
Maximum offering price per share (100/94.25 of $10.69) | $ 11.34 | |
Class T: | $ 10.68 | |
|
|
|
Maximum offering price per share (100/96.50 of $10.68) | $ 11.07 | |
Class B: | $ 10.67 | |
|
|
|
Class C: | $ 10.64 | |
|
|
|
Asset Manager 30%: | $ 10.69 | |
|
|
|
Institutional Class: | $ 10.69 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 43 |
Income from Fidelity Central Funds |
| 9,217,528 |
Total income |
| 9,217,571 |
|
|
|
Expenses | ||
Management fee | $ 1,747,335 | |
Transfer agent fees | 343,841 | |
Distribution and service plan fees | 147,078 | |
Accounting fees and expenses | 156,543 | |
Custodian fees and expenses | 507 | |
Independent trustees' compensation | 1,777 | |
Registration fees | 56,207 | |
Audit | 22,783 | |
Legal | 1,647 | |
Miscellaneous | 3,203 | |
Total expenses before reductions | 2,480,921 | |
Expense reductions | (4,038) | 2,476,883 |
Net investment income (loss) | 6,740,688 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (711,029) |
|
Futures contracts | 1,063,750 | |
Capital gain distributions from Fidelity Central Funds | 18,251 |
|
Total net realized gain (loss) |
| 370,972 |
Change in net unrealized appreciation (depreciation) on investment securities | 21,910,110 | |
Net gain (loss) | 22,281,082 | |
Net increase (decrease) in net assets resulting from operations | $ 29,021,770 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,740,688 | $ 11,368,732 |
Net realized gain (loss) | 370,972 | 1,907,071 |
Change in net unrealized appreciation (depreciation) | 21,910,110 | 27,736,996 |
Net increase (decrease) in net assets resulting from operations | 29,021,770 | 41,012,799 |
Distributions to shareholders from net investment income | (6,066,471) | (11,374,832) |
Distributions to shareholders from net realized gain | (23,090,456) | (11,398,470) |
Total distributions | (29,156,927) | (22,773,302) |
Share transactions - net increase (decrease) | 78,023,121 | 197,925,492 |
Total increase (decrease) in net assets | 77,887,964 | 216,164,989 |
|
|
|
Net Assets | ||
Beginning of period | 816,376,030 | 600,211,041 |
End of period (including undistributed net investment income of $1,465,588 and undistributed net investment income of $791,371, respectively) | $ 894,263,994 | $ 816,376,030 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .07 | .14 | .12 | .14 | .16 | .17 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .34 | .60 | .56 | 1.03 | .17 | .84 |
Distributions from net investment income | (.06) | (.13) | (.11) | (.14) | (.15) | (.17) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.36) | (.32) I | (.28) | (.25) | (.46) | (.22) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 |
Total ReturnB, C, D | 3.28% | 5.83% | 5.64% | 11.20% | 1.67% | 9.39% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .85%A | .85% | .87% | .89% | .91% | .98% |
Expenses net of fee waivers, if any | .85%A | .85% | .87% | .89% | .90% | .90% |
Expenses net of all reductions | .85%A | .85% | .87% | .88% | .89% | .89% |
Net investment income (loss) | 1.31%A | 1.29% | 1.15% | 1.46% | 1.63% | 1.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 21,805 | $ 22,071 | $ 15,100 | $ 11,431 | $ 9,024 | $ 7,495 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.183 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.70 | $ 10.42 | $ 10.14 | $ 9.36 | $ 9.65 | $ 9.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .11 | .09 | .12 | .14 | .15 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .33 | .57 | .53 | 1.01 | .15 | .82 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.12) | (.13) | (.15) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.35) | (.29) I | (.25) | (.23) | (.44) | (.20) |
Net asset value, end of period | $ 10.68 | $ 10.70 | $ 10.42 | $ 10.14 | $ 9.36 | $ 9.65 |
Total ReturnB, C, D | 3.16% | 5.53% | 5.37% | 10.91% | 1.47% | 9.15% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.12%A | 1.13% | 1.13% | 1.14% | 1.13% | 1.19% |
Expenses net of fee waivers, if any | 1.12%A | 1.13% | 1.13% | 1.14% | 1.13% | 1.15% |
Expenses net of all reductions | 1.12%A | 1.13% | 1.13% | 1.13% | 1.13% | 1.14% |
Net investment income (loss) | 1.05%A | 1.01% | .89% | 1.21% | 1.39% | 1.58% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 11,044 | $ 9,932 | $ 7,064 | $ 6,542 | $ 4,885 | $ 5,800 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.29 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.183 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.69 | $ 10.41 | $ 10.14 | $ 9.36 | $ 9.65 | $ 9.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .04 | .07 | .09 | .10 |
Net realized and unrealized gain (loss) | .27 | .47 | .44 | .89 | - I | .67 |
Total from investment operations | .30 | .52 | .48 | .96 | .09 | .77 |
Distributions from net investment income | (.02) | (.05) | (.04) | (.07) | (.07) | (.11) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.32) | (.24) J | (.21) | (.18) | (.38) | (.15) K |
Net asset value, end of period | $ 10.67 | $ 10.69 | $ 10.41 | $ 10.14 | $ 9.36 | $ 9.65 |
Total ReturnB, C, D | 2.88% | 5.02% | 4.81% | 10.37% | .89% | 8.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.60%A | 1.63% | 1.66% | 1.68% | 1.70% | 1.78% |
Expenses net of fee waivers, if any | 1.60%A | 1.63% | 1.65% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.60%A | 1.63% | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .57%A | .51% | .37% | .69% | .88% | 1.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 709 | $ 873 | $ 1,078 | $ 1,118 | $ 1,076 | $ 1,336 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.24 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.183 per share. K Total distributions of $.15 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.045 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.66 | $ 10.38 | $ 10.12 | $ 9.34 | $ 9.63 | $ 9.01 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .09 | .10 |
Net realized and unrealized gain (loss) | .27 | .46 | .43 | .89 | .01 | .67 |
Total from investment operations | .30 | .52 | .47 | .96 | .10 | .77 |
Distributions from net investment income | (.03) | (.06) | (.04) | (.07) | (.08) | (.10) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.32) I | (.24) | (.21) | (.18) | (.39) | (.15) |
Net asset value, end of period | $ 10.64 | $ 10.66 | $ 10.38 | $ 10.12 | $ 9.34 | $ 9.63 |
Total ReturnB, C, D | 2.92% | 5.09% | 4.75% | 10.41% | .92% | 8.63% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.61%A | 1.62% | 1.64% | 1.66% | 1.67% | 1.72% |
Expenses net of fee waivers, if any | 1.61%A | 1.62% | 1.64% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.61%A | 1.61% | 1.63% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .56%A | .52% | .39% | .69% | .88% | 1.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,047 | $ 16,976 | $ 12,001 | $ 7,937 | $ 5,967 | $ 4,789 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.298 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 30%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .15 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .36 | .63 | .59 | 1.06 | .20 | .86 |
Distributions from net investment income | (.08) | (.17) | (.14) | (.17) | (.18) | (.19) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.38) | (.35) | (.31) | (.28) | (.49) | (.24) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 |
Total ReturnB, C | 3.43% | 6.19% | 5.96% | 11.53% | 1.98% | 9.67% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .54%A | .55% | .56% | .58% | .61% | .69% |
Expenses net of fee waivers, if any | .54%A | .55% | .56% | .58% | .61% | .65% |
Expenses net of all reductions | .54%A | .55% | .56% | .58% | .60% | .64% |
Net investment income (loss) | 1.62%A | 1.59% | 1.46% | 1.76% | 1.92% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 833,625 | $ 757,908 | $ 560,306 | $ 364,386 | $ 208,380 | $ 109,249 |
Portfolio turnover rate F | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.16 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .16 | .14 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .27 | .47 | .44 | .90 | - H | .67 |
Total from investment operations | .35 | .63 | .58 | 1.07 | .19 | .86 |
Distributions from net investment income | (.08) | (.16) | (.13) | (.17) | (.18) | (.19) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.37) L | (.35) I | (.31) J | (.28) | (.48) K | (.24) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.16 | $ 9.37 | $ 9.66 |
Total ReturnB, C | 3.40% | 6.12% | 5.81% | 11.56% | 1.93% | 9.67% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .61%A | .62% | .62% | .65% | .63% | .71% |
Expenses net of fee waivers, if any | .61%A | .62% | .62% | .65% | .63% | .65% |
Expenses net of all reductions | .61%A | .62% | .62% | .64% | .62% | .64% |
Net investment income (loss) | 1.56%A | 1.52% | 1.40% | 1.69% | 1.90% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,034 | $ 8,616 | $ 4,663 | $ 2,099 | $ 1,218 | $ 1,168 |
Portfolio turnover rate F | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.35 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.183 per share. J Total distributions of $.31 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.174 per share. K Total distributions of $.48 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.309 per share. L Total distributions of $.37 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.298 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 40%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 9.6 | 13.8 |
Fannie Mae | 4.2 | 8.3 |
Ginnie Mae | 1.6 | 1.4 |
Citigroup, Inc. | 1.2 | 0.2 |
Freddie Mac | 1.1 | 1.2 |
| 17.7 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 9.0% |
| ![]() | AAA,AA,A 5.5% |
| ||
![]() | BBB 12.3% |
| ![]() | BBB 11.9% |
| ||
![]() | BB and Below 8.9% |
| ![]() | BB and Below 4.8% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 42.7% |
| ![]() | Equities** 40.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.9 | 0.6 |
Facebook, Inc. Class A | 0.4 | 0.3 |
Actavis PLC | 0.4 | 0.3 |
The Walt Disney Co. | 0.3 | 0.3 |
Citigroup, Inc. | 0.3 | 0.3 |
| 2.3 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 21.3 | 17.3 |
Consumer Discretionary | 7.8 | 6.7 |
Health Care | 6.8 | 5.7 |
Information Technology | 6.8 | 6.3 |
Energy | 6.2 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 46.0% |
| ![]() | Bond Class 46.6% |
| ||
![]() | Short-Term Class 11.3% |
| ![]() | Short-Term Class 12.8% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 22.8% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 40%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 42.0% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 275,271 | $ 2,034,250 | |
Fidelity Consumer Discretionary Central Fund (c) | 146,285 | 35,793,045 | |
Fidelity Consumer Staples Central Fund (c) | 105,607 | 23,256,675 | |
Fidelity Emerging Markets Equity Central Fund (c) | 19,151 | 3,892,009 | |
Fidelity Energy Central Fund (c) | 153,840 | 20,117,630 | |
Fidelity Financials Central Fund (c) | 627,789 | 55,559,322 | |
Fidelity Health Care Central Fund (c) | 112,728 | 42,367,534 | |
Fidelity Industrials Central Fund (c) | 132,994 | 31,447,697 | |
Fidelity Information Technology Central Fund (c) | 205,481 | 58,227,016 | |
Fidelity International Equity Central Fund (c) | 1,213,303 | 97,185,606 | |
Fidelity Materials Central Fund (c) | 46,843 | 10,479,770 | |
Fidelity Real Estate Equity Central Fund (c) | 105,585 | 11,337,668 | |
Fidelity Telecom Services Central Fund (c) | 36,778 | 6,220,180 | |
Fidelity Utilities Central Fund (c) | 62,220 | 9,873,148 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $310,637,238) |
| ||
Fixed-Income Central Funds - 49.4% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 482,446 | 4,612,184 | |
Fidelity Floating Rate Central Fund (c) | 182,010 | 19,218,392 | |
Fidelity High Income Central Fund 1 (c) | 372,772 | 37,642,499 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 43.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 110,781 | 11,003,839 | |
Fidelity Investment Grade Bond Central Fund (c) | 3,735,472 | 407,278,529 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $464,710,769) |
| ||
Money Market Central Funds - 7.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 58,226,763 | $ 58,226,763 | |
Fidelity Money Market Central Fund, 0.30% (b) | 10,324,823 | 10,324,823 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $68,551,586) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.02% 4/16/15 | $ 160,000 |
|
Investment Companies - 1.6% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 240,579 |
| |
TOTAL INVESTMENT (Cost $859,277,420) | 971,696,530 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (80,971) | ||
NET ASSETS - 100% | $ 971,615,559 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 45,495 |
Fidelity Commodity Strategy Central Fund | 993 |
Fidelity Consumer Discretionary Central Fund | 217,106 |
Fidelity Consumer Staples Central Fund | 264,500 |
Fidelity Emerging Markets Debt Central Fund | 142,685 |
Fidelity Emerging Markets Equity Central Fund | 50,230 |
Fidelity Energy Central Fund | 161,783 |
Fidelity Financials Central Fund | 400,539 |
Fidelity Floating Rate Central Fund | 426,562 |
Fidelity Health Care Central Fund | 112,190 |
Fidelity High Income Central Fund 1 | 913,964 |
Fidelity Industrials Central Fund | 190,527 |
Fidelity Information Technology Central Fund | 144,151 |
Fidelity International Equity Central Fund | 794,268 |
Fidelity Investment Grade Bond Central Fund | 5,324,772 |
Fidelity Materials Central Fund | 92,601 |
Fidelity Money Market Central Fund | 13,845 |
Fidelity Real Estate Equity Central Fund | 69,527 |
Fidelity Telecom Services Central Fund | 62,739 |
Fidelity Utilities Central Fund | 119,644 |
Total | $ 9,548,121 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 2,097,081 | $ 372,697 | $ 40,606 | $ 2,034,250 | 0.6% |
Fidelity Consumer Discretionary Central Fund | 28,519,121 | 3,936,847 | 901,428 | 35,793,045 | 2.2% |
Fidelity Consumer Staples Central Fund | 21,243,847 | 2,943,029 | 2,492,482 | 23,256,675 | 2.0% |
Fidelity Emerging Markets Debt Central Fund | 4,107,144 | 781,107 | 67,676 | 4,612,184 | 4.5% |
Fidelity Emerging Markets Equity Central Fund | 14,092,797 | 1,779,854 | 11,214,757 | 3,892,009 | 3.1% |
Fidelity Energy Central Fund | 19,008,861 | 4,269,740 | 223,108 | 20,117,630 | 2.0% |
Fidelity Financials Central Fund | 46,778,280 | 7,565,759 | 1,434,031 | 55,559,322 | 2.2% |
Fidelity Floating Rate Central Fund | 16,833,483 | 2,904,559 | 270,703 | 19,218,392 | 1.1% |
Fidelity Health Care Central Fund | 34,567,961 | 4,656,367 | 4,363,525 | 42,367,534 | 2.1% |
Fidelity High Income Central Fund 1 | 16,306,904 | 22,020,734 | 457,464 | 37,642,499 | 4.1% |
Fidelity Industrials Central Fund | 25,559,578 | 4,122,631 | 621,101 | 31,447,697 | 2.2% |
Fidelity Inflation-Protected Bond Index Central Fund | 9,655,040 | 1,486,816 | 162,421 | 11,003,839 | 3.9% |
Fidelity Information Technology Central Fund | 45,939,403 | 9,707,221 | 1,461,274 | 58,227,016 | 2.1% |
Fidelity International Equity Central Fund | 79,483,079 | 17,868,237 | 1,380,254 | 97,185,606 | 3.3% |
Fidelity Investment Grade Bond Central Fund | 351,285,747 | 68,123,311 | 18,921,517 | 407,278,529 | 5.2% |
Fidelity Materials Central Fund | 9,594,305 | 1,353,995 | 198,816 | 10,479,770 | 2.2% |
Fidelity Real Estate Equity Central Fund | - | 11,028,818 | 109,960 | 11,337,668 | 4.0% |
Fidelity Telecom Services Central Fund | 5,164,901 | 947,171 | 71,734 | 6,220,180 | 2.0% |
Fidelity Utilities Central Fund | 9,429,374 | 1,450,324 | 1,173,285 | 9,873,148 | 2.1% |
Total | $ 739,666,906 | $ 167,319,217 | $ 45,566,142 | $ 887,546,993 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 407,791,550 | $ 407,791,550 | $ - | $ - |
Fixed-Income Central Funds | 479,755,443 | 479,755,443 | - | - |
Money Market Central Funds | 68,551,586 | 68,551,586 | - | - |
U.S. Treasury Obligations | 159,998 | - | 159,998 | - |
Investment Companies | 15,437,953 | 15,437,953 | - | - |
Total Investments in Securities: | $ 971,696,530 | $ 971,536,532 | $ 159,998 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 77.2% |
United Kingdom | 4.2% |
Japan | 2.5% |
Cayman Islands | 1.4% |
Ireland | 1.3% |
Netherlands | 1.3% |
France | 1.2% |
Mexico | 1.1% |
Germany | 1.0% |
Switzerland | 1.0% |
Others (Individually Less Than 1%) | 7.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 40%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $15,377,827) | $ 15,597,951 |
|
Fidelity Central Funds (cost $843,899,593) | 956,098,579 |
|
Total Investments (cost $859,277,420) |
| $ 971,696,530 |
Cash |
| 42,168 |
Receivable for investments sold | 291,287 | |
Receivable for fund shares sold | 999,167 | |
Distributions receivable from Fidelity Central Funds | 7,261 | |
Prepaid expenses | 940 | |
Other receivables | 2,489 | |
Total assets | 973,039,842 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 274,865 | |
Payable for fund shares redeemed | 686,486 | |
Accrued management fee | 328,464 | |
Distribution and service plan fees payable | 25,897 | |
Other affiliated payables | 92,860 | |
Other payables and accrued expenses | 15,711 | |
Total liabilities | 1,424,283 | |
|
|
|
Net Assets | $ 971,615,559 | |
Net Assets consist of: |
| |
Paid in capital | $ 899,993,147 | |
Undistributed net investment income | 3,704,099 | |
Accumulated undistributed net realized gain (loss) on investments | (44,500,797) | |
Net unrealized appreciation (depreciation) on investments | 112,419,110 | |
Net Assets | $ 971,615,559 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.98 | |
|
|
|
Maximum offering price per share (100/94.25 of $10.98) | $ 11.65 | |
Class T: | $ 10.96 | |
|
|
|
Maximum offering price per share (100/96.50 of $10.96) | $ 11.36 | |
Class B: | $ 10.98 | |
|
|
|
Class C: | $ 10.93 | |
|
|
|
Asset Manager 40%: | $ 10.98 | |
|
|
|
Institutional Class: | $ 10.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 42 |
Income from Fidelity Central Funds |
| 9,548,121 |
Total income |
| 9,548,163 |
|
|
|
Expenses | ||
Management fee | $ 1,836,031 | |
Transfer agent fees | 371,604 | |
Distribution and service plan fees | 147,111 | |
Accounting fees and expenses | 163,045 | |
Custodian fees and expenses | 489 | |
Independent trustees' compensation | 1,841 | |
Registration fees | 51,362 | |
Audit | 22,783 | |
Legal | 1,682 | |
Miscellaneous | 3,267 | |
Total expenses before reductions | 2,599,215 | |
Expense reductions | (5,736) | 2,593,479 |
Net investment income (loss) | 6,954,684 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (930,338) |
|
Futures contracts | 870,355 | |
Capital gain distributions from Fidelity Central Funds | 18,928 |
|
Total net realized gain (loss) |
| (41,055) |
Change in net unrealized appreciation (depreciation) on investment securities | 27,277,473 | |
Net gain (loss) | 27,236,418 | |
Net increase (decrease) in net assets resulting from operations | $ 34,191,102 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,954,684 | $ 10,941,317 |
Net realized gain (loss) | (41,055) | 1,623,845 |
Change in net unrealized appreciation (depreciation) | 27,277,473 | 31,586,072 |
Net increase (decrease) in net assets resulting from operations | 34,191,102 | 44,151,234 |
Distributions to shareholders from net investment income | (5,964,674) | (10,627,197) |
Distributions to shareholders from net realized gain | (24,422,962) | (15,119,456) |
Total distributions | (30,387,636) | (25,746,653) |
Share transactions - net increase (decrease) | 143,264,013 | 276,870,491 |
Total increase (decrease) in net assets | 147,067,479 | 295,275,072 |
|
|
|
Net Assets | ||
Beginning of period | 824,548,080 | 529,273,008 |
End of period (including undistributed net investment income of $3,704,099 and undistributed net investment income of $2,714,089, respectively) | $ 971,615,559 | $ 824,548,080 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .07 | .14 | .12 | .14 | .16 | .16 |
Net realized and unrealized gain (loss) | .32 | .59 | .66 | 1.07 | (.06) | .70 |
Total from investment operations | .39 | .73 | .78 | 1.21 | .10 | .86 |
Distributions from net investment income | (.06) | (.15) | (.10) | (.14) | (.14) | (.15) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.37) | (.43) | (.23) | (.23) | (.42) | (.18) |
Net asset value, end of period | $ 10.98 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C, D | 3.68% | 6.98% | 7.88% | 13.47% | .91% | 9.96% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .84%A | .85% | .87% | .90% | .95% | 1.06% |
Expenses net of fee waivers, if any | .84%A | .85% | .87% | .90% | .90% | .90% |
Expenses net of all reductions | .84%A | .85% | .86% | .89% | .89% | .89% |
Net investment income (loss) | 1.30%A | 1.31% | 1.21% | 1.49% | 1.61% | 1.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 28,691 | $ 25,419 | $ 16,042 | $ 14,048 | $ 10,337 | $ 6,308 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.94 | $ 10.64 | $ 10.09 | $ 9.12 | $ 9.44 | $ 8.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .11 | .10 | .12 | .13 | .14 |
Net realized and unrealized gain (loss) | .32 | .59 | .66 | 1.06 | (.05) | .70 |
Total from investment operations | .38 | .70 | .76 | 1.18 | .08 | .84 |
Distributions from net investment income | (.05) | (.12) | (.08) | (.12) | (.12) | (.13) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.36) | (.40) | (.21) | (.21) | (.40) | (.16) |
Net asset value, end of period | $ 10.96 | $ 10.94 | $ 10.64 | $ 10.09 | $ 9.12 | $ 9.44 |
Total ReturnB, C, D | 3.55% | 6.72% | 7.62% | 13.09% | .68% | 9.69% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.10%A | 1.12% | 1.14% | 1.17% | 1.19% | 1.32% |
Expenses net of fee waivers, if any | 1.10%A | 1.12% | 1.14% | 1.15% | 1.15% | 1.15% |
Expenses net of all reductions | 1.10%A | 1.12% | 1.13% | 1.14% | 1.14% | 1.14% |
Net investment income (loss) | 1.03%A | 1.04% | .94% | 1.24% | 1.36% | 1.52% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 9,475 | $ 8,295 | $ 6,969 | $ 4,803 | $ 3,760 | $ 2,972 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.95 | $ 10.66 | $ 10.10 | $ 9.12 | $ 9.44 | $ 8.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .08 | .09 |
Net realized and unrealized gain (loss) | .33 | .58 | .67 | 1.06 | (.06) | .71 |
Total from investment operations | .36 | .64 | .71 | 1.13 | .02 | .80 |
Distributions from net investment income | (.02) | (.07) | (.02) | (.06) | (.07) | (.08) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.33) | (.35) | (.15) | (.15) | (.34) I | (.11) |
Net asset value, end of period | $ 10.98 | $ 10.95 | $ 10.66 | $ 10.10 | $ 9.12 | $ 9.44 |
Total ReturnB, C, D | 3.37% | 6.10% | 7.11% | 12.56% | .13% | 9.20% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.58%A | 1.61% | 1.68% | 1.70% | 1.73% | 1.82% |
Expenses net of fee waivers, if any | 1.58%A | 1.61% | 1.65% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.58%A | 1.61% | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .56%A | .55% | .43% | .74% | .86% | 1.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 927 | $ 1,189 | $ 776 | $ 839 | $ 856 | $ 1,075 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.34 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.278 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.91 | $ 10.62 | $ 10.08 | $ 9.11 | $ 9.43 | $ 8.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .08 | .09 |
Net realized and unrealized gain (loss) | .32 | .58 | .66 | 1.06 | (.05) | .70 |
Total from investment operations | .35 | .64 | .70 | 1.13 | .03 | .79 |
Distributions from net investment income | (.02) | (.07) | (.03) | (.08) | (.08) | (.09) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.33) | (.35) | (.16) | (.16) J | (.35) I | (.12) |
Net asset value, end of period | $ 10.93 | $ 10.91 | $ 10.62 | $ 10.08 | $ 9.11 | $ 9.43 |
Total ReturnB, C, D | 3.30% | 6.17% | 7.02% | 12.59% | .22% | 9.07% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.62%A | 1.62% | 1.64% | 1.67% | 1.70% | 1.82% |
Expenses net of fee waivers, if any | 1.62%A | 1.62% | 1.64% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.62%A | 1.62% | 1.63% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .52%A | .54% | .44% | .74% | .86% | 1.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 18,490 | $ 15,769 | $ 9,272 | $ 6,814 | $ 3,911 | $ 2,193 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.35 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.278 per share. J Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.088 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 40%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .16 | .18 | .18 | .18 |
Net realized and unrealized gain (loss) | .32 | .59 | .65 | 1.06 | (.06) | .71 |
Total from investment operations | .41 | .76 | .81 | 1.24 | .12 | .89 |
Distributions from net investment income | (.08) | (.18) | (.13) | (.17) | (.17) | (.18) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.39) | (.46) | (.26) | (.26) | (.44) H | (.21) |
Net asset value, end of period | $ 10.98 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C | 3.84% | 7.29% | 8.21% | 13.78% | 1.17% | 10.28% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .55%A | .56% | .57% | .59% | .64% | .76% |
Expenses net of fee waivers, if any | .55%A | .56% | .57% | .59% | .64% | .65% |
Expenses net of all reductions | .54%A | .56% | .56% | .58% | .63% | .64% |
Net investment income (loss) | 1.59%A | 1.60% | 1.51% | 1.81% | 1.87% | 2.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 907,958 | $ 769,619 | $ 495,019 | $ 328,995 | $ 146,236 | $ 77,613 |
Portfolio turnover rate F | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.278 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .15 | .17 | .18 | .18 |
Net realized and unrealized gain (loss) | .33 | .58 | .66 | 1.06 | (.06) | .71 |
Total from investment operations | .42 | .75 | .81 | 1.23 | .12 | .89 |
Distributions from net investment income | (.08) | (.18) | (.13) | (.16) | (.16) | (.18) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.39) | (.45) H | (.26) | (.25) | (.44) | (.21) |
Net asset value, end of period | $ 10.99 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C | 3.92% | 7.25% | 8.15% | 13.74% | 1.15% | 10.28% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .55%A | .58% | .63% | .66% | .68% | .76% |
Expenses net of fee waivers, if any | .55%A | .58% | .63% | .65% | .65% | .65% |
Expenses net of all reductions | .55%A | .57% | .62% | .64% | .64% | .64% |
Net investment income (loss) | 1.59%A | 1.59% | 1.45% | 1.74% | 1.86% | 2.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 6,075 | $ 4,256 | $ 1,196 | $ 911 | $ 580 | $ 882 |
Portfolio turnover rate F | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.45 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.276 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 50%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.1 | 0.7 |
Facebook, Inc. Class A | 0.5 | 0.4 |
Actavis PLC | 0.5 | 0.4 |
The Walt Disney Co. | 0.4 | 0.3 |
Citigroup, Inc. | 0.4 | 0.4 |
JPMorgan Chase & Co. | 0.3 | 0.4 |
Medtronic PLC | 0.3 | 0.3 |
Bank of America Corp. | 0.3 | 0.4 |
Google, Inc. Class C | 0.3 | 0.3 |
Google, Inc. Class A | 0.3 | 0.3 |
| 4.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 21.8 | 17.8 |
Consumer Discretionary | 9.1 | 7.8 |
Information Technology | 8.4 | 7.8 |
Health Care | 7.9 | 6.8 |
Industrials | 7.0 | 6.4 |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 8.5 | 12.4 |
Fannie Mae | 3.7 | 7.3 |
Ginnie Mae | 1.5 | 1.2 |
Citigroup, Inc. | 1.1 | 0.2 |
Freddie Mac | 1.0 | 1.0 |
| 15.8 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 7.7% |
| ![]() | AAA,AA,A 4.5% |
| ||
![]() | BBB 10.8% |
| ![]() | BBB 10.8% |
| ||
![]() | BB and Below 8.8% |
| ![]() | BB and Below 4.7% |
| ||
![]() | Not Rated 0.7% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 52.8% |
| ![]() | Equities** 50.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 41.4% |
| ![]() | Bond Class 41.7% |
| ||
![]() | Short-Term Class 6.0% |
| ![]() | Short-Term Class 7.6% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 25.6% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 50%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 51.8% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (e) | 2,230,939 | $ 16,486,642 | |
Fidelity Consumer Discretionary Central Fund (e) | 1,572,683 | 384,804,129 | |
Fidelity Consumer Staples Central Fund (e) | 1,123,734 | 247,468,792 | |
Fidelity Emerging Markets Equity Central Fund (e) | 204,640 | 41,588,889 | |
Fidelity Energy Central Fund (e) | 1,635,045 | 213,814,816 | |
Fidelity Financials Central Fund (e) | 6,703,974 | 593,301,708 | |
Fidelity Health Care Central Fund (e) | 1,200,731 | 451,282,822 | |
Fidelity Industrials Central Fund (e) | 1,416,225 | 334,880,603 | |
Fidelity Information Technology Central Fund (e) | 2,188,353 | 620,113,673 | |
Fidelity International Equity Central Fund (e) | 13,081,017 | 1,047,789,479 | |
Fidelity Materials Central Fund (e) | 498,612 | 111,549,545 | |
Fidelity Real Estate Equity Central Fund (e) | 901,414 | 96,793,865 | |
Fidelity Telecom Services Central Fund (e) | 364,966 | 61,726,710 | |
Fidelity Utilities Central Fund (e) | 660,690 | 104,838,350 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $2,707,718,229) |
| ||
Fixed-Income Central Funds - 44.4% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 4,096,274 | 39,160,381 | |
Fidelity Floating Rate Central Fund (e) | 1,551,432 | 163,815,674 | |
Fidelity High Income Central Fund 1 (e) | 3,203,484 | 323,487,857 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 38.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 944,142 | 93,781,662 | |
Fidelity Investment Grade Bond Central Fund (e) | 28,294,474 | 3,084,946,449 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $3,474,564,403) |
| ||
Money Market Central Funds - 2.2% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 110,687,214 | $ 110,687,214 | |
Fidelity Money Market Central Fund, 0.30% (b) | 55,344,512 | 55,344,512 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 20,482,000 | 20,482,000 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $186,513,726) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 860,000 | 859,989 |
Investment Companies - 1.9% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF (d) | 2,412,097 |
| |
TOTAL INVESTMENT (Cost $6,521,607,671) | 8,373,790,025 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (21,911,634) | ||
NET ASSETS - 100% | $ 8,351,878,391 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 168,808 |
Fidelity Commodity Strategy Central Fund | 9,015 |
Fidelity Consumer Discretionary Central Fund | 2,452,778 |
Fidelity Consumer Staples Central Fund | 2,949,224 |
Fidelity Emerging Markets Debt Central Fund | 1,302,622 |
Fidelity Emerging Markets Equity Central Fund | 554,269 |
Fidelity Energy Central Fund | 1,825,460 |
Fidelity Financials Central Fund | 4,606,749 |
Fidelity Floating Rate Central Fund | 3,890,307 |
Fidelity Health Care Central Fund | 1,275,102 |
Fidelity High Income Central Fund 1 | 8,337,728 |
Fidelity Industrials Central Fund | 2,155,158 |
Fidelity Information Technology Central Fund | 1,617,848 |
Fidelity International Equity Central Fund | 9,023,484 |
Fidelity Investment Grade Bond Central Fund | 42,961,300 |
Fidelity Materials Central Fund | 1,054,105 |
Fidelity Money Market Central Fund | 74,212 |
Fidelity Real Estate Equity Central Fund | 630,154 |
Fidelity Securities Lending Cash Central Fund | 846 |
Fidelity Telecom Services Central Fund | 675,498 |
Fidelity Utilities Central Fund | 1,368,948 |
Total | $ 86,933,615 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 20,470,784 | $ 219,785 | $ 691,567 | $ 16,486,642 | 5.2% |
Fidelity Consumer Discretionary Central Fund | 349,029,597 | 5,204,453 | 18,363,012 | 384,804,129 | 23.7% |
Fidelity Consumer Staples Central Fund | 260,890,931 | 4,919,004 | 37,050,921 | 247,468,792 | 21.0% |
Fidelity Emerging Markets Debt Central Fund | 40,494,059 | 1,830,107 | 1,152,617 | 39,160,381 | 36.6% |
Fidelity Emerging Markets Equity Central Fund | 163,068,383 | 1,726,948 | 114,636,588 | 41,588,889 | 33.4% |
Fidelity Energy Central Fund | 235,160,131 | 18,458,030 | 4,177,908 | 213,814,816 | 20.9% |
Fidelity Financials Central Fund | 572,892,452 | 9,571,484 | 20,244,078 | 593,301,708 | 23.4% |
Fidelity Floating Rate Central Fund | 165,566,828 | 5,295,343 | 4,610,460 | 163,815,674 | 9.4% |
Fidelity Health Care Central Fund | 427,242,889 | 4,656,643 | 66,352,615 | 451,282,822 | 22.4% |
Fidelity High Income Central Fund 1 | 158,322,446 | 174,696,426 | 7,038,425 | 323,487,857 | 34.8% |
Fidelity Industrials Central Fund | 311,842,081 | 4,883,348 | 9,681,945 | 334,880,603 | 23.6% |
Fidelity Inflation-Protected Bond Index Central Fund | 95,507,367 | 843,078 | 2,766,270 | 93,781,662 | 33.4% |
Fidelity Information Technology Central Fund | 562,454,955 | 35,663,085 | 23,255,961 | 620,113,673 | 22.3% |
Fidelity International Equity Central Fund | 1,007,434,589 | 58,005,870 | 29,510,135 | 1,047,789,479 | 35.3% |
Fidelity Investment Grade Bond Central Fund | 3,060,845,980 | 189,011,010 | 220,399,399 | 3,084,946,449 | 39.4% |
Fidelity Materials Central Fund | 117,717,077 | 2,739,516 | 5,745,948 | 111,549,545 | 23.8% |
Fidelity Real Estate Equity Central Fund | - | 94,202,360 | 1,194,795 | 96,793,865 | 34.3% |
Fidelity Telecom Services Central Fund | 59,838,623 | 1,298,206 | 1,342,218 | 61,726,710 | 20.3% |
Fidelity Utilities Central Fund | 116,214,245 | 2,322,495 | 15,900,895 | 104,838,350 | 22.3% |
Total | $ 7,724,993,417 | $ 615,547,191 | $ 584,115,757 | $ 8,031,632,046 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 4,326,440,023 | $ 4,326,440,023 | $ - | $ - |
Fixed-Income Central Funds | 3,705,192,023 | 3,705,192,023 | - | - |
Money Market Central Funds | 186,513,726 | 186,513,726 | - | - |
U.S. Treasury Obligations | 859,989 | - | 859,989 | - |
Investment Companies | 154,784,264 | 154,784,264 | - | - |
Total Investments in Securities: | $ 8,373,790,025 | $ 8,372,930,036 | $ 859,989 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 74.4% |
United Kingdom | 4.4% |
Japan | 2.9% |
Ireland | 1.7% |
Cayman Islands | 1.6% |
France | 1.4% |
Netherlands | 1.4% |
Switzerland | 1.2% |
Germany | 1.2% |
Mexico | 1.0% |
Others (Individually Less Than 1%) | 8.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 50%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $19,764,360) - See accompanying schedule: Unaffiliated issuers (cost $152,811,313) | $ 155,644,253 |
|
Fidelity Central Funds (cost $6,368,796,358) | 8,218,145,772 |
|
Total Investments (cost $6,521,607,671) |
| $ 8,373,790,025 |
Receivable for investments sold | 3,742,270 | |
Receivable for fund shares sold | 4,151,716 | |
Distributions receivable from Fidelity Central Funds | 16,822 | |
Prepaid expenses | 9,387 | |
Other receivables | 246,518 | |
Total assets | 8,381,956,738 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 4,765,634 | |
Accrued management fee | 3,466,417 | |
Distribution and service plan fees payable | 66,091 | |
Other affiliated payables | 1,065,950 | |
Other payables and accrued expenses | 232,255 | |
Collateral on securities loaned, at value | 20,482,000 | |
Total liabilities | 30,078,347 | |
|
|
|
Net Assets | $ 8,351,878,391 | |
Net Assets consist of: |
| |
Paid in capital | $ 7,348,769,546 | |
Undistributed net investment income | 29,802,805 | |
Accumulated undistributed net realized gain (loss) on investments | (878,876,314) | |
Net unrealized appreciation (depreciation) on investments | 1,852,182,354 | |
Net Assets | $ 8,351,878,391 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 17.43 | |
|
|
|
Maximum offering price per share (100/94.25 of $17.43) | $ 18.49 | |
Class T: | $ 17.41 | |
|
|
|
Maximum offering price per share (100/96.50 of $17.41) | $ 18.04 | |
Class B: | $ 17.38 | |
|
|
|
Class C: | $ 17.31 | |
|
|
|
Asset Manager 50%: | $ 17.49 | |
|
|
|
Institutional Class: | $ 17.47 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 343 |
Income from Fidelity Central Funds |
| 86,933,615 |
Total income |
| 86,933,958 |
|
|
|
Expenses | ||
Management fee | $ 20,459,967 | |
Transfer agent fees | 5,544,763 | |
Distribution and service plan fees | 388,815 | |
Accounting and security lending fees | 748,768 | |
Custodian fees and expenses | 705 | |
Independent trustees' compensation | 17,888 | |
Appreciation in deferred trustee compensation account | 217 | |
Registration fees | 90,276 | |
Audit | 21,549 | |
Legal | 35,015 | |
Miscellaneous | 29,625 | |
Total expenses before reductions | 27,337,588 | |
Expense reductions | (64,243) | 27,273,345 |
Net investment income (loss) | 59,660,613 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 2,388,399 | |
Fidelity Central Funds | 63,905,671 |
|
Futures contracts | 7,127,916 | |
Capital gain distributions from Fidelity Central Funds | 176,869 |
|
Total net realized gain (loss) |
| 73,598,855 |
Change in net unrealized appreciation (depreciation) on investment securities | 214,134,458 | |
Net gain (loss) | 287,733,313 | |
Net increase (decrease) in net assets resulting from operations | $ 347,393,926 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 59,660,613 | $ 121,717,370 |
Net realized gain (loss) | 73,598,855 | 110,762,468 |
Change in net unrealized appreciation (depreciation) | 214,134,458 | 394,152,737 |
Net increase (decrease) in net assets resulting from operations | 347,393,926 | 626,632,575 |
Distributions to shareholders from net investment income | (54,307,021) | (124,253,233) |
Distributions to shareholders from net realized gain | (522,702,473) | (387,669,599) |
Total distributions | (577,009,494) | (511,922,832) |
Share transactions - net increase (decrease) | 444,890,239 | 477,669,886 |
Total increase (decrease) in net assets | 215,274,671 | 592,379,629 |
|
|
|
Net Assets | ||
Beginning of period | 8,136,603,720 | 7,544,224,091 |
End of period (including undistributed net investment income of $29,802,805 and undistributed net investment income of $24,449,213, respectively) | $ 8,351,878,391 | $ 8,136,603,720 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.99 | $ 17.78 | $ 16.36 | $ 14.43 | $ 14.64 | $ 13.48 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .10 | .22 | .19 | .21 | .22 | .23 |
Net realized and unrealized gain (loss) | .61 | 1.13 | 1.43 | 1.98 | (.19) | 1.17 |
Total from investment operations | .71 | 1.35 | 1.62 | 2.19 | .03 | 1.40 |
Distributions from net investment income | (.10) | (.23) | (.19) | (.23) | (.22) | (.24) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.27) | (1.14) | (.20) I | (.26) J | (.24) | (.24) |
Net asset value, end of period | $ 17.43 | $ 17.99 | $ 17.78 | $ 16.36 | $ 14.43 | $ 14.64 |
Total ReturnB, C, D | 4.20% | 7.96% | 10.01% | 15.31% | .11% | 10.52% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .96%A | .95% | .99% | 1.01% | 1.01% | .98% |
Expenses net of fee waivers, if any | .96%A | .95% | .99% | 1.01% | 1.01% | .98% |
Expenses net of all reductions | .95%A | .95% | .98% | 1.00% | 1.00% | .96% |
Net investment income (loss) | 1.17%A | 1.24% | 1.12% | 1.35% | 1.43% | 1.62% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 73,454 | $ 72,246 | $ 74,128 | $ 61,693 | $ 48,154 | $ 44,879 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.20 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.015 per share. J Total distributions of $.26 per share is comprised of distributions from net investment income of $.232 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.97 | $ 17.76 | $ 16.34 | $ 14.41 | $ 14.63 | $ 13.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .08 | .17 | .15 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .60 | 1.14 | 1.43 | 1.98 | (.20) | 1.17 |
Total from investment operations | .68 | 1.31 | 1.58 | 2.15 | (.01) | 1.36 |
Distributions from net investment income | (.07) | (.19) | (.15) | (.20) | (.19) | (.20) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.24) | (1.10) | (.16) I | (.22) | (.21) | (.20) |
Net asset value, end of period | $ 17.41 | $ 17.97 | $ 17.76 | $ 16.34 | $ 14.41 | $ 14.63 |
Total ReturnB, C, D | 4.05% | 7.69% | 9.76% | 15.06% | (.16)% | 10.24% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.22%A | 1.22% | 1.24% | 1.24% | 1.23% | 1.22% |
Expenses net of fee waivers, if any | 1.22%A | 1.22% | 1.24% | 1.24% | 1.23% | 1.22% |
Expenses net of all reductions | 1.22%A | 1.22% | 1.22% | 1.23% | 1.22% | 1.21% |
Net investment income (loss) | .90%A | .97% | .87% | 1.12% | 1.21% | 1.38% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,710 | $ 32,372 | $ 28,826 | $ 22,505 | $ 19,679 | $ 17,343 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.16 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.94 | $ 17.73 | $ 16.31 | $ 14.38 | $ 14.59 | $ 13.44 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .09 | .06 | .09 | .11 | .11 |
Net realized and unrealized gain (loss) | .60 | 1.13 | 1.44 | 1.98 | (.20) | 1.17 |
Total from investment operations | .64 | 1.22 | 1.50 | 2.07 | (.09) | 1.28 |
Distributions from net investment income | (.03) | (.10) | (.06) | (.11) | (.10) | (.13) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.20) | (1.01) | (.08) | (.14) I | (.12) | (.13) |
Net asset value, end of period | $ 17.38 | $ 17.94 | $ 17.73 | $ 16.31 | $ 14.38 | $ 14.59 |
Total ReturnB, C, D | 3.79% | 7.17% | 9.20% | 14.47% | (.65)% | 9.60% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.69%A | 1.70% | 1.74% | 1.76% | 1.76% | 1.78% |
Expenses net of fee waivers, if any | 1.69%A | 1.70% | 1.74% | 1.76% | 1.76% | 1.78% |
Expenses net of all reductions | 1.69%A | 1.70% | 1.72% | 1.75% | 1.75% | 1.77% |
Net investment income (loss) | .43%A | .49% | .37% | .61% | .68% | .82% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,035 | $ 3,579 | $ 3,882 | $ 4,186 | $ 4,109 | $ 4,843 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.88 | $ 17.68 | $ 16.27 | $ 14.35 | $ 14.57 | $ 13.42 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .08 | .06 | .09 | .11 | .12 |
Net realized and unrealized gain (loss) | .60 | 1.13 | 1.43 | 1.98 | (.19) | 1.17 |
Total from investment operations | .63 | 1.21 | 1.49 | 2.07 | (.08) | 1.29 |
Distributions from net investment income | (.03) | (.10) | (.07) | (.12) | (.11) | (.14) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.20) | (1.01) | (.08) I | (.15) J | (.14) K | (.14) |
Net asset value, end of period | $ 17.31 | $ 17.88 | $ 17.68 | $ 16.27 | $ 14.35 | $ 14.57 |
Total ReturnB, C, D | 3.74% | 7.16% | 9.21% | 14.49% | (.64)% | 9.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.72%A | 1.72% | 1.74% | 1.75% | 1.74% | 1.74% |
Expenses net of fee waivers, if any | 1.72%A | 1.72% | 1.74% | 1.75% | 1.74% | 1.74% |
Expenses net of all reductions | 1.72%A | 1.72% | 1.73% | 1.74% | 1.73% | 1.73% |
Net investment income (loss) | .40%A | .47% | .37% | .61% | .71% | .86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,037 | $ 38,792 | $ 31,204 | $ 21,859 | $ 17,320 | $ 14,274 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share. J Total distributions of $.15 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.024 per share. K Total distributions of $.14 per share is comprised of distributions from net investment income of $.11 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 50%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 18.06 | $ 17.84 | $ 16.41 | $ 14.47 | $ 14.68 | $ 13.51 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .13 | .28 | .24 | .26 | .27 | .26 |
Net realized and unrealized gain (loss) | .59 | 1.14 | 1.44 | 1.99 | (.19) | 1.18 |
Total from investment operations | .72 | 1.42 | 1.68 | 2.25 | .08 | 1.44 |
Distributions from net investment income | (.12) | (.29) | (.24) | (.28) | (.26) | (.27) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.29) | (1.20) | (.25) H | (.31) I | (.29) J | (.27) |
Net asset value, end of period | $ 17.49 | $ 18.06 | $ 17.84 | $ 16.41 | $ 14.47 | $ 14.68 |
Total ReturnB, C | 4.28% | 8.33% | 10.38% | 15.71% | .41% | 10.79% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .66%A | .66% | .68% | .69% | .70% | .71% |
Expenses net of fee waivers, if any | .66%A | .66% | .67% | .69% | .70% | .71% |
Expenses net of all reductions | .66%A | .66% | .66% | .68% | .69% | .70% |
Net investment income (loss) | 1.47%A | 1.53% | 1.43% | 1.67% | 1.75% | 1.89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,167,287 | $ 7,956,041 | $ 7,384,756 | $ 6,838,743 | $ 5,878,293 | $ 6,308,311 |
Portfolio turnover rate F | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.25 per share is comprised of distributions from net investment income of $.239 and distributions from net realized gain of $.015 per share. I Total distributions of $.31 per share is comprised of distributions from net investment income of $.281 and distributions from net realized gain of $.024 per share. J Total distributions of $.29 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 18.03 | $ 17.81 | $ 16.39 | $ 14.46 | $ 14.67 | $ 13.50 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .13 | .27 | .24 | .25 | .26 | .26 |
Net realized and unrealized gain (loss) | .60 | 1.14 | 1.43 | 1.98 | (.19) | 1.19 |
Total from investment operations | .73 | 1.41 | 1.67 | 2.23 | .07 | 1.45 |
Distributions from net investment income | (.12) | (.28) | (.23) | (.27) | (.26) | (.28) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.29) | (1.19) | (.25) | (.30) H | (.28) | (.28) |
Net asset value, end of period | $ 17.47 | $ 18.03 | $ 17.81 | $ 16.39 | $ 14.46 | $ 14.67 |
Total ReturnB, C | 4.32% | 8.29% | 10.28% | 15.58% | .37% | 10.87% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .70%A | .71% | .72% | .75% | .74% | .71% |
Expenses net of fee waivers, if any | .70%A | .71% | .72% | .75% | .74% | .71% |
Expenses net of all reductions | .70%A | .71% | .71% | .74% | .73% | .69% |
Net investment income (loss) | 1.42%A | 1.48% | 1.39% | 1.61% | 1.71% | 1.90% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 31,354 | $ 33,575 | $ 21,429 | $ 14,732 | $ 7,316 | $ 5,154 |
Portfolio turnover rate F | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.30 per share is comprised of distributions from net investment income of $.272 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.3 | 0.9 |
Facebook, Inc. Class A | 0.6 | 0.4 |
Actavis PLC | 0.6 | 0.5 |
The Walt Disney Co. | 0.5 | 0.4 |
Citigroup, Inc. | 0.4 | 0.4 |
JPMorgan Chase & Co. | 0.4 | 0.4 |
Medtronic PLC | 0.4 | 0.3 |
Google, Inc. Class C | 0.4 | 0.4 |
Google, Inc. Class A | 0.4 | 0.4 |
Bank of America Corp. | 0.4 | 0.4 |
| 5.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.8 | 17.5 |
Consumer Discretionary | 9.6 | 8.7 |
Information Technology | 9.6 | 9.3 |
Health Care | 9.2 | 8.2 |
Industrials | 7.9 | 7.3 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 6.3% |
| ![]() | AAA,AA,A 3.7% |
| ||
![]() | BBB 8.8% |
| ![]() | BBB 9.0% |
| ||
![]() | BB and Below 7.4% |
| ![]() | BB and Below 3.6% |
| ||
![]() | Not Rated 0.5% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 62.6% |
| ![]() | Equities** 59.8% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 34.1% |
| ![]() | Bond Class 34.9% |
| ||
![]() | Short-Term Class 3.7% |
| ![]() | Short-Term Class 4.4% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 28.8% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 60%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 61.4% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 411,263 | $ 3,039,235 | |
Fidelity Consumer Discretionary Central Fund (c) | 327,656 | 80,170,895 | |
Fidelity Consumer Staples Central Fund (c) | 238,839 | 52,597,151 | |
Fidelity Emerging Markets Equity Central Fund (c) | 44,098 | 8,962,000 | |
Fidelity Energy Central Fund (c) | 343,227 | 44,883,740 | |
Fidelity Financials Central Fund (c) | 1,402,480 | 124,119,496 | |
Fidelity Health Care Central Fund (c) | 254,071 | 95,490,007 | |
Fidelity Industrials Central Fund (c) | 297,559 | 70,360,761 | |
Fidelity Information Technology Central Fund (c) | 462,596 | 131,085,875 | |
Fidelity International Equity Central Fund (c) | 2,842,620 | 227,693,863 | |
Fidelity Materials Central Fund (c) | 105,279 | 23,552,930 | |
Fidelity Real Estate Equity Central Fund (c) | 160,115 | 17,193,191 | |
Fidelity Telecom Services Central Fund (c) | 79,481 | 13,442,573 | |
Fidelity Utilities Central Fund (c) | 142,357 | 22,589,206 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $664,897,237) |
| ||
Fixed-Income Central Funds - 36.5% | |||
|
|
|
|
High Yield Fixed-Income Funds - 5.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 727,530 | 6,955,183 | |
Fidelity Floating Rate Central Fund (c) | 132,514 | 13,992,205 | |
Fidelity High Income Central Fund 1 (c) | 568,180 | 57,374,841 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 31.2% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 168,465 | 16,733,638 | |
Fidelity Investment Grade Bond Central Fund (c) | 4,109,269 | 448,033,550 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $524,462,125) |
| ||
Money Market Central Funds - 0.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 264,409 | $ 264,409 |
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 220,000 |
|
Investment Companies - 2.1% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 487,417 |
| |
TOTAL INVESTMENT (Cost $1,220,586,173) | 1,490,032,295 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (248,386) | ||
NET ASSETS - 100% | $ 1,489,783,909 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 15,170 |
Fidelity Commodity Strategy Central Fund | 1,528 |
Fidelity Consumer Discretionary Central Fund | 493,572 |
Fidelity Consumer Staples Central Fund | 600,337 |
Fidelity Emerging Markets Debt Central Fund | 219,701 |
Fidelity Emerging Markets Equity Central Fund | 96,529 |
Fidelity Energy Central Fund | 369,191 |
Fidelity Financials Central Fund | 908,115 |
Fund | Income earned |
Fidelity Floating Rate Central Fund | $ 316,274 |
Fidelity Health Care Central Fund | 256,367 |
Fidelity High Income Central Fund 1 | 1,433,541 |
Fidelity Industrials Central Fund | 430,275 |
Fidelity Information Technology Central Fund | 327,545 |
Fidelity International Equity Central Fund | 1,911,524 |
Fidelity Investment Grade Bond Central Fund | 5,999,409 |
Fidelity Materials Central Fund | 210,050 |
Fidelity Real Estate Equity Central Fund | 107,655 |
Fidelity Telecom Services Central Fund | 137,943 |
Fidelity Utilities Central Fund | 273,228 |
Total | $ 14,107,954 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 3,272,057 | $ 451,276 | $ 77,249 | $ 3,039,235 | 1.0% |
Fidelity Consumer Discretionary Central Fund | 65,587,086 | 7,414,657 | 2,528,650 | 80,170,895 | 4.9% |
Fidelity Consumer Staples Central Fund | 48,995,079 | 5,417,135 | 5,425,595 | 52,597,151 | 4.5% |
Fidelity Emerging Markets Debt Central Fund | 6,409,677 | 998,576 | 128,748 | 6,955,183 | 6.7% |
Fidelity Emerging Markets Equity Central Fund | 27,387,377 | 2,846,855 | 19,830,997 | 8,962,000 | 7.2% |
Fidelity Energy Central Fund | 44,754,610 | 7,726,670 | 675,420 | 44,883,740 | 4.4% |
Fidelity Financials Central Fund | 107,841,822 | 13,404,228 | 3,128,472 | 124,119,496 | 4.9% |
Fidelity Floating Rate Central Fund | 12,620,463 | 1,820,924 | 263,859 | 13,992,205 | 0.8% |
Fidelity Health Care Central Fund | 79,869,175 | 8,466,985 | 10,074,013 | 95,490,007 | 4.7% |
Fidelity High Income Central Fund 1 | 24,479,691 | 34,141,060 | 861,565 | 57,374,841 | 6.2% |
Fidelity Industrials Central Fund | 58,752,305 | 7,379,916 | 1,182,851 | 70,360,761 | 5.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 15,206,746 | 1,798,996 | 308,995 | 16,733,638 | 6.0% |
Fidelity Information Technology Central Fund | 105,422,442 | 19,220,771 | 2,664,761 | 131,085,875 | 4.7% |
Fidelity International Equity Central Fund | 196,706,354 | 32,233,223 | 4,118,438 | 227,693,863 | 7.7% |
Fidelity Investment Grade Bond Central Fund | 409,665,548 | 61,952,645 | 31,148,257 | 448,033,550 | 5.7% |
Fidelity Materials Central Fund | 22,067,642 | 2,501,208 | 402,328 | 23,552,930 | 5.0% |
Fidelity Real Estate Equity Central Fund | - | 16,725,753 | 185,358 | 17,193,191 | 6.1% |
Fidelity Telecom Services Central Fund | 11,563,019 | 1,698,524 | 217,251 | 13,442,573 | 4.4% |
Fidelity Utilities Central Fund | 21,744,979 | 2,567,948 | 2,119,016 | 22,589,206 | 4.8% |
Total | $ 1,262,346,072 | $ 228,767,350 | $ 85,341,823 | $ 1,458,270,340 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 915,180,923 | $ 915,180,923 | $ - | $ - |
Fixed-Income Central Funds | 543,089,417 | 543,089,417 | - | - |
Money Market Central Funds | 264,409 | 264,409 | - | - |
U.S. Treasury Obligations | 219,997 | - | 219,997 | - |
Investment Companies | 31,277,549 | 31,277,549 | - | - |
Total Investments in Securities: | $ 1,490,032,295 | $ 1,489,812,298 | $ 219,997 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 71.2% |
United Kingdom | 5.2% |
Japan | 3.3% |
Ireland | 2.1% |
France | 1.6% |
Switzerland | 1.6% |
Cayman Islands | 1.6% |
Germany | 1.4% |
Netherlands | 1.4% |
Others (Individually Less Than 1%) | 10.6% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $30,962,402) | $ 31,497,546 |
|
Fidelity Central Funds (cost $1,189,623,771) | 1,458,534,749 |
|
Total Investments (cost $1,220,586,173) |
| $ 1,490,032,295 |
Cash |
| 19,514 |
Receivable for investments sold | 646,463 | |
Receivable for fund shares sold | 1,109,083 | |
Distributions receivable from Fidelity Central Funds | 120 | |
Prepaid expenses | 1,513 | |
Other receivables | 5,615 | |
Total assets | 1,491,814,603 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 206,739 | |
Payable for fund shares redeemed | 891,665 | |
Accrued management fee | 677,430 | |
Transfer agent fee payable | 145,056 | |
Distribution and service plan fees payable | 44,717 | |
Other affiliated payables | 49,373 | |
Other payables and accrued expenses | 15,714 | |
Total liabilities | 2,030,694 | |
|
|
|
Net Assets | $ 1,489,783,909 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,331,595,857 | |
Undistributed net investment income | 4,538,058 | |
Accumulated undistributed net realized gain (loss) on investments | (115,796,128) | |
Net unrealized appreciation (depreciation) on investments | 269,446,122 | |
Net Assets | $ 1,489,783,909 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 11.35 | |
|
|
|
Maximum offering price per share (100/94.25 of $11.35) | $ 12.04 | |
Class T: | $ 11.30 | |
|
|
|
Maximum offering price per share (100/96.50 of $11.30) | $ 11.71 | |
Class B: | $ 11.36 | |
|
|
|
Class C: | $ 11.20 | |
|
|
|
Asset Manager 60%: | $ 11.38 | |
|
|
|
Institutional Class: | $ 11.39 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 81 |
Income from Fidelity Central Funds |
| 14,107,954 |
Total income |
| 14,108,035 |
|
|
|
Expenses | ||
Management fee | $ 3,817,666 | |
Transfer agent fees | 837,807 | |
Distribution and service plan fees | 255,013 | |
Accounting fees and expenses | 280,098 | |
Custodian fees and expenses | 491 | |
Independent trustees' compensation | 2,877 | |
Registration fees | 75,217 | |
Audit | 22,783 | |
Legal | 2,650 | |
Miscellaneous | 5,196 | |
Total expenses before reductions | 5,299,798 | |
Expense reductions | (12,579) | 5,287,219 |
Net investment income (loss) | 8,820,816 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (1,598,605) |
|
Futures contracts | 1,537,357 | |
Capital gain distributions from Fidelity Central Funds | 29,342 |
|
Total net realized gain (loss) |
| (31,906) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 54,632,491 | |
Futures contracts | 100,946 | |
Total change in net unrealized appreciation (depreciation) |
| 54,733,437 |
Net gain (loss) | 54,701,531 | |
Net increase (decrease) in net assets resulting from operations | $ 63,522,347 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 8,820,816 | $ 15,720,508 |
Net realized gain (loss) | (31,906) | 3,083,410 |
Change in net unrealized appreciation (depreciation) | 54,733,437 | 75,693,397 |
Net increase (decrease) in net assets resulting from operations | 63,522,347 | 94,497,315 |
Distributions to shareholders from net investment income | (17,475,457) | (10,626,498) |
Distributions to shareholders from net realized gain | (64,516,613) | (44,197,173) |
Total distributions | (81,992,070) | (54,823,671) |
Share transactions - net increase (decrease) | 211,400,534 | 322,567,151 |
Total increase (decrease) in net assets | 192,930,811 | 362,240,795 |
|
|
|
Net Assets | ||
Beginning of period | 1,296,853,098 | 934,612,303 |
End of period (including undistributed net investment income of $4,538,058 and undistributed net investment income of $13,192,699, respectively) | $ 1,489,783,909 | $ 1,296,853,098 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.53 | $ 11.17 | $ 10.16 | $ 8.76 | $ 9.19 | $ 8.41 |
Income from Investment Operations |
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Net investment income (loss) E | .06 | .12 | .11 | .12 | .13 | .13 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.38 | (.20) | .76 |
Total from investment operations | .50 | .95 | 1.21 | 1.50 | (.07) | .89 |
Distributions from net investment income | (.12) | (.09) | (.09) | (.08) | (.09) | (.09) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.68) | (.59) | (.20) | (.10) | (.36) I | (.11) |
Net asset value, end of period | $ 11.35 | $ 11.53 | $ 11.17 | $ 10.16 | $ 8.76 | $ 9.19 |
Total ReturnB, C, D | 4.55% | 8.87% | 12.15% | 17.27% | (1.05)% | 10.62% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.03%A | 1.03% | 1.06% | 1.09% | 1.12% | 1.22% |
Expenses net of fee waivers, if any | 1.03%A | 1.03% | 1.06% | 1.09% | 1.10% | 1.10% |
Expenses net of all reductions | 1.03%A | 1.03% | 1.05% | 1.08% | 1.09% | 1.08% |
Net investment income (loss) | 1.00%A | 1.08% | 1.02% | 1.26% | 1.39% | 1.44% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 56,766 | $ 53,382 | $ 41,926 | $ 37,312 | $ 30,707 | $ 20,690 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.36 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.262 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.48 | $ 11.12 | $ 10.12 | $ 8.72 | $ 9.15 | $ 8.38 |
Income from Investment Operations |
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Net investment income (loss) E | .04 | .09 | .08 | .10 | .11 | .10 |
Net realized and unrealized gain (loss) | .43 | .84 | 1.09 | 1.38 | (.21) | .76 |
Total from investment operations | .47 | .93 | 1.17 | 1.48 | (.10) | .86 |
Distributions from net investment income | (.09) | (.07) | (.06) | (.06) | (.07) | (.07) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.65) | (.57) | (.17) | (.08) | (.33) | (.09) |
Net asset value, end of period | $ 11.30 | $ 11.48 | $ 11.12 | $ 10.12 | $ 8.72 | $ 9.15 |
Total ReturnB, C, D | 4.29% | 8.66% | 11.78% | 17.12% | (1.34)% | 10.32% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.30%A | 1.30% | 1.32% | 1.34% | 1.37% | 1.45% |
Expenses net of fee waivers, if any | 1.30%A | 1.30% | 1.32% | 1.34% | 1.35% | 1.35% |
Expenses net of all reductions | 1.29%A | 1.30% | 1.31% | 1.33% | 1.34% | 1.33% |
Net investment income (loss) | .74%A | .81% | .76% | 1.01% | 1.14% | 1.19% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 16,871 | $ 14,759 | $ 13,639 | $ 11,380 | $ 8,045 | $ 6,035 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.48 | $ 11.12 | $ 10.11 | $ 8.69 | $ 9.12 | $ 8.37 |
Income from Investment Operations |
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Net investment income (loss) E | .01 | .03 | .02 | .05 | .06 | .06 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.39 | (.21) | .75 |
Total from investment operations | .45 | .86 | 1.12 | 1.44 | (.15) | .81 |
Distributions from net investment income | (.02) | - | - | - | (.02) | (.04) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.57) I | (.50) | (.11) | (.02) | (.28) | (.06) |
Net asset value, end of period | $ 11.36 | $ 11.48 | $ 11.12 | $ 10.11 | $ 8.69 | $ 9.12 |
Total ReturnB, C, D | 4.16% | 8.01% | 11.21% | 16.53% | (1.82)% | 9.68% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.80%A | 1.82% | 1.89% | 1.92% | 1.95% | 2.05% |
Expenses net of fee waivers, if any | 1.80%A | 1.82% | 1.85% | 1.85% | 1.85% | 1.85% |
Expenses net of all reductions | 1.80%A | 1.82% | 1.84% | 1.84% | 1.84% | 1.83% |
Net investment income (loss) | .24%A | .29% | .23% | .50% | .64% | .69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 1,543 | $ 1,667 | $ 1,756 | $ 1,745 | $ 1,833 | $ 1,987 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.57 per share is comprised of distributions from net investment income of $.018 and distributions from net realized gain of $.555 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.35 | $ 11.04 | $ 10.06 | $ 8.67 | $ 9.10 | $ 8.37 |
Income from Investment Operations |
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Net investment income (loss) E | .01 | .04 | .02 | .05 | .06 | .06 |
Net realized and unrealized gain (loss) | .44 | .81 | 1.10 | 1.38 | (.20) | .74 |
Total from investment operations | .45 | .85 | 1.12 | 1.43 | (.14) | .80 |
Distributions from net investment income | (.04) | (.04) | (.02) | (.02) | (.03) | (.05) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.60) | (.54) | (.14) I | (.04) | (.29) | (.07) |
Net asset value, end of period | $ 11.20 | $ 11.35 | $ 11.04 | $ 10.06 | $ 8.67 | $ 9.10 |
Total ReturnB, C, D | 4.18% | 7.98% | 11.24% | 16.55% | (1.79)% | 9.62% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.80%A | 1.80% | 1.84% | 1.88% | 1.90% | 1.97% |
Expenses net of fee waivers, if any | 1.80%A | 1.80% | 1.84% | 1.85% | 1.85% | 1.85% |
Expenses net of all reductions | 1.79%A | 1.80% | 1.83% | 1.84% | 1.83% | 1.83% |
Net investment income (loss) | .24%A | .31% | .24% | .50% | .64% | .69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 29,907 | $ 25,867 | $ 18,390 | $ 10,185 | $ 6,928 | $ 4,256 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.112 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 60%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.80 | $ 9.22 | $ 8.43 |
Income from Investment Operations |
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Net investment income (loss) D | .07 | .16 | .14 | .15 | .16 | .15 |
Net realized and unrealized gain (loss) | .43 | .84 | 1.10 | 1.39 | (.21) | .76 |
Total from investment operations | .50 | 1.00 | 1.24 | 1.54 | (.05) | .91 |
Distributions from net investment income | (.16) | (.13) | (.12) | (.11) | (.11) | (.10) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.71) H | (.63) | (.23) | (.13) | (.37) | (.12) |
Net asset value, end of period | $ 11.38 | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.80 | $ 9.22 |
Total ReturnB, C | 4.59% | 9.26% | 12.45% | 17.73% | (.79)% | 10.88% |
Ratios to Average Net Assets E, G |
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Expenses before reductions | .72%A | .72% | .74% | .77% | .82% | .92% |
Expenses net of fee waivers, if any | .72%A | .72% | .74% | .77% | .82% | .85% |
Expenses net of all reductions | .72%A | .72% | .73% | .76% | .80% | .83% |
Net investment income (loss) | 1.31%A | 1.39% | 1.34% | 1.59% | 1.67% | 1.69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 1,368,072 | $ 1,187,056 | $ 850,361 | $ 557,351 | $ 246,943 | $ 95,660 |
Portfolio turnover rate F | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.71 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.555 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.79 | $ 9.22 | $ 8.43 |
Income from Investment Operations |
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Net investment income (loss) D | .07 | .15 | .13 | .15 | .16 | .15 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.39 | (.22) | .76 |
Total from investment operations | .51 | .98 | 1.23 | 1.54 | (.06) | .91 |
Distributions from net investment income | (.15) | (.11) | (.11) | (.10) | (.11) | (.10) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.71) | (.61) | (.22) | (.12) | (.37) | (.12) |
Net asset value, end of period | $ 11.39 | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.79 | $ 9.22 |
Total ReturnB, C | 4.63% | 9.15% | 12.35% | 17.73% | (.87)% | 10.88% |
Ratios to Average Net Assets E, G |
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Expenses before reductions | .77%A | .78% | .82% | .84% | .85% | .95% |
Expenses net of fee waivers, if any | .77%A | .78% | .82% | .84% | .85% | .85% |
Expenses net of all reductions | .76%A | .78% | .81% | .83% | .84% | .83% |
Net investment income (loss) | 1.27%A | 1.33% | 1.26% | 1.51% | 1.64% | 1.69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 16,625 | $ 14,122 | $ 8,540 | $ 8,964 | $ 7,470 | $ 3,228 |
Portfolio turnover rate F | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 70%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.5 | 1.0 |
Facebook, Inc. Class A | 0.7 | 0.5 |
Actavis PLC | 0.7 | 0.6 |
The Walt Disney Co. | 0.5 | 0.4 |
Citigroup, Inc. | 0.5 | 0.5 |
JPMorgan Chase & Co. | 0.5 | 0.5 |
Medtronic PLC | 0.5 | 0.3 |
Google, Inc. Class C | 0.5 | 0.4 |
Bank of America Corp. | 0.5 | 0.5 |
Google, Inc. Class A | 0.5 | 0.4 |
| 6.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.2 | 18.4 |
Information Technology | 11.2 | 10.2 |
Consumer Discretionary | 10.5 | 9.9 |
Health Care | 10.4 | 9.7 |
Industrials | 8.5 | 8.3 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 4.4% |
| ![]() | AAA,AA,A 2.8% |
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![]() | BBB 6.1% |
| ![]() | BBB 5.8% |
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![]() | BB and Below 6.3% |
| ![]() | BB and Below 3.5% |
| ||
![]() | Not Rated 0.3% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 71.9% |
| ![]() | Equities** 70.2% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
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* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
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![]() | Bond Class 24.9% |
| ![]() | Bond Class 25.0% |
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![]() | Short-Term Class 3.1% |
| ![]() | Short-Term Class 4.2% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 30.4% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 70%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 70.9% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (e) | 1,154,787 | $ 8,533,875 | |
Fidelity Consumer Discretionary Central Fund (e) | 1,101,753 | 269,576,930 | |
Fidelity Consumer Staples Central Fund (e) | 800,307 | 176,243,663 | |
Fidelity Emerging Markets Equity Central Fund (e) | 212,533 | 43,192,997 | |
Fidelity Energy Central Fund (e) | 1,145,236 | 149,762,483 | |
Fidelity Financials Central Fund (e) | 4,704,609 | 416,357,859 | |
Fidelity Health Care Central Fund (e) | 846,936 | 318,312,538 | |
Fidelity Industrials Central Fund (e) | 989,480 | 233,972,415 | |
Fidelity Information Technology Central Fund (e) | 1,549,006 | 438,941,831 | |
Fidelity International Equity Central Fund (e) | 9,385,091 | 751,745,791 | |
Fidelity Materials Central Fund (e) | 352,738 | 78,914,653 | |
Fidelity Real Estate Equity Central Fund (e) | 460,166 | 49,412,592 | |
Fidelity Telecom Services Central Fund (e) | 254,853 | 43,103,357 | |
Fidelity Utilities Central Fund (e) | 477,737 | 75,807,278 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $2,114,823,044) |
| ||
Fixed-Income Central Funds - 26.6% | |||
|
|
|
|
High Yield Fixed-Income Funds - 5.2% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 2,086,623 | 19,948,113 | |
Fidelity Floating Rate Central Fund (e) | 377,993 | 39,912,317 | |
Fidelity High Income Central Fund 1 (e) | 1,639,508 | 165,557,501 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 21.4% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 500,593 | 49,723,888 | |
Fidelity Investment Grade Bond Central Fund (e) | 7,981,517 | 870,224,851 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,102,950,583) |
| ||
Money Market Central Funds - 0.1% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 158,050 | 158,050 | |
Fidelity Money Market Central Fund, 0.30% (b) | 4 | 4 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 1,602,650 | 1,602,650 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $1,760,704) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 1,420,000 | $ 1,419,982 |
Investment Companies - 2.5% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF (d) | 1,642,107 |
| |
TOTAL INVESTMENT (Cost $3,324,804,039) | 4,307,799,623 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,695,123) | ||
NET ASSETS - 100% | $ 4,305,104,500 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 43,252 |
Fidelity Commodity Strategy Central Fund | 4,551 |
Fidelity Consumer Discretionary Central Fund | 1,703,851 |
Fidelity Consumer Staples Central Fund | 2,062,514 |
Fidelity Emerging Markets Debt Central Fund | 653,408 |
Fidelity Emerging Markets Equity Central Fund | 399,830 |
Fidelity Energy Central Fund | 1,292,239 |
Fidelity Financials Central Fund | 3,151,124 |
Fidelity Floating Rate Central Fund | 934,467 |
Fidelity Health Care Central Fund | 889,605 |
Fidelity High Income Central Fund 1 | 4,264,380 |
Fidelity Industrials Central Fund | 1,476,845 |
Fidelity Information Technology Central Fund | 1,128,995 |
Fidelity International Equity Central Fund | 6,480,346 |
Fidelity Investment Grade Bond Central Fund | 11,967,798 |
Fidelity Materials Central Fund | 724,615 |
Fidelity Real Estate Equity Central Fund | 318,964 |
Fidelity Securities Lending Cash Central Fund | 237 |
Fidelity Telecom Services Central Fund | 463,277 |
Fidelity Utilities Central Fund | 945,283 |
Total | $ 38,905,581 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 10,103,371 | $ 372,063 | $ 159,559 | $ 8,533,875 | 2.7% |
Fidelity Consumer Discretionary Central Fund | 234,969,975 | 8,066,416 | 7,307,574 | 269,576,930 | 16.6% |
Fidelity Consumer Staples Central Fund | 176,144,673 | 6,763,241 | 19,586,406 | 176,243,663 | 15.0% |
Fidelity Emerging Markets Debt Central Fund | 19,855,699 | 1,354,129 | 265,931 | 19,948,113 | 18.6% |
Fidelity Emerging Markets Equity Central Fund | 115,733,112 | 3,634,739 | 70,247,116 | 43,192,997 | 34.7% |
Fidelity Energy Central Fund | 167,317,558 | 9,921,240 | 1,619,112 | 149,762,483 | 14.6% |
Fidelity Financials Central Fund | 385,467,487 | 14,937,356 | 5,167,008 | 416,357,859 | 16.4% |
Fidelity Floating Rate Central Fund | 38,858,316 | 2,166,477 | 539,105 | 39,912,317 | 2.3% |
Fidelity Health Care Central Fund | 287,633,271 | 8,891,716 | 37,894,250 | 318,312,538 | 15.8% |
Fidelity High Income Central Fund 1 | 74,152,556 | 94,476,007 | 1,787,744 | 165,557,501 | 17.8% |
Fidelity Industrials Central Fund | 209,749,006 | 8,090,600 | 2,799,756 | 233,972,415 | 16.5% |
Fidelity Inflation-Protected Bond Index Central Fund | 39,283,784 | 10,989,743 | 621,763 | 49,723,888 | 17.7% |
Fidelity Information Technology Central Fund | 378,865,383 | 37,041,196 | 8,244,107 | 438,941,831 | 15.8% |
Fidelity International Equity Central Fund | 730,319,960 | 47,400,106 | 34,783,056 | 751,745,791 | 25.3% |
Fidelity Investment Grade Bond Central Fund | 868,102,602 | 74,463,897 | 87,476,069 | 870,224,851 | 11.1% |
Fidelity Materials Central Fund | 79,084,304 | 3,536,266 | 1,539,387 | 78,914,653 | 16.9% |
Fidelity Real Estate Equity Central Fund | - | 47,880,980 | 385,353 | 49,412,592 | 17.5% |
Fidelity Telecom Services Central Fund | 40,322,450 | 1,971,599 | 521,213 | 43,103,357 | 14.2% |
Fidelity Utilities Central Fund | 78,119,318 | 3,267,018 | 7,119,012 | 75,807,278 | 16.2% |
Total | $ 3,934,082,825 | $ 385,224,789 | $ 288,063,521 | $ 4,199,244,932 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $ 3,053,878,262 | $ 3,053,878,262 | $ - | $ - |
Fixed-Income Central Funds | 1,145,366,670 | 1,145,366,670 | - | - |
Money Market Central Funds | 1,760,704 | 1,760,704 | - | - |
U.S. Treasury Obligations | 1,419,982 | - | 1,419,982 | - |
Investment Companies | 105,374,005 | 105,374,005 | - | - |
Total Investments in Securities: | $ 4,307,799,623 | $ 4,306,379,641 | $ 1,419,982 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 69.6% |
United Kingdom | 5.4% |
Japan | 3.8% |
Ireland | 2.3% |
France | 1.8% |
Switzerland | 1.7% |
Cayman Islands | 1.7% |
Germany | 1.3% |
Netherlands | 1.3% |
Australia | 1.0% |
Others (Individually Less Than 1%) | 10.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 70%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $1,546,497) - See accompanying schedule: Unaffiliated issuers (cost $105,269,708) | $ 106,793,987 |
|
Fidelity Central Funds (cost $3,219,534,331) | 4,201,005,636 |
|
Total Investments (cost $3,324,804,039) |
| $ 4,307,799,623 |
Receivable for investments sold | 1,874,794 | |
Receivable for fund shares sold | 2,082,055 | |
Distributions receivable from Fidelity Central Funds | 977 | |
Prepaid expenses | 4,684 | |
Other receivables | 78,876 | |
Total assets | 4,311,841,009 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 424,518 | |
Payable for fund shares redeemed | 1,969,767 | |
Accrued management fee | 1,964,450 | |
Transfer agent fee payable | 483,573 | |
Distribution and service plan fees payable | 103,402 | |
Other affiliated payables | 113,289 | |
Other payables and accrued expenses | 74,860 | |
Collateral on securities loaned, at value | 1,602,650 | |
Total liabilities | 6,736,509 | |
|
|
|
Net Assets | $ 4,305,104,500 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,688,966,366 | |
Undistributed net investment income | 11,827,983 | |
Accumulated undistributed net realized gain (loss) on investments | (378,685,433) | |
Net unrealized appreciation (depreciation) on investments | 982,995,584 | |
Net Assets | $ 4,305,104,500 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 20.34 | |
|
|
|
Maximum offering price per share (100/94.25 of $20.34) | $ 21.58 | |
Class T: | $ 20.34 | |
|
|
|
Maximum offering price per share (100/96.50 of $20.34) | $ 21.08 | |
Class B: | $ 20.56 | |
|
|
|
Class C: | $ 20.25 | |
|
|
|
Asset Manager 70%: | $ 20.36 | |
|
|
|
Institutional Class: | $ 20.38 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 245 |
Income from Fidelity Central Funds |
| 38,905,581 |
Total income |
| 38,905,826 |
|
|
|
Expenses | ||
Management fee | $ 11,391,862 | |
Transfer agent fees | 2,843,088 | |
Distribution and service plan fees | 606,122 | |
Accounting and security lending fees | 665,782 | |
Custodian fees and expenses | 652 | |
Independent trustees' compensation | 8,890 | |
Appreciation in deferred trustee compensation account | 47 | |
Registration fees | 66,767 | |
Audit | 16,449 | |
Legal | 16,088 | |
Miscellaneous | 15,167 | |
Total expenses before reductions | 15,630,914 | |
Expense reductions | (44,006) | 15,586,908 |
Net investment income (loss) | 23,318,918 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,323,701 | |
Fidelity Central Funds | 1,055,091 |
|
Futures contracts | 4,310,553 | |
Capital gain distributions from Fidelity Central Funds | 88,213 |
|
Total net realized gain (loss) |
| 6,777,558 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 168,470,018 | |
Futures contracts | 96,251 | |
Total change in net unrealized appreciation (depreciation) |
| 168,566,269 |
Net gain (loss) | 175,343,827 | |
Net increase (decrease) in net assets resulting from operations | $ 198,662,745 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 23,318,918 | $ 49,356,857 |
Net realized gain (loss) | 6,777,558 | 54,325,602 |
Change in net unrealized appreciation (depreciation) | 168,566,269 | 252,116,796 |
Net increase (decrease) in net assets resulting from operations | 198,662,745 | 355,799,255 |
Distributions to shareholders from net investment income | (52,308,560) | (39,398,483) |
Distributions to shareholders from net realized gain | (305,208,249) | (13,342,022) |
Total distributions | (357,516,809) | (52,740,505) |
Share transactions - net increase (decrease) | 442,248,912 | 209,167,082 |
Total increase (decrease) in net assets | 283,394,848 | 512,225,832 |
|
|
|
Net Assets | ||
Beginning of period | 4,021,709,652 | 3,509,483,820 |
End of period (including undistributed net investment income of $11,827,983 and undistributed net investment income of $40,817,625, respectively) | $ 4,305,104,500 | $ 4,021,709,652 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.24 | $ 19.60 | $ 17.33 | $ 14.72 | $ 15.24 | $ 13.94 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .09 | .21 | .18 | .19 | .19 | .17 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.31 | 2.64 | (.50) | 1.33 |
Total from investment operations | .92 | 1.88 | 2.49 | 2.83 | (.31) | 1.50 |
Distributions from net investment income | (.22) | (.16) | (.19) | (.19) | (.18) | (.19) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.82) | (.24) I | (.22) | (.22) | (.21) | (.20) |
Net asset value, end of period | $ 20.34 | $ 21.24 | $ 19.60 | $ 17.33 | $ 14.72 | $ 15.24 |
Total ReturnB, C, D | 4.77% | 9.65% | 14.56% | 19.44% | (2.14)% | 10.87% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | 1.03% | 1.06% | 1.08% | 1.09% | 1.12% |
Expenses net of fee waivers, if any | 1.03%A | 1.03% | 1.06% | 1.08% | 1.09% | 1.12% |
Expenses net of all reductions | 1.03%A | 1.03% | 1.04% | 1.07% | 1.07% | 1.10% |
Net investment income (loss) | .85%A | 1.00% | .98% | 1.17% | 1.17% | 1.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 152,578 | $ 143,310 | $ 127,865 | $ 120,425 | $ 107,670 | $ 111,293 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.24 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $.074 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.22 | $ 19.58 | $ 17.30 | $ 14.70 | $ 15.21 | $ 13.91 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .15 | .13 | .15 | .15 | .13 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.32 | 2.62 | (.49) | 1.33 |
Total from investment operations | .89 | 1.82 | 2.45 | 2.77 | (.34) | 1.46 |
Distributions from net investment income | (.16) | (.11) | (.14) | (.15) | (.14) | (.16) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.77) K | (.18) | (.17) | (.17) J | (.17) | (.16) I |
Net asset value, end of period | $ 20.34 | $ 21.22 | $ 19.58 | $ 17.30 | $ 14.70 | $ 15.21 |
Total ReturnB, C, D | 4.57% | 9.38% | 14.31% | 19.03% | (2.36)% | 10.61% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.29%A | 1.29% | 1.32% | 1.35% | 1.35% | 1.38% |
Expenses net of fee waivers, if any | 1.29%A | 1.29% | 1.32% | 1.35% | 1.35% | 1.38% |
Expenses net of all reductions | 1.28%A | 1.29% | 1.30% | 1.33% | 1.34% | 1.36% |
Net investment income (loss) | .59%A | .74% | .72% | .91% | .91% | .89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 50,735 | $ 49,337 | $ 44,421 | $ 43,064 | $ 40,033 | $ 45,394 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.16 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.009 per share. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.025 per share. K Total distributions of $1.77 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $1.604 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.30 | $ 19.61 | $ 17.30 | $ 14.66 | $ 15.15 | $ 13.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | - I | .03 | .03 | .06 | .06 | .05 |
Net realized and unrealized gain (loss) | .85 | 1.69 | 2.32 | 2.63 | (.50) | 1.33 |
Total from investment operations | .85 | 1.72 | 2.35 | 2.69 | (.44) | 1.38 |
Distributions from net investment income | - | - | (.01) | (.03) | (.02) | (.08) |
Distributions from net realized gain | (1.59) | (.03) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.59) | (.03) | (.04) | (.05) J | (.05) | (.09) |
Net asset value, end of period | $ 20.56 | $ 21.30 | $ 19.61 | $ 17.30 | $ 14.66 | $ 15.15 |
Total ReturnB, C, D | 4.32% | 8.79% | 13.61% | 18.42% | (2.92)% | 10.00% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.86%A | 1.87% | 1.90% | 1.90% | 1.90% | 1.92% |
Expenses net of fee waivers, if any | 1.86%A | 1.87% | 1.90% | 1.90% | 1.90% | 1.92% |
Expenses net of all reductions | 1.86%A | 1.87% | 1.88% | 1.89% | 1.89% | 1.90% |
Net investment income (loss) | .02%A | .16% | .14% | .35% | .36% | .35% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,349 | $ 4,142 | $ 5,656 | $ 8,014 | $ 9,605 | $ 14,696 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.025 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.08 | $ 19.48 | $ 17.23 | $ 14.63 | $ 15.13 | $ 13.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | .05 | .04 | .07 | .07 | .06 |
Net realized and unrealized gain (loss) | .83 | 1.66 | 2.31 | 2.62 | (.49) | 1.33 |
Total from investment operations | .84 | 1.71 | 2.35 | 2.69 | (.42) | 1.39 |
Distributions from net investment income | (.07) | (.04) | (.07) | (.07) | (.05) | (.11) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.67) | (.11) | (.10) | (.09) I | (.08) | (.12) |
Net asset value, end of period | $ 20.25 | $ 21.08 | $ 19.48 | $ 17.23 | $ 14.63 | $ 15.13 |
Total ReturnB, C, D | 4.35% | 8.82% | 13.70% | 18.49% | (2.81)% | 10.09% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.79%A | 1.79% | 1.81% | 1.83% | 1.83% | 1.84% |
Expenses net of fee waivers, if any | 1.79%A | 1.79% | 1.81% | 1.83% | 1.83% | 1.84% |
Expenses net of all reductions | 1.78%A | 1.78% | 1.79% | 1.81% | 1.81% | 1.82% |
Net investment income (loss) | .10%A | .25% | .23% | .43% | .43% | .43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 57,258 | $ 55,104 | $ 46,498 | $ 38,245 | $ 32,160 | $ 34,847 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.09 per share is comprised of distributions from net investment income of $.067 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 70%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.30 | $ 19.66 | $ 17.38 | $ 14.77 | $ 15.28 | $ 13.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .12 | .27 | .24 | .24 | .24 | .21 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.32 | 2.64 | (.49) | 1.34 |
Total from investment operations | .95 | 1.94 | 2.56 | 2.88 | (.25) | 1.55 |
Distributions from net investment income | (.28) | (.23) | (.25) | (.25) | (.23) | (.23) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.89) I | (.30) | (.28) | (.27) H | (.26) | (.24) |
Net asset value, end of period | $ 20.36 | $ 21.30 | $ 19.66 | $ 17.38 | $ 14.77 | $ 15.28 |
Total ReturnB, C | 4.88% | 9.98% | 14.94% | 19.79% | (1.79)% | 11.21% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .72%A | .73% | .75% | .76% | .78% | .80% |
Expenses net of fee waivers, if any | .72%A | .73% | .75% | .76% | .78% | .80% |
Expenses net of all reductions | .72%A | .72% | .73% | .75% | .76% | .78% |
Net investment income (loss) | 1.16%A | 1.31% | 1.29% | 1.49% | 1.48% | 1.47% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,999,653 | $ 3,729,256 | $ 3,253,088 | $ 2,758,119 | $ 2,103,346 | $ 2,357,618 |
Portfolio turnover rate F | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.025 per share. I Total distributions of $1.89 per share is comprised of distributions from net investment income of $.282 and distributions from net realized gain of $1.604 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.31 | $ 19.66 | $ 17.38 | $ 14.78 | $ 15.29 | $ 13.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .11 | .26 | .23 | .24 | .24 | .21 |
Net realized and unrealized gain (loss) | .84 | 1.68 | 2.32 | 2.63 | (.50) | 1.33 |
Total from investment operations | .95 | 1.94 | 2.55 | 2.87 | (.26) | 1.54 |
Distributions from net investment income | (.27) | (.22) | (.24) | (.24) | (.22) | (.21) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.88) H | (.29) | (.27) | (.27) | (.25) | (.22) |
Net asset value, end of period | $ 20.38 | $ 21.31 | $ 19.66 | $ 17.38 | $ 14.78 | $ 15.29 |
Total ReturnB, C | 4.88% | 9.98% | 14.90% | 19.68% | (1.82)% | 11.17% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .76%A | .77% | .79% | .80% | .81% | .84% |
Expenses net of fee waivers, if any | .76%A | .77% | .79% | .80% | .81% | .84% |
Expenses net of all reductions | .76%A | .77% | .77% | .79% | .80% | .82% |
Net investment income (loss) | 1.12%A | 1.26% | 1.25% | 1.45% | 1.45% | 1.43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,531 | $ 40,561 | $ 31,955 | $ 30,418 | $ 26,678 | $ 25,956 |
Portfolio turnover rate F | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $1.88 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $1.604 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 85%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.8 | 1.2 |
Facebook, Inc. Class A | 0.9 | 0.7 |
Actavis PLC | 0.9 | 0.7 |
The Walt Disney Co. | 0.6 | 0.5 |
Medtronic PLC | 0.6 | 0.5 |
Citigroup, Inc. | 0.6 | 0.6 |
JPMorgan Chase & Co. | 0.6 | 0.6 |
Google, Inc. Class C | 0.6 | 0.5 |
Google, Inc. Class A | 0.6 | 0.5 |
Bank of America Corp. | 0.6 | 0.7 |
| 7.8 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 19.2 | 18.9 |
Information Technology | 13.5 | 12.4 |
Health Care | 12.3 | 11.4 |
Consumer Discretionary | 12.0 | 11.4 |
Industrials | 9.8 | 9.9 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 1.5% |
| ![]() | AAA,AA,A 1.2% |
| ||
![]() | BBB 1.5% |
| ![]() | BBB 2.2% |
| ||
![]() | BB and Below 4.0% |
| ![]() | BB and Below 3.1% |
| ||
![]() | Not Rated 0.1% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities 88.1% |
| ![]() | Equities* 84.3% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
|
| * Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 9.6% |
| ![]() | Bond Class 12.5% |
| ||
![]() | Short-Term Class 2.4% |
| ![]() | Short-Term Class 2.1% |
| ||
|
| * Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 33.9% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 85%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 86.2% | |||
Shares | Value | ||
Fidelity Consumer Discretionary Central Fund (e) | 485,952 | $ 118,902,839 | |
Fidelity Consumer Staples Central Fund (e) | 366,271 | 80,660,100 | |
Fidelity Emerging Markets Equity Central Fund (e) | 87,036 | 17,688,231 | |
Fidelity Energy Central Fund (e) | 545,706 | 71,361,965 | |
Fidelity Financials Central Fund (e) | 2,113,093 | 187,008,700 | |
Fidelity Health Care Central Fund (e) | 392,190 | 147,400,506 | |
Fidelity Industrials Central Fund (e) | 430,183 | 101,721,061 | |
Fidelity Information Technology Central Fund (e) | 705,729 | 199,982,337 | |
Fidelity International Equity Central Fund (e) | 4,300,971 | 344,507,798 | |
Fidelity Materials Central Fund (e) | 151,460 | 33,884,544 | |
Fidelity Real Estate Equity Central Fund (e) | 169,683 | 18,220,515 | |
Fidelity Telecom Services Central Fund (e) | 125,758 | 21,269,408 | |
Fidelity Utilities Central Fund (e) | 225,484 | 35,779,731 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $975,512,871) |
| ||
Fixed-Income Central Funds - 10.1% | |||
|
|
|
|
High Yield Fixed-Income Funds - 3.8% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 2,771 | 26,487 | |
Fidelity Floating Rate Central Fund (e) | 139,293 | 14,707,959 | |
Fidelity High Income Central Fund 1 (e) | 463,102 | 46,764,017 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 6.3% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 109,029 | 10,829,811 | |
Fidelity Investment Grade Bond Central Fund (e) | 820,909 | 89,503,704 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $160,113,454) |
| ||
Money Market Central Funds - 1.0% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 1,333,549 | 1,333,549 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 14,657,500 | 14,657,500 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $15,991,049) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/9/15 to 4/16/15 | $ 660,000 | $ 659,994 |
Investment Companies - 3.6% | |||
Shares |
| ||
iShares Barclays 20+ Year Treasury Bond ETF (d) | 146,712 | 19,173,791 | |
iShares MSCI EAFE Index ETF | 592,990 | 38,052,167 | |
TOTAL INVESTMENT COMPANIES (Cost $56,770,298) |
| ||
TOTAL INVESTMENT (Cost $1,209,047,666) | 1,614,096,714 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (14,966,685) | ||
NET ASSETS - 100% | $ 1,599,130,029 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 13,334 |
Fidelity Consumer Discretionary Central Fund | 738,640 |
Fidelity Consumer Staples Central Fund | 926,603 |
Fidelity Emerging Markets Debt Central Fund | 27,937 |
Fidelity Emerging Markets Equity Central Fund | 151,274 |
Fidelity Energy Central Fund | 618,332 |
Fidelity Financials Central Fund | 1,362,676 |
Fidelity Floating Rate Central Fund | 342,840 |
Fidelity Health Care Central Fund | 391,586 |
Fidelity High Income Central Fund 1 | 1,316,321 |
Fidelity Industrials Central Fund | 635,137 |
Fidelity Information Technology Central Fund | 516,397 |
Fidelity International Equity Central Fund | 2,952,507 |
Fidelity Investment Grade Bond Central Fund | 1,430,058 |
Fidelity Materials Central Fund | 308,162 |
Fidelity Real Estate Equity Central Fund | 116,513 |
Fidelity Securities Lending Cash Central Fund | 2,995 |
Fidelity Telecom Services Central Fund | 226,186 |
Fidelity Utilities Central Fund | 415,810 |
Total | $ 12,493,308 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 4,001,573 | $ 14,591 | $ 4,007,159 | $ - | 0.0% |
Fidelity Consumer Discretionary Central Fund | 113,161,445 | 5,774,712 | 14,120,971 | 118,902,839 | 7.3% |
Fidelity Consumer Staples Central Fund | 84,571,562 | 4,584,228 | 13,909,311 | 80,660,100 | 6.9% |
Fidelity Emerging Markets Debt Central Fund | 7,845,467 | 66,636 | 7,830,591 | 26,487 | 0.0% |
Fidelity Emerging Markets Equity Central Fund | 47,646,633 | 2,213,975 | 29,810,630 | 17,688,231 | 14.2% |
Fidelity Energy Central Fund | 80,552,685 | 4,613,694 | 1,225,517 | 71,361,965 | 7.0% |
Fidelity Financials Central Fund | 185,588,261 | 17,038,265 | 23,969,644 | 187,008,700 | 7.4% |
Fidelity Floating Rate Central Fund | 15,312,201 | 1,169,686 | 1,555,336 | 14,707,959 | 0.8% |
Fidelity Health Care Central Fund | 137,843,581 | 6,555,531 | 22,240,695 | 147,400,506 | 7.3% |
Fidelity High Income Central Fund 1 | 29,906,639 | 21,416,902 | 4,020,629 | 46,764,017 | 5.0% |
Fidelity Industrials Central Fund | 101,199,635 | 6,244,697 | 13,211,807 | 101,721,061 | 7.2% |
Fidelity Inflation-Protected Bond Index Central Fund | 15,524,474 | 4,161,814 | 8,947,040 | 10,829,811 | 3.9% |
Fidelity Information Technology Central Fund | 180,363,403 | 10,926,685 | 5,559,381 | 199,982,337 | 7.2% |
Fidelity International Equity Central Fund | 344,525,328 | 31,888,643 | 34,248,371 | 344,507,798 | 11.6% |
Fidelity Investment Grade Bond Central Fund | 137,496,728 | 25,119,421 | 75,099,009 | 89,503,704 | 1.1% |
Fidelity Materials Central Fund | 37,821,930 | 2,108,892 | 4,760,343 | 33,884,544 | 7.2% |
Fidelity Real Estate Equity Central Fund | - | 17,720,753 | 202,884 | 18,220,515 | 6.5% |
Fidelity Telecom Services Central Fund | 19,526,034 | 1,484,530 | 395,293 | 21,269,408 | 7.0% |
Fidelity Utilities Central Fund | 37,683,012 | 2,280,763 | 4,749,135 | 35,779,731 | 7.6% |
Total | $ 1,580,570,591 | $ 165,384,418 | $ 269,863,746 | $ 1,540,219,713 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 1,378,387,735 | $ 1,378,387,735 | $ - | $ - |
Fixed-Income Central Funds | 161,831,978 | 161,831,978 | - | - |
Money Market Central Funds | 15,991,049 | 15,991,049 | - | - |
U.S. Treasury Obligations | 659,994 | - | 659,994 | - |
Investment Companies | 57,225,958 | 57,225,958 | - | - |
Total Investments in Securities: | $ 1,614,096,714 | $ 1,613,436,720 | $ 659,994 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 66.1% |
United Kingdom | 6.0% |
Japan | 4.3% |
Ireland | 2.8% |
Switzerland | 2.1% |
France | 2.0% |
Cayman Islands | 1.8% |
Germany | 1.7% |
Bermuda | 1.3% |
Australia | 1.2% |
Netherlands | 1.0% |
Others (Individually Less Than 1%) | 9.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 85%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $14,375,900) - See accompanying schedule: Unaffiliated issuers (cost $57,430,292) | $ 57,885,952 |
|
Fidelity Central Funds (cost $1,151,617,374) | 1,556,210,762 |
|
Total Investments (cost $1,209,047,666) |
| $ 1,614,096,714 |
Cash |
| 8,848 |
Receivable for investments sold | 685,327 | |
Receivable for fund shares sold | 1,801,759 | |
Distributions receivable from Fidelity Central Funds | 2,756 | |
Prepaid expenses | 1,861 | |
Other receivables | 8,802 | |
Total assets | 1,616,606,067 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 134,851 | |
Payable for fund shares redeemed | 1,642,198 | |
Accrued management fee | 727,197 | |
Distribution and service plan fees payable | 54,209 | |
Other affiliated payables | 244,344 | |
Other payables and accrued expenses | 15,739 | |
Collateral on securities loaned, at value | 14,657,500 | |
Total liabilities | 17,476,038 | |
|
|
|
Net Assets | $ 1,599,130,029 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,350,946,445 | |
Undistributed net investment income | 3,127,179 | |
Accumulated undistributed net realized gain (loss) on investments | (159,992,643) | |
Net unrealized appreciation (depreciation) on investments | 405,049,048 | |
Net Assets | $ 1,599,130,029 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 16.88 | |
|
|
|
Maximum offering price per share (100/94.25 of $16.88) | $ 17.91 | |
Class T: | $ 16.79 | |
|
|
|
Maximum offering price per share (100/96.50 of $16.79) | $ 17.40 | |
Class B: | $ 16.88 | |
|
|
|
Class C: | $ 16.64 | |
|
|
|
Asset Manager 85%: | $ 17.00 | |
|
|
|
Institutional Class: | $ 16.94 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended March 31, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 36,985 |
Interest |
| 108 |
Income from Fidelity Central Funds |
| 12,493,308 |
Total income |
| 12,530,401 |
|
|
|
Expenses | ||
Management fee | $ 4,198,078 | |
Transfer agent fees | 1,199,342 | |
Distribution and service plan fees | 307,916 | |
Accounting and security lending fees | 238,744 | |
Custodian fees and expenses | 557 | |
Independent trustees' compensation | 3,262 | |
Registration fees | 54,719 | |
Audit | 27,883 | |
Legal | 3,810 | |
Miscellaneous | 6,242 | |
Total expenses before reductions | 6,040,553 | |
Expense reductions | (19,899) | 6,020,654 |
Net investment income (loss) | 6,509,747 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 11,891 | |
Fidelity Central Funds | (14,776,538) |
|
Futures contracts | 2,020,957 | |
Capital gain distributions from Fidelity Central Funds | 119 |
|
Total net realized gain (loss) |
| (12,743,571) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 79,360,646 | |
Futures contracts | 145,551 | |
Total change in net unrealized appreciation (depreciation) |
| 79,506,197 |
Net gain (loss) | 66,762,626 | |
Net increase (decrease) in net assets resulting from operations | $ 73,272,373 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,509,747 | $ 17,262,135 |
Net realized gain (loss) | (12,743,571) | 19,043,349 |
Change in net unrealized appreciation (depreciation) | 79,506,197 | 112,623,173 |
Net increase (decrease) in net assets resulting from operations | 73,272,373 | 148,928,657 |
Distributions to shareholders from net investment income | (18,161,472) | (12,072,498) |
Distributions to shareholders from net realized gain | (119,223,405) | (32,360,551) |
Total distributions | (137,384,877) | (44,433,049) |
Share transactions - net increase (decrease) | 70,743,303 | 252,813,012 |
Total increase (decrease) in net assets | 6,630,799 | 357,308,620 |
|
|
|
Net Assets | ||
Beginning of period | 1,592,499,230 | 1,235,190,610 |
End of period (including undistributed net investment income of $3,127,179 and undistributed net investment income of $14,778,904, respectively) | $ 1,599,130,029 | $ 1,592,499,230 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.64 | $ 16.38 | $ 14.03 | $ 11.62 | $ 12.23 | $ 11.18 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .05 | .16 | .14 | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | .78 | 1.64 | 2.38 | 2.43 | (.58) | 1.06 |
Total from investment operations | .83 | 1.80 | 2.52 | 2.57 | (.45) | 1.17 |
Distributions from net investment income | (.17) | (.11) | (.14) | (.14) | (.13) | (.11) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.59) L | (.54) K | (.17) I | (.16) | (.16) | (.12) J |
Net asset value, end of period | $ 16.88 | $ 17.64 | $ 16.38 | $ 14.03 | $ 11.62 | $ 12.23 |
Total ReturnB, C, D | 5.24% | 11.24% | 18.14% | 22.30% | (3.85)% | 10.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.05%A | 1.04% | 1.05% | 1.08% | 1.10% | 1.10% |
Expenses net of fee waivers, if any | 1.05%A | 1.04% | 1.05% | 1.08% | 1.10% | 1.10% |
Expenses net of all reductions | 1.04%A | 1.04% | 1.03% | 1.07% | 1.08% | 1.08% |
Net investment income (loss) | .60%A | .92% | .91% | 1.07% | 1.00% | .93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 71,672 | $ 66,659 | $ 82,805 | $ 66,048 | $ 50,854 | $ 45,550 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.17 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.024 per share. J Total distributions of $.12 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.015 per share. K Total distributions of $.54 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.423 per share. L Total distributions of $1.59 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $1.427 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.56 | $ 16.32 | $ 13.97 | $ 11.58 | $ 12.19 | $ 11.14 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .11 | .09 | .10 | .10 | .08 |
Net realized and unrealized gain (loss) | .76 | 1.63 | 2.38 | 2.41 | (.58) | 1.06 |
Total from investment operations | .79 | 1.74 | 2.47 | 2.51 | (.48) | 1.14 |
Distributions from net investment income | (.13) | (.08) | (.10) | (.10) | (.10) | (.08) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.56) | (.50) | (.12) | (.12) | (.13) | (.09) I |
Net asset value, end of period | $ 16.79 | $ 17.56 | $ 16.32 | $ 13.97 | $ 11.58 | $ 12.19 |
Total ReturnB, C, D | 4.98% | 10.92% | 17.85% | 21.86% | (4.08)% | 10.33% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.33%A | 1.33% | 1.35% | 1.36% | 1.35% | 1.36% |
Expenses net of fee waivers, if any | 1.33%A | 1.33% | 1.35% | 1.36% | 1.35% | 1.36% |
Expenses net of all reductions | 1.33%A | 1.33% | 1.33% | 1.35% | 1.33% | 1.33% |
Net investment income (loss) | .31%A | .63% | .61% | .80% | .75% | .68% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 20,849 | $ 17,690 | $ 13,606 | $ 10,604 | $ 8,449 | $ 7,154 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.09 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.55 | $ 16.29 | $ 13.94 | $ 11.53 | $ 12.12 | $ 11.09 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | .02 | .01 | .03 | .02 | .01 |
Net realized and unrealized gain (loss) | .77 | 1.64 | 2.38 | 2.41 | (.57) | 1.06 |
Total from investment operations | .76 | 1.66 | 2.39 | 2.44 | (.55) | 1.07 |
Distributions from net investment income | - I | - | (.02) | (.01) | (.01) | (.03) |
Distributions from net realized gain | (1.43) | (.40) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.43) | (.40) | (.04) | (.03) | (.04) | (.04) J |
Net asset value, end of period | $ 16.88 | $ 17.55 | $ 16.29 | $ 13.94 | $ 11.53 | $ 12.12 |
Total ReturnB, C, D | 4.78% | 10.37% | 17.19% | 21.24% | (4.60)% | 9.70% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.82%A | 1.83% | 1.88% | 1.91% | 1.91% | 1.94% |
Expenses net of fee waivers, if any | 1.82%A | 1.83% | 1.88% | 1.91% | 1.91% | 1.93% |
Expenses net of all reductions | 1.81%A | 1.83% | 1.86% | 1.89% | 1.89% | 1.91% |
Net investment income (loss) | (.17)%A | .13% | .08% | .25% | .18% | .10% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,187 | $ 2,463 | $ 3,071 | $ 2,996 | $ 2,898 | $ 3,798 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.04 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.37 | $ 16.16 | $ 13.85 | $ 11.47 | $ 12.10 | $ 11.08 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | .03 | .02 | .04 | .03 | .02 |
Net realized and unrealized gain (loss) | .77 | 1.61 | 2.35 | 2.41 | (.58) | 1.06 |
Total from investment operations | .76 | 1.64 | 2.37 | 2.45 | (.55) | 1.08 |
Distributions from net investment income | (.06) | (.01) | (.04) | (.05) | (.05) | (.04) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.49) | (.43) | (.06) | (.07) | (.08) | (.06) |
Net asset value, end of period | $ 16.64 | $ 17.37 | $ 16.16 | $ 13.85 | $ 11.47 | $ 12.10 |
Total ReturnB, C, D | 4.82% | 10.37% | 17.22% | 21.44% | (4.62)% | 9.75% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.81%A | 1.81% | 1.84% | 1.84% | 1.84% | 1.87% |
Expenses net of fee waivers, if any | 1.81%A | 1.81% | 1.83% | 1.84% | 1.84% | 1.87% |
Expenses net of all reductions | 1.80%A | 1.81% | 1.81% | 1.83% | 1.82% | 1.84% |
Net investment income (loss) | (.16)%A | .15% | .13% | .32% | .26% | .17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 34,950 | $ 30,717 | $ 21,781 | $ 17,243 | $ 13,379 | $ 9,945 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 85%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.79 | $ 16.52 | $ 14.14 | $ 11.72 | $ 12.31 | $ 11.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .21 | .18 | .18 | .17 | .14 |
Net realized and unrealized gain (loss) | .78 | 1.65 | 2.40 | 2.43 | (.58) | 1.07 |
Total from investment operations | .86 | 1.86 | 2.58 | 2.61 | (.41) | 1.21 |
Distributions from net investment income | (.23) | (.17) | (.18) | (.17) | (.15) | (.12) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.65) H | (.59) | (.20) | (.19) | (.18) | (.14) |
Net asset value, end of period | $ 17.00 | $ 17.79 | $ 16.52 | $ 14.14 | $ 11.72 | $ 12.31 |
Total ReturnB, C | 5.38% | 11.54% | 18.52% | 22.53% | (3.51)% | 10.81% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .75%A | .74% | .77% | .81% | .82% | .86% |
Expenses net of fee waivers, if any | .75%A | .74% | .77% | .81% | .82% | .86% |
Expenses net of all reductions | .74%A | .74% | .75% | .80% | .80% | .84% |
Net investment income (loss) | .90%A | 1.21% | 1.19% | 1.35% | 1.27% | 1.17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,428,099 | $ 1,433,196 | $ 1,100,838 | $ 706,722 | $ 557,908 | $ 592,472 |
Portfolio turnover rate F | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $1.65 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $1.427 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.74 | $ 16.48 | $ 14.11 | $ 11.69 | $ 12.30 | $ 11.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .21 | .18 | .18 | .17 | .14 |
Net realized and unrealized gain (loss) | .78 | 1.64 | 2.39 | 2.43 | (.59) | 1.07 |
Total from investment operations | .86 | 1.85 | 2.57 | 2.61 | (.42) | 1.21 |
Distributions from net investment income | (.23) | (.16) | (.17) | (.17) | (.16) | (.14) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.66) | (.59) J | (.20) H | (.19) | (.19) | (.15) I |
Net asset value, end of period | $ 16.94 | $ 17.74 | $ 16.48 | $ 14.11 | $ 11.69 | $ 12.30 |
Total ReturnB, C | 5.37% | 11.49% | 18.45% | 22.60% | (3.58)% | 10.89% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .75%A | .76% | .79% | .81% | .81% | .83% |
Expenses net of fee waivers, if any | .75%A | .76% | .79% | .81% | .81% | .83% |
Expenses net of all reductions | .75%A | .76% | .77% | .79% | .79% | .80% |
Net investment income (loss) | .89%A | 1.19% | 1.17% | 1.35% | 1.29% | 1.21% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,374 | $ 41,775 | $ 13,088 | $ 10,710 | $ 8,600 | $ 6,351 |
Portfolio turnover rate F | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.20 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.024 per share. I Total distributions of $.15 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.015 per share. J Total distributions of $.59 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.423 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended March 31, 2015 (Unaudited)
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 T, Class C, Asset Manager and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Funds 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 each Fund. These strategies are consistent with the investment objectives of each 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 each Fund. The following summarizes the Funds' investment in each Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio* |
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 Swaps | .05% |
Fidelity Equity Central Funds | FMR Co., Inc. (FMRC) | Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry. | Foreign Securities Futures Restricted Securities | Less than .01% to .01% |
Fidelity Emerging Markets Debt Central Fund | FMRC | 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 Loans & Direct Debt Instruments Restricted Securities | .01% |
Fidelity Emerging Markets Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities Foreign Securities Futures Restricted Securities | .13% |
Fidelity International Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Foreign Securities Futures | .01% |
Fidelity Floating Rate Central Fund | FMRC | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .01% |
Fidelity High Income Central Fund 1 | FMRC | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities Loans & Direct Debt Instruments Restricted Securities | Less than .01% |
Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Investment Money Management, Inc. (FIMM) | 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 .01% |
Fidelity Investment Grade Bond Central Fund | FIMM | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities Futures Repurchase Agreements Restricted Securities Swaps | Less than .01% |
Semiannual Report
2. Investments in Fidelity Central Funds - continued
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio* |
Fidelity Real Estate Equity Central Fund | FMRC | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |
| .01% |
Fidelity Money Market Central Funds | FIMM | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. |
| Less than .01% |
* 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 each Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through each fund's investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.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 (the SEC) 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 following summarizes the significant accounting policies of the Funds:
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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 - 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 vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor 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, 2015, is included at the end of each Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and 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 each 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 each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses of the Fidelity Central Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Fidelity Asset Manager 50% and Fidelity Asset Manager 70%, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
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 dividends 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 Fidelity Central Funds, futures contracts, market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Asset Manager 20% | $ 4,526,156,665 | $ 625,722,410 | $ (7,791,866) | $ 617,930,544 |
Fidelity Asset Manager 30% | 795,636,254 | 100,570,528 | (1,968,129) | 98,602,399 |
Fidelity Asset Manager 40% | 859,290,852 | 115,334,370 | (2,928,692) | 112,405,678 |
Fidelity Asset Manager 50% | 6,521,728,504 | 1,891,542,646 | (39,481,125) | 1,852,061,521 |
Fidelity Asset Manager 60% | 1,220,596,223 | 273,432,261 | (3,996,189) | 269,436,072 |
Fidelity Asset Manager 70% | 3,324,822,368 | 1,044,035,303 | (61,058,048) | 982,977,255 |
Fidelity Asset Manager 85% | 1,209,049,664 | 412,619,205 | (7,572,155) | 405,047,050 |
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Funds' financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
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. |
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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 of the Funds, 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 | Change in Net |
Fidelity Asset Manager 20% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 6,596,976 | $ 16,649 |
Totals (a) | $ 6,596,976 | $ 16,649 |
Fidelity Asset Manager 30% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 1,063,750 | $ - |
Totals (a) | $ 1,063,750 | $ - |
Fidelity Asset Manager 40% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 870,355 | $ - |
Totals (a) | $ 870,355 | $ - |
Fidelity Asset Manager 50% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 7,127,916 | $ - |
Totals (a) | $ 7,127,916 | $ - |
Fidelity Asset Manager 60% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 1,537,357 | $ 100,946 |
Totals (a) | $ 1,537,357 | $ 100,946 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives - continued
Primary Risk Exposure / Derivative Type | Net Realized | Change in Net |
Fidelity Asset Manager 70% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 4,310,553 | $ 96,251 |
Totals (a) | $ 4,310,553 | $ 96,251 |
Fidelity Asset Manager 85% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 2,020,957 | $ 145,551 |
Totals (a) | $ 2,020,957 | $ 145,551 |
(a) A summary of the value of derivatives by primary risk exposure as of period end, if any, 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. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) 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 for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities including the Equity and Fixed-Income Central Funds, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Asset Manager 20% | 451,359,260 | 249,162,046 |
Fidelity Asset Manager 30% | 122,923,012 | 41,282,813 |
Fidelity Asset Manager 40% | 182,537,046 | 45,566,142 |
Fidelity Asset Manager 50% | 767,498,515 | 584,115,757 |
Fidelity Asset Manager 60% | 259,509,755 | 85,341,823 |
Fidelity Asset Manager 70% | 489,074,515 | 288,063,521 |
Fidelity Asset Manager 85% | 222,154,716 | 269,863,746 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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.
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Asset Manager 20% | .30% | .11% | .41% |
Fidelity Asset Manager 30% | .30% | .11% | .41% |
Fidelity Asset Manager 40% | .30% | .11% | .41% |
Fidelity Asset Manager 50% | .25% | .25% | .50% |
Fidelity Asset Manager 60% | .30% | .25% | .55% |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Asset Manager 70% | .30% | .25% | .55% |
Fidelity Asset Manager 85% | .30% | .25% | .55% |
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 Corporation (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:
Fidelity Asset Manager 20% | Distribution | Service | Total Fees | Retained |
Class A | - % | .25% | $ 48,574 | $ 330 |
Class T | .25% | .25% | 51,418 | 240 |
Class B | .75% | .25% | 9,964 | 7,481 |
Class C | .75% | .25% | 134,643 | 27,597 |
|
|
| $ 244,599 | $ 35,648 |
Fidelity Asset Manager 30% |
|
|
|
|
Class A | - % | .25% | $ 26,459 | $ 242 |
Class T | .25% | .25% | 25,686 | 56 |
Class B | .75% | .25% | 3,880 | 2,981 |
Class C | .75% | .25% | 91,053 | 29,714 |
|
|
| $ 147,078 | $ 32,993 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A | - % | .25% | $ 34,157 | $ 2,040 |
Class T | .25% | .25% | 22,162 | 109 |
Class B | .75% | .25% | 5,872 | 4,413 |
Class C | .75% | .25% | 84,920 | 27,332 |
|
|
| $ 147,111 | $ 33,894 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A | - % | .25% | $ 90,160 | $ 2,297 |
Class T | .25% | .25% | 84,636 | 277 |
Class B | .75% | .25% | 16,428 | 12,334 |
Class C | .75% | .25% | 197,591 | 40,157 |
|
|
| $ 388,815 | $ 55,065 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A | - % | .25% | $ 68,388 | $ 3,109 |
Class T | .25% | .25% | 39,168 | 85 |
Class B | .75% | .25% | 8,144 | 6,135 |
Class C | .75% | .25% | 139,313 | 33,566 |
|
|
| $ 255,013 | $ 42,895 |
Fidelity Asset Manager 70% |
|
|
|
|
Class A | - % | .25% | $ 183,950 | $ 5,977 |
Class T | .25% | .25% | 123,300 | 518 |
Class B | .75% | .25% | 18,736 | 14,075 |
Class C | .75% | .25% | 280,136 | 43,398 |
|
|
| $ 606,122 | $ 63,968 |
Fidelity Asset Manager 85% |
|
|
|
|
Class A | - % | .25% | $ 85,973 | $ 2,292 |
Class T | .25% | .25% | 47,186 | 90 |
Class B | .75% | .25% | 11,521 | 8,648 |
Class C | .75% | .25% | 163,236 | 43,448 |
|
|
| $ 307,916 | $ 54,478 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Fidelity Asset Manager 20% | Retained |
Class A | $ 7,237 |
Class T | 2,802 |
Class B* | 490 |
Class C* | 5,020 |
| $ 15,549 |
Fidelity Asset Manager 30% |
|
Class A | $ 10,389 |
Class T | 2,037 |
Class B* | 1,213 |
Class C* | 1,510 |
| $ 15,149 |
Fidelity Asset Manager 40% |
|
Class A | $ 17,444 |
Class T | 2,810 |
Class B* | 29 |
Class C* | 2,673 |
| $ 22,956 |
Fidelity Asset Manager 50% |
|
Class A | $ 19,265 |
Class T | 5,706 |
Class B* | 1,313 |
Class C* | 1,886 |
| $ 28,170 |
Fidelity Asset Manager 60% |
|
Class A | $ 22,697 |
Class T | 5,350 |
Class B* | 413 |
Class C* | 2,017 |
| $ 30,477 |
Fidelity Asset Manager 70% |
|
Class A | $ 31,480 |
Class T | 8,147 |
Class B* | 1,304 |
Class C* | 2,404 |
| $ 43,335 |
Fidelity Asset Manager 85% |
|
Class A | $ 23,773 |
Class T | 4,348 |
Class B* | 566 |
Class C* | 3,014 |
| $ 31,701 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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. 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:
Fidelity Asset Manager 20% | Amount | % of |
Class A | $ 27,458 | .14 |
Class T | 15,857 | .15 |
Class B | 1,300 | .13 |
Class C | 20,696 | .15 |
Asset Manager 20% | 2,047,389 | .08 |
Institutional Class | 9,078 | .13 |
| $ 2,121,778 |
|
Fidelity Asset Manager 30% |
|
|
Class A | $ 14,441 | .14 |
Class T | 7,736 | .15 |
Class B | 527 | .14 |
Class C | 13,149 | .14 |
Asset Manager 30% | 301,972 | .08 |
Institutional Class | 6,016 | .14 |
| $ 343,841 |
|
Fidelity Asset Manager 40% |
|
|
Class A | $ 17,136 | .13 |
Class T | 6,117 | .14 |
Class B | 650 | .11 |
Class C | 12,886 | .15 |
Asset Manager 40% | 332,641 | .08 |
Institutional Class | 2,174 | .09 |
| $ 371,604 |
|
Fidelity Asset Manager 50% |
|
|
Class A | $ 65,840 | .18 |
Class T | 33,627 | .20 |
Class B | 2,829 | .17 |
Class C | 39,490 | .20 |
Asset Manager 50% | 5,374,191 | .13 |
Institutional Class | 28,786 | .18 |
| $ 5,544,763 |
|
Fidelity Asset Manager 60% |
|
|
Class A | $ 48,794 | .18 |
Class T | 14,820 | .19 |
Class B | 1,565 | .19 |
Class C | 26,320 | .19 |
Asset Manager 60% | 734,249 | .12 |
Institutional Class | 12,059 | .16 |
| $ 837,807 |
|
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Fidelity Asset Manager 70% | Amount | % of |
Class A | $ 139,199 | .19 |
Class T | 48,884 | .20 |
Class B | 5,049 | .27 |
Class C | 54,892 | .20 |
Asset Manager 70% | 2,559,299 | .13 |
Institutional Class | 35,765 | .17 |
| $ 2,843,088 |
|
Fidelity Asset Manager 85% |
|
|
Class A | $ 69,345 | .20 |
Class T | 22,204 | .24 |
Class B | 2,560 | .22 |
Class C | 34,552 | .21 |
Asset Manager 85% | 1,036,939 | .15 |
Institutional Class | 33,742 | .16 |
| $ 1,199,342 |
|
* Annualized
Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
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 as follows:
Fidelity Asset Manager 20% | $ 5,505 |
Fidelity Asset Manager 30% | 908 |
Fidelity Asset Manager 40% | 940 |
Fidelity Asset Manager 50% | 8,921 |
Fidelity Asset Manager 60% | 1,475 |
Fidelity Asset Manager 70% | 4,477 |
Fidelity Asset Manager 85% | 1,683 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the
Semiannual Report
8. Security Lending - continued
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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM.
| Total Security |
Fidelity Asset Manager 50% | $ 846 |
Fidelity Asset Manager 70% | 237 |
Fidelity Asset Manager 85% | 2,995 |
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of Certain Funds and certain Central Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Brokerage Service reduction | Custody expense |
Fidelity Asset Manager 20% | $ 16,509 | $ - |
Fidelity Asset Manager 30% | 4,010 | 2 |
Fidelity Asset Manager 40% | 5,696 | 3 |
Fidelity Asset Manager 50% | 63,552 | 14 |
Fidelity Asset Manager 60% | 12,491 | 4 |
Fidelity Asset Manager 70% | 43,600 | 3 |
Fidelity Asset Manager 85% | 19,619 | 1 |
In addition, the investment adviser reimbursed a portion of each class's operating expenses during the period as follows:
| Reimbursement |
Fidelity Asset Manager 20% | $ 503 |
Fidelity Asset Manager 30% | 26 |
Fidelity Asset Manager 40% | 37 |
Fidelity Asset Manager 50% | 677 |
Fidelity Asset Manager 60% | 84 |
Fidelity Asset Manager 70% | 403 |
Fidelity Asset Manager 85% | 279 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
Fidelity Asset Manager 20% |
|
|
From net investment income |
|
|
Class A | $ 221,333 | $ 457,824 |
Class T | 91,397 | 174,877 |
Class B | 4,069 | 9,028 |
Class C | 54,183 | 96,743 |
Asset Manager 20% | 35,418,102 | 70,415,197 |
Institutional Class | 99,747 | 439,951 |
Total | $ 35,888,831 | $ 71,593,620 |
From net realized gain |
|
|
Class A | $ 1,200,191 | $ 933,007 |
Class T | 630,164 | 441,467 |
Class B | 64,097 | 59,909 |
Class C | 839,473 | 547,699 |
Asset Manager 20% | 151,471,130 | 105,090,102 |
Institutional Class | 437,001 | 718,662 |
Total | $ 154,642,056 | $ 107,790,846 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders - continued
| Six months ended | Year ended |
Fidelity Asset Manager 30% |
|
|
From net investment income |
|
|
Class A | $ 124,710 | $ 221,593 |
Class T | 48,588 | 78,864 |
Class B | 1,599 | 4,802 |
Class C | 42,594 | 80,716 |
Asset Manager 30% | 5,788,742 | 10,862,174 |
Institutional Class | 60,238 | 126,683 |
Total | $ 6,066,471 | $ 11,374,832 |
From net realized gain |
|
|
Class A | $ 561,549 | $ 275,244 |
Class T | 274,626 | 124,916 |
Class B | 21,937 | 18,248 |
Class C | 502,117 | 225,987 |
Asset Manager 30% | 21,489,587 | 10,615,906 |
Institutional Class | 240,640 | 138,169 |
Total | $ 23,090,456 | $ 11,398,470 |
Fidelity Asset Manager 40% |
|
|
From net investment income |
|
|
Class A | $ 151,354 | $ 269,328 |
Class T | 38,093 | 82,133 |
Class B | 2,268 | 6,682 |
Class C | 31,402 | 82,661 |
Asset Manager 40% | 5,710,792 | 10,151,960 |
Institutional Class | 30,765 | 34,433 |
Total | $ 5,964,674 | $ 10,627,197 |
From net realized gain |
|
|
Class A | $ 758,501 | $ 452,005 |
Class T | 244,124 | 184,205 |
Class B | 33,171 | 27,043 |
Class C | 470,384 | 281,252 |
Asset Manager 40% | 22,793,923 | 14,138,549 |
Institutional Class | 122,859 | 36,402 |
Total | $ 24,422,962 | $ 15,119,456 |
Fidelity Asset Manager 50% |
|
|
From net investment income |
|
|
Class A | $ 382,808 | $ 918,247 |
Class T | 130,079 | 316,199 |
Class B | 4,907 | 20,500 |
Class C | 56,283 | 204,799 |
Asset Manager 50% | 53,517,655 | 122,376,822 |
Institutional Class | 215,289 | 416,666 |
Total | $ 54,307,021 | $ 124,253,233 |
From net realized gain |
|
|
Class A | $ 4,639,740 | $ 3,577,054 |
Class T | 2,164,069 | 1,490,193 |
Class B | 216,191 | 194,323 |
Class C | 2,528,642 | 1,732,377 |
Asset Manager 50% | 511,052,764 | 379,416,820 |
Institutional Class | 2,101,067 | 1,258,832 |
Total | $ 522,702,473 | $ 387,669,599 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended | Year ended |
Fidelity Asset Manager 60% |
|
|
From net investment income |
|
|
Class A | $ 562,334 | $ 356,588 |
Class T | 119,094 | 80,854 |
Class B | 2,508 | - |
Class C | 106,137 | 69,650 |
Asset Manager 60% | 16,510,467 | 10,035,862 |
Institutional Class | 174,917 | 83,544 |
Total | $ 17,475,457 | $ 10,626,498 |
From net realized gain |
|
|
Class A | $ 2,600,794 | $ 1,985,006 |
Class T | 734,414 | 623,199 |
Class B | 77,323 | 76,551 |
Class C | 1,338,769 | 918,282 |
Asset Manager 60% | 59,118,120 | 40,223,730 |
Institutional Class | 647,193 | 370,405 |
Total | $ 64,516,613 | $ 44,197,173 |
Fidelity Asset Manager 70% |
|
|
From net investment income |
|
|
Class A | $ 1,479,841 | $ 1,033,151 |
Class T | 367,575 | 244,099 |
Class C | 171,602 | 91,021 |
Asset Manager 70% | 49,763,383 | 37,644,867 |
Institutional Class | 526,159 | 385,345 |
Total | $ 52,308,560 | $ 39,398,483 |
From net realized gain |
|
|
Class A | $ 10,888,363 | $ 474,865 |
Class T | 3,662,050 | 164,213 |
Class B | 280,534 | 8,517 |
Class C | 4,234,614 | 182,043 |
Asset Manager 70% | 283,051,266 | 12,380,976 |
Institutional Class | 3,091,422 | 131,408 |
Total | $ 305,208,249 | $ 13,342,022 |
Fidelity Asset Manager 85% |
|
|
From net investment income |
|
|
Class A | $ 638,758 | $ 513,103 |
Class T | 138,492 | 68,362 |
Class B | 528 | - |
Class C | 109,436 | 15,442 |
Asset Manager 85% | 16,718,895 | 11,337,929 |
Institutional Class | 555,363 | 137,662 |
Total | $ 18,161,472 | $ 12,072,498 |
From net realized gain |
|
|
Class A | $ 5,458,131 | $ 1,903,881 |
Class T | 1,508,615 | 366,040 |
Class B | 188,215 | 71,038 |
Class C | 2,602,752 | 593,821 |
Asset Manager 85% | 106,034,944 | 29,066,321 |
Institutional Class | 3,430,748 | 359,450 |
Total | $ 119,223,405 | $ 32,360,551 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 20% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 338,232 | 783,612 | $ 4,550,705 | $ 10,575,925 |
Reinvestment of distributions | 104,300 | 102,139 | 1,373,422 | 1,355,011 |
Shares redeemed | (372,779) | (1,265,498) | (5,007,390) | (17,064,545) |
Net increase (decrease) | 69,753 | (379,747) | $ 916,737 | $ (5,133,609) |
Class T |
|
|
|
|
Shares sold | 119,040 | 355,085 | $ 1,595,834 | $ 4,797,729 |
Reinvestment of distributions | 49,002 | 40,508 | 644,006 | 536,101 |
Shares redeemed | (217,261) | (323,786) | (2,920,752) | (4,370,396) |
Net increase (decrease) | (49,219) | 71,807 | $ (680,912) | $ 963,434 |
Class B |
|
|
|
|
Shares sold | 8,195 | 4,405 | $ 111,037 | $ 59,143 |
Reinvestment of distributions | 4,946 | 4,556 | 64,890 | 60,028 |
Shares redeemed | (33,282) | (58,449) | (443,727) | (785,911) |
Net increase (decrease) | (20,141) | (49,488) | $ (267,800) | $ (666,740) |
Class C |
|
|
|
|
Shares sold | 274,107 | 540,793 | $ 3,669,707 | $ 7,269,919 |
Reinvestment of distributions | 62,659 | 43,385 | 820,123 | 571,036 |
Shares redeemed | (210,185) | (504,325) | (2,797,901) | (6,769,069) |
Net increase (decrease) | 126,581 | 79,853 | $ 1,691,929 | $ 1,071,886 |
Asset Manager 20% |
|
|
|
|
Shares sold | 38,850,966 | 76,021,177 | $ 522,008,452 | $ 1,029,161,925 |
Reinvestment of distributions | 13,735,007 | 12,771,889 | 181,216,547 | 169,960,357 |
Shares redeemed | (39,680,140) | (76,287,745) | (533,833,085) | (1,032,059,057) |
Net increase (decrease) | 12,905,833 | 12,505,321 | $ 169,391,914 | $ 167,063,225 |
Institutional Class |
|
|
|
|
Shares sold | 231,369 | 615,962 | $ 3,102,449 | $ 8,327,250 |
Reinvestment of distributions | 33,913 | 80,191 | 447,120 | 1,065,593 |
Shares redeemed | (205,149) | (2,100,063) | (2,755,118) | (28,593,681) |
Net increase (decrease) | 60,133 | (1,403,910) | $ 794,451 | $ (19,200,838) |
Fidelity Asset Manager 30% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 455,949 | 923,824 | $ 4,855,963 | $ 9,839,885 |
Reinvestment of distributions | 64,870 | 45,595 | 677,050 | 476,412 |
Shares redeemed | (542,470) | (356,138) | (5,810,799) | (3,791,452) |
Net increase (decrease) | (21,651) | 613,281 | $ (277,786) | $ 6,524,845 |
Class T |
|
|
|
|
Shares sold | 204,026 | 447,269 | $ 2,168,273 | $ 4,763,848 |
Reinvestment of distributions | 30,215 | 18,376 | 315,176 | 191,659 |
Shares redeemed | (128,532) | (215,363) | (1,372,820) | (2,281,453) |
Net increase (decrease) | 105,709 | 250,282 | $ 1,110,629 | $ 2,674,054 |
Class B |
|
|
|
|
Shares sold | 1,788 | 4,974 | $ 19,117 | $ 52,753 |
Reinvestment of distributions | 2,056 | 2,037 | 21,399 | 21,116 |
Shares redeemed | (19,054) | (28,867) | (201,836) | (305,657) |
Net increase (decrease) | (15,210) | (21,856) | $ (161,320) | $ (231,788) |
Class C |
|
|
|
|
Shares sold | 303,270 | 753,278 | $ 3,214,995 | $ 7,967,516 |
Reinvestment of distributions | 51,458 | 28,866 | 534,099 | 298,964 |
Shares redeemed | (157,083) | (344,924) | (1,664,347) | (3,654,971) |
Net increase (decrease) | 197,645 | 437,220 | $ 2,084,747 | $ 4,611,509 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 30% - continued |
|
|
|
|
Asset Manager 30% |
|
|
|
|
Shares sold | 12,861,071 | 30,473,306 | $ 136,860,604 | $ 323,377,131 |
Reinvestment of distributions | 2,551,308 | 2,007,679 | 26,641,048 | 21,016,847 |
Shares redeemed | (8,227,356) | (15,412,216) | (87,674,143) | (163,792,350) |
Net increase (decrease) | 7,185,023 | 17,068,769 | $ 75,827,509 | $ 180,601,628 |
Institutional Class |
|
|
|
|
Shares sold | 103,924 | 681,438 | $ 1,107,788 | $ 7,209,060 |
Reinvestment of distributions | 27,828 | 23,147 | 290,507 | 242,082 |
Shares redeemed | (184,998) | (346,980) | (1,958,953) | (3,705,898) |
Net increase (decrease) | (53,246) | 357,605 | $ (560,658) | $ 3,745,244 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 505,012 | 1,263,650 | $ 5,509,033 | $ 13,761,962 |
Reinvestment of distributions | 84,203 | 67,100 | 896,045 | 710,726 |
Shares redeemed | (296,907) | (516,001) | (3,229,815) | (5,611,221) |
Net increase (decrease) | 292,308 | 814,749 | $ 3,175,263 | $ 8,861,467 |
Class T |
|
|
|
|
Shares sold | 113,648 | 312,137 | $ 1,236,758 | $ 3,392,690 |
Reinvestment of distributions | 23,065 | 21,273 | 245,117 | 224,606 |
Shares redeemed | (30,901) | (229,860) | (335,375) | (2,504,206) |
Net increase (decrease) | 105,812 | 103,550 | $ 1,146,500 | $ 1,113,090 |
Class B |
|
|
|
|
Shares sold | 6,397 | 39,096 | $ 68,683 | $ 420,433 |
Reinvestment of distributions | 3,326 | 3,033 | 35,406 | 32,013 |
Shares redeemed | (33,873) | (6,357) | (371,510) | (68,439) |
Net increase (decrease) | (24,150) | 35,772 | $ (267,421) | $ 384,007 |
Class C |
|
|
|
|
Shares sold | 335,469 | 727,515 | $ 3,647,281 | $ 7,865,569 |
Reinvestment of distributions | 45,049 | 33,167 | 477,378 | 349,051 |
Shares redeemed | (134,909) | (188,102) | (1,465,877) | (2,035,598) |
Net increase (decrease) | 245,609 | 572,580 | $ 2,658,782 | $ 6,179,022 |
Asset Manager 40% |
|
|
|
|
Shares sold | 18,917,144 | 34,608,489 | $ 206,117,237 | $ 375,595,169 |
Reinvestment of distributions | 2,637,973 | 2,254,356 | 28,059,274 | 23,883,227 |
Shares redeemed | (9,129,155) | (13,072,865) | (99,397,151) | (142,125,758) |
Net increase (decrease) | 12,425,962 | 23,789,980 | $ 134,779,360 | $ 257,352,638 |
Institutional Class |
|
|
|
|
Shares sold | 224,289 | 381,158 | $ 2,421,339 | $ 4,131,264 |
Reinvestment of distributions | 12,982 | 6,032 | 138,073 | 64,241 |
Shares redeemed | (72,700) | (110,956) | (787,883) | (1,215,238) |
Net increase (decrease) | 164,571 | 276,234 | $ 1,771,529 | $ 2,980,267 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 436,737 | 1,273,404 | $ 7,592,279 | $ 22,836,027 |
Reinvestment of distributions | 291,135 | 249,445 | 4,892,763 | 4,294,566 |
Shares redeemed | (528,668) | (1,677,065) | (9,202,042) | (30,019,672) |
Net increase (decrease) | 199,204 | (154,216) | $ 3,283,000 | $ (2,889,079) |
Class T |
|
|
|
|
Shares sold | 297,772 | 421,419 | $ 5,197,528 | $ 7,534,388 |
Reinvestment of distributions | 135,035 | 103,225 | 2,266,477 | 1,775,374 |
Shares redeemed | (182,784) | (346,351) | (3,193,265) | (6,182,970) |
Net increase (decrease) | 250,023 | 178,293 | $ 4,270,740 | $ 3,126,792 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 50% - continued |
|
|
|
|
Class B |
|
|
|
|
Shares sold | 4,120 | 18,361 | $ 69,728 | $ 327,611 |
Reinvestment of distributions | 11,011 | 10,446 | 184,613 | 179,002 |
Shares redeemed | (39,970) | (48,283) | (698,357) | (861,906) |
Net increase (decrease) | (24,839) | (19,476) | $ (444,016) | $ (355,293) |
Class C |
|
|
|
|
Shares sold | 327,979 | 690,698 | $ 5,679,786 | $ 12,278,516 |
Reinvestment of distributions | 140,067 | 97,203 | 2,338,587 | 1,661,721 |
Shares redeemed | (267,612) | (383,168) | (4,655,097) | (6,824,826) |
Net increase (decrease) | 200,434 | 404,733 | $ 3,363,276 | $ 7,115,411 |
Asset Manager 50% |
|
|
|
|
Shares sold | 26,565,686 | 57,933,970 | $ 465,271,495 | $ 1,036,371,244 |
Reinvestment of distributions | 32,542,461 | 28,194,410 | 548,555,315 | 487,561,137 |
Shares redeemed | (32,891,289) | (59,456,854) | (578,153,867) | (1,065,196,235) |
Net increase (decrease) | 26,216,858 | 26,671,526 | $ 435,672,943 | $ 458,736,146 |
Institutional Class |
|
|
|
|
Shares sold | 197,413 | 935,462 | $ 3,463,594 | $ 16,958,566 |
Reinvestment of distributions | 134,319 | 90,630 | 2,261,208 | 1,566,572 |
Shares redeemed | (398,925) | (366,630) | (6,980,506) | (6,589,229) |
Net increase (decrease) | (67,193) | 659,462 | $ (1,255,704) | $ 11,935,909 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 674,125 | 1,668,732 | $ 7,651,513 | $ 18,898,865 |
Reinvestment of distributions | 286,389 | 211,037 | 3,113,048 | 2,281,312 |
Shares redeemed | (586,643) | (1,003,510) | (6,583,776) | (11,382,583) |
Net increase (decrease) | 373,871 | 876,259 | $ 4,180,785 | $ 9,797,594 |
Class T |
|
|
|
|
Shares sold | 222,458 | 290,330 | $ 2,502,404 | $ 3,301,821 |
Reinvestment of distributions | 76,931 | 63,652 | 833,160 | 686,165 |
Shares redeemed | (92,979) | (293,961) | (1,042,763) | (3,332,709) |
Net increase (decrease) | 206,410 | 60,021 | $ 2,292,801 | $ 655,277 |
Class B |
|
|
|
|
Shares sold | 1,606 | 16,130 | $ 17,902 | $ 181,770 |
Reinvestment of distributions | 6,746 | 6,303 | 73,534 | 68,266 |
Shares redeemed | (17,725) | (35,095) | (202,389) | (398,584) |
Net increase (decrease) | (9,373) | (12,662) | $ (110,953) | $ (148,548) |
Class C |
|
|
|
|
Shares sold | 411,600 | 898,639 | $ 4,618,402 | $ 10,097,475 |
Reinvestment of distributions | 131,144 | 87,114 | 1,409,801 | 932,996 |
Shares redeemed | (149,786) | (373,556) | (1,672,651) | (4,187,695) |
Net increase (decrease) | 392,958 | 612,197 | $ 4,355,552 | $ 6,842,776 |
Asset Manager 60% |
|
|
|
|
Shares sold | 20,558,890 | 37,561,490 | $ 233,485,463 | $ 427,371,130 |
Reinvestment of distributions | 6,877,984 | 4,594,576 | 74,901,251 | 49,805,206 |
Shares redeemed | (9,723,629) | (15,471,323) | (110,287,067) | (176,932,453) |
Net increase (decrease) | 17,713,245 | 26,684,743 | $ 198,099,647 | $ 300,243,883 |
Institutional Class |
|
|
|
|
Shares sold | 321,581 | 616,312 | $ 3,553,401 | $ 7,026,647 |
Reinvestment of distributions | 68,910 | 39,401 | 751,123 | 427,103 |
Shares redeemed | (149,498) | (198,301) | (1,721,822) | (2,277,581) |
Net increase (decrease) | 240,993 | 457,412 | $ 2,582,702 | $ 5,176,169 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 70% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 788,969 | 1,318,189 | $ 16,126,896 | $ 27,521,256 |
Reinvestment of distributions | 612,690 | 71,653 | 11,873,923 | 1,420,170 |
Shares redeemed | (645,615) | (1,167,187) | (13,245,970) | (24,250,163) |
Net increase (decrease) | 756,044 | 222,655 | $ 14,754,849 | $ 4,691,263 |
Class T |
|
|
|
|
Shares sold | 179,462 | 412,779 | $ 3,676,302 | $ 8,619,406 |
Reinvestment of distributions | 197,690 | 19,544 | 3,837,168 | 387,747 |
Shares redeemed | (208,589) | (375,976) | (4,306,578) | (7,801,668) |
Net increase (decrease) | 168,563 | 56,347 | $ 3,206,892 | $ 1,205,485 |
Class B |
|
|
|
|
Shares sold | 2,753 | 6,369 | $ 58,620 | $ 129,376 |
Reinvestment of distributions | 13,435 | 386 | 263,858 | 7,726 |
Shares redeemed | (47,752) | (100,644) | (986,788) | (2,101,481) |
Net increase (decrease) | (31,564) | (93,889) | $ (664,310) | $ (1,964,379) |
Class C |
|
|
|
|
Shares sold | 223,353 | 598,362 | $ 4,557,043 | $ 12,381,428 |
Reinvestment of distributions | 211,320 | 12,613 | 4,089,035 | 249,612 |
Shares redeemed | (221,031) | (384,445) | (4,466,533) | (7,965,324) |
Net increase (decrease) | 213,642 | 226,530 | $ 4,179,545 | $ 4,665,716 |
Asset Manager 70% |
|
|
|
|
Shares sold | 16,044,164 | 29,980,573 | $ 327,944,953 | $ 622,793,936 |
Reinvestment of distributions | 16,897,365 | 2,479,485 | 327,639,913 | 49,168,187 |
Shares redeemed | (11,607,563) | (22,888,887) | (237,425,408) | (476,948,875) |
Net increase (decrease) | 21,333,966 | 9,571,171 | $ 418,159,458 | $ 195,013,248 |
Institutional Class |
|
|
|
|
Shares sold | 193,379 | 742,363 | $ 3,926,032 | $ 15,414,559 |
Reinvestment of distributions | 181,334 | 25,659 | 3,519,697 | 509,076 |
Shares redeemed | (240,091) | (489,636) | (4,833,251) | (10,367,886) |
Net increase (decrease) | 134,622 | 278,386 | $ 2,612,478 | $ 5,555,749 |
Fidelity Asset Manager 85% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 437,819 | 1,180,141 | $ 7,444,493 | $ 20,417,561 |
Reinvestment of distributions | 377,235 | 145,475 | 6,024,439 | 2,374,156 |
Shares redeemed | (347,767) | (2,600,568) | (5,904,509) | (44,961,802) |
Net increase (decrease) | 467,287 | (1,274,952) | $ 7,564,423 | $ (22,170,085) |
Class T |
|
|
|
|
Shares sold | 259,722 | 304,656 | $ 4,376,782 | $ 5,241,079 |
Reinvestment of distributions | 102,375 | 26,314 | 1,628,792 | 428,386 |
Shares redeemed | (128,053) | (156,965) | (2,125,076) | (2,723,840) |
Net increase (decrease) | 234,044 | 174,005 | $ 3,880,498 | $ 2,945,625 |
Class B |
|
|
|
|
Shares sold | 627 | 2,425 | $ 10,002 | $ 41,228 |
Reinvestment of distributions | 11,206 | 4,022 | 179,408 | 65,673 |
Shares redeemed | (22,685) | (54,590) | (381,499) | (941,233) |
Net increase (decrease) | (10,852) | (48,143) | $ (192,089) | $ (834,332) |
Class C |
|
|
|
|
Shares sold | 320,414 | 612,975 | $ 5,308,504 | $ 10,478,018 |
Reinvestment of distributions | 169,095 | 36,961 | 2,668,312 | 597,292 |
Shares redeemed | (157,380) | (228,986) | (2,601,536) | (3,902,773) |
Net increase (decrease) | 332,129 | 420,950 | $ 5,375,280 | $ 7,172,537 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 85% - continued |
|
|
|
|
Asset Manager 85% |
|
|
|
|
Shares sold | 10,795,097 | 24,950,987 | $ 184,153,392 | $ 432,242,884 |
Reinvestment of distributions | 7,541,142 | 2,430,935 | 121,186,144 | 39,915,946 |
Shares redeemed | (14,891,067) | (13,449,549) | (252,590,123) | (234,002,868) |
Net increase (decrease) | 3,445,172 | 13,932,373 | $ 52,749,413 | $ 238,155,962 |
Institutional Class |
|
|
|
|
Shares sold | 422,584 | 1,805,275 | $ 7,121,342 | $ 31,863,541 |
Reinvestment of distributions | 225,394 | 29,297 | 3,610,804 | 479,884 |
Shares redeemed | (560,524) | (274,438) | (9,366,368) | (4,800,120) |
Net increase (decrease) | 87,454 | 1,560,134 | $ 1,365,778 | $ 27,543,305 |
12. Other.
The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. 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 of the following fund:
Fund | % of shares owned |
Fidelity Asset Manager 60% | 30% |
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Investments Money Management, Inc.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research (Japan) Limited
Fidelity Management & Research (Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
AAR-USAN-0515
1.878291.106
Fidelity Advisor Asset Manager® Funds -
20%, 30%, 40%, 50%, 60%, 70%, 85% -
Institutional Class
Semiannual Report
March 31, 2015
Each Institutional Class is a class
of Fidelity Asset Manager® Funds
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Advisor Asset Manager® 20% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 30% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 40% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 50% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 60% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 70% | Investment Changes Investments Financial Statements | |
Fidelity Advisor Asset Manager 85% | Investment Changes Investments Financial Statements | |
Notes | Notes to the financial statements. |
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 1-877-208-0098 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. © 2015 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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.
Semiannual Report
Shareholder Expense Example
The Funds invest in Fidelity® Central Funds, which are open-end investment companies with similar investment objectives to those of the Funds, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Funds presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Funds also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Funds' annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the Funds 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, 2014 to March 31, 2015).
Actual Expenses
The first line of the accompanying table for each class of each fund 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 of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
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 | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager® 20% |
|
|
|
|
Class A | .83% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,026.40 | $ 4.19 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.79 | $ 4.18 |
Class T | 1.09% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,025.90 | $ 5.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.50 | $ 5.49 |
Class B | 1.57% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,022.60 | $ 7.92 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.10 | $ 7.90 |
Class C | 1.59% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,023.40 | $ 8.02 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.00 | $ 8.00 |
Asset Manager 20% | .52% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.60 | $ 2.63 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.34 | $ 2.62 |
Institutional Class | .57% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.40 | $ 2.88 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.09 | $ 2.87 |
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager 30% |
|
|
|
|
Class A | .85% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,032.80 | $ 4.31 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.69 | $ 4.28 |
Class T | 1.12% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,031.60 | $ 5.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.35 | $ 5.64 |
Class B | 1.60% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.80 | $ 8.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.95 | $ 8.05 |
Class C | 1.61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,029.20 | $ 8.15 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.90 | $ 8.10 |
Asset Manager 30% | .54% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,034.30 | $ 2.74 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.24 | $ 2.72 |
Institutional Class | .61% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,034.00 | $ 3.09 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.89 | $ 3.07 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A | .84% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,036.80 | $ 4.27 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.74 | $ 4.23 |
Class T | 1.10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,035.50 | $ 5.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.45 | $ 5.54 |
Class B | 1.58% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.70 | $ 8.01 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.05 | $ 7.95 |
Class C | 1.62% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.00 | $ 8.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.85 | $ 8.15 |
Asset Manager 40% | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.40 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.19 | $ 2.77 |
Institutional Class | .55% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.20 | $ 2.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.19 | $ 2.77 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A | .96% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.00 | $ 4.89 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.14 | $ 4.84 |
Class T | 1.22% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.50 | $ 6.21 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.85 | $ 6.14 |
Class B | 1.69% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,037.90 | $ 8.59 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.50 | $ 8.50 |
Fidelity Asset Manager 50% - continued | Annualized | Beginning | Ending | Expenses Paid |
Class C | 1.72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,037.40 | $ 8.74 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.36 | $ 8.65 |
Asset Manager 50% | .66% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.80 | $ 3.36 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.64 | $ 3.33 |
Institutional Class | .70% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.20 | $ 3.57 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.44 | $ 3.53 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.50 | $ 5.25 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.80 | $ 5.19 |
Class T | 1.30% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,042.90 | $ 6.62 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.45 | $ 6.54 |
Class B | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.60 | $ 9.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.96 | $ 9.05 |
Class C | 1.80% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,041.80 | $ 9.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.96 | $ 9.05 |
Asset Manager 60% | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.90 | $ 3.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.34 | $ 3.63 |
Institutional Class | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,046.30 | $ 3.93 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.09 | $ 3.88 |
Fidelity Asset Manager 70% |
|
|
|
|
Class A | 1.03% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,047.70 | $ 5.26 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.80 | $ 5.19 |
Class T | 1.29% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,045.70 | $ 6.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.50 | $ 6.49 |
Class B | 1.86% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.20 | $ 9.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.66 | $ 9.35 |
Class C | 1.79% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,043.50 | $ 9.12 |
HypotheticalA |
| $ 1,000.00 | $ 1,016.01 | $ 9.00 |
Asset Manager 70% | .72% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.80 | $ 3.68 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.34 | $ 3.63 |
Institutional Class | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.80 | $ 3.88 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.14 | $ 3.83 |
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Asset Manager 85% |
|
|
|
|
Class A | 1.05% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,052.40 | $ 5.37 |
HypotheticalA |
| $ 1,000.00 | $ 1,019.70 | $ 5.29 |
Class T | 1.33% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,049.80 | $ 6.80 |
HypotheticalA |
| $ 1,000.00 | $ 1,018.30 | $ 6.69 |
Class B | 1.82% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,047.80 | $ 9.29 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.86 | $ 9.15 |
Class C | 1.81% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,048.20 | $ 9.24 |
HypotheticalA |
| $ 1,000.00 | $ 1,015.91 | $ 9.10 |
Asset Manager 85% | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.80 | $ 3.84 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.19 | $ 3.78 |
Institutional Class | .75% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,053.70 | $ 3.84 |
HypotheticalA |
| $ 1,000.00 | $ 1,021.19 | $ 3.78 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' 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 the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio.
In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .01% to .13%.
Semiannual Report
Fidelity Asset Manager 20%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 11.0 | 15.8 |
Fannie Mae | 4.8 | 9.5 |
Ginnie Mae | 1.9 | 1.5 |
Citigroup, Inc. | 1.4 | 0.2 |
Freddie Mac | 1.3 | 1.3 |
| 20.4 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 10.7% |
| ![]() | AAA,AA,A 6.3% |
| ||
![]() | BBB 14.1% |
| ![]() | BBB 13.5% |
| ||
![]() | BB and Below 9.3% |
| ![]() | BB and Below 5.0% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 23.0% |
| ![]() | Equities** 20.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.5 | 0.3 |
Facebook, Inc. Class A | 0.2 | 0.2 |
Actavis PLC | 0.2 | 0.2 |
The Walt Disney Co. | 0.2 | 0.1 |
Medtronic PLC | 0.1 | 0.1 |
| 1.2 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 33.0 | 28.0 |
Energy | 5.4 | 4.2 |
Consumer Discretionary | 5.1 | 4.1 |
Health Care | 4.8 | 3.1 |
Information Technology | 3.6 | 3.4 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 52.3% |
| ![]() | Bond Class 52.7% |
| ||
![]() | Short-Term Class 24.8% |
| ![]() | Short-Term Class 27.0% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| **Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
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. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 15.9% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 20%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 21.6% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (d) | 1,410,897 | $ 10,426,528 | |
Fidelity Consumer Discretionary Central Fund (d) | 402,575 | 98,502,120 | |
Fidelity Consumer Staples Central Fund (d) | 301,551 | 66,407,526 | |
Fidelity Energy Central Fund (d) | 417,291 | 54,569,101 | |
Fidelity Financials Central Fund (d) | 1,713,096 | 151,609,015 | |
Fidelity Health Care Central Fund (d) | 330,623 | 124,261,280 | |
Fidelity Industrials Central Fund (d) | 360,934 | 85,346,438 | |
Fidelity Information Technology Central Fund (d) | 569,406 | 161,352,618 | |
Fidelity International Equity Central Fund (d) | 2,783,321 | 222,944,027 | |
Fidelity Materials Central Fund (d) | 128,412 | 28,728,314 | |
Fidelity Real Estate Equity Central Fund (d) | 565,126 | 60,683,203 | |
Fidelity Telecom Services Central Fund (d) | 98,987 | 16,741,652 | |
Fidelity Utilities Central Fund (d) | 188,124 | 29,851,500 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $687,226,135) |
| ||
Fixed-Income Central Funds - 56.1% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.4% | |||
Fidelity Emerging Markets Debt Central Fund (d) | 2,595,669 | 24,814,596 | |
Fidelity Floating Rate Central Fund (d) | 970,217 | 102,445,199 | |
Fidelity High Income Central Fund 1 (d) | 1,995,784 | 201,534,248 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 49.7% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(d) | 691,952 | 68,731,574 | |
Fidelity Investment Grade Bond Central Fund (d) | 22,854,525 | 2,491,828,838 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $2,696,110,327) |
| ||
Money Market Central Funds - 20.6% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 312,246,337 | $ 312,246,337 | |
Fidelity Money Market Central Fund, 0.30% (b) | 746,659,561 | 746,659,561 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $1,058,905,898) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 (c) | $ 1,300,000 | 1,299,983 |
Investment Companies - 1.6% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 1,295,053 |
| |
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $4,526,084,675) | 5,144,087,209 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 5,358,692 | ||
NET ASSETS - 100% | $ 5,149,445,901 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
78 CME E-mini S&P 500 Index Contracts (United States) | June 2015 | $ 8,037,120 | $ 16,649 |
The face value of futures purchased as a percentage of net assets is 0.2% |
Legend |
(a) Non-income producing |
(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) 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 $386,995. |
(d) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 316,524 |
Fidelity Commodity Strategy Central Fund | 5,622 |
Fidelity Consumer Discretionary Central Fund | 624,265 |
Fidelity Consumer Staples Central Fund | 765,473 |
Fidelity Emerging Markets Debt Central Fund | 910,246 |
Fidelity Emerging Markets Equity Central Fund | 162,809 |
Fidelity Energy Central Fund | 472,870 |
Fidelity Financials Central Fund | 1,156,827 |
Fidelity Floating Rate Central Fund | 2,594,382 |
Fidelity Health Care Central Fund | 331,493 |
Fidelity High Income Central Fund 1 | 5,523,801 |
Fidelity Industrials Central Fund | 541,383 |
Fidelity Information Technology Central Fund | 413,425 |
Fidelity International Equity Central Fund | 1,956,792 |
Fidelity Investment Grade Bond Central Fund | 33,852,812 |
Fidelity Materials Central Fund | 264,866 |
Fidelity Money Market Central Fund | 1,109,120 |
Fidelity Real Estate Equity Central Fund | 390,741 |
Fidelity Telecom Services Central Fund | 181,384 |
Fidelity Utilities Central Fund | 351,913 |
Total | $ 51,926,748 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 12,710,937 | $ 359,047 | $ 449,637 | $ 10,426,528 | 3.3% |
Fidelity Consumer Discretionary Central Fund | 87,688,111 | 2,559,405 | 4,187,675 | 98,502,120 | 6.1% |
Fidelity Consumer Staples Central Fund | 65,518,725 | 2,125,258 | 5,970,456 | 66,407,526 | 5.6% |
Fidelity Emerging Markets Debt Central Fund | 25,304,631 | 1,517,682 | 749,462 | 24,814,596 | 23.3% |
Fidelity Emerging Markets Equity Central Fund | 47,724,203 | 627,079 | 45,697,679 | 0 | 0.0% |
Fidelity Energy Central Fund | 62,238,447 | 3,269,421 | 1,361,070 | 54,569,101 | 5.3% |
Fidelity Financials Central Fund | 143,738,104 | 4,616,078 | 4,547,345 | 151,609,015 | 6.0% |
Fidelity Floating Rate Central Fund | 102,180,290 | 4,768,885 | 2,997,633 | 102,445,199 | 5.9% |
Fidelity Health Care Central Fund | 107,208,679 | 2,699,844 | 7,677,884 | 124,261,280 | 6.2% |
Fidelity High Income Central Fund 1 | 105,785,945 | 102,173,159 | 4,918,281 | 201,534,248 | 21.7% |
Fidelity Industrials Central Fund | 78,280,164 | 2,439,657 | 2,354,008 | 85,346,438 | 6.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 69,036,967 | 1,649,316 | 2,098,309 | 68,731,574 | 24.5% |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Information Technology Central Fund | $ 141,245,501 | $ 12,203,510 | $ 3,527,960 | $ 161,352,618 | 5.8% |
Fidelity International Equity Central Fund | 219,577,330 | 7,775,202 | 7,000,120 | 222,944,027 | 7.5% |
Fidelity Investment Grade Bond Central Fund | 2,441,369,579 | 158,255,931 | 152,070,575 | 2,491,828,838 | 31.9% |
Fidelity Materials Central Fund | 29,465,736 | 921,115 | 1,331,779 | 28,728,314 | 6.1% |
Fidelity Real Estate Equity Central Fund | - | 59,272,570 | 941,258 | 60,683,203 | 21.5% |
Fidelity Telecom Services Central Fund | 16,072,988 | 597,748 | 448,857 | 16,741,652 | 5.5% |
Fidelity Utilities Central Fund | 29,040,280 | 986,021 | 832,058 | 29,851,500 | 6.4% |
Total | $ 3,784,186,617 | $ 368,816,928 | $ 249,162,046 | $ 4,000,777,777 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 1,111,423,322 | $ 1,111,423,322 | $ - | $ - |
Fixed-Income Central Funds | 2,889,354,455 | 2,889,354,455 | - | - |
Money Market Central Funds | 1,058,905,898 | 1,058,905,898 | - | - |
U.S. Treasury Obligations | 1,299,983 | - | 1,299,983 | - |
Investment Companies | 83,103,551 | 83,103,551 | - | - |
Total Investments in Securities: | $ 5,144,087,209 | $ 5,142,787,226 | $ 1,299,983 | $ - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 16,649 | $ 16,649 | $ - | $ - |
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, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Primary Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 16,649 | $ - |
Total Value of Derivatives | $ 16,649 | $ - |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities. |
Other Information |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 84.1% |
United Kingdom | 3.0% |
Japan | 1.4% |
Mexico | 1.3% |
Netherlands | 1.0% |
Others (Individually Less Than 1%) | 9.2% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 20%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $83,842,315) | $ 84,403,534 |
|
Fidelity Central Funds (cost $4,442,242,360) | 5,059,683,675 |
|
Total Investments (cost $4,526,084,675) |
| $ 5,144,087,209 |
Receivable for investments sold | 1,323,863 | |
Receivable for fund shares sold | 34,655,173 | |
Distributions receivable from Fidelity Central Funds | 41,105 | |
Prepaid expenses | 5,690 | |
Other receivables | 7,515 | |
Total assets | 5,180,120,555 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 24,882,132 | |
Payable for fund shares redeemed | 3,477,092 | |
Accrued management fee | 1,748,128 | |
Distribution and service plan fees payable | 40,895 | |
Payable for daily variation margin for derivative instruments | 57,720 | |
Other affiliated payables | 452,840 | |
Other payables and accrued expenses | 15,847 | |
Total liabilities | 30,674,654 | |
|
|
|
Net Assets | $ 5,149,445,901 | |
Net Assets consist of: |
| |
Paid in capital | $ 4,849,725,137 | |
Undistributed net investment income | 7,638,872 | |
Accumulated undistributed net realized gain (loss) on investments | (325,937,291) | |
Net unrealized appreciation (depreciation) on investments | 618,019,183 | |
Net Assets | $ 5,149,445,901 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 13.41 | |
|
|
|
Maximum offering price per share (100/94.25 of $13.41) | $ 14.23 | |
Class T: | $ 13.39 | |
|
|
|
Maximum offering price per share (100/96.50 of $13.39) | $ 13.88 | |
Class B: | $ 13.36 | |
|
|
|
Class C: | $ 13.34 | |
|
|
|
Asset Manager 20%: | $ 13.43 | |
|
|
|
Institutional Class: | $ 13.43 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 20%
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 265 |
Income from Fidelity Central Funds |
| 51,926,748 |
Total income |
| 51,927,013 |
|
|
|
Expenses | ||
Management fee | $ 10,390,041 | |
Transfer agent fees | 2,121,778 | |
Distribution and service plan fees | 244,599 | |
Accounting fees and expenses | 587,207 | |
Custodian fees and expenses | 657 | |
Independent trustees' compensation | 10,780 | |
Registration fees | 106,580 | |
Audit | 16,449 | |
Legal | 11,920 | |
Miscellaneous | 17,897 | |
Total expenses before reductions | 13,507,908 | |
Expense reductions | (17,012) | 13,490,896 |
Net investment income (loss) | 38,436,117 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 362 | |
Fidelity Central Funds | 1,046,206 |
|
Futures contracts | 6,596,976 | |
Capital gain distributions from Fidelity Central Funds | 110,761 |
|
Total net realized gain (loss) |
| 7,754,305 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 95,967,096 | |
Futures contracts | 16,649 | |
Total change in net unrealized appreciation (depreciation) |
| 95,983,745 |
Net gain (loss) | 103,738,050 | |
Net increase (decrease) in net assets resulting from operations | $ 142,174,167 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 38,436,117 | $ 71,573,687 |
Net realized gain (loss) | 7,754,305 | 51,842,193 |
Change in net unrealized appreciation (depreciation) | 95,983,745 | 105,479,799 |
Net increase (decrease) in net assets resulting from operations | 142,174,167 | 228,895,679 |
Distributions to shareholders from net investment income | (35,888,831) | (71,593,620) |
Distributions to shareholders from net realized gain | (154,642,056) | (107,790,846) |
Total distributions | (190,530,887) | (179,384,466) |
Share transactions - net increase (decrease) | 171,846,319 | 144,097,358 |
Total increase (decrease) in net assets | 123,489,599 | 193,608,571 |
|
|
|
Net Assets | ||
Beginning of period | 5,025,956,302 | 4,832,347,731 |
End of period (including undistributed net investment income of $7,638,872 and undistributed net investment income of $5,091,586, respectively) | $ 5,149,445,901 | $ 5,025,956,302 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.56 | $ 13.42 | $ 13.37 | $ 12.62 | $ 12.55 | $ 11.80 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .08 | .16 | .14 | .18 | .19 | .22 |
Net realized and unrealized gain (loss) | .27 | .44 | .31 | .91 | .09 | .74 |
Total from investment operations | .35 | .60 | .45 | 1.09 | .28 | .96 |
Distributions from net investment income | (.08) | (.15) | (.14) | (.18) | (.20) | (.21) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.50) | (.46) I | (.40) J | (.34) | (.21) K | (.21) L |
Net asset value, end of period | $ 13.41 | $ 13.56 | $ 13.42 | $ 13.37 | $ 12.62 | $ 12.55 |
Total ReturnB, C, D | 2.64% | 4.54% | 3.47% | 8.76% | 2.22% | 8.26% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .83%A | .82% | .82% | .84% | .85% | .84% |
Expenses net of fee waivers, if any | .83%A | .82% | .82% | .84% | .85% | .84% |
Expenses net of all reductions | .83%A | .82% | .82% | .83% | .85% | .83% |
Net investment income (loss) | 1.22%A | 1.16% | 1.03% | 1.36% | 1.51% | 1.80% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 39,261 | $ 38,733 | $ 43,449 | $ 46,763 | $ 36,016 | $ 31,268 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.46 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.302 per share. J Total distributions of $.40 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.266 per share. K Total distributions of $.21 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.015 per share. L Total distributions of $.21 per share is comprised of distributions from net investment income of $.209 and distributions from net realized gain of $.005 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.53 | $ 13.40 | $ 13.34 | $ 12.60 | $ 12.53 | $ 11.78 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .12 | .10 | .14 | .16 | .19 |
Net realized and unrealized gain (loss) | .28 | .43 | .33 | .90 | .09 | .74 |
Total from investment operations | .34 | .55 | .43 | 1.04 | .25 | .93 |
Distributions from net investment income | (.06) | (.12) | (.10) | (.15) | (.16) | (.18) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.48) | (.42) | (.37) | (.30) I | (.18) | (.18) J |
Net asset value, end of period | $ 13.39 | $ 13.53 | $ 13.40 | $ 13.34 | $ 12.60 | $ 12.53 |
Total ReturnB, C, D | 2.59% | 4.20% | 3.28% | 8.39% | 1.96% | 8.00% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.09%A | 1.10% | 1.10% | 1.10% | 1.11% | 1.09% |
Expenses net of fee waivers, if any | 1.09%A | 1.10% | 1.10% | 1.10% | 1.10% | 1.09% |
Expenses net of all reductions | 1.09%A | 1.09% | 1.09% | 1.10% | 1.10% | 1.09% |
Net investment income (loss) | .96%A | .89% | .75% | 1.09% | 1.26% | 1.55% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 20,128 | $ 21,010 | $ 19,844 | $ 18,870 | $ 17,765 | $ 15,771 |
Portfolio turnover rateG | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.155 per share. J Total distributions of $.18 per share is comprised of distributions from net investment income of $.179 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.51 | $ 13.38 | $ 13.33 | $ 12.59 | $ 12.51 | $ 11.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .03 | .07 | .09 | .12 |
Net realized and unrealized gain (loss) | .27 | .43 | .32 | .90 | .10 | .74 |
Total from investment operations | .30 | .48 | .35 | .97 | .19 | .86 |
Distributions from net investment income | (.03) | (.05) | (.04) | (.08) | (.09) | (.11) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.45) | (.35) | (.30) I | (.23) J | (.11) | (.12) |
Net asset value, end of period | $ 13.36 | $ 13.51 | $ 13.38 | $ 13.33 | $ 12.59 | $ 12.51 |
Total ReturnB, C, D | 2.26% | 3.68% | 2.71% | 7.81% | 1.48% | 7.34% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.57%A | 1.59% | 1.62% | 1.64% | 1.65% | 1.67% |
Expenses net of fee waivers, if any | 1.57%A | 1.59% | 1.62% | 1.64% | 1.65% | 1.65% |
Expenses net of all reductions | 1.57%A | 1.59% | 1.61% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .48%A | .39% | .23% | .55% | .72% | .99% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,792 | $ 2,083 | $ 2,725 | $ 2,732 | $ 3,044 | $ 3,717 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.30 per share is comprised of distributions from net investment income of $.038 and distributions from net realized gain of $.266 per share. J Total distributions of $.23 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.155 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.48 | $ 13.35 | $ 13.30 | $ 12.57 | $ 12.50 | $ 11.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .03 | .08 | .10 | .12 |
Net realized and unrealized gain (loss) | .28 | .43 | .33 | .89 | .09 | .74 |
Total from investment operations | .31 | .48 | .36 | .97 | .19 | .86 |
Distributions from net investment income | (.03) | (.05) | (.04) | (.08) | (.10) | (.12) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.45) | (.35) | (.31) | (.24) | (.12) | (.12) I |
Net asset value, end of period | $ 13.34 | $ 13.48 | $ 13.35 | $ 13.30 | $ 12.57 | $ 12.50 |
Total ReturnB, C, D | 2.34% | 3.70% | 2.73% | 7.80% | 1.48% | 7.40% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.59%A | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Expenses net of fee waivers, if any | 1.59%A | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Expenses net of all reductions | 1.59%A | 1.60% | 1.59% | 1.60% | 1.60% | 1.60% |
Net investment income (loss) | .46%A | .39% | .25% | .59% | .76% | 1.03% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 27,631 | $ 26,225 | $ 24,910 | $ 22,600 | $ 19,325 | $ 15,728 |
Portfolio turnover rate G | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.12 per share is comprised of distributions from net investment income of $.119 and distributions from net realized gain of $.005 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 20%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.57 | $ 13.44 | $ 13.39 | $ 12.64 | $ 12.57 | $ 11.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .20 | .18 | .22 | .23 | .25 |
Net realized and unrealized gain (loss) | .28 | .43 | .31 | .91 | .09 | .75 |
Total from investment operations | .38 | .63 | .49 | 1.13 | .32 | 1.00 |
Distributions from net investment income | (.10) | (.20) | (.18) | (.22) | (.23) | (.24) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.52) | (.50) | (.44) H | (.38) | (.25) | (.25) |
Net asset value, end of period | $ 13.43 | $ 13.57 | $ 13.44 | $ 13.39 | $ 12.64 | $ 12.57 |
Total ReturnB, C | 2.86% | 4.80% | 3.79% | 9.06% | 2.52% | 8.54% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .52%A | .53% | .53% | .54% | .55% | .56% |
Expenses net of fee waivers, if any | .52%A | .53% | .53% | .54% | .55% | .56% |
Expenses net of all reductions | .52%A | .52% | .52% | .54% | .54% | .56% |
Net investment income (loss) | 1.53%A | 1.46% | 1.32% | 1.65% | 1.82% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 5,045,770 | $ 4,923,702 | $ 4,708,494 | $ 4,595,339 | $ 3,569,848 | $ 3,064,676 |
Portfolio turnover rate F | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.266 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.57 | $ 13.44 | $ 13.38 | $ 12.64 | $ 12.56 | $ 11.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .10 | .19 | .17 | .21 | .23 | .25 |
Net realized and unrealized gain (loss) | .27 | .43 | .33 | .90 | .10 | .74 |
Total from investment operations | .37 | .62 | .50 | 1.11 | .33 | .99 |
Distributions from net investment income | (.09) | (.19) | (.17) | (.22) | (.23) | (.24) |
Distributions from net realized gain | (.42) | (.30) | (.27) | (.16) | (.02) | (.01) |
Total distributions | (.51) | (.49) | (.44) | (.37) H | (.25) | (.25) |
Net asset value, end of period | $ 13.43 | $ 13.57 | $ 13.44 | $ 13.38 | $ 12.64 | $ 12.56 |
Total ReturnB, C | 2.84% | 4.74% | 3.83% | 8.94% | 2.57% | 8.46% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .57%A | .56% | .57% | .58% | .59% | .56% |
Expenses net of fee waivers, if any | .57%A | .56% | .57% | .58% | .59% | .56% |
Expenses net of all reductions | .57%A | .56% | .56% | .57% | .59% | .55% |
Net investment income (loss) | 1.49%A | 1.42% | 1.29% | 1.62% | 1.77% | 2.09% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 14,864 | $ 14,204 | $ 32,926 | $ 30,383 | $ 23,073 | $ 4,739 |
Portfolio turnover rate F | 13% A | 13% | 27% | 23% | 19% | 18% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.37 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.155 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 30%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 11.1 | 15.7 |
Fannie Mae | 4.8 | 9.5 |
Ginnie Mae | 1.9 | 1.6 |
Citigroup, Inc. | 1.4 | 0.2 |
Freddie Mac | 1.3 | 1.3 |
| 20.5 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 10.7% |
| ![]() | AAA,AA,A 6.4% |
| ||
![]() | BBB 13.9% |
| ![]() | BBB 13.4% |
| ||
![]() | BB and Below 9.3% |
| ![]() | BB and Below 4.9% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 33.0% |
| ![]() | Equities** 30.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.7 | 0.5 |
Facebook, Inc. Class A | 0.3 | 0.2 |
Actavis PLC | 0.3 | 0.3 |
The Walt Disney Co. | 0.3 | 0.2 |
Citigroup, Inc. | 0.2 | 0.2 |
| 1.8 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 22.5 | 17.6 |
Consumer Discretionary | 6.7 | 5.4 |
Energy | 6.0 | 4.9 |
Health Care | 5.9 | 4.4 |
Information Technology | 5.2 | 4.9 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 52.1% |
| ![]() | Bond Class 52.6% |
| ||
![]() | Short-Term Class 15.0% |
| ![]() | Short-Term Class 17.1% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 19.4% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 30%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 31.5% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 248,700 | $ 1,837,895 | |
Fidelity Consumer Discretionary Central Fund (c) | 102,890 | 25,175,100 | |
Fidelity Consumer Staples Central Fund (c) | 75,964 | 16,728,714 | |
Fidelity Energy Central Fund (c) | 107,461 | 14,052,665 | |
Fidelity Financials Central Fund (c) | 440,472 | 38,981,782 | |
Fidelity Health Care Central Fund (c) | 80,517 | 30,261,638 | |
Fidelity Industrials Central Fund (c) | 93,476 | 22,103,247 | |
Fidelity Information Technology Central Fund (c) | 146,364 | 41,475,135 | |
Fidelity International Equity Central Fund (c) | 772,048 | 61,841,080 | |
Fidelity Materials Central Fund (c) | 32,789 | 7,335,613 | |
Fidelity Real Estate Equity Central Fund (c) | 97,677 | 10,488,536 | |
Fidelity Telecom Services Central Fund (c) | 25,416 | 4,298,563 | |
Fidelity Utilities Central Fund (c) | 45,813 | 7,269,562 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $202,495,092) |
| ||
Fixed-Income Central Funds - 55.9% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 445,735 | 4,261,223 | |
Fidelity Floating Rate Central Fund (c) | 167,723 | 17,709,903 | |
Fidelity High Income Central Fund 1 (c) | 344,606 | 34,798,274 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 49.6% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 123,385 | 12,255,855 | |
Fidelity Investment Grade Bond Central Fund (c) | 3,952,134 | 430,901,153 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUND |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $480,833,585) |
| ||
Money Market Central Funds - 10.6% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 71,991,523 | 71,991,523 | |
Fidelity Money Market Central Fund, 0.30% (b) | 22,503,934 | 22,503,934 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $94,495,457) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 200,000 | $ 199,998 |
Investment Companies - 2.0% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 276,878 |
| |
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $795,621,119) | 894,238,653 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 25,341 | ||
NET ASSETS - 100% | $ 894,263,994 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 59,089 |
Fidelity Commodity Strategy Central Fund | 940 |
Fidelity Consumer Discretionary Central Fund | 155,419 |
Fidelity Consumer Staples Central Fund | 190,745 |
Fidelity Emerging Markets Debt Central Fund | 136,263 |
Fidelity Emerging Markets Equity Central Fund | 29,688 |
Fidelity Energy Central Fund | 119,265 |
Fidelity Financials Central Fund | 289,076 |
Fidelity Floating Rate Central Fund | 405,384 |
Fidelity Health Care Central Fund | 81,329 |
Fidelity High Income Central Fund 1 | 868,729 |
Fidelity Industrials Central Fund | 136,604 |
Fidelity Information Technology Central Fund | 103,852 |
Fidelity International Equity Central Fund | 532,627 |
Fidelity Investment Grade Bond Central Fund | 5,815,057 |
Fidelity Materials Central Fund | 66,046 |
Fidelity Money Market Central Fund | 30,176 |
Fidelity Real Estate Equity Central Fund | 65,728 |
Fidelity Telecom Services Central Fund | 45,023 |
Fidelity Utilities Central Fund | 86,488 |
Total | $ 9,217,528 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 2,068,534 | $ 195,085 | $ 54,856 | $ 1,837,895 | 0.6% |
Fidelity Consumer Discretionary Central Fund | 21,176,863 | 1,595,441 | 673,714 | 25,175,100 | 1.5% |
Fidelity Consumer Staples Central Fund | 15,805,384 | 1,199,928 | 1,430,738 | 16,728,714 | 1.4% |
Fidelity Emerging Markets Debt Central Fund | 4,078,506 | 478,058 | 91,431 | 4,261,223 | 4.1% |
Fidelity Emerging Markets Equity Central Fund | 8,547,434 | 463,061 | 8,530,800 | - | 0.0% |
Fidelity Energy Central Fund | 15,186,952 | 1,460,381 | 232,264 | 14,052,665 | 1.4% |
Fidelity Financials Central Fund | 34,998,326 | 3,153,365 | 1,117,281 | 38,981,782 | 1.5% |
Fidelity Floating Rate Central Fund | 16,620,152 | 1,699,643 | 365,703 | 17,709,903 | 1.0% |
Fidelity Health Care Central Fund | 25,731,828 | 1,806,842 | 2,703,458 | 30,261,638 | 1.5% |
Fidelity High Income Central Fund 1 | 16,438,202 | 19,170,106 | 577,435 | 34,798,274 | 3.7% |
Fidelity Industrials Central Fund | 19,083,057 | 1,718,283 | 444,614 | 22,103,247 | 1.6% |
Fidelity Inflation-Protected Bond Index Central Fund | 9,584,419 | 2,880,905 | 224,310 | 12,255,855 | 4.4% |
Fidelity Information Technology Central Fund | 34,374,383 | 4,814,453 | 614,019 | 41,475,135 | 1.5% |
Fidelity International Equity Central Fund | 57,136,336 | 5,280,504 | 1,347,724 | 61,841,080 | 2.1% |
Fidelity Investment Grade Bond Central Fund | 397,927,512 | 47,639,685 | 22,072,377 | 430,901,153 | 5.5% |
Fidelity Materials Central Fund | 7,108,586 | 574,269 | 151,940 | 7,335,613 | 1.6% |
Fidelity Real Estate Equity Central Fund | - | 10,200,376 | 109,908 | 10,488,536 | 3.7% |
Fidelity Telecom Services Central Fund | 3,844,573 | 397,373 | 73,603 | 4,298,563 | 1.4% |
Fidelity Utilities Central Fund | 6,992,871 | 598,267 | 466,638 | 7,269,562 | 1.5% |
Total | $ 696,703,918 | $ 105,326,025 | $ 41,282,813 | $ 781,775,938 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 281,849,530 | $ 281,849,530 | $ - | $ - |
Fixed-Income Central Funds | 499,926,408 | 499,926,408 | - | - |
Money Market Central Funds | 94,495,457 | 94,495,457 | - | - |
U.S. Treasury Obligations | 199,998 | - | 199,998 | - |
Investment Companies | 17,767,260 | 17,767,260 | - | - |
Total Investments in Securities: | $ 894,238,653 | $ 894,038,655 | $ 199,998 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 80.6% |
United Kingdom | 3.7% |
Japan | 2.0% |
Mexico | 1.3% |
Cayman Islands | 1.3% |
Netherlands | 1.1% |
Ireland | 1.0% |
Others (Individually Less Than 1%) | 9.0% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 30%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $17,796,985) | $ 17,967,258 |
|
Fidelity Central Funds (cost $777,824,134) | 876,271,395 |
|
Total Investments (cost $795,621,119) |
| $ 894,238,653 |
Cash |
| 49,812 |
Receivable for investments sold | 258,066 | |
Receivable for fund shares sold | 1,572,404 | |
Distributions receivable from Fidelity Central Funds | 9,162 | |
Prepaid expenses | 930 | |
Other receivables | 1,803 | |
Total assets | 896,130,830 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 942,081 | |
Payable for fund shares redeemed | 495,627 | |
Accrued management fee | 302,708 | |
Distribution and service plan fees payable | 25,497 | |
Other affiliated payables | 85,214 | |
Other payables and accrued expenses | 15,709 | |
Total liabilities | 1,866,836 | |
|
|
|
Net Assets | $ 894,263,994 | |
Net Assets consist of: |
| |
Paid in capital | $ 836,748,488 | |
Undistributed net investment income | 1,465,588 | |
Accumulated undistributed net realized gain (loss) on investments | (42,567,616) | |
Net unrealized appreciation (depreciation) on investments | 98,617,534 | |
Net Assets | $ 894,263,994 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.69 | |
|
|
|
Maximum offering price per share (100/94.25 of $10.69) | $ 11.34 | |
Class T: | $ 10.68 | |
|
|
|
Maximum offering price per share (100/96.50 of $10.68) | $ 11.07 | |
Class B: | $ 10.67 | |
|
|
|
Class C: | $ 10.64 | |
|
|
|
Asset Manager 30%: | $ 10.69 | |
|
|
|
Institutional Class: | $ 10.69 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 43 |
Income from Fidelity Central Funds |
| 9,217,528 |
Total income |
| 9,217,571 |
|
|
|
Expenses | ||
Management fee | $ 1,747,335 | |
Transfer agent fees | 343,841 | |
Distribution and service plan fees | 147,078 | |
Accounting fees and expenses | 156,543 | |
Custodian fees and expenses | 507 | |
Independent trustees' compensation | 1,777 | |
Registration fees | 56,207 | |
Audit | 22,783 | |
Legal | 1,647 | |
Miscellaneous | 3,203 | |
Total expenses before reductions | 2,480,921 | |
Expense reductions | (4,038) | 2,476,883 |
Net investment income (loss) | 6,740,688 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (711,029) |
|
Futures contracts | 1,063,750 | |
Capital gain distributions from Fidelity Central Funds | 18,251 |
|
Total net realized gain (loss) |
| 370,972 |
Change in net unrealized appreciation (depreciation) on investment securities | 21,910,110 | |
Net gain (loss) | 22,281,082 | |
Net increase (decrease) in net assets resulting from operations | $ 29,021,770 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,740,688 | $ 11,368,732 |
Net realized gain (loss) | 370,972 | 1,907,071 |
Change in net unrealized appreciation (depreciation) | 21,910,110 | 27,736,996 |
Net increase (decrease) in net assets resulting from operations | 29,021,770 | 41,012,799 |
Distributions to shareholders from net investment income | (6,066,471) | (11,374,832) |
Distributions to shareholders from net realized gain | (23,090,456) | (11,398,470) |
Total distributions | (29,156,927) | (22,773,302) |
Share transactions - net increase (decrease) | 78,023,121 | 197,925,492 |
Total increase (decrease) in net assets | 77,887,964 | 216,164,989 |
|
|
|
Net Assets | ||
Beginning of period | 816,376,030 | 600,211,041 |
End of period (including undistributed net investment income of $1,465,588 and undistributed net investment income of $791,371, respectively) | $ 894,263,994 | $ 816,376,030 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .07 | .14 | .12 | .14 | .16 | .17 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .34 | .60 | .56 | 1.03 | .17 | .84 |
Distributions from net investment income | (.06) | (.13) | (.11) | (.14) | (.15) | (.17) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.36) | (.32) I | (.28) | (.25) | (.46) | (.22) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 |
Total ReturnB, C, D | 3.28% | 5.83% | 5.64% | 11.20% | 1.67% | 9.39% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .85%A | .85% | .87% | .89% | .91% | .98% |
Expenses net of fee waivers, if any | .85%A | .85% | .87% | .89% | .90% | .90% |
Expenses net of all reductions | .85%A | .85% | .87% | .88% | .89% | .89% |
Net investment income (loss) | 1.31%A | 1.29% | 1.15% | 1.46% | 1.63% | 1.83% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 21,805 | $ 22,071 | $ 15,100 | $ 11,431 | $ 9,024 | $ 7,495 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.183 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.70 | $ 10.42 | $ 10.14 | $ 9.36 | $ 9.65 | $ 9.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .11 | .09 | .12 | .14 | .15 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .33 | .57 | .53 | 1.01 | .15 | .82 |
Distributions from net investment income | (.05) | (.10) | (.08) | (.12) | (.13) | (.15) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.35) | (.29) I | (.25) | (.23) | (.44) | (.20) |
Net asset value, end of period | $ 10.68 | $ 10.70 | $ 10.42 | $ 10.14 | $ 9.36 | $ 9.65 |
Total ReturnB, C, D | 3.16% | 5.53% | 5.37% | 10.91% | 1.47% | 9.15% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.12%A | 1.13% | 1.13% | 1.14% | 1.13% | 1.19% |
Expenses net of fee waivers, if any | 1.12%A | 1.13% | 1.13% | 1.14% | 1.13% | 1.15% |
Expenses net of all reductions | 1.12%A | 1.13% | 1.13% | 1.13% | 1.13% | 1.14% |
Net investment income (loss) | 1.05%A | 1.01% | .89% | 1.21% | 1.39% | 1.58% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 11,044 | $ 9,932 | $ 7,064 | $ 6,542 | $ 4,885 | $ 5,800 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.29 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.183 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.69 | $ 10.41 | $ 10.14 | $ 9.36 | $ 9.65 | $ 9.03 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .05 | .04 | .07 | .09 | .10 |
Net realized and unrealized gain (loss) | .27 | .47 | .44 | .89 | - I | .67 |
Total from investment operations | .30 | .52 | .48 | .96 | .09 | .77 |
Distributions from net investment income | (.02) | (.05) | (.04) | (.07) | (.07) | (.11) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.32) | (.24) J | (.21) | (.18) | (.38) | (.15) K |
Net asset value, end of period | $ 10.67 | $ 10.69 | $ 10.41 | $ 10.14 | $ 9.36 | $ 9.65 |
Total ReturnB, C, D | 2.88% | 5.02% | 4.81% | 10.37% | .89% | 8.62% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.60%A | 1.63% | 1.66% | 1.68% | 1.70% | 1.78% |
Expenses net of fee waivers, if any | 1.60%A | 1.63% | 1.65% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.60%A | 1.63% | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .57%A | .51% | .37% | .69% | .88% | 1.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 709 | $ 873 | $ 1,078 | $ 1,118 | $ 1,076 | $ 1,336 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.24 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.183 per share. K Total distributions of $.15 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.045 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.66 | $ 10.38 | $ 10.12 | $ 9.34 | $ 9.63 | $ 9.01 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .09 | .10 |
Net realized and unrealized gain (loss) | .27 | .46 | .43 | .89 | .01 | .67 |
Total from investment operations | .30 | .52 | .47 | .96 | .10 | .77 |
Distributions from net investment income | (.03) | (.06) | (.04) | (.07) | (.08) | (.10) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.32) I | (.24) | (.21) | (.18) | (.39) | (.15) |
Net asset value, end of period | $ 10.64 | $ 10.66 | $ 10.38 | $ 10.12 | $ 9.34 | $ 9.63 |
Total ReturnB, C, D | 2.92% | 5.09% | 4.75% | 10.41% | .92% | 8.63% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.61%A | 1.62% | 1.64% | 1.66% | 1.67% | 1.72% |
Expenses net of fee waivers, if any | 1.61%A | 1.62% | 1.64% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.61%A | 1.61% | 1.63% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .56%A | .52% | .39% | .69% | .88% | 1.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,047 | $ 16,976 | $ 12,001 | $ 7,937 | $ 5,967 | $ 4,789 |
Portfolio turnover rate G | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.32 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.298 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 30%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .15 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .27 | .46 | .44 | .89 | .01 | .67 |
Total from investment operations | .36 | .63 | .59 | 1.06 | .20 | .86 |
Distributions from net investment income | (.08) | (.17) | (.14) | (.17) | (.18) | (.19) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.38) | (.35) | (.31) | (.28) | (.49) | (.24) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.15 | $ 9.37 | $ 9.66 |
Total ReturnB, C | 3.43% | 6.19% | 5.96% | 11.53% | 1.98% | 9.67% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .54%A | .55% | .56% | .58% | .61% | .69% |
Expenses net of fee waivers, if any | .54%A | .55% | .56% | .58% | .61% | .65% |
Expenses net of all reductions | .54%A | .55% | .56% | .58% | .60% | .64% |
Net investment income (loss) | 1.62%A | 1.59% | 1.46% | 1.76% | 1.92% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 833,625 | $ 757,908 | $ 560,306 | $ 364,386 | $ 208,380 | $ 109,249 |
Portfolio turnover rate F | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.71 | $ 10.43 | $ 10.16 | $ 9.37 | $ 9.66 | $ 9.04 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .16 | .14 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .27 | .47 | .44 | .90 | - H | .67 |
Total from investment operations | .35 | .63 | .58 | 1.07 | .19 | .86 |
Distributions from net investment income | (.08) | (.16) | (.13) | (.17) | (.18) | (.19) |
Distributions from net realized gain | (.30) | (.18) | (.17) | (.11) | (.31) | (.05) |
Total distributions | (.37) L | (.35) I | (.31) J | (.28) | (.48) K | (.24) |
Net asset value, end of period | $ 10.69 | $ 10.71 | $ 10.43 | $ 10.16 | $ 9.37 | $ 9.66 |
Total ReturnB, C | 3.40% | 6.12% | 5.81% | 11.56% | 1.93% | 9.67% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .61%A | .62% | .62% | .65% | .63% | .71% |
Expenses net of fee waivers, if any | .61%A | .62% | .62% | .65% | .63% | .65% |
Expenses net of all reductions | .61%A | .62% | .62% | .64% | .62% | .64% |
Net investment income (loss) | 1.56%A | 1.52% | 1.40% | 1.69% | 1.90% | 2.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,034 | $ 8,616 | $ 4,663 | $ 2,099 | $ 1,218 | $ 1,168 |
Portfolio turnover rate F | 11% A | 13% | 20% | 21% | 21% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per share. I Total distributions of $.35 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.183 per share. J Total distributions of $.31 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.174 per share. K Total distributions of $.48 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.309 per share. L Total distributions of $.37 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.298 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 40%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 9.6 | 13.8 |
Fannie Mae | 4.2 | 8.3 |
Ginnie Mae | 1.6 | 1.4 |
Citigroup, Inc. | 1.2 | 0.2 |
Freddie Mac | 1.1 | 1.2 |
| 17.7 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 9.0% |
| ![]() | AAA,AA,A 5.5% |
| ||
![]() | BBB 12.3% |
| ![]() | BBB 11.9% |
| ||
![]() | BB and Below 8.9% |
| ![]() | BB and Below 4.8% |
| ||
![]() | Not Rated 0.8% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 42.7% |
| ![]() | Equities** 40.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Top Five Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 0.9 | 0.6 |
Facebook, Inc. Class A | 0.4 | 0.3 |
Actavis PLC | 0.4 | 0.3 |
The Walt Disney Co. | 0.3 | 0.3 |
Citigroup, Inc. | 0.3 | 0.3 |
| 2.3 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 21.3 | 17.3 |
Consumer Discretionary | 7.8 | 6.7 |
Health Care | 6.8 | 5.7 |
Information Technology | 6.8 | 6.3 |
Energy | 6.2 | 5.7 |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 46.0% |
| ![]() | Bond Class 46.6% |
| ||
![]() | Short-Term Class 11.3% |
| ![]() | Short-Term Class 12.8% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 22.8% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 40%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 42.0% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 275,271 | $ 2,034,250 | |
Fidelity Consumer Discretionary Central Fund (c) | 146,285 | 35,793,045 | |
Fidelity Consumer Staples Central Fund (c) | 105,607 | 23,256,675 | |
Fidelity Emerging Markets Equity Central Fund (c) | 19,151 | 3,892,009 | |
Fidelity Energy Central Fund (c) | 153,840 | 20,117,630 | |
Fidelity Financials Central Fund (c) | 627,789 | 55,559,322 | |
Fidelity Health Care Central Fund (c) | 112,728 | 42,367,534 | |
Fidelity Industrials Central Fund (c) | 132,994 | 31,447,697 | |
Fidelity Information Technology Central Fund (c) | 205,481 | 58,227,016 | |
Fidelity International Equity Central Fund (c) | 1,213,303 | 97,185,606 | |
Fidelity Materials Central Fund (c) | 46,843 | 10,479,770 | |
Fidelity Real Estate Equity Central Fund (c) | 105,585 | 11,337,668 | |
Fidelity Telecom Services Central Fund (c) | 36,778 | 6,220,180 | |
Fidelity Utilities Central Fund (c) | 62,220 | 9,873,148 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $310,637,238) |
| ||
Fixed-Income Central Funds - 49.4% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 482,446 | 4,612,184 | |
Fidelity Floating Rate Central Fund (c) | 182,010 | 19,218,392 | |
Fidelity High Income Central Fund 1 (c) | 372,772 | 37,642,499 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 43.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 110,781 | 11,003,839 | |
Fidelity Investment Grade Bond Central Fund (c) | 3,735,472 | 407,278,529 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $464,710,769) |
| ||
Money Market Central Funds - 7.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 58,226,763 | $ 58,226,763 | |
Fidelity Money Market Central Fund, 0.30% (b) | 10,324,823 | 10,324,823 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $68,551,586) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.02% 4/16/15 | $ 160,000 |
|
Investment Companies - 1.6% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 240,579 |
| |
TOTAL INVESTMENT (Cost $859,277,420) | 971,696,530 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (80,971) | ||
NET ASSETS - 100% | $ 971,615,559 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 45,495 |
Fidelity Commodity Strategy Central Fund | 993 |
Fidelity Consumer Discretionary Central Fund | 217,106 |
Fidelity Consumer Staples Central Fund | 264,500 |
Fidelity Emerging Markets Debt Central Fund | 142,685 |
Fidelity Emerging Markets Equity Central Fund | 50,230 |
Fidelity Energy Central Fund | 161,783 |
Fidelity Financials Central Fund | 400,539 |
Fidelity Floating Rate Central Fund | 426,562 |
Fidelity Health Care Central Fund | 112,190 |
Fidelity High Income Central Fund 1 | 913,964 |
Fidelity Industrials Central Fund | 190,527 |
Fidelity Information Technology Central Fund | 144,151 |
Fidelity International Equity Central Fund | 794,268 |
Fidelity Investment Grade Bond Central Fund | 5,324,772 |
Fidelity Materials Central Fund | 92,601 |
Fidelity Money Market Central Fund | 13,845 |
Fidelity Real Estate Equity Central Fund | 69,527 |
Fidelity Telecom Services Central Fund | 62,739 |
Fidelity Utilities Central Fund | 119,644 |
Total | $ 9,548,121 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 2,097,081 | $ 372,697 | $ 40,606 | $ 2,034,250 | 0.6% |
Fidelity Consumer Discretionary Central Fund | 28,519,121 | 3,936,847 | 901,428 | 35,793,045 | 2.2% |
Fidelity Consumer Staples Central Fund | 21,243,847 | 2,943,029 | 2,492,482 | 23,256,675 | 2.0% |
Fidelity Emerging Markets Debt Central Fund | 4,107,144 | 781,107 | 67,676 | 4,612,184 | 4.5% |
Fidelity Emerging Markets Equity Central Fund | 14,092,797 | 1,779,854 | 11,214,757 | 3,892,009 | 3.1% |
Fidelity Energy Central Fund | 19,008,861 | 4,269,740 | 223,108 | 20,117,630 | 2.0% |
Fidelity Financials Central Fund | 46,778,280 | 7,565,759 | 1,434,031 | 55,559,322 | 2.2% |
Fidelity Floating Rate Central Fund | 16,833,483 | 2,904,559 | 270,703 | 19,218,392 | 1.1% |
Fidelity Health Care Central Fund | 34,567,961 | 4,656,367 | 4,363,525 | 42,367,534 | 2.1% |
Fidelity High Income Central Fund 1 | 16,306,904 | 22,020,734 | 457,464 | 37,642,499 | 4.1% |
Fidelity Industrials Central Fund | 25,559,578 | 4,122,631 | 621,101 | 31,447,697 | 2.2% |
Fidelity Inflation-Protected Bond Index Central Fund | 9,655,040 | 1,486,816 | 162,421 | 11,003,839 | 3.9% |
Fidelity Information Technology Central Fund | 45,939,403 | 9,707,221 | 1,461,274 | 58,227,016 | 2.1% |
Fidelity International Equity Central Fund | 79,483,079 | 17,868,237 | 1,380,254 | 97,185,606 | 3.3% |
Fidelity Investment Grade Bond Central Fund | 351,285,747 | 68,123,311 | 18,921,517 | 407,278,529 | 5.2% |
Fidelity Materials Central Fund | 9,594,305 | 1,353,995 | 198,816 | 10,479,770 | 2.2% |
Fidelity Real Estate Equity Central Fund | - | 11,028,818 | 109,960 | 11,337,668 | 4.0% |
Fidelity Telecom Services Central Fund | 5,164,901 | 947,171 | 71,734 | 6,220,180 | 2.0% |
Fidelity Utilities Central Fund | 9,429,374 | 1,450,324 | 1,173,285 | 9,873,148 | 2.1% |
Total | $ 739,666,906 | $ 167,319,217 | $ 45,566,142 | $ 887,546,993 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 407,791,550 | $ 407,791,550 | $ - | $ - |
Fixed-Income Central Funds | 479,755,443 | 479,755,443 | - | - |
Money Market Central Funds | 68,551,586 | 68,551,586 | - | - |
U.S. Treasury Obligations | 159,998 | - | 159,998 | - |
Investment Companies | 15,437,953 | 15,437,953 | - | - |
Total Investments in Securities: | $ 971,696,530 | $ 971,536,532 | $ 159,998 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 77.2% |
United Kingdom | 4.2% |
Japan | 2.5% |
Cayman Islands | 1.4% |
Ireland | 1.3% |
Netherlands | 1.3% |
France | 1.2% |
Mexico | 1.1% |
Germany | 1.0% |
Switzerland | 1.0% |
Others (Individually Less Than 1%) | 7.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 40%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $15,377,827) | $ 15,597,951 |
|
Fidelity Central Funds (cost $843,899,593) | 956,098,579 |
|
Total Investments (cost $859,277,420) |
| $ 971,696,530 |
Cash |
| 42,168 |
Receivable for investments sold | 291,287 | |
Receivable for fund shares sold | 999,167 | |
Distributions receivable from Fidelity Central Funds | 7,261 | |
Prepaid expenses | 940 | |
Other receivables | 2,489 | |
Total assets | 973,039,842 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 274,865 | |
Payable for fund shares redeemed | 686,486 | |
Accrued management fee | 328,464 | |
Distribution and service plan fees payable | 25,897 | |
Other affiliated payables | 92,860 | |
Other payables and accrued expenses | 15,711 | |
Total liabilities | 1,424,283 | |
|
|
|
Net Assets | $ 971,615,559 | |
Net Assets consist of: |
| |
Paid in capital | $ 899,993,147 | |
Undistributed net investment income | 3,704,099 | |
Accumulated undistributed net realized gain (loss) on investments | (44,500,797) | |
Net unrealized appreciation (depreciation) on investments | 112,419,110 | |
Net Assets | $ 971,615,559 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.98 | |
|
|
|
Maximum offering price per share (100/94.25 of $10.98) | $ 11.65 | |
Class T: | $ 10.96 | |
|
|
|
Maximum offering price per share (100/96.50 of $10.96) | $ 11.36 | |
Class B: | $ 10.98 | |
|
|
|
Class C: | $ 10.93 | |
|
|
|
Asset Manager 40%: | $ 10.98 | |
|
|
|
Institutional Class: | $ 10.99 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 42 |
Income from Fidelity Central Funds |
| 9,548,121 |
Total income |
| 9,548,163 |
|
|
|
Expenses | ||
Management fee | $ 1,836,031 | |
Transfer agent fees | 371,604 | |
Distribution and service plan fees | 147,111 | |
Accounting fees and expenses | 163,045 | |
Custodian fees and expenses | 489 | |
Independent trustees' compensation | 1,841 | |
Registration fees | 51,362 | |
Audit | 22,783 | |
Legal | 1,682 | |
Miscellaneous | 3,267 | |
Total expenses before reductions | 2,599,215 | |
Expense reductions | (5,736) | 2,593,479 |
Net investment income (loss) | 6,954,684 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (930,338) |
|
Futures contracts | 870,355 | |
Capital gain distributions from Fidelity Central Funds | 18,928 |
|
Total net realized gain (loss) |
| (41,055) |
Change in net unrealized appreciation (depreciation) on investment securities | 27,277,473 | |
Net gain (loss) | 27,236,418 | |
Net increase (decrease) in net assets resulting from operations | $ 34,191,102 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,954,684 | $ 10,941,317 |
Net realized gain (loss) | (41,055) | 1,623,845 |
Change in net unrealized appreciation (depreciation) | 27,277,473 | 31,586,072 |
Net increase (decrease) in net assets resulting from operations | 34,191,102 | 44,151,234 |
Distributions to shareholders from net investment income | (5,964,674) | (10,627,197) |
Distributions to shareholders from net realized gain | (24,422,962) | (15,119,456) |
Total distributions | (30,387,636) | (25,746,653) |
Share transactions - net increase (decrease) | 143,264,013 | 276,870,491 |
Total increase (decrease) in net assets | 147,067,479 | 295,275,072 |
|
|
|
Net Assets | ||
Beginning of period | 824,548,080 | 529,273,008 |
End of period (including undistributed net investment income of $3,704,099 and undistributed net investment income of $2,714,089, respectively) | $ 971,615,559 | $ 824,548,080 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .07 | .14 | .12 | .14 | .16 | .16 |
Net realized and unrealized gain (loss) | .32 | .59 | .66 | 1.07 | (.06) | .70 |
Total from investment operations | .39 | .73 | .78 | 1.21 | .10 | .86 |
Distributions from net investment income | (.06) | (.15) | (.10) | (.14) | (.14) | (.15) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.37) | (.43) | (.23) | (.23) | (.42) | (.18) |
Net asset value, end of period | $ 10.98 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C, D | 3.68% | 6.98% | 7.88% | 13.47% | .91% | 9.96% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .84%A | .85% | .87% | .90% | .95% | 1.06% |
Expenses net of fee waivers, if any | .84%A | .85% | .87% | .90% | .90% | .90% |
Expenses net of all reductions | .84%A | .85% | .86% | .89% | .89% | .89% |
Net investment income (loss) | 1.30%A | 1.31% | 1.21% | 1.49% | 1.61% | 1.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 28,691 | $ 25,419 | $ 16,042 | $ 14,048 | $ 10,337 | $ 6,308 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.94 | $ 10.64 | $ 10.09 | $ 9.12 | $ 9.44 | $ 8.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .11 | .10 | .12 | .13 | .14 |
Net realized and unrealized gain (loss) | .32 | .59 | .66 | 1.06 | (.05) | .70 |
Total from investment operations | .38 | .70 | .76 | 1.18 | .08 | .84 |
Distributions from net investment income | (.05) | (.12) | (.08) | (.12) | (.12) | (.13) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.36) | (.40) | (.21) | (.21) | (.40) | (.16) |
Net asset value, end of period | $ 10.96 | $ 10.94 | $ 10.64 | $ 10.09 | $ 9.12 | $ 9.44 |
Total ReturnB, C, D | 3.55% | 6.72% | 7.62% | 13.09% | .68% | 9.69% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.10%A | 1.12% | 1.14% | 1.17% | 1.19% | 1.32% |
Expenses net of fee waivers, if any | 1.10%A | 1.12% | 1.14% | 1.15% | 1.15% | 1.15% |
Expenses net of all reductions | 1.10%A | 1.12% | 1.13% | 1.14% | 1.14% | 1.14% |
Net investment income (loss) | 1.03%A | 1.04% | .94% | 1.24% | 1.36% | 1.52% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 9,475 | $ 8,295 | $ 6,969 | $ 4,803 | $ 3,760 | $ 2,972 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.95 | $ 10.66 | $ 10.10 | $ 9.12 | $ 9.44 | $ 8.75 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .08 | .09 |
Net realized and unrealized gain (loss) | .33 | .58 | .67 | 1.06 | (.06) | .71 |
Total from investment operations | .36 | .64 | .71 | 1.13 | .02 | .80 |
Distributions from net investment income | (.02) | (.07) | (.02) | (.06) | (.07) | (.08) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.33) | (.35) | (.15) | (.15) | (.34) I | (.11) |
Net asset value, end of period | $ 10.98 | $ 10.95 | $ 10.66 | $ 10.10 | $ 9.12 | $ 9.44 |
Total ReturnB, C, D | 3.37% | 6.10% | 7.11% | 12.56% | .13% | 9.20% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.58%A | 1.61% | 1.68% | 1.70% | 1.73% | 1.82% |
Expenses net of fee waivers, if any | 1.58%A | 1.61% | 1.65% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.58%A | 1.61% | 1.64% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .56%A | .55% | .43% | .74% | .86% | 1.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 927 | $ 1,189 | $ 776 | $ 839 | $ 856 | $ 1,075 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.34 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.278 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.91 | $ 10.62 | $ 10.08 | $ 9.11 | $ 9.43 | $ 8.76 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .06 | .04 | .07 | .08 | .09 |
Net realized and unrealized gain (loss) | .32 | .58 | .66 | 1.06 | (.05) | .70 |
Total from investment operations | .35 | .64 | .70 | 1.13 | .03 | .79 |
Distributions from net investment income | (.02) | (.07) | (.03) | (.08) | (.08) | (.09) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.33) | (.35) | (.16) | (.16) J | (.35) I | (.12) |
Net asset value, end of period | $ 10.93 | $ 10.91 | $ 10.62 | $ 10.08 | $ 9.11 | $ 9.43 |
Total ReturnB, C, D | 3.30% | 6.17% | 7.02% | 12.59% | .22% | 9.07% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.62%A | 1.62% | 1.64% | 1.67% | 1.70% | 1.82% |
Expenses net of fee waivers, if any | 1.62%A | 1.62% | 1.64% | 1.65% | 1.65% | 1.65% |
Expenses net of all reductions | 1.62%A | 1.62% | 1.63% | 1.64% | 1.64% | 1.64% |
Net investment income (loss) | .52%A | .54% | .44% | .74% | .86% | 1.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 18,490 | $ 15,769 | $ 9,272 | $ 6,814 | $ 3,911 | $ 2,193 |
Portfolio turnover rate G | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.35 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.278 per share. J Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.088 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 40%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .16 | .18 | .18 | .18 |
Net realized and unrealized gain (loss) | .32 | .59 | .65 | 1.06 | (.06) | .71 |
Total from investment operations | .41 | .76 | .81 | 1.24 | .12 | .89 |
Distributions from net investment income | (.08) | (.18) | (.13) | (.17) | (.17) | (.18) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.39) | (.46) | (.26) | (.26) | (.44) H | (.21) |
Net asset value, end of period | $ 10.98 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C | 3.84% | 7.29% | 8.21% | 13.78% | 1.17% | 10.28% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .55%A | .56% | .57% | .59% | .64% | .76% |
Expenses net of fee waivers, if any | .55%A | .56% | .57% | .59% | .64% | .65% |
Expenses net of all reductions | .54%A | .56% | .56% | .58% | .63% | .64% |
Net investment income (loss) | 1.59%A | 1.60% | 1.51% | 1.81% | 1.87% | 2.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 907,958 | $ 769,619 | $ 495,019 | $ 328,995 | $ 146,236 | $ 77,613 |
Portfolio turnover rate F | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.44 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.278 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 | $ 8.77 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .09 | .17 | .15 | .17 | .18 | .18 |
Net realized and unrealized gain (loss) | .33 | .58 | .66 | 1.06 | (.06) | .71 |
Total from investment operations | .42 | .75 | .81 | 1.23 | .12 | .89 |
Distributions from net investment income | (.08) | (.18) | (.13) | (.16) | (.16) | (.18) |
Distributions from net realized gain | (.31) | (.28) | (.13) | (.09) | (.28) | (.03) |
Total distributions | (.39) | (.45) H | (.26) | (.25) | (.44) | (.21) |
Net asset value, end of period | $ 10.99 | $ 10.96 | $ 10.66 | $ 10.11 | $ 9.13 | $ 9.45 |
Total ReturnB, C | 3.92% | 7.25% | 8.15% | 13.74% | 1.15% | 10.28% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .55%A | .58% | .63% | .66% | .68% | .76% |
Expenses net of fee waivers, if any | .55%A | .58% | .63% | .65% | .65% | .65% |
Expenses net of all reductions | .55%A | .57% | .62% | .64% | .64% | .64% |
Net investment income (loss) | 1.59%A | 1.59% | 1.45% | 1.74% | 1.86% | 2.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 6,075 | $ 4,256 | $ 1,196 | $ 911 | $ 580 | $ 882 |
Portfolio turnover rate F | 11% A | 11% | 22% | 21% | 20% | 22% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.45 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.276 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 50%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.1 | 0.7 |
Facebook, Inc. Class A | 0.5 | 0.4 |
Actavis PLC | 0.5 | 0.4 |
The Walt Disney Co. | 0.4 | 0.3 |
Citigroup, Inc. | 0.4 | 0.4 |
JPMorgan Chase & Co. | 0.3 | 0.4 |
Medtronic PLC | 0.3 | 0.3 |
Bank of America Corp. | 0.3 | 0.4 |
Google, Inc. Class C | 0.3 | 0.3 |
Google, Inc. Class A | 0.3 | 0.3 |
| 4.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 21.8 | 17.8 |
Consumer Discretionary | 9.1 | 7.8 |
Information Technology | 8.4 | 7.8 |
Health Care | 7.9 | 6.8 |
Industrials | 7.0 | 6.4 |
Top Five Bond Issuers as of March 31, 2015 | ||
(with maturities greater than one year) | % of fund's | % of fund's net assets |
U.S. Treasury Obligations | 8.5 | 12.4 |
Fannie Mae | 3.7 | 7.3 |
Ginnie Mae | 1.5 | 1.2 |
Citigroup, Inc. | 1.1 | 0.2 |
Freddie Mac | 1.0 | 1.0 |
| 15.8 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 7.7% |
| ![]() | AAA,AA,A 4.5% |
| ||
![]() | BBB 10.8% |
| ![]() | BBB 10.8% |
| ||
![]() | BB and Below 8.8% |
| ![]() | BB and Below 4.7% |
| ||
![]() | Not Rated 0.7% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 52.8% |
| ![]() | Equities** 50.4% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 41.4% |
| ![]() | Bond Class 41.7% |
| ||
![]() | Short-Term Class 6.0% |
| ![]() | Short-Term Class 7.6% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.3% |
|
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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 25.6% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 50%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 51.8% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (e) | 2,230,939 | $ 16,486,642 | |
Fidelity Consumer Discretionary Central Fund (e) | 1,572,683 | 384,804,129 | |
Fidelity Consumer Staples Central Fund (e) | 1,123,734 | 247,468,792 | |
Fidelity Emerging Markets Equity Central Fund (e) | 204,640 | 41,588,889 | |
Fidelity Energy Central Fund (e) | 1,635,045 | 213,814,816 | |
Fidelity Financials Central Fund (e) | 6,703,974 | 593,301,708 | |
Fidelity Health Care Central Fund (e) | 1,200,731 | 451,282,822 | |
Fidelity Industrials Central Fund (e) | 1,416,225 | 334,880,603 | |
Fidelity Information Technology Central Fund (e) | 2,188,353 | 620,113,673 | |
Fidelity International Equity Central Fund (e) | 13,081,017 | 1,047,789,479 | |
Fidelity Materials Central Fund (e) | 498,612 | 111,549,545 | |
Fidelity Real Estate Equity Central Fund (e) | 901,414 | 96,793,865 | |
Fidelity Telecom Services Central Fund (e) | 364,966 | 61,726,710 | |
Fidelity Utilities Central Fund (e) | 660,690 | 104,838,350 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $2,707,718,229) |
| ||
Fixed-Income Central Funds - 44.4% | |||
|
|
|
|
High Yield Fixed-Income Funds - 6.3% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 4,096,274 | 39,160,381 | |
Fidelity Floating Rate Central Fund (e) | 1,551,432 | 163,815,674 | |
Fidelity High Income Central Fund 1 (e) | 3,203,484 | 323,487,857 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 38.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 944,142 | 93,781,662 | |
Fidelity Investment Grade Bond Central Fund (e) | 28,294,474 | 3,084,946,449 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $3,474,564,403) |
| ||
Money Market Central Funds - 2.2% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 110,687,214 | $ 110,687,214 | |
Fidelity Money Market Central Fund, 0.30% (b) | 55,344,512 | 55,344,512 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 20,482,000 | 20,482,000 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $186,513,726) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 860,000 | 859,989 |
Investment Companies - 1.9% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF (d) | 2,412,097 |
| |
TOTAL INVESTMENT (Cost $6,521,607,671) | 8,373,790,025 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (21,911,634) | ||
NET ASSETS - 100% | $ 8,351,878,391 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 168,808 |
Fidelity Commodity Strategy Central Fund | 9,015 |
Fidelity Consumer Discretionary Central Fund | 2,452,778 |
Fidelity Consumer Staples Central Fund | 2,949,224 |
Fidelity Emerging Markets Debt Central Fund | 1,302,622 |
Fidelity Emerging Markets Equity Central Fund | 554,269 |
Fidelity Energy Central Fund | 1,825,460 |
Fidelity Financials Central Fund | 4,606,749 |
Fidelity Floating Rate Central Fund | 3,890,307 |
Fidelity Health Care Central Fund | 1,275,102 |
Fidelity High Income Central Fund 1 | 8,337,728 |
Fidelity Industrials Central Fund | 2,155,158 |
Fidelity Information Technology Central Fund | 1,617,848 |
Fidelity International Equity Central Fund | 9,023,484 |
Fidelity Investment Grade Bond Central Fund | 42,961,300 |
Fidelity Materials Central Fund | 1,054,105 |
Fidelity Money Market Central Fund | 74,212 |
Fidelity Real Estate Equity Central Fund | 630,154 |
Fidelity Securities Lending Cash Central Fund | 846 |
Fidelity Telecom Services Central Fund | 675,498 |
Fidelity Utilities Central Fund | 1,368,948 |
Total | $ 86,933,615 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 20,470,784 | $ 219,785 | $ 691,567 | $ 16,486,642 | 5.2% |
Fidelity Consumer Discretionary Central Fund | 349,029,597 | 5,204,453 | 18,363,012 | 384,804,129 | 23.7% |
Fidelity Consumer Staples Central Fund | 260,890,931 | 4,919,004 | 37,050,921 | 247,468,792 | 21.0% |
Fidelity Emerging Markets Debt Central Fund | 40,494,059 | 1,830,107 | 1,152,617 | 39,160,381 | 36.6% |
Fidelity Emerging Markets Equity Central Fund | 163,068,383 | 1,726,948 | 114,636,588 | 41,588,889 | 33.4% |
Fidelity Energy Central Fund | 235,160,131 | 18,458,030 | 4,177,908 | 213,814,816 | 20.9% |
Fidelity Financials Central Fund | 572,892,452 | 9,571,484 | 20,244,078 | 593,301,708 | 23.4% |
Fidelity Floating Rate Central Fund | 165,566,828 | 5,295,343 | 4,610,460 | 163,815,674 | 9.4% |
Fidelity Health Care Central Fund | 427,242,889 | 4,656,643 | 66,352,615 | 451,282,822 | 22.4% |
Fidelity High Income Central Fund 1 | 158,322,446 | 174,696,426 | 7,038,425 | 323,487,857 | 34.8% |
Fidelity Industrials Central Fund | 311,842,081 | 4,883,348 | 9,681,945 | 334,880,603 | 23.6% |
Fidelity Inflation-Protected Bond Index Central Fund | 95,507,367 | 843,078 | 2,766,270 | 93,781,662 | 33.4% |
Fidelity Information Technology Central Fund | 562,454,955 | 35,663,085 | 23,255,961 | 620,113,673 | 22.3% |
Fidelity International Equity Central Fund | 1,007,434,589 | 58,005,870 | 29,510,135 | 1,047,789,479 | 35.3% |
Fidelity Investment Grade Bond Central Fund | 3,060,845,980 | 189,011,010 | 220,399,399 | 3,084,946,449 | 39.4% |
Fidelity Materials Central Fund | 117,717,077 | 2,739,516 | 5,745,948 | 111,549,545 | 23.8% |
Fidelity Real Estate Equity Central Fund | - | 94,202,360 | 1,194,795 | 96,793,865 | 34.3% |
Fidelity Telecom Services Central Fund | 59,838,623 | 1,298,206 | 1,342,218 | 61,726,710 | 20.3% |
Fidelity Utilities Central Fund | 116,214,245 | 2,322,495 | 15,900,895 | 104,838,350 | 22.3% |
Total | $ 7,724,993,417 | $ 615,547,191 | $ 584,115,757 | $ 8,031,632,046 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 4,326,440,023 | $ 4,326,440,023 | $ - | $ - |
Fixed-Income Central Funds | 3,705,192,023 | 3,705,192,023 | - | - |
Money Market Central Funds | 186,513,726 | 186,513,726 | - | - |
U.S. Treasury Obligations | 859,989 | - | 859,989 | - |
Investment Companies | 154,784,264 | 154,784,264 | - | - |
Total Investments in Securities: | $ 8,373,790,025 | $ 8,372,930,036 | $ 859,989 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 74.4% |
United Kingdom | 4.4% |
Japan | 2.9% |
Ireland | 1.7% |
Cayman Islands | 1.6% |
France | 1.4% |
Netherlands | 1.4% |
Switzerland | 1.2% |
Germany | 1.2% |
Mexico | 1.0% |
Others (Individually Less Than 1%) | 8.8% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 50%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $19,764,360) - See accompanying schedule: Unaffiliated issuers (cost $152,811,313) | $ 155,644,253 |
|
Fidelity Central Funds (cost $6,368,796,358) | 8,218,145,772 |
|
Total Investments (cost $6,521,607,671) |
| $ 8,373,790,025 |
Receivable for investments sold | 3,742,270 | |
Receivable for fund shares sold | 4,151,716 | |
Distributions receivable from Fidelity Central Funds | 16,822 | |
Prepaid expenses | 9,387 | |
Other receivables | 246,518 | |
Total assets | 8,381,956,738 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 4,765,634 | |
Accrued management fee | 3,466,417 | |
Distribution and service plan fees payable | 66,091 | |
Other affiliated payables | 1,065,950 | |
Other payables and accrued expenses | 232,255 | |
Collateral on securities loaned, at value | 20,482,000 | |
Total liabilities | 30,078,347 | |
|
|
|
Net Assets | $ 8,351,878,391 | |
Net Assets consist of: |
| |
Paid in capital | $ 7,348,769,546 | |
Undistributed net investment income | 29,802,805 | |
Accumulated undistributed net realized gain (loss) on investments | (878,876,314) | |
Net unrealized appreciation (depreciation) on investments | 1,852,182,354 | |
Net Assets | $ 8,351,878,391 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 17.43 | |
|
|
|
Maximum offering price per share (100/94.25 of $17.43) | $ 18.49 | |
Class T: | $ 17.41 | |
|
|
|
Maximum offering price per share (100/96.50 of $17.41) | $ 18.04 | |
Class B: | $ 17.38 | |
|
|
|
Class C: | $ 17.31 | |
|
|
|
Asset Manager 50%: | $ 17.49 | |
|
|
|
Institutional Class: | $ 17.47 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fund Name
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 343 |
Income from Fidelity Central Funds |
| 86,933,615 |
Total income |
| 86,933,958 |
|
|
|
Expenses | ||
Management fee | $ 20,459,967 | |
Transfer agent fees | 5,544,763 | |
Distribution and service plan fees | 388,815 | |
Accounting and security lending fees | 748,768 | |
Custodian fees and expenses | 705 | |
Independent trustees' compensation | 17,888 | |
Appreciation in deferred trustee compensation account | 217 | |
Registration fees | 90,276 | |
Audit | 21,549 | |
Legal | 35,015 | |
Miscellaneous | 29,625 | |
Total expenses before reductions | 27,337,588 | |
Expense reductions | (64,243) | 27,273,345 |
Net investment income (loss) | 59,660,613 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 2,388,399 | |
Fidelity Central Funds | 63,905,671 |
|
Futures contracts | 7,127,916 | |
Capital gain distributions from Fidelity Central Funds | 176,869 |
|
Total net realized gain (loss) |
| 73,598,855 |
Change in net unrealized appreciation (depreciation) on investment securities | 214,134,458 | |
Net gain (loss) | 287,733,313 | |
Net increase (decrease) in net assets resulting from operations | $ 347,393,926 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 59,660,613 | $ 121,717,370 |
Net realized gain (loss) | 73,598,855 | 110,762,468 |
Change in net unrealized appreciation (depreciation) | 214,134,458 | 394,152,737 |
Net increase (decrease) in net assets resulting from operations | 347,393,926 | 626,632,575 |
Distributions to shareholders from net investment income | (54,307,021) | (124,253,233) |
Distributions to shareholders from net realized gain | (522,702,473) | (387,669,599) |
Total distributions | (577,009,494) | (511,922,832) |
Share transactions - net increase (decrease) | 444,890,239 | 477,669,886 |
Total increase (decrease) in net assets | 215,274,671 | 592,379,629 |
|
|
|
Net Assets | ||
Beginning of period | 8,136,603,720 | 7,544,224,091 |
End of period (including undistributed net investment income of $29,802,805 and undistributed net investment income of $24,449,213, respectively) | $ 8,351,878,391 | $ 8,136,603,720 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.99 | $ 17.78 | $ 16.36 | $ 14.43 | $ 14.64 | $ 13.48 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .10 | .22 | .19 | .21 | .22 | .23 |
Net realized and unrealized gain (loss) | .61 | 1.13 | 1.43 | 1.98 | (.19) | 1.17 |
Total from investment operations | .71 | 1.35 | 1.62 | 2.19 | .03 | 1.40 |
Distributions from net investment income | (.10) | (.23) | (.19) | (.23) | (.22) | (.24) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.27) | (1.14) | (.20) I | (.26) J | (.24) | (.24) |
Net asset value, end of period | $ 17.43 | $ 17.99 | $ 17.78 | $ 16.36 | $ 14.43 | $ 14.64 |
Total ReturnB, C, D | 4.20% | 7.96% | 10.01% | 15.31% | .11% | 10.52% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | .96%A | .95% | .99% | 1.01% | 1.01% | .98% |
Expenses net of fee waivers, if any | .96%A | .95% | .99% | 1.01% | 1.01% | .98% |
Expenses net of all reductions | .95%A | .95% | .98% | 1.00% | 1.00% | .96% |
Net investment income (loss) | 1.17%A | 1.24% | 1.12% | 1.35% | 1.43% | 1.62% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 73,454 | $ 72,246 | $ 74,128 | $ 61,693 | $ 48,154 | $ 44,879 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.20 per share is comprised of distributions from net investment income of $.187 and distributions from net realized gain of $.015 per share. J Total distributions of $.26 per share is comprised of distributions from net investment income of $.232 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.97 | $ 17.76 | $ 16.34 | $ 14.41 | $ 14.63 | $ 13.47 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .08 | .17 | .15 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .60 | 1.14 | 1.43 | 1.98 | (.20) | 1.17 |
Total from investment operations | .68 | 1.31 | 1.58 | 2.15 | (.01) | 1.36 |
Distributions from net investment income | (.07) | (.19) | (.15) | (.20) | (.19) | (.20) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.24) | (1.10) | (.16) I | (.22) | (.21) | (.20) |
Net asset value, end of period | $ 17.41 | $ 17.97 | $ 17.76 | $ 16.34 | $ 14.41 | $ 14.63 |
Total ReturnB, C, D | 4.05% | 7.69% | 9.76% | 15.06% | (.16)% | 10.24% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.22%A | 1.22% | 1.24% | 1.24% | 1.23% | 1.22% |
Expenses net of fee waivers, if any | 1.22%A | 1.22% | 1.24% | 1.24% | 1.23% | 1.22% |
Expenses net of all reductions | 1.22%A | 1.22% | 1.22% | 1.23% | 1.22% | 1.21% |
Net investment income (loss) | .90%A | .97% | .87% | 1.12% | 1.21% | 1.38% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,710 | $ 32,372 | $ 28,826 | $ 22,505 | $ 19,679 | $ 17,343 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.16 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.94 | $ 17.73 | $ 16.31 | $ 14.38 | $ 14.59 | $ 13.44 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .04 | .09 | .06 | .09 | .11 | .11 |
Net realized and unrealized gain (loss) | .60 | 1.13 | 1.44 | 1.98 | (.20) | 1.17 |
Total from investment operations | .64 | 1.22 | 1.50 | 2.07 | (.09) | 1.28 |
Distributions from net investment income | (.03) | (.10) | (.06) | (.11) | (.10) | (.13) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.20) | (1.01) | (.08) | (.14) I | (.12) | (.13) |
Net asset value, end of period | $ 17.38 | $ 17.94 | $ 17.73 | $ 16.31 | $ 14.38 | $ 14.59 |
Total ReturnB, C, D | 3.79% | 7.17% | 9.20% | 14.47% | (.65)% | 9.60% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.69%A | 1.70% | 1.74% | 1.76% | 1.76% | 1.78% |
Expenses net of fee waivers, if any | 1.69%A | 1.70% | 1.74% | 1.76% | 1.76% | 1.78% |
Expenses net of all reductions | 1.69%A | 1.70% | 1.72% | 1.75% | 1.75% | 1.77% |
Net investment income (loss) | .43%A | .49% | .37% | .61% | .68% | .82% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,035 | $ 3,579 | $ 3,882 | $ 4,186 | $ 4,109 | $ 4,843 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.88 | $ 17.68 | $ 16.27 | $ 14.35 | $ 14.57 | $ 13.42 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .08 | .06 | .09 | .11 | .12 |
Net realized and unrealized gain (loss) | .60 | 1.13 | 1.43 | 1.98 | (.19) | 1.17 |
Total from investment operations | .63 | 1.21 | 1.49 | 2.07 | (.08) | 1.29 |
Distributions from net investment income | (.03) | (.10) | (.07) | (.12) | (.11) | (.14) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.20) | (1.01) | (.08) I | (.15) J | (.14) K | (.14) |
Net asset value, end of period | $ 17.31 | $ 17.88 | $ 17.68 | $ 16.27 | $ 14.35 | $ 14.57 |
Total ReturnB, C, D | 3.74% | 7.16% | 9.21% | 14.49% | (.64)% | 9.68% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.72%A | 1.72% | 1.74% | 1.75% | 1.74% | 1.74% |
Expenses net of fee waivers, if any | 1.72%A | 1.72% | 1.74% | 1.75% | 1.74% | 1.74% |
Expenses net of all reductions | 1.72%A | 1.72% | 1.73% | 1.74% | 1.73% | 1.73% |
Net investment income (loss) | .40%A | .47% | .37% | .61% | .71% | .86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,037 | $ 38,792 | $ 31,204 | $ 21,859 | $ 17,320 | $ 14,274 |
Portfolio turnover rate G | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share. J Total distributions of $.15 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.024 per share. K Total distributions of $.14 per share is comprised of distributions from net investment income of $.11 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 50%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 18.06 | $ 17.84 | $ 16.41 | $ 14.47 | $ 14.68 | $ 13.51 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .13 | .28 | .24 | .26 | .27 | .26 |
Net realized and unrealized gain (loss) | .59 | 1.14 | 1.44 | 1.99 | (.19) | 1.18 |
Total from investment operations | .72 | 1.42 | 1.68 | 2.25 | .08 | 1.44 |
Distributions from net investment income | (.12) | (.29) | (.24) | (.28) | (.26) | (.27) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.29) | (1.20) | (.25) H | (.31) I | (.29) J | (.27) |
Net asset value, end of period | $ 17.49 | $ 18.06 | $ 17.84 | $ 16.41 | $ 14.47 | $ 14.68 |
Total ReturnB, C | 4.28% | 8.33% | 10.38% | 15.71% | .41% | 10.79% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .66%A | .66% | .68% | .69% | .70% | .71% |
Expenses net of fee waivers, if any | .66%A | .66% | .67% | .69% | .70% | .71% |
Expenses net of all reductions | .66%A | .66% | .66% | .68% | .69% | .70% |
Net investment income (loss) | 1.47%A | 1.53% | 1.43% | 1.67% | 1.75% | 1.89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 8,167,287 | $ 7,956,041 | $ 7,384,756 | $ 6,838,743 | $ 5,878,293 | $ 6,308,311 |
Portfolio turnover rate F | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.25 per share is comprised of distributions from net investment income of $.239 and distributions from net realized gain of $.015 per share. I Total distributions of $.31 per share is comprised of distributions from net investment income of $.281 and distributions from net realized gain of $.024 per share. J Total distributions of $.29 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.024 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 18.03 | $ 17.81 | $ 16.39 | $ 14.46 | $ 14.67 | $ 13.50 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .13 | .27 | .24 | .25 | .26 | .26 |
Net realized and unrealized gain (loss) | .60 | 1.14 | 1.43 | 1.98 | (.19) | 1.19 |
Total from investment operations | .73 | 1.41 | 1.67 | 2.23 | .07 | 1.45 |
Distributions from net investment income | (.12) | (.28) | (.23) | (.27) | (.26) | (.28) |
Distributions from net realized gain | (1.17) | (.91) | (.02) | (.02) | (.02) | - |
Total distributions | (1.29) | (1.19) | (.25) | (.30) H | (.28) | (.28) |
Net asset value, end of period | $ 17.47 | $ 18.03 | $ 17.81 | $ 16.39 | $ 14.46 | $ 14.67 |
Total ReturnB, C | 4.32% | 8.29% | 10.28% | 15.58% | .37% | 10.87% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .70%A | .71% | .72% | .75% | .74% | .71% |
Expenses net of fee waivers, if any | .70%A | .71% | .72% | .75% | .74% | .71% |
Expenses net of all reductions | .70%A | .71% | .71% | .74% | .73% | .69% |
Net investment income (loss) | 1.42%A | 1.48% | 1.39% | 1.61% | 1.71% | 1.90% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 31,354 | $ 33,575 | $ 21,429 | $ 14,732 | $ 7,316 | $ 5,154 |
Portfolio turnover rate F | 15% A | 10% | 21% | 19% | 14% | 19% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.30 per share is comprised of distributions from net investment income of $.272 and distributions from net realized gain of $.024 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.3 | 0.9 |
Facebook, Inc. Class A | 0.6 | 0.4 |
Actavis PLC | 0.6 | 0.5 |
The Walt Disney Co. | 0.5 | 0.4 |
Citigroup, Inc. | 0.4 | 0.4 |
JPMorgan Chase & Co. | 0.4 | 0.4 |
Medtronic PLC | 0.4 | 0.3 |
Google, Inc. Class C | 0.4 | 0.4 |
Google, Inc. Class A | 0.4 | 0.4 |
Bank of America Corp. | 0.4 | 0.4 |
| 5.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.8 | 17.5 |
Consumer Discretionary | 9.6 | 8.7 |
Information Technology | 9.6 | 9.3 |
Health Care | 9.2 | 8.2 |
Industrials | 7.9 | 7.3 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 6.3% |
| ![]() | AAA,AA,A 3.7% |
| ||
![]() | BBB 8.8% |
| ![]() | BBB 9.0% |
| ||
![]() | BB and Below 7.4% |
| ![]() | BB and Below 3.6% |
| ||
![]() | Not Rated 0.5% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 62.6% |
| ![]() | Equities** 59.8% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 34.1% |
| ![]() | Bond Class 34.9% |
| ||
![]() | Short-Term Class 3.7% |
| ![]() | Short-Term Class 4.4% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 28.8% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 60%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 61.4% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (c) | 411,263 | $ 3,039,235 | |
Fidelity Consumer Discretionary Central Fund (c) | 327,656 | 80,170,895 | |
Fidelity Consumer Staples Central Fund (c) | 238,839 | 52,597,151 | |
Fidelity Emerging Markets Equity Central Fund (c) | 44,098 | 8,962,000 | |
Fidelity Energy Central Fund (c) | 343,227 | 44,883,740 | |
Fidelity Financials Central Fund (c) | 1,402,480 | 124,119,496 | |
Fidelity Health Care Central Fund (c) | 254,071 | 95,490,007 | |
Fidelity Industrials Central Fund (c) | 297,559 | 70,360,761 | |
Fidelity Information Technology Central Fund (c) | 462,596 | 131,085,875 | |
Fidelity International Equity Central Fund (c) | 2,842,620 | 227,693,863 | |
Fidelity Materials Central Fund (c) | 105,279 | 23,552,930 | |
Fidelity Real Estate Equity Central Fund (c) | 160,115 | 17,193,191 | |
Fidelity Telecom Services Central Fund (c) | 79,481 | 13,442,573 | |
Fidelity Utilities Central Fund (c) | 142,357 | 22,589,206 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $664,897,237) |
| ||
Fixed-Income Central Funds - 36.5% | |||
|
|
|
|
High Yield Fixed-Income Funds - 5.3% | |||
Fidelity Emerging Markets Debt Central Fund (c) | 727,530 | 6,955,183 | |
Fidelity Floating Rate Central Fund (c) | 132,514 | 13,992,205 | |
Fidelity High Income Central Fund 1 (c) | 568,180 | 57,374,841 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 31.2% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(c) | 168,465 | 16,733,638 | |
Fidelity Investment Grade Bond Central Fund (c) | 4,109,269 | 448,033,550 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $524,462,125) |
| ||
Money Market Central Funds - 0.0% | |||
Shares | Value | ||
Fidelity Cash Central Fund, 0.14% (b) | 264,409 | $ 264,409 |
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 220,000 |
|
Investment Companies - 2.1% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF | 487,417 |
| |
TOTAL INVESTMENT (Cost $1,220,586,173) | 1,490,032,295 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (248,386) | ||
NET ASSETS - 100% | $ 1,489,783,909 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(c) Affiliated fund 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 15,170 |
Fidelity Commodity Strategy Central Fund | 1,528 |
Fidelity Consumer Discretionary Central Fund | 493,572 |
Fidelity Consumer Staples Central Fund | 600,337 |
Fidelity Emerging Markets Debt Central Fund | 219,701 |
Fidelity Emerging Markets Equity Central Fund | 96,529 |
Fidelity Energy Central Fund | 369,191 |
Fidelity Financials Central Fund | 908,115 |
Fund | Income earned |
Fidelity Floating Rate Central Fund | $ 316,274 |
Fidelity Health Care Central Fund | 256,367 |
Fidelity High Income Central Fund 1 | 1,433,541 |
Fidelity Industrials Central Fund | 430,275 |
Fidelity Information Technology Central Fund | 327,545 |
Fidelity International Equity Central Fund | 1,911,524 |
Fidelity Investment Grade Bond Central Fund | 5,999,409 |
Fidelity Materials Central Fund | 210,050 |
Fidelity Real Estate Equity Central Fund | 107,655 |
Fidelity Telecom Services Central Fund | 137,943 |
Fidelity Utilities Central Fund | 273,228 |
Total | $ 14,107,954 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 3,272,057 | $ 451,276 | $ 77,249 | $ 3,039,235 | 1.0% |
Fidelity Consumer Discretionary Central Fund | 65,587,086 | 7,414,657 | 2,528,650 | 80,170,895 | 4.9% |
Fidelity Consumer Staples Central Fund | 48,995,079 | 5,417,135 | 5,425,595 | 52,597,151 | 4.5% |
Fidelity Emerging Markets Debt Central Fund | 6,409,677 | 998,576 | 128,748 | 6,955,183 | 6.7% |
Fidelity Emerging Markets Equity Central Fund | 27,387,377 | 2,846,855 | 19,830,997 | 8,962,000 | 7.2% |
Fidelity Energy Central Fund | 44,754,610 | 7,726,670 | 675,420 | 44,883,740 | 4.4% |
Fidelity Financials Central Fund | 107,841,822 | 13,404,228 | 3,128,472 | 124,119,496 | 4.9% |
Fidelity Floating Rate Central Fund | 12,620,463 | 1,820,924 | 263,859 | 13,992,205 | 0.8% |
Fidelity Health Care Central Fund | 79,869,175 | 8,466,985 | 10,074,013 | 95,490,007 | 4.7% |
Fidelity High Income Central Fund 1 | 24,479,691 | 34,141,060 | 861,565 | 57,374,841 | 6.2% |
Fidelity Industrials Central Fund | 58,752,305 | 7,379,916 | 1,182,851 | 70,360,761 | 5.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 15,206,746 | 1,798,996 | 308,995 | 16,733,638 | 6.0% |
Fidelity Information Technology Central Fund | 105,422,442 | 19,220,771 | 2,664,761 | 131,085,875 | 4.7% |
Fidelity International Equity Central Fund | 196,706,354 | 32,233,223 | 4,118,438 | 227,693,863 | 7.7% |
Fidelity Investment Grade Bond Central Fund | 409,665,548 | 61,952,645 | 31,148,257 | 448,033,550 | 5.7% |
Fidelity Materials Central Fund | 22,067,642 | 2,501,208 | 402,328 | 23,552,930 | 5.0% |
Fidelity Real Estate Equity Central Fund | - | 16,725,753 | 185,358 | 17,193,191 | 6.1% |
Fidelity Telecom Services Central Fund | 11,563,019 | 1,698,524 | 217,251 | 13,442,573 | 4.4% |
Fidelity Utilities Central Fund | 21,744,979 | 2,567,948 | 2,119,016 | 22,589,206 | 4.8% |
Total | $ 1,262,346,072 | $ 228,767,350 | $ 85,341,823 | $ 1,458,270,340 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 915,180,923 | $ 915,180,923 | $ - | $ - |
Fixed-Income Central Funds | 543,089,417 | 543,089,417 | - | - |
Money Market Central Funds | 264,409 | 264,409 | - | - |
U.S. Treasury Obligations | 219,997 | - | 219,997 | - |
Investment Companies | 31,277,549 | 31,277,549 | - | - |
Total Investments in Securities: | $ 1,490,032,295 | $ 1,489,812,298 | $ 219,997 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 71.2% |
United Kingdom | 5.2% |
Japan | 3.3% |
Ireland | 2.1% |
France | 1.6% |
Switzerland | 1.6% |
Cayman Islands | 1.6% |
Germany | 1.4% |
Netherlands | 1.4% |
Others (Individually Less Than 1%) | 10.6% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $30,962,402) | $ 31,497,546 |
|
Fidelity Central Funds (cost $1,189,623,771) | 1,458,534,749 |
|
Total Investments (cost $1,220,586,173) |
| $ 1,490,032,295 |
Cash |
| 19,514 |
Receivable for investments sold | 646,463 | |
Receivable for fund shares sold | 1,109,083 | |
Distributions receivable from Fidelity Central Funds | 120 | |
Prepaid expenses | 1,513 | |
Other receivables | 5,615 | |
Total assets | 1,491,814,603 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 206,739 | |
Payable for fund shares redeemed | 891,665 | |
Accrued management fee | 677,430 | |
Transfer agent fee payable | 145,056 | |
Distribution and service plan fees payable | 44,717 | |
Other affiliated payables | 49,373 | |
Other payables and accrued expenses | 15,714 | |
Total liabilities | 2,030,694 | |
|
|
|
Net Assets | $ 1,489,783,909 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,331,595,857 | |
Undistributed net investment income | 4,538,058 | |
Accumulated undistributed net realized gain (loss) on investments | (115,796,128) | |
Net unrealized appreciation (depreciation) on investments | 269,446,122 | |
Net Assets | $ 1,489,783,909 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 11.35 | |
|
|
|
Maximum offering price per share (100/94.25 of $11.35) | $ 12.04 | |
Class T: | $ 11.30 | |
|
|
|
Maximum offering price per share (100/96.50 of $11.30) | $ 11.71 | |
Class B: | $ 11.36 | |
|
|
|
Class C: | $ 11.20 | |
|
|
|
Asset Manager 60%: | $ 11.38 | |
|
|
|
Institutional Class: | $ 11.39 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 60%
Financial Statements - continued
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 81 |
Income from Fidelity Central Funds |
| 14,107,954 |
Total income |
| 14,108,035 |
|
|
|
Expenses | ||
Management fee | $ 3,817,666 | |
Transfer agent fees | 837,807 | |
Distribution and service plan fees | 255,013 | |
Accounting fees and expenses | 280,098 | |
Custodian fees and expenses | 491 | |
Independent trustees' compensation | 2,877 | |
Registration fees | 75,217 | |
Audit | 22,783 | |
Legal | 2,650 | |
Miscellaneous | 5,196 | |
Total expenses before reductions | 5,299,798 | |
Expense reductions | (12,579) | 5,287,219 |
Net investment income (loss) | 8,820,816 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Fidelity Central Funds | (1,598,605) |
|
Futures contracts | 1,537,357 | |
Capital gain distributions from Fidelity Central Funds | 29,342 |
|
Total net realized gain (loss) |
| (31,906) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 54,632,491 | |
Futures contracts | 100,946 | |
Total change in net unrealized appreciation (depreciation) |
| 54,733,437 |
Net gain (loss) | 54,701,531 | |
Net increase (decrease) in net assets resulting from operations | $ 63,522,347 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 8,820,816 | $ 15,720,508 |
Net realized gain (loss) | (31,906) | 3,083,410 |
Change in net unrealized appreciation (depreciation) | 54,733,437 | 75,693,397 |
Net increase (decrease) in net assets resulting from operations | 63,522,347 | 94,497,315 |
Distributions to shareholders from net investment income | (17,475,457) | (10,626,498) |
Distributions to shareholders from net realized gain | (64,516,613) | (44,197,173) |
Total distributions | (81,992,070) | (54,823,671) |
Share transactions - net increase (decrease) | 211,400,534 | 322,567,151 |
Total increase (decrease) in net assets | 192,930,811 | 362,240,795 |
|
|
|
Net Assets | ||
Beginning of period | 1,296,853,098 | 934,612,303 |
End of period (including undistributed net investment income of $4,538,058 and undistributed net investment income of $13,192,699, respectively) | $ 1,489,783,909 | $ 1,296,853,098 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.53 | $ 11.17 | $ 10.16 | $ 8.76 | $ 9.19 | $ 8.41 |
Income from Investment Operations |
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Net investment income (loss) E | .06 | .12 | .11 | .12 | .13 | .13 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.38 | (.20) | .76 |
Total from investment operations | .50 | .95 | 1.21 | 1.50 | (.07) | .89 |
Distributions from net investment income | (.12) | (.09) | (.09) | (.08) | (.09) | (.09) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.68) | (.59) | (.20) | (.10) | (.36) I | (.11) |
Net asset value, end of period | $ 11.35 | $ 11.53 | $ 11.17 | $ 10.16 | $ 8.76 | $ 9.19 |
Total ReturnB, C, D | 4.55% | 8.87% | 12.15% | 17.27% | (1.05)% | 10.62% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.03%A | 1.03% | 1.06% | 1.09% | 1.12% | 1.22% |
Expenses net of fee waivers, if any | 1.03%A | 1.03% | 1.06% | 1.09% | 1.10% | 1.10% |
Expenses net of all reductions | 1.03%A | 1.03% | 1.05% | 1.08% | 1.09% | 1.08% |
Net investment income (loss) | 1.00%A | 1.08% | 1.02% | 1.26% | 1.39% | 1.44% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 56,766 | $ 53,382 | $ 41,926 | $ 37,312 | $ 30,707 | $ 20,690 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.36 per share is comprised of distributions from net investment income of $.094 and distributions from net realized gain of $.262 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.48 | $ 11.12 | $ 10.12 | $ 8.72 | $ 9.15 | $ 8.38 |
Income from Investment Operations |
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Net investment income (loss) E | .04 | .09 | .08 | .10 | .11 | .10 |
Net realized and unrealized gain (loss) | .43 | .84 | 1.09 | 1.38 | (.21) | .76 |
Total from investment operations | .47 | .93 | 1.17 | 1.48 | (.10) | .86 |
Distributions from net investment income | (.09) | (.07) | (.06) | (.06) | (.07) | (.07) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.65) | (.57) | (.17) | (.08) | (.33) | (.09) |
Net asset value, end of period | $ 11.30 | $ 11.48 | $ 11.12 | $ 10.12 | $ 8.72 | $ 9.15 |
Total ReturnB, C, D | 4.29% | 8.66% | 11.78% | 17.12% | (1.34)% | 10.32% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.30%A | 1.30% | 1.32% | 1.34% | 1.37% | 1.45% |
Expenses net of fee waivers, if any | 1.30%A | 1.30% | 1.32% | 1.34% | 1.35% | 1.35% |
Expenses net of all reductions | 1.29%A | 1.30% | 1.31% | 1.33% | 1.34% | 1.33% |
Net investment income (loss) | .74%A | .81% | .76% | 1.01% | 1.14% | 1.19% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 16,871 | $ 14,759 | $ 13,639 | $ 11,380 | $ 8,045 | $ 6,035 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.48 | $ 11.12 | $ 10.11 | $ 8.69 | $ 9.12 | $ 8.37 |
Income from Investment Operations |
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Net investment income (loss) E | .01 | .03 | .02 | .05 | .06 | .06 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.39 | (.21) | .75 |
Total from investment operations | .45 | .86 | 1.12 | 1.44 | (.15) | .81 |
Distributions from net investment income | (.02) | - | - | - | (.02) | (.04) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.57) I | (.50) | (.11) | (.02) | (.28) | (.06) |
Net asset value, end of period | $ 11.36 | $ 11.48 | $ 11.12 | $ 10.11 | $ 8.69 | $ 9.12 |
Total ReturnB, C, D | 4.16% | 8.01% | 11.21% | 16.53% | (1.82)% | 9.68% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.80%A | 1.82% | 1.89% | 1.92% | 1.95% | 2.05% |
Expenses net of fee waivers, if any | 1.80%A | 1.82% | 1.85% | 1.85% | 1.85% | 1.85% |
Expenses net of all reductions | 1.80%A | 1.82% | 1.84% | 1.84% | 1.84% | 1.83% |
Net investment income (loss) | .24%A | .29% | .23% | .50% | .64% | .69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 1,543 | $ 1,667 | $ 1,756 | $ 1,745 | $ 1,833 | $ 1,987 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.57 per share is comprised of distributions from net investment income of $.018 and distributions from net realized gain of $.555 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.35 | $ 11.04 | $ 10.06 | $ 8.67 | $ 9.10 | $ 8.37 |
Income from Investment Operations |
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Net investment income (loss) E | .01 | .04 | .02 | .05 | .06 | .06 |
Net realized and unrealized gain (loss) | .44 | .81 | 1.10 | 1.38 | (.20) | .74 |
Total from investment operations | .45 | .85 | 1.12 | 1.43 | (.14) | .80 |
Distributions from net investment income | (.04) | (.04) | (.02) | (.02) | (.03) | (.05) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.60) | (.54) | (.14) I | (.04) | (.29) | (.07) |
Net asset value, end of period | $ 11.20 | $ 11.35 | $ 11.04 | $ 10.06 | $ 8.67 | $ 9.10 |
Total ReturnB, C, D | 4.18% | 7.98% | 11.24% | 16.55% | (1.79)% | 9.62% |
Ratios to Average Net Assets F, H |
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Expenses before reductions | 1.80%A | 1.80% | 1.84% | 1.88% | 1.90% | 1.97% |
Expenses net of fee waivers, if any | 1.80%A | 1.80% | 1.84% | 1.85% | 1.85% | 1.85% |
Expenses net of all reductions | 1.79%A | 1.80% | 1.83% | 1.84% | 1.83% | 1.83% |
Net investment income (loss) | .24%A | .31% | .24% | .50% | .64% | .69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 29,907 | $ 25,867 | $ 18,390 | $ 10,185 | $ 6,928 | $ 4,256 |
Portfolio turnover rate G | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.14 per share is comprised of distributions from net investment income of $.024 and distributions from net realized gain of $.112 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 60%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.80 | $ 9.22 | $ 8.43 |
Income from Investment Operations |
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Net investment income (loss) D | .07 | .16 | .14 | .15 | .16 | .15 |
Net realized and unrealized gain (loss) | .43 | .84 | 1.10 | 1.39 | (.21) | .76 |
Total from investment operations | .50 | 1.00 | 1.24 | 1.54 | (.05) | .91 |
Distributions from net investment income | (.16) | (.13) | (.12) | (.11) | (.11) | (.10) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.71) H | (.63) | (.23) | (.13) | (.37) | (.12) |
Net asset value, end of period | $ 11.38 | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.80 | $ 9.22 |
Total ReturnB, C | 4.59% | 9.26% | 12.45% | 17.73% | (.79)% | 10.88% |
Ratios to Average Net Assets E, G |
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Expenses before reductions | .72%A | .72% | .74% | .77% | .82% | .92% |
Expenses net of fee waivers, if any | .72%A | .72% | .74% | .77% | .82% | .85% |
Expenses net of all reductions | .72%A | .72% | .73% | .76% | .80% | .83% |
Net investment income (loss) | 1.31%A | 1.39% | 1.34% | 1.59% | 1.67% | 1.69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 1,368,072 | $ 1,187,056 | $ 850,361 | $ 557,351 | $ 246,943 | $ 95,660 |
Portfolio turnover rate F | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.71 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.555 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.79 | $ 9.22 | $ 8.43 |
Income from Investment Operations |
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Net investment income (loss) D | .07 | .15 | .13 | .15 | .16 | .15 |
Net realized and unrealized gain (loss) | .44 | .83 | 1.10 | 1.39 | (.22) | .76 |
Total from investment operations | .51 | .98 | 1.23 | 1.54 | (.06) | .91 |
Distributions from net investment income | (.15) | (.11) | (.11) | (.10) | (.11) | (.10) |
Distributions from net realized gain | (.56) | (.50) | (.11) | (.02) | (.26) | (.02) |
Total distributions | (.71) | (.61) | (.22) | (.12) | (.37) | (.12) |
Net asset value, end of period | $ 11.39 | $ 11.59 | $ 11.22 | $ 10.21 | $ 8.79 | $ 9.22 |
Total ReturnB, C | 4.63% | 9.15% | 12.35% | 17.73% | (.87)% | 10.88% |
Ratios to Average Net Assets E, G |
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Expenses before reductions | .77%A | .78% | .82% | .84% | .85% | .95% |
Expenses net of fee waivers, if any | .77%A | .78% | .82% | .84% | .85% | .85% |
Expenses net of all reductions | .76%A | .78% | .81% | .83% | .84% | .83% |
Net investment income (loss) | 1.27%A | 1.33% | 1.26% | 1.51% | 1.64% | 1.69% |
Supplemental Data |
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Net assets, end of period (000 omitted) | $ 16,625 | $ 14,122 | $ 8,540 | $ 8,964 | $ 7,470 | $ 3,228 |
Portfolio turnover rate F | 12% A | 11% | 22% | 25% | 14% | 20% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 70%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.5 | 1.0 |
Facebook, Inc. Class A | 0.7 | 0.5 |
Actavis PLC | 0.7 | 0.6 |
The Walt Disney Co. | 0.5 | 0.4 |
Citigroup, Inc. | 0.5 | 0.5 |
JPMorgan Chase & Co. | 0.5 | 0.5 |
Medtronic PLC | 0.5 | 0.3 |
Google, Inc. Class C | 0.5 | 0.4 |
Bank of America Corp. | 0.5 | 0.5 |
Google, Inc. Class A | 0.5 | 0.4 |
| 6.4 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 20.2 | 18.4 |
Information Technology | 11.2 | 10.2 |
Consumer Discretionary | 10.5 | 9.9 |
Health Care | 10.4 | 9.7 |
Industrials | 8.5 | 8.3 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 4.4% |
| ![]() | AAA,AA,A 2.8% |
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![]() | BBB 6.1% |
| ![]() | BBB 5.8% |
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![]() | BB and Below 6.3% |
| ![]() | BB and Below 3.5% |
| ||
![]() | Not Rated 0.3% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities* 71.9% |
| ![]() | Equities** 70.2% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
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* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
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![]() | Bond Class 24.9% |
| ![]() | Bond Class 25.0% |
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![]() | Short-Term Class 3.1% |
| ![]() | Short-Term Class 4.2% |
| ||
* Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
| ** Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 30.4% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 70%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 70.9% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (e) | 1,154,787 | $ 8,533,875 | |
Fidelity Consumer Discretionary Central Fund (e) | 1,101,753 | 269,576,930 | |
Fidelity Consumer Staples Central Fund (e) | 800,307 | 176,243,663 | |
Fidelity Emerging Markets Equity Central Fund (e) | 212,533 | 43,192,997 | |
Fidelity Energy Central Fund (e) | 1,145,236 | 149,762,483 | |
Fidelity Financials Central Fund (e) | 4,704,609 | 416,357,859 | |
Fidelity Health Care Central Fund (e) | 846,936 | 318,312,538 | |
Fidelity Industrials Central Fund (e) | 989,480 | 233,972,415 | |
Fidelity Information Technology Central Fund (e) | 1,549,006 | 438,941,831 | |
Fidelity International Equity Central Fund (e) | 9,385,091 | 751,745,791 | |
Fidelity Materials Central Fund (e) | 352,738 | 78,914,653 | |
Fidelity Real Estate Equity Central Fund (e) | 460,166 | 49,412,592 | |
Fidelity Telecom Services Central Fund (e) | 254,853 | 43,103,357 | |
Fidelity Utilities Central Fund (e) | 477,737 | 75,807,278 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $2,114,823,044) |
| ||
Fixed-Income Central Funds - 26.6% | |||
|
|
|
|
High Yield Fixed-Income Funds - 5.2% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 2,086,623 | 19,948,113 | |
Fidelity Floating Rate Central Fund (e) | 377,993 | 39,912,317 | |
Fidelity High Income Central Fund 1 (e) | 1,639,508 | 165,557,501 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 21.4% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 500,593 | 49,723,888 | |
Fidelity Investment Grade Bond Central Fund (e) | 7,981,517 | 870,224,851 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $1,102,950,583) |
| ||
Money Market Central Funds - 0.1% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 158,050 | 158,050 | |
Fidelity Money Market Central Fund, 0.30% (b) | 4 | 4 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 1,602,650 | 1,602,650 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $1,760,704) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/16/15 | $ 1,420,000 | $ 1,419,982 |
Investment Companies - 2.5% | |||
Shares |
| ||
iShares MSCI EAFE Index ETF (d) | 1,642,107 |
| |
TOTAL INVESTMENT (Cost $3,324,804,039) | 4,307,799,623 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,695,123) | ||
NET ASSETS - 100% | $ 4,305,104,500 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 43,252 |
Fidelity Commodity Strategy Central Fund | 4,551 |
Fidelity Consumer Discretionary Central Fund | 1,703,851 |
Fidelity Consumer Staples Central Fund | 2,062,514 |
Fidelity Emerging Markets Debt Central Fund | 653,408 |
Fidelity Emerging Markets Equity Central Fund | 399,830 |
Fidelity Energy Central Fund | 1,292,239 |
Fidelity Financials Central Fund | 3,151,124 |
Fidelity Floating Rate Central Fund | 934,467 |
Fidelity Health Care Central Fund | 889,605 |
Fidelity High Income Central Fund 1 | 4,264,380 |
Fidelity Industrials Central Fund | 1,476,845 |
Fidelity Information Technology Central Fund | 1,128,995 |
Fidelity International Equity Central Fund | 6,480,346 |
Fidelity Investment Grade Bond Central Fund | 11,967,798 |
Fidelity Materials Central Fund | 724,615 |
Fidelity Real Estate Equity Central Fund | 318,964 |
Fidelity Securities Lending Cash Central Fund | 237 |
Fidelity Telecom Services Central Fund | 463,277 |
Fidelity Utilities Central Fund | 945,283 |
Total | $ 38,905,581 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, |
Fidelity Commodity Strategy Central Fund | $ 10,103,371 | $ 372,063 | $ 159,559 | $ 8,533,875 | 2.7% |
Fidelity Consumer Discretionary Central Fund | 234,969,975 | 8,066,416 | 7,307,574 | 269,576,930 | 16.6% |
Fidelity Consumer Staples Central Fund | 176,144,673 | 6,763,241 | 19,586,406 | 176,243,663 | 15.0% |
Fidelity Emerging Markets Debt Central Fund | 19,855,699 | 1,354,129 | 265,931 | 19,948,113 | 18.6% |
Fidelity Emerging Markets Equity Central Fund | 115,733,112 | 3,634,739 | 70,247,116 | 43,192,997 | 34.7% |
Fidelity Energy Central Fund | 167,317,558 | 9,921,240 | 1,619,112 | 149,762,483 | 14.6% |
Fidelity Financials Central Fund | 385,467,487 | 14,937,356 | 5,167,008 | 416,357,859 | 16.4% |
Fidelity Floating Rate Central Fund | 38,858,316 | 2,166,477 | 539,105 | 39,912,317 | 2.3% |
Fidelity Health Care Central Fund | 287,633,271 | 8,891,716 | 37,894,250 | 318,312,538 | 15.8% |
Fidelity High Income Central Fund 1 | 74,152,556 | 94,476,007 | 1,787,744 | 165,557,501 | 17.8% |
Fidelity Industrials Central Fund | 209,749,006 | 8,090,600 | 2,799,756 | 233,972,415 | 16.5% |
Fidelity Inflation-Protected Bond Index Central Fund | 39,283,784 | 10,989,743 | 621,763 | 49,723,888 | 17.7% |
Fidelity Information Technology Central Fund | 378,865,383 | 37,041,196 | 8,244,107 | 438,941,831 | 15.8% |
Fidelity International Equity Central Fund | 730,319,960 | 47,400,106 | 34,783,056 | 751,745,791 | 25.3% |
Fidelity Investment Grade Bond Central Fund | 868,102,602 | 74,463,897 | 87,476,069 | 870,224,851 | 11.1% |
Fidelity Materials Central Fund | 79,084,304 | 3,536,266 | 1,539,387 | 78,914,653 | 16.9% |
Fidelity Real Estate Equity Central Fund | - | 47,880,980 | 385,353 | 49,412,592 | 17.5% |
Fidelity Telecom Services Central Fund | 40,322,450 | 1,971,599 | 521,213 | 43,103,357 | 14.2% |
Fidelity Utilities Central Fund | 78,119,318 | 3,267,018 | 7,119,012 | 75,807,278 | 16.2% |
Total | $ 3,934,082,825 | $ 385,224,789 | $ 288,063,521 | $ 4,199,244,932 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $ 3,053,878,262 | $ 3,053,878,262 | $ - | $ - |
Fixed-Income Central Funds | 1,145,366,670 | 1,145,366,670 | - | - |
Money Market Central Funds | 1,760,704 | 1,760,704 | - | - |
U.S. Treasury Obligations | 1,419,982 | - | 1,419,982 | - |
Investment Companies | 105,374,005 | 105,374,005 | - | - |
Total Investments in Securities: | $ 4,307,799,623 | $ 4,306,379,641 | $ 1,419,982 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 69.6% |
United Kingdom | 5.4% |
Japan | 3.8% |
Ireland | 2.3% |
France | 1.8% |
Switzerland | 1.7% |
Cayman Islands | 1.7% |
Germany | 1.3% |
Netherlands | 1.3% |
Australia | 1.0% |
Others (Individually Less Than 1%) | 10.1% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 70%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $1,546,497) - See accompanying schedule: Unaffiliated issuers (cost $105,269,708) | $ 106,793,987 |
|
Fidelity Central Funds (cost $3,219,534,331) | 4,201,005,636 |
|
Total Investments (cost $3,324,804,039) |
| $ 4,307,799,623 |
Receivable for investments sold | 1,874,794 | |
Receivable for fund shares sold | 2,082,055 | |
Distributions receivable from Fidelity Central Funds | 977 | |
Prepaid expenses | 4,684 | |
Other receivables | 78,876 | |
Total assets | 4,311,841,009 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 424,518 | |
Payable for fund shares redeemed | 1,969,767 | |
Accrued management fee | 1,964,450 | |
Transfer agent fee payable | 483,573 | |
Distribution and service plan fees payable | 103,402 | |
Other affiliated payables | 113,289 | |
Other payables and accrued expenses | 74,860 | |
Collateral on securities loaned, at value | 1,602,650 | |
Total liabilities | 6,736,509 | |
|
|
|
Net Assets | $ 4,305,104,500 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,688,966,366 | |
Undistributed net investment income | 11,827,983 | |
Accumulated undistributed net realized gain (loss) on investments | (378,685,433) | |
Net unrealized appreciation (depreciation) on investments | 982,995,584 | |
Net Assets | $ 4,305,104,500 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 20.34 | |
|
|
|
Maximum offering price per share (100/94.25 of $20.34) | $ 21.58 | |
Class T: | $ 20.34 | |
|
|
|
Maximum offering price per share (100/96.50 of $20.34) | $ 21.08 | |
Class B: | $ 20.56 | |
|
|
|
Class C: | $ 20.25 | |
|
|
|
Asset Manager 70%: | $ 20.36 | |
|
|
|
Institutional Class: | $ 20.38 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended March 31, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 245 |
Income from Fidelity Central Funds |
| 38,905,581 |
Total income |
| 38,905,826 |
|
|
|
Expenses | ||
Management fee | $ 11,391,862 | |
Transfer agent fees | 2,843,088 | |
Distribution and service plan fees | 606,122 | |
Accounting and security lending fees | 665,782 | |
Custodian fees and expenses | 652 | |
Independent trustees' compensation | 8,890 | |
Appreciation in deferred trustee compensation account | 47 | |
Registration fees | 66,767 | |
Audit | 16,449 | |
Legal | 16,088 | |
Miscellaneous | 15,167 | |
Total expenses before reductions | 15,630,914 | |
Expense reductions | (44,006) | 15,586,908 |
Net investment income (loss) | 23,318,918 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,323,701 | |
Fidelity Central Funds | 1,055,091 |
|
Futures contracts | 4,310,553 | |
Capital gain distributions from Fidelity Central Funds | 88,213 |
|
Total net realized gain (loss) |
| 6,777,558 |
Change in net unrealized appreciation (depreciation) on: Investment securities | 168,470,018 | |
Futures contracts | 96,251 | |
Total change in net unrealized appreciation (depreciation) |
| 168,566,269 |
Net gain (loss) | 175,343,827 | |
Net increase (decrease) in net assets resulting from operations | $ 198,662,745 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 23,318,918 | $ 49,356,857 |
Net realized gain (loss) | 6,777,558 | 54,325,602 |
Change in net unrealized appreciation (depreciation) | 168,566,269 | 252,116,796 |
Net increase (decrease) in net assets resulting from operations | 198,662,745 | 355,799,255 |
Distributions to shareholders from net investment income | (52,308,560) | (39,398,483) |
Distributions to shareholders from net realized gain | (305,208,249) | (13,342,022) |
Total distributions | (357,516,809) | (52,740,505) |
Share transactions - net increase (decrease) | 442,248,912 | 209,167,082 |
Total increase (decrease) in net assets | 283,394,848 | 512,225,832 |
|
|
|
Net Assets | ||
Beginning of period | 4,021,709,652 | 3,509,483,820 |
End of period (including undistributed net investment income of $11,827,983 and undistributed net investment income of $40,817,625, respectively) | $ 4,305,104,500 | $ 4,021,709,652 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.24 | $ 19.60 | $ 17.33 | $ 14.72 | $ 15.24 | $ 13.94 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .09 | .21 | .18 | .19 | .19 | .17 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.31 | 2.64 | (.50) | 1.33 |
Total from investment operations | .92 | 1.88 | 2.49 | 2.83 | (.31) | 1.50 |
Distributions from net investment income | (.22) | (.16) | (.19) | (.19) | (.18) | (.19) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.82) | (.24) I | (.22) | (.22) | (.21) | (.20) |
Net asset value, end of period | $ 20.34 | $ 21.24 | $ 19.60 | $ 17.33 | $ 14.72 | $ 15.24 |
Total ReturnB, C, D | 4.77% | 9.65% | 14.56% | 19.44% | (2.14)% | 10.87% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.03%A | 1.03% | 1.06% | 1.08% | 1.09% | 1.12% |
Expenses net of fee waivers, if any | 1.03%A | 1.03% | 1.06% | 1.08% | 1.09% | 1.12% |
Expenses net of all reductions | 1.03%A | 1.03% | 1.04% | 1.07% | 1.07% | 1.10% |
Net investment income (loss) | .85%A | 1.00% | .98% | 1.17% | 1.17% | 1.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 152,578 | $ 143,310 | $ 127,865 | $ 120,425 | $ 107,670 | $ 111,293 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.24 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $.074 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.22 | $ 19.58 | $ 17.30 | $ 14.70 | $ 15.21 | $ 13.91 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .06 | .15 | .13 | .15 | .15 | .13 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.32 | 2.62 | (.49) | 1.33 |
Total from investment operations | .89 | 1.82 | 2.45 | 2.77 | (.34) | 1.46 |
Distributions from net investment income | (.16) | (.11) | (.14) | (.15) | (.14) | (.16) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.77) K | (.18) | (.17) | (.17) J | (.17) | (.16) I |
Net asset value, end of period | $ 20.34 | $ 21.22 | $ 19.58 | $ 17.30 | $ 14.70 | $ 15.21 |
Total ReturnB, C, D | 4.57% | 9.38% | 14.31% | 19.03% | (2.36)% | 10.61% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.29%A | 1.29% | 1.32% | 1.35% | 1.35% | 1.38% |
Expenses net of fee waivers, if any | 1.29%A | 1.29% | 1.32% | 1.35% | 1.35% | 1.38% |
Expenses net of all reductions | 1.28%A | 1.29% | 1.30% | 1.33% | 1.34% | 1.36% |
Net investment income (loss) | .59%A | .74% | .72% | .91% | .91% | .89% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 50,735 | $ 49,337 | $ 44,421 | $ 43,064 | $ 40,033 | $ 45,394 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.16 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.009 per share. J Total distributions of $.17 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.025 per share. K Total distributions of $1.77 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $1.604 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.30 | $ 19.61 | $ 17.30 | $ 14.66 | $ 15.15 | $ 13.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | - I | .03 | .03 | .06 | .06 | .05 |
Net realized and unrealized gain (loss) | .85 | 1.69 | 2.32 | 2.63 | (.50) | 1.33 |
Total from investment operations | .85 | 1.72 | 2.35 | 2.69 | (.44) | 1.38 |
Distributions from net investment income | - | - | (.01) | (.03) | (.02) | (.08) |
Distributions from net realized gain | (1.59) | (.03) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.59) | (.03) | (.04) | (.05) J | (.05) | (.09) |
Net asset value, end of period | $ 20.56 | $ 21.30 | $ 19.61 | $ 17.30 | $ 14.66 | $ 15.15 |
Total ReturnB, C, D | 4.32% | 8.79% | 13.61% | 18.42% | (2.92)% | 10.00% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.86%A | 1.87% | 1.90% | 1.90% | 1.90% | 1.92% |
Expenses net of fee waivers, if any | 1.86%A | 1.87% | 1.90% | 1.90% | 1.90% | 1.92% |
Expenses net of all reductions | 1.86%A | 1.87% | 1.88% | 1.89% | 1.89% | 1.90% |
Net investment income (loss) | .02%A | .16% | .14% | .35% | .36% | .35% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,349 | $ 4,142 | $ 5,656 | $ 8,014 | $ 9,605 | $ 14,696 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.05 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.025 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.08 | $ 19.48 | $ 17.23 | $ 14.63 | $ 15.13 | $ 13.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .01 | .05 | .04 | .07 | .07 | .06 |
Net realized and unrealized gain (loss) | .83 | 1.66 | 2.31 | 2.62 | (.49) | 1.33 |
Total from investment operations | .84 | 1.71 | 2.35 | 2.69 | (.42) | 1.39 |
Distributions from net investment income | (.07) | (.04) | (.07) | (.07) | (.05) | (.11) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.67) | (.11) | (.10) | (.09) I | (.08) | (.12) |
Net asset value, end of period | $ 20.25 | $ 21.08 | $ 19.48 | $ 17.23 | $ 14.63 | $ 15.13 |
Total ReturnB, C, D | 4.35% | 8.82% | 13.70% | 18.49% | (2.81)% | 10.09% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.79%A | 1.79% | 1.81% | 1.83% | 1.83% | 1.84% |
Expenses net of fee waivers, if any | 1.79%A | 1.79% | 1.81% | 1.83% | 1.83% | 1.84% |
Expenses net of all reductions | 1.78%A | 1.78% | 1.79% | 1.81% | 1.81% | 1.82% |
Net investment income (loss) | .10%A | .25% | .23% | .43% | .43% | .43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 57,258 | $ 55,104 | $ 46,498 | $ 38,245 | $ 32,160 | $ 34,847 |
Portfolio turnover rate G | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.09 per share is comprised of distributions from net investment income of $.067 and distributions from net realized gain of $.025 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 70%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.30 | $ 19.66 | $ 17.38 | $ 14.77 | $ 15.28 | $ 13.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .12 | .27 | .24 | .24 | .24 | .21 |
Net realized and unrealized gain (loss) | .83 | 1.67 | 2.32 | 2.64 | (.49) | 1.34 |
Total from investment operations | .95 | 1.94 | 2.56 | 2.88 | (.25) | 1.55 |
Distributions from net investment income | (.28) | (.23) | (.25) | (.25) | (.23) | (.23) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.89) I | (.30) | (.28) | (.27) H | (.26) | (.24) |
Net asset value, end of period | $ 20.36 | $ 21.30 | $ 19.66 | $ 17.38 | $ 14.77 | $ 15.28 |
Total ReturnB, C | 4.88% | 9.98% | 14.94% | 19.79% | (1.79)% | 11.21% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .72%A | .73% | .75% | .76% | .78% | .80% |
Expenses net of fee waivers, if any | .72%A | .73% | .75% | .76% | .78% | .80% |
Expenses net of all reductions | .72%A | .72% | .73% | .75% | .76% | .78% |
Net investment income (loss) | 1.16%A | 1.31% | 1.29% | 1.49% | 1.48% | 1.47% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 3,999,653 | $ 3,729,256 | $ 3,253,088 | $ 2,758,119 | $ 2,103,346 | $ 2,357,618 |
Portfolio turnover rate F | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.27 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.025 per share. I Total distributions of $1.89 per share is comprised of distributions from net investment income of $.282 and distributions from net realized gain of $1.604 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 21.31 | $ 19.66 | $ 17.38 | $ 14.78 | $ 15.29 | $ 13.97 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .11 | .26 | .23 | .24 | .24 | .21 |
Net realized and unrealized gain (loss) | .84 | 1.68 | 2.32 | 2.63 | (.50) | 1.33 |
Total from investment operations | .95 | 1.94 | 2.55 | 2.87 | (.26) | 1.54 |
Distributions from net investment income | (.27) | (.22) | (.24) | (.24) | (.22) | (.21) |
Distributions from net realized gain | (1.60) | (.07) | (.03) | (.03) | (.03) | (.01) |
Total distributions | (1.88) H | (.29) | (.27) | (.27) | (.25) | (.22) |
Net asset value, end of period | $ 20.38 | $ 21.31 | $ 19.66 | $ 17.38 | $ 14.78 | $ 15.29 |
Total ReturnB, C | 4.88% | 9.98% | 14.90% | 19.68% | (1.82)% | 11.17% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .76%A | .77% | .79% | .80% | .81% | .84% |
Expenses net of fee waivers, if any | .76%A | .77% | .79% | .80% | .81% | .84% |
Expenses net of all reductions | .76%A | .77% | .77% | .79% | .80% | .82% |
Net investment income (loss) | 1.12%A | 1.26% | 1.25% | 1.45% | 1.45% | 1.43% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,531 | $ 40,561 | $ 31,955 | $ 30,418 | $ 26,678 | $ 25,956 |
Portfolio turnover rate F | 14% A | 13% | 20% | 20% | 16% | 21% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $1.88 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $1.604 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 85%
Investment Changes (Unaudited)
The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Top Ten Stocks as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Apple, Inc. | 1.8 | 1.2 |
Facebook, Inc. Class A | 0.9 | 0.7 |
Actavis PLC | 0.9 | 0.7 |
The Walt Disney Co. | 0.6 | 0.5 |
Medtronic PLC | 0.6 | 0.5 |
Citigroup, Inc. | 0.6 | 0.6 |
JPMorgan Chase & Co. | 0.6 | 0.6 |
Google, Inc. Class C | 0.6 | 0.5 |
Google, Inc. Class A | 0.6 | 0.5 |
Bank of America Corp. | 0.6 | 0.7 |
| 7.8 | |
Top Five Market Sectors as of March 31, 2015 | ||
| % of fund's | % of fund's net assets |
Financials | 19.2 | 18.9 |
Information Technology | 13.5 | 12.4 |
Health Care | 12.3 | 11.4 |
Consumer Discretionary | 12.0 | 11.4 |
Industrials | 9.8 | 9.9 |
Quality Diversification (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | U.S. Government and |
| ![]() | U.S. Government and |
| ||
![]() | AAA,AA,A 1.5% |
| ![]() | AAA,AA,A 1.2% |
| ||
![]() | BBB 1.5% |
| ![]() | BBB 2.2% |
| ||
![]() | BB and Below 4.0% |
| ![]() | BB and Below 3.1% |
| ||
![]() | Not Rated 0.1% |
| ![]() | Not Rated 0.3% |
| ||
![]() | Equities 88.1% |
| ![]() | Equities* 84.3% |
| ||
![]() | Short-Term Investments |
| ![]() | Short-Term Investments |
| ||
|
| * Includes investment in Fidelity Commodity Strategy Central Fund of 0.2% |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of fund's net assets) | |||||||
As of March 31, 2015 | As of September 30, 2014 | ||||||
![]() | Stock Class and |
| ![]() | Stock Class and |
| ||
![]() | Bond Class 9.6% |
| ![]() | Bond Class 12.5% |
| ||
![]() | Short-Term Class 2.4% |
| ![]() | Short-Term Class 2.1% |
| ||
|
| * Includes investment in Fidelity Commodity Strategy Central Fund of 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. |
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments. |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy and Money Market Central Funds, was 33.9% of net assets. |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. |
Semiannual Report
Fidelity Asset Manager 85%
Investments March 31, 2015 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 86.2% | |||
Shares | Value | ||
Fidelity Consumer Discretionary Central Fund (e) | 485,952 | $ 118,902,839 | |
Fidelity Consumer Staples Central Fund (e) | 366,271 | 80,660,100 | |
Fidelity Emerging Markets Equity Central Fund (e) | 87,036 | 17,688,231 | |
Fidelity Energy Central Fund (e) | 545,706 | 71,361,965 | |
Fidelity Financials Central Fund (e) | 2,113,093 | 187,008,700 | |
Fidelity Health Care Central Fund (e) | 392,190 | 147,400,506 | |
Fidelity Industrials Central Fund (e) | 430,183 | 101,721,061 | |
Fidelity Information Technology Central Fund (e) | 705,729 | 199,982,337 | |
Fidelity International Equity Central Fund (e) | 4,300,971 | 344,507,798 | |
Fidelity Materials Central Fund (e) | 151,460 | 33,884,544 | |
Fidelity Real Estate Equity Central Fund (e) | 169,683 | 18,220,515 | |
Fidelity Telecom Services Central Fund (e) | 125,758 | 21,269,408 | |
Fidelity Utilities Central Fund (e) | 225,484 | 35,779,731 | |
TOTAL EQUITY CENTRAL FUNDS (Cost $975,512,871) |
| ||
Fixed-Income Central Funds - 10.1% | |||
|
|
|
|
High Yield Fixed-Income Funds - 3.8% | |||
Fidelity Emerging Markets Debt Central Fund (e) | 2,771 | 26,487 | |
Fidelity Floating Rate Central Fund (e) | 139,293 | 14,707,959 | |
Fidelity High Income Central Fund 1 (e) | 463,102 | 46,764,017 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS |
| ||
Investment Grade Fixed-Income Funds - 6.3% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a)(e) | 109,029 | 10,829,811 | |
Fidelity Investment Grade Bond Central Fund (e) | 820,909 | 89,503,704 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS |
| ||
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $160,113,454) |
| ||
Money Market Central Funds - 1.0% | |||
|
|
|
|
Fidelity Cash Central Fund, 0.14% (b) | 1,333,549 | 1,333,549 | |
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c) | 14,657,500 | 14,657,500 | |
TOTAL MONEY MARKET CENTRAL FUNDS (Cost $15,991,049) |
|
U.S. Treasury Obligations - 0.0% | ||||
| Principal Amount | Value | ||
U.S. Treasury Bills, yield at date of purchase 0.03% 4/9/15 to 4/16/15 | $ 660,000 | $ 659,994 |
Investment Companies - 3.6% | |||
Shares |
| ||
iShares Barclays 20+ Year Treasury Bond ETF (d) | 146,712 | 19,173,791 | |
iShares MSCI EAFE Index ETF | 592,990 | 38,052,167 | |
TOTAL INVESTMENT COMPANIES (Cost $56,770,298) |
| ||
TOTAL INVESTMENT (Cost $1,209,047,666) | 1,614,096,714 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (14,966,685) | ||
NET ASSETS - 100% | $ 1,599,130,029 |
Legend |
(a) Non-income producing |
(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) Security or a portion of the security is on loan at period end. |
(e) 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-Q 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Cash Central Fund | $ 13,334 |
Fidelity Consumer Discretionary Central Fund | 738,640 |
Fidelity Consumer Staples Central Fund | 926,603 |
Fidelity Emerging Markets Debt Central Fund | 27,937 |
Fidelity Emerging Markets Equity Central Fund | 151,274 |
Fidelity Energy Central Fund | 618,332 |
Fidelity Financials Central Fund | 1,362,676 |
Fidelity Floating Rate Central Fund | 342,840 |
Fidelity Health Care Central Fund | 391,586 |
Fidelity High Income Central Fund 1 | 1,316,321 |
Fidelity Industrials Central Fund | 635,137 |
Fidelity Information Technology Central Fund | 516,397 |
Fidelity International Equity Central Fund | 2,952,507 |
Fidelity Investment Grade Bond Central Fund | 1,430,058 |
Fidelity Materials Central Fund | 308,162 |
Fidelity Real Estate Equity Central Fund | 116,513 |
Fidelity Securities Lending Cash Central Fund | 2,995 |
Fidelity Telecom Services Central Fund | 226,186 |
Fidelity Utilities Central Fund | 415,810 |
Total | $ 12,493,308 |
Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows: |
Fund | Value, | Purchases | Sales | Value, | % ownership, end of |
Fidelity Commodity Strategy Central Fund | $ 4,001,573 | $ 14,591 | $ 4,007,159 | $ - | 0.0% |
Fidelity Consumer Discretionary Central Fund | 113,161,445 | 5,774,712 | 14,120,971 | 118,902,839 | 7.3% |
Fidelity Consumer Staples Central Fund | 84,571,562 | 4,584,228 | 13,909,311 | 80,660,100 | 6.9% |
Fidelity Emerging Markets Debt Central Fund | 7,845,467 | 66,636 | 7,830,591 | 26,487 | 0.0% |
Fidelity Emerging Markets Equity Central Fund | 47,646,633 | 2,213,975 | 29,810,630 | 17,688,231 | 14.2% |
Fidelity Energy Central Fund | 80,552,685 | 4,613,694 | 1,225,517 | 71,361,965 | 7.0% |
Fidelity Financials Central Fund | 185,588,261 | 17,038,265 | 23,969,644 | 187,008,700 | 7.4% |
Fidelity Floating Rate Central Fund | 15,312,201 | 1,169,686 | 1,555,336 | 14,707,959 | 0.8% |
Fidelity Health Care Central Fund | 137,843,581 | 6,555,531 | 22,240,695 | 147,400,506 | 7.3% |
Fidelity High Income Central Fund 1 | 29,906,639 | 21,416,902 | 4,020,629 | 46,764,017 | 5.0% |
Fidelity Industrials Central Fund | 101,199,635 | 6,244,697 | 13,211,807 | 101,721,061 | 7.2% |
Fidelity Inflation-Protected Bond Index Central Fund | 15,524,474 | 4,161,814 | 8,947,040 | 10,829,811 | 3.9% |
Fidelity Information Technology Central Fund | 180,363,403 | 10,926,685 | 5,559,381 | 199,982,337 | 7.2% |
Fidelity International Equity Central Fund | 344,525,328 | 31,888,643 | 34,248,371 | 344,507,798 | 11.6% |
Fidelity Investment Grade Bond Central Fund | 137,496,728 | 25,119,421 | 75,099,009 | 89,503,704 | 1.1% |
Fidelity Materials Central Fund | 37,821,930 | 2,108,892 | 4,760,343 | 33,884,544 | 7.2% |
Fidelity Real Estate Equity Central Fund | - | 17,720,753 | 202,884 | 18,220,515 | 6.5% |
Fidelity Telecom Services Central Fund | 19,526,034 | 1,484,530 | 395,293 | 21,269,408 | 7.0% |
Fidelity Utilities Central Fund | 37,683,012 | 2,280,763 | 4,749,135 | 35,779,731 | 7.6% |
Total | $ 1,580,570,591 | $ 165,384,418 | $ 269,863,746 | $ 1,540,219,713 |
Other Information |
The following is a summary of the inputs used, as of March 31, 2015, 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 in the table 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 | $ 1,378,387,735 | $ 1,378,387,735 | $ - | $ - |
Fixed-Income Central Funds | 161,831,978 | 161,831,978 | - | - |
Money Market Central Funds | 15,991,049 | 15,991,049 | - | - |
U.S. Treasury Obligations | 659,994 | - | 659,994 | - |
Investment Companies | 57,225,958 | 57,225,958 | - | - |
Total Investments in Securities: | $ 1,614,096,714 | $ 1,613,436,720 | $ 659,994 | $ - |
The information in the following table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. |
Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited): |
United States of America | 66.1% |
United Kingdom | 6.0% |
Japan | 4.3% |
Ireland | 2.8% |
Switzerland | 2.1% |
France | 2.0% |
Cayman Islands | 1.8% |
Germany | 1.7% |
Bermuda | 1.3% |
Australia | 1.2% |
Netherlands | 1.0% |
Others (Individually Less Than 1%) | 9.7% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Asset Manager 85%
Financial Statements
Statement of Assets and Liabilities
| March 31, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $14,375,900) - See accompanying schedule: Unaffiliated issuers (cost $57,430,292) | $ 57,885,952 |
|
Fidelity Central Funds (cost $1,151,617,374) | 1,556,210,762 |
|
Total Investments (cost $1,209,047,666) |
| $ 1,614,096,714 |
Cash |
| 8,848 |
Receivable for investments sold | 685,327 | |
Receivable for fund shares sold | 1,801,759 | |
Distributions receivable from Fidelity Central Funds | 2,756 | |
Prepaid expenses | 1,861 | |
Other receivables | 8,802 | |
Total assets | 1,616,606,067 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 134,851 | |
Payable for fund shares redeemed | 1,642,198 | |
Accrued management fee | 727,197 | |
Distribution and service plan fees payable | 54,209 | |
Other affiliated payables | 244,344 | |
Other payables and accrued expenses | 15,739 | |
Collateral on securities loaned, at value | 14,657,500 | |
Total liabilities | 17,476,038 | |
|
|
|
Net Assets | $ 1,599,130,029 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,350,946,445 | |
Undistributed net investment income | 3,127,179 | |
Accumulated undistributed net realized gain (loss) on investments | (159,992,643) | |
Net unrealized appreciation (depreciation) on investments | 405,049,048 | |
Net Assets | $ 1,599,130,029 | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 16.88 | |
|
|
|
Maximum offering price per share (100/94.25 of $16.88) | $ 17.91 | |
Class T: | $ 16.79 | |
|
|
|
Maximum offering price per share (100/96.50 of $16.79) | $ 17.40 | |
Class B: | $ 16.88 | |
|
|
|
Class C: | $ 16.64 | |
|
|
|
Asset Manager 85%: | $ 17.00 | |
|
|
|
Institutional Class: | $ 16.94 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended March 31, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 36,985 |
Interest |
| 108 |
Income from Fidelity Central Funds |
| 12,493,308 |
Total income |
| 12,530,401 |
|
|
|
Expenses | ||
Management fee | $ 4,198,078 | |
Transfer agent fees | 1,199,342 | |
Distribution and service plan fees | 307,916 | |
Accounting and security lending fees | 238,744 | |
Custodian fees and expenses | 557 | |
Independent trustees' compensation | 3,262 | |
Registration fees | 54,719 | |
Audit | 27,883 | |
Legal | 3,810 | |
Miscellaneous | 6,242 | |
Total expenses before reductions | 6,040,553 | |
Expense reductions | (19,899) | 6,020,654 |
Net investment income (loss) | 6,509,747 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 11,891 | |
Fidelity Central Funds | (14,776,538) |
|
Futures contracts | 2,020,957 | |
Capital gain distributions from Fidelity Central Funds | 119 |
|
Total net realized gain (loss) |
| (12,743,571) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 79,360,646 | |
Futures contracts | 145,551 | |
Total change in net unrealized appreciation (depreciation) |
| 79,506,197 |
Net gain (loss) | 66,762,626 | |
Net increase (decrease) in net assets resulting from operations | $ 73,272,373 |
Statement of Changes in Net Assets
| Six months ended March 31, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,509,747 | $ 17,262,135 |
Net realized gain (loss) | (12,743,571) | 19,043,349 |
Change in net unrealized appreciation (depreciation) | 79,506,197 | 112,623,173 |
Net increase (decrease) in net assets resulting from operations | 73,272,373 | 148,928,657 |
Distributions to shareholders from net investment income | (18,161,472) | (12,072,498) |
Distributions to shareholders from net realized gain | (119,223,405) | (32,360,551) |
Total distributions | (137,384,877) | (44,433,049) |
Share transactions - net increase (decrease) | 70,743,303 | 252,813,012 |
Total increase (decrease) in net assets | 6,630,799 | 357,308,620 |
|
|
|
Net Assets | ||
Beginning of period | 1,592,499,230 | 1,235,190,610 |
End of period (including undistributed net investment income of $3,127,179 and undistributed net investment income of $14,778,904, respectively) | $ 1,599,130,029 | $ 1,592,499,230 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.64 | $ 16.38 | $ 14.03 | $ 11.62 | $ 12.23 | $ 11.18 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .05 | .16 | .14 | .14 | .13 | .11 |
Net realized and unrealized gain (loss) | .78 | 1.64 | 2.38 | 2.43 | (.58) | 1.06 |
Total from investment operations | .83 | 1.80 | 2.52 | 2.57 | (.45) | 1.17 |
Distributions from net investment income | (.17) | (.11) | (.14) | (.14) | (.13) | (.11) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.59) L | (.54) K | (.17) I | (.16) | (.16) | (.12) J |
Net asset value, end of period | $ 16.88 | $ 17.64 | $ 16.38 | $ 14.03 | $ 11.62 | $ 12.23 |
Total ReturnB, C, D | 5.24% | 11.24% | 18.14% | 22.30% | (3.85)% | 10.56% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.05%A | 1.04% | 1.05% | 1.08% | 1.10% | 1.10% |
Expenses net of fee waivers, if any | 1.05%A | 1.04% | 1.05% | 1.08% | 1.10% | 1.10% |
Expenses net of all reductions | 1.04%A | 1.04% | 1.03% | 1.07% | 1.08% | 1.08% |
Net investment income (loss) | .60%A | .92% | .91% | 1.07% | 1.00% | .93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 71,672 | $ 66,659 | $ 82,805 | $ 66,048 | $ 50,854 | $ 45,550 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.17 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.024 per share. J Total distributions of $.12 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.015 per share. K Total distributions of $.54 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.423 per share. L Total distributions of $1.59 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $1.427 per share. |
Financial Highlights - Class T
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.56 | $ 16.32 | $ 13.97 | $ 11.58 | $ 12.19 | $ 11.14 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .03 | .11 | .09 | .10 | .10 | .08 |
Net realized and unrealized gain (loss) | .76 | 1.63 | 2.38 | 2.41 | (.58) | 1.06 |
Total from investment operations | .79 | 1.74 | 2.47 | 2.51 | (.48) | 1.14 |
Distributions from net investment income | (.13) | (.08) | (.10) | (.10) | (.10) | (.08) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.56) | (.50) | (.12) | (.12) | (.13) | (.09) I |
Net asset value, end of period | $ 16.79 | $ 17.56 | $ 16.32 | $ 13.97 | $ 11.58 | $ 12.19 |
Total ReturnB, C, D | 4.98% | 10.92% | 17.85% | 21.86% | (4.08)% | 10.33% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.33%A | 1.33% | 1.35% | 1.36% | 1.35% | 1.36% |
Expenses net of fee waivers, if any | 1.33%A | 1.33% | 1.35% | 1.36% | 1.35% | 1.36% |
Expenses net of all reductions | 1.33%A | 1.33% | 1.33% | 1.35% | 1.33% | 1.33% |
Net investment income (loss) | .31%A | .63% | .61% | .80% | .75% | .68% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 20,849 | $ 17,690 | $ 13,606 | $ 10,604 | $ 8,449 | $ 7,154 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Total distributions of $.09 per share is comprised of distributions from net investment income of $.079 and distributions from net realized gain of $.015 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.55 | $ 16.29 | $ 13.94 | $ 11.53 | $ 12.12 | $ 11.09 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | .02 | .01 | .03 | .02 | .01 |
Net realized and unrealized gain (loss) | .77 | 1.64 | 2.38 | 2.41 | (.57) | 1.06 |
Total from investment operations | .76 | 1.66 | 2.39 | 2.44 | (.55) | 1.07 |
Distributions from net investment income | - I | - | (.02) | (.01) | (.01) | (.03) |
Distributions from net realized gain | (1.43) | (.40) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.43) | (.40) | (.04) | (.03) | (.04) | (.04) J |
Net asset value, end of period | $ 16.88 | $ 17.55 | $ 16.29 | $ 13.94 | $ 11.53 | $ 12.12 |
Total ReturnB, C, D | 4.78% | 10.37% | 17.19% | 21.24% | (4.60)% | 9.70% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.82%A | 1.83% | 1.88% | 1.91% | 1.91% | 1.94% |
Expenses net of fee waivers, if any | 1.82%A | 1.83% | 1.88% | 1.91% | 1.91% | 1.93% |
Expenses net of all reductions | 1.81%A | 1.83% | 1.86% | 1.89% | 1.89% | 1.91% |
Net investment income (loss) | (.17)%A | .13% | .08% | .25% | .18% | .10% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 2,187 | $ 2,463 | $ 3,071 | $ 2,996 | $ 2,898 | $ 3,798 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.01 per share. J Total distributions of $.04 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.015 per share. |
Financial Highlights - Class C
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.37 | $ 16.16 | $ 13.85 | $ 11.47 | $ 12.10 | $ 11.08 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | (.01) | .03 | .02 | .04 | .03 | .02 |
Net realized and unrealized gain (loss) | .77 | 1.61 | 2.35 | 2.41 | (.58) | 1.06 |
Total from investment operations | .76 | 1.64 | 2.37 | 2.45 | (.55) | 1.08 |
Distributions from net investment income | (.06) | (.01) | (.04) | (.05) | (.05) | (.04) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.49) | (.43) | (.06) | (.07) | (.08) | (.06) |
Net asset value, end of period | $ 16.64 | $ 17.37 | $ 16.16 | $ 13.85 | $ 11.47 | $ 12.10 |
Total ReturnB, C, D | 4.82% | 10.37% | 17.22% | 21.44% | (4.62)% | 9.75% |
Ratios to Average Net Assets F, H |
|
|
|
|
|
|
Expenses before reductions | 1.81%A | 1.81% | 1.84% | 1.84% | 1.84% | 1.87% |
Expenses net of fee waivers, if any | 1.81%A | 1.81% | 1.83% | 1.84% | 1.84% | 1.87% |
Expenses net of all reductions | 1.80%A | 1.81% | 1.81% | 1.83% | 1.82% | 1.84% |
Net investment income (loss) | (.16)%A | .15% | .13% | .32% | .26% | .17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 34,950 | $ 30,717 | $ 21,781 | $ 17,243 | $ 13,379 | $ 9,945 |
Portfolio turnover rate G | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Asset Manager 85%
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.79 | $ 16.52 | $ 14.14 | $ 11.72 | $ 12.31 | $ 11.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .21 | .18 | .18 | .17 | .14 |
Net realized and unrealized gain (loss) | .78 | 1.65 | 2.40 | 2.43 | (.58) | 1.07 |
Total from investment operations | .86 | 1.86 | 2.58 | 2.61 | (.41) | 1.21 |
Distributions from net investment income | (.23) | (.17) | (.18) | (.17) | (.15) | (.12) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.65) H | (.59) | (.20) | (.19) | (.18) | (.14) |
Net asset value, end of period | $ 17.00 | $ 17.79 | $ 16.52 | $ 14.14 | $ 11.72 | $ 12.31 |
Total ReturnB, C | 5.38% | 11.54% | 18.52% | 22.53% | (3.51)% | 10.81% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .75%A | .74% | .77% | .81% | .82% | .86% |
Expenses net of fee waivers, if any | .75%A | .74% | .77% | .81% | .82% | .86% |
Expenses net of all reductions | .74%A | .74% | .75% | .80% | .80% | .84% |
Net investment income (loss) | .90%A | 1.21% | 1.19% | 1.35% | 1.27% | 1.17% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 1,428,099 | $ 1,433,196 | $ 1,100,838 | $ 706,722 | $ 557,908 | $ 592,472 |
Portfolio turnover rate F | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $1.65 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $1.427 per share. |
Financial Highlights - Institutional Class
| Six months ended March 31, 2015 | Years ended September 30, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 17.74 | $ 16.48 | $ 14.11 | $ 11.69 | $ 12.30 | $ 11.24 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .08 | .21 | .18 | .18 | .17 | .14 |
Net realized and unrealized gain (loss) | .78 | 1.64 | 2.39 | 2.43 | (.59) | 1.07 |
Total from investment operations | .86 | 1.85 | 2.57 | 2.61 | (.42) | 1.21 |
Distributions from net investment income | (.23) | (.16) | (.17) | (.17) | (.16) | (.14) |
Distributions from net realized gain | (1.43) | (.42) | (.02) | (.02) | (.03) | (.02) |
Total distributions | (1.66) | (.59) J | (.20) H | (.19) | (.19) | (.15) I |
Net asset value, end of period | $ 16.94 | $ 17.74 | $ 16.48 | $ 14.11 | $ 11.69 | $ 12.30 |
Total ReturnB, C | 5.37% | 11.49% | 18.45% | 22.60% | (3.58)% | 10.89% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .75%A | .76% | .79% | .81% | .81% | .83% |
Expenses net of fee waivers, if any | .75%A | .76% | .79% | .81% | .81% | .83% |
Expenses net of all reductions | .75%A | .76% | .77% | .79% | .79% | .80% |
Net investment income (loss) | .89%A | 1.19% | 1.17% | 1.35% | 1.29% | 1.21% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 41,374 | $ 41,775 | $ 13,088 | $ 10,710 | $ 8,600 | $ 6,351 |
Portfolio turnover rate F | 29% A | 14% | 22% | 21% | 20% | 25% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .01% to .13%. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Total distributions of $.20 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.024 per share. I Total distributions of $.15 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.015 per share. J Total distributions of $.59 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.423 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended March 31, 2015 (Unaudited)
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 T, Class C, Asset Manager and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.
2. Investments in Fidelity Central Funds.
The Funds 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 each Fund. These strategies are consistent with the investment objectives of each 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 each Fund. The following summarizes the Funds' investment in each Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio* |
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 Swaps | .05% |
Fidelity Equity Central Funds | FMR Co., Inc. (FMRC) | Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry. | Foreign Securities Futures Restricted Securities | Less than .01% to .01% |
Fidelity Emerging Markets Debt Central Fund | FMRC | 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 Loans & Direct Debt Instruments Restricted Securities | .01% |
Fidelity Emerging Markets Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Delayed Delivery & When Issued Securities Foreign Securities Futures Restricted Securities | .13% |
Fidelity International Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Foreign Securities Futures | .01% |
Fidelity Floating Rate Central Fund | FMRC | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .01% |
Fidelity High Income Central Fund 1 | FMRC | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Delayed Delivery & When Issued Securities Loans & Direct Debt Instruments Restricted Securities | Less than .01% |
Fidelity Inflation-Protected Bond Index Central Fund | Fidelity Investment Money Management, Inc. (FIMM) | 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 .01% |
Fidelity Investment Grade Bond Central Fund | FIMM | Seeks a high level of income by normally investing in investment-grade debt securities. | Delayed Delivery & When Issued Securities Futures Repurchase Agreements Restricted Securities Swaps | Less than .01% |
Semiannual Report
2. Investments in Fidelity Central Funds - continued
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio* |
Fidelity Real Estate Equity Central Fund | FMRC | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. |
| .01% |
Fidelity Money Market Central Funds | FIMM | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. |
| Less than .01% |
* 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 each Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through each fund's investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or advisor.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 (the SEC) 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 are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 following summarizes the significant accounting policies of the Funds:
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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 - 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 vendors or from brokers who make markets in such securities. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor 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, 2015, is included at the end of each Fund's Schedule of Investments.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and 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 each 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 each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses of the Fidelity Central Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Fidelity Asset Manager 50% and Fidelity Asset Manager 70%, independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
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 dividends 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 Fidelity Central Funds, futures contracts, market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Asset Manager 20% | $ 4,526,156,665 | $ 625,722,410 | $ (7,791,866) | $ 617,930,544 |
Fidelity Asset Manager 30% | 795,636,254 | 100,570,528 | (1,968,129) | 98,602,399 |
Fidelity Asset Manager 40% | 859,290,852 | 115,334,370 | (2,928,692) | 112,405,678 |
Fidelity Asset Manager 50% | 6,521,728,504 | 1,891,542,646 | (39,481,125) | 1,852,061,521 |
Fidelity Asset Manager 60% | 1,220,596,223 | 273,432,261 | (3,996,189) | 269,436,072 |
Fidelity Asset Manager 70% | 3,324,822,368 | 1,044,035,303 | (61,058,048) | 982,977,255 |
Fidelity Asset Manager 85% | 1,209,049,664 | 412,619,205 | (7,572,155) | 405,047,050 |
Semiannual Report
3. Significant Accounting Policies - continued
New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Funds' financial statements and related disclosures.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.
The Funds used derivatives 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
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. |
The 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 the Funds 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 the Funds. Counterparty credit risk related to exchange-traded futures 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 of the Funds, 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 | Change in Net |
Fidelity Asset Manager 20% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 6,596,976 | $ 16,649 |
Totals (a) | $ 6,596,976 | $ 16,649 |
Fidelity Asset Manager 30% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 1,063,750 | $ - |
Totals (a) | $ 1,063,750 | $ - |
Fidelity Asset Manager 40% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 870,355 | $ - |
Totals (a) | $ 870,355 | $ - |
Fidelity Asset Manager 50% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 7,127,916 | $ - |
Totals (a) | $ 7,127,916 | $ - |
Fidelity Asset Manager 60% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 1,537,357 | $ 100,946 |
Totals (a) | $ 1,537,357 | $ 100,946 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Derivative Instruments - continued
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives - continued
Primary Risk Exposure / Derivative Type | Net Realized | Change in Net |
Fidelity Asset Manager 70% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 4,310,553 | $ 96,251 |
Totals (a) | $ 4,310,553 | $ 96,251 |
Fidelity Asset Manager 85% |
|
|
Equity Risk |
|
|
Futures Contracts | $ 2,020,957 | $ 145,551 |
Totals (a) | $ 2,020,957 | $ 145,551 |
(a) A summary of the value of derivatives by primary risk exposure as of period end, if any, 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. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) 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 for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities including the Equity and Fixed-Income Central Funds, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Asset Manager 20% | 451,359,260 | 249,162,046 |
Fidelity Asset Manager 30% | 122,923,012 | 41,282,813 |
Fidelity Asset Manager 40% | 182,537,046 | 45,566,142 |
Fidelity Asset Manager 50% | 767,498,515 | 584,115,757 |
Fidelity Asset Manager 60% | 259,509,755 | 85,341,823 |
Fidelity Asset Manager 70% | 489,074,515 | 288,063,521 |
Fidelity Asset Manager 85% | 222,154,716 | 269,863,746 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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.
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Asset Manager 20% | .30% | .11% | .41% |
Fidelity Asset Manager 30% | .30% | .11% | .41% |
Fidelity Asset Manager 40% | .30% | .11% | .41% |
Fidelity Asset Manager 50% | .25% | .25% | .50% |
Fidelity Asset Manager 60% | .30% | .25% | .55% |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Asset Manager 70% | .30% | .25% | .55% |
Fidelity Asset Manager 85% | .30% | .25% | .55% |
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 Corporation (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:
Fidelity Asset Manager 20% | Distribution | Service | Total Fees | Retained |
Class A | - % | .25% | $ 48,574 | $ 330 |
Class T | .25% | .25% | 51,418 | 240 |
Class B | .75% | .25% | 9,964 | 7,481 |
Class C | .75% | .25% | 134,643 | 27,597 |
|
|
| $ 244,599 | $ 35,648 |
Fidelity Asset Manager 30% |
|
|
|
|
Class A | - % | .25% | $ 26,459 | $ 242 |
Class T | .25% | .25% | 25,686 | 56 |
Class B | .75% | .25% | 3,880 | 2,981 |
Class C | .75% | .25% | 91,053 | 29,714 |
|
|
| $ 147,078 | $ 32,993 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A | - % | .25% | $ 34,157 | $ 2,040 |
Class T | .25% | .25% | 22,162 | 109 |
Class B | .75% | .25% | 5,872 | 4,413 |
Class C | .75% | .25% | 84,920 | 27,332 |
|
|
| $ 147,111 | $ 33,894 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A | - % | .25% | $ 90,160 | $ 2,297 |
Class T | .25% | .25% | 84,636 | 277 |
Class B | .75% | .25% | 16,428 | 12,334 |
Class C | .75% | .25% | 197,591 | 40,157 |
|
|
| $ 388,815 | $ 55,065 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A | - % | .25% | $ 68,388 | $ 3,109 |
Class T | .25% | .25% | 39,168 | 85 |
Class B | .75% | .25% | 8,144 | 6,135 |
Class C | .75% | .25% | 139,313 | 33,566 |
|
|
| $ 255,013 | $ 42,895 |
Fidelity Asset Manager 70% |
|
|
|
|
Class A | - % | .25% | $ 183,950 | $ 5,977 |
Class T | .25% | .25% | 123,300 | 518 |
Class B | .75% | .25% | 18,736 | 14,075 |
Class C | .75% | .25% | 280,136 | 43,398 |
|
|
| $ 606,122 | $ 63,968 |
Fidelity Asset Manager 85% |
|
|
|
|
Class A | - % | .25% | $ 85,973 | $ 2,292 |
Class T | .25% | .25% | 47,186 | 90 |
Class B | .75% | .25% | 11,521 | 8,648 |
Class C | .75% | .25% | 163,236 | 43,448 |
|
|
| $ 307,916 | $ 54,478 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
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 T 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 T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Fidelity Asset Manager 20% | Retained |
Class A | $ 7,237 |
Class T | 2,802 |
Class B* | 490 |
Class C* | 5,020 |
| $ 15,549 |
Fidelity Asset Manager 30% |
|
Class A | $ 10,389 |
Class T | 2,037 |
Class B* | 1,213 |
Class C* | 1,510 |
| $ 15,149 |
Fidelity Asset Manager 40% |
|
Class A | $ 17,444 |
Class T | 2,810 |
Class B* | 29 |
Class C* | 2,673 |
| $ 22,956 |
Fidelity Asset Manager 50% |
|
Class A | $ 19,265 |
Class T | 5,706 |
Class B* | 1,313 |
Class C* | 1,886 |
| $ 28,170 |
Fidelity Asset Manager 60% |
|
Class A | $ 22,697 |
Class T | 5,350 |
Class B* | 413 |
Class C* | 2,017 |
| $ 30,477 |
Fidelity Asset Manager 70% |
|
Class A | $ 31,480 |
Class T | 8,147 |
Class B* | 1,304 |
Class C* | 2,404 |
| $ 43,335 |
Fidelity Asset Manager 85% |
|
Class A | $ 23,773 |
Class T | 4,348 |
Class B* | 566 |
Class C* | 3,014 |
| $ 31,701 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (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. 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:
Fidelity Asset Manager 20% | Amount | % of |
Class A | $ 27,458 | .14 |
Class T | 15,857 | .15 |
Class B | 1,300 | .13 |
Class C | 20,696 | .15 |
Asset Manager 20% | 2,047,389 | .08 |
Institutional Class | 9,078 | .13 |
| $ 2,121,778 |
|
Fidelity Asset Manager 30% |
|
|
Class A | $ 14,441 | .14 |
Class T | 7,736 | .15 |
Class B | 527 | .14 |
Class C | 13,149 | .14 |
Asset Manager 30% | 301,972 | .08 |
Institutional Class | 6,016 | .14 |
| $ 343,841 |
|
Fidelity Asset Manager 40% |
|
|
Class A | $ 17,136 | .13 |
Class T | 6,117 | .14 |
Class B | 650 | .11 |
Class C | 12,886 | .15 |
Asset Manager 40% | 332,641 | .08 |
Institutional Class | 2,174 | .09 |
| $ 371,604 |
|
Fidelity Asset Manager 50% |
|
|
Class A | $ 65,840 | .18 |
Class T | 33,627 | .20 |
Class B | 2,829 | .17 |
Class C | 39,490 | .20 |
Asset Manager 50% | 5,374,191 | .13 |
Institutional Class | 28,786 | .18 |
| $ 5,544,763 |
|
Fidelity Asset Manager 60% |
|
|
Class A | $ 48,794 | .18 |
Class T | 14,820 | .19 |
Class B | 1,565 | .19 |
Class C | 26,320 | .19 |
Asset Manager 60% | 734,249 | .12 |
Institutional Class | 12,059 | .16 |
| $ 837,807 |
|
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
Fidelity Asset Manager 70% | Amount | % of |
Class A | $ 139,199 | .19 |
Class T | 48,884 | .20 |
Class B | 5,049 | .27 |
Class C | 54,892 | .20 |
Asset Manager 70% | 2,559,299 | .13 |
Institutional Class | 35,765 | .17 |
| $ 2,843,088 |
|
Fidelity Asset Manager 85% |
|
|
Class A | $ 69,345 | .20 |
Class T | 22,204 | .24 |
Class B | 2,560 | .22 |
Class C | 34,552 | .21 |
Asset Manager 85% | 1,036,939 | .15 |
Institutional Class | 33,742 | .16 |
| $ 1,199,342 |
|
* Annualized
Accounting and Security Lending 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. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.
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 as follows:
Fidelity Asset Manager 20% | $ 5,505 |
Fidelity Asset Manager 30% | 908 |
Fidelity Asset Manager 40% | 940 |
Fidelity Asset Manager 50% | 8,921 |
Fidelity Asset Manager 60% | 1,475 |
Fidelity Asset Manager 70% | 4,477 |
Fidelity Asset Manager 85% | 1,683 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the
Semiannual Report
8. Security Lending - continued
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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM.
| Total Security |
Fidelity Asset Manager 50% | $ 846 |
Fidelity Asset Manager 70% | 237 |
Fidelity Asset Manager 85% | 2,995 |
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of Certain Funds and certain Central Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Brokerage Service reduction | Custody expense |
Fidelity Asset Manager 20% | $ 16,509 | $ - |
Fidelity Asset Manager 30% | 4,010 | 2 |
Fidelity Asset Manager 40% | 5,696 | 3 |
Fidelity Asset Manager 50% | 63,552 | 14 |
Fidelity Asset Manager 60% | 12,491 | 4 |
Fidelity Asset Manager 70% | 43,600 | 3 |
Fidelity Asset Manager 85% | 19,619 | 1 |
In addition, the investment adviser reimbursed a portion of each class's operating expenses during the period as follows:
| Reimbursement |
Fidelity Asset Manager 20% | $ 503 |
Fidelity Asset Manager 30% | 26 |
Fidelity Asset Manager 40% | 37 |
Fidelity Asset Manager 50% | 677 |
Fidelity Asset Manager 60% | 84 |
Fidelity Asset Manager 70% | 403 |
Fidelity Asset Manager 85% | 279 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
Fidelity Asset Manager 20% |
|
|
From net investment income |
|
|
Class A | $ 221,333 | $ 457,824 |
Class T | 91,397 | 174,877 |
Class B | 4,069 | 9,028 |
Class C | 54,183 | 96,743 |
Asset Manager 20% | 35,418,102 | 70,415,197 |
Institutional Class | 99,747 | 439,951 |
Total | $ 35,888,831 | $ 71,593,620 |
From net realized gain |
|
|
Class A | $ 1,200,191 | $ 933,007 |
Class T | 630,164 | 441,467 |
Class B | 64,097 | 59,909 |
Class C | 839,473 | 547,699 |
Asset Manager 20% | 151,471,130 | 105,090,102 |
Institutional Class | 437,001 | 718,662 |
Total | $ 154,642,056 | $ 107,790,846 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
10. Distributions to Shareholders - continued
| Six months ended | Year ended |
Fidelity Asset Manager 30% |
|
|
From net investment income |
|
|
Class A | $ 124,710 | $ 221,593 |
Class T | 48,588 | 78,864 |
Class B | 1,599 | 4,802 |
Class C | 42,594 | 80,716 |
Asset Manager 30% | 5,788,742 | 10,862,174 |
Institutional Class | 60,238 | 126,683 |
Total | $ 6,066,471 | $ 11,374,832 |
From net realized gain |
|
|
Class A | $ 561,549 | $ 275,244 |
Class T | 274,626 | 124,916 |
Class B | 21,937 | 18,248 |
Class C | 502,117 | 225,987 |
Asset Manager 30% | 21,489,587 | 10,615,906 |
Institutional Class | 240,640 | 138,169 |
Total | $ 23,090,456 | $ 11,398,470 |
Fidelity Asset Manager 40% |
|
|
From net investment income |
|
|
Class A | $ 151,354 | $ 269,328 |
Class T | 38,093 | 82,133 |
Class B | 2,268 | 6,682 |
Class C | 31,402 | 82,661 |
Asset Manager 40% | 5,710,792 | 10,151,960 |
Institutional Class | 30,765 | 34,433 |
Total | $ 5,964,674 | $ 10,627,197 |
From net realized gain |
|
|
Class A | $ 758,501 | $ 452,005 |
Class T | 244,124 | 184,205 |
Class B | 33,171 | 27,043 |
Class C | 470,384 | 281,252 |
Asset Manager 40% | 22,793,923 | 14,138,549 |
Institutional Class | 122,859 | 36,402 |
Total | $ 24,422,962 | $ 15,119,456 |
Fidelity Asset Manager 50% |
|
|
From net investment income |
|
|
Class A | $ 382,808 | $ 918,247 |
Class T | 130,079 | 316,199 |
Class B | 4,907 | 20,500 |
Class C | 56,283 | 204,799 |
Asset Manager 50% | 53,517,655 | 122,376,822 |
Institutional Class | 215,289 | 416,666 |
Total | $ 54,307,021 | $ 124,253,233 |
From net realized gain |
|
|
Class A | $ 4,639,740 | $ 3,577,054 |
Class T | 2,164,069 | 1,490,193 |
Class B | 216,191 | 194,323 |
Class C | 2,528,642 | 1,732,377 |
Asset Manager 50% | 511,052,764 | 379,416,820 |
Institutional Class | 2,101,067 | 1,258,832 |
Total | $ 522,702,473 | $ 387,669,599 |
Semiannual Report
10. Distributions to Shareholders - continued
| Six months ended | Year ended |
Fidelity Asset Manager 60% |
|
|
From net investment income |
|
|
Class A | $ 562,334 | $ 356,588 |
Class T | 119,094 | 80,854 |
Class B | 2,508 | - |
Class C | 106,137 | 69,650 |
Asset Manager 60% | 16,510,467 | 10,035,862 |
Institutional Class | 174,917 | 83,544 |
Total | $ 17,475,457 | $ 10,626,498 |
From net realized gain |
|
|
Class A | $ 2,600,794 | $ 1,985,006 |
Class T | 734,414 | 623,199 |
Class B | 77,323 | 76,551 |
Class C | 1,338,769 | 918,282 |
Asset Manager 60% | 59,118,120 | 40,223,730 |
Institutional Class | 647,193 | 370,405 |
Total | $ 64,516,613 | $ 44,197,173 |
Fidelity Asset Manager 70% |
|
|
From net investment income |
|
|
Class A | $ 1,479,841 | $ 1,033,151 |
Class T | 367,575 | 244,099 |
Class C | 171,602 | 91,021 |
Asset Manager 70% | 49,763,383 | 37,644,867 |
Institutional Class | 526,159 | 385,345 |
Total | $ 52,308,560 | $ 39,398,483 |
From net realized gain |
|
|
Class A | $ 10,888,363 | $ 474,865 |
Class T | 3,662,050 | 164,213 |
Class B | 280,534 | 8,517 |
Class C | 4,234,614 | 182,043 |
Asset Manager 70% | 283,051,266 | 12,380,976 |
Institutional Class | 3,091,422 | 131,408 |
Total | $ 305,208,249 | $ 13,342,022 |
Fidelity Asset Manager 85% |
|
|
From net investment income |
|
|
Class A | $ 638,758 | $ 513,103 |
Class T | 138,492 | 68,362 |
Class B | 528 | - |
Class C | 109,436 | 15,442 |
Asset Manager 85% | 16,718,895 | 11,337,929 |
Institutional Class | 555,363 | 137,662 |
Total | $ 18,161,472 | $ 12,072,498 |
From net realized gain |
|
|
Class A | $ 5,458,131 | $ 1,903,881 |
Class T | 1,508,615 | 366,040 |
Class B | 188,215 | 71,038 |
Class C | 2,602,752 | 593,821 |
Asset Manager 85% | 106,034,944 | 29,066,321 |
Institutional Class | 3,430,748 | 359,450 |
Total | $ 119,223,405 | $ 32,360,551 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 20% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 338,232 | 783,612 | $ 4,550,705 | $ 10,575,925 |
Reinvestment of distributions | 104,300 | 102,139 | 1,373,422 | 1,355,011 |
Shares redeemed | (372,779) | (1,265,498) | (5,007,390) | (17,064,545) |
Net increase (decrease) | 69,753 | (379,747) | $ 916,737 | $ (5,133,609) |
Class T |
|
|
|
|
Shares sold | 119,040 | 355,085 | $ 1,595,834 | $ 4,797,729 |
Reinvestment of distributions | 49,002 | 40,508 | 644,006 | 536,101 |
Shares redeemed | (217,261) | (323,786) | (2,920,752) | (4,370,396) |
Net increase (decrease) | (49,219) | 71,807 | $ (680,912) | $ 963,434 |
Class B |
|
|
|
|
Shares sold | 8,195 | 4,405 | $ 111,037 | $ 59,143 |
Reinvestment of distributions | 4,946 | 4,556 | 64,890 | 60,028 |
Shares redeemed | (33,282) | (58,449) | (443,727) | (785,911) |
Net increase (decrease) | (20,141) | (49,488) | $ (267,800) | $ (666,740) |
Class C |
|
|
|
|
Shares sold | 274,107 | 540,793 | $ 3,669,707 | $ 7,269,919 |
Reinvestment of distributions | 62,659 | 43,385 | 820,123 | 571,036 |
Shares redeemed | (210,185) | (504,325) | (2,797,901) | (6,769,069) |
Net increase (decrease) | 126,581 | 79,853 | $ 1,691,929 | $ 1,071,886 |
Asset Manager 20% |
|
|
|
|
Shares sold | 38,850,966 | 76,021,177 | $ 522,008,452 | $ 1,029,161,925 |
Reinvestment of distributions | 13,735,007 | 12,771,889 | 181,216,547 | 169,960,357 |
Shares redeemed | (39,680,140) | (76,287,745) | (533,833,085) | (1,032,059,057) |
Net increase (decrease) | 12,905,833 | 12,505,321 | $ 169,391,914 | $ 167,063,225 |
Institutional Class |
|
|
|
|
Shares sold | 231,369 | 615,962 | $ 3,102,449 | $ 8,327,250 |
Reinvestment of distributions | 33,913 | 80,191 | 447,120 | 1,065,593 |
Shares redeemed | (205,149) | (2,100,063) | (2,755,118) | (28,593,681) |
Net increase (decrease) | 60,133 | (1,403,910) | $ 794,451 | $ (19,200,838) |
Fidelity Asset Manager 30% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 455,949 | 923,824 | $ 4,855,963 | $ 9,839,885 |
Reinvestment of distributions | 64,870 | 45,595 | 677,050 | 476,412 |
Shares redeemed | (542,470) | (356,138) | (5,810,799) | (3,791,452) |
Net increase (decrease) | (21,651) | 613,281 | $ (277,786) | $ 6,524,845 |
Class T |
|
|
|
|
Shares sold | 204,026 | 447,269 | $ 2,168,273 | $ 4,763,848 |
Reinvestment of distributions | 30,215 | 18,376 | 315,176 | 191,659 |
Shares redeemed | (128,532) | (215,363) | (1,372,820) | (2,281,453) |
Net increase (decrease) | 105,709 | 250,282 | $ 1,110,629 | $ 2,674,054 |
Class B |
|
|
|
|
Shares sold | 1,788 | 4,974 | $ 19,117 | $ 52,753 |
Reinvestment of distributions | 2,056 | 2,037 | 21,399 | 21,116 |
Shares redeemed | (19,054) | (28,867) | (201,836) | (305,657) |
Net increase (decrease) | (15,210) | (21,856) | $ (161,320) | $ (231,788) |
Class C |
|
|
|
|
Shares sold | 303,270 | 753,278 | $ 3,214,995 | $ 7,967,516 |
Reinvestment of distributions | 51,458 | 28,866 | 534,099 | 298,964 |
Shares redeemed | (157,083) | (344,924) | (1,664,347) | (3,654,971) |
Net increase (decrease) | 197,645 | 437,220 | $ 2,084,747 | $ 4,611,509 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 30% - continued |
|
|
|
|
Asset Manager 30% |
|
|
|
|
Shares sold | 12,861,071 | 30,473,306 | $ 136,860,604 | $ 323,377,131 |
Reinvestment of distributions | 2,551,308 | 2,007,679 | 26,641,048 | 21,016,847 |
Shares redeemed | (8,227,356) | (15,412,216) | (87,674,143) | (163,792,350) |
Net increase (decrease) | 7,185,023 | 17,068,769 | $ 75,827,509 | $ 180,601,628 |
Institutional Class |
|
|
|
|
Shares sold | 103,924 | 681,438 | $ 1,107,788 | $ 7,209,060 |
Reinvestment of distributions | 27,828 | 23,147 | 290,507 | 242,082 |
Shares redeemed | (184,998) | (346,980) | (1,958,953) | (3,705,898) |
Net increase (decrease) | (53,246) | 357,605 | $ (560,658) | $ 3,745,244 |
Fidelity Asset Manager 40% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 505,012 | 1,263,650 | $ 5,509,033 | $ 13,761,962 |
Reinvestment of distributions | 84,203 | 67,100 | 896,045 | 710,726 |
Shares redeemed | (296,907) | (516,001) | (3,229,815) | (5,611,221) |
Net increase (decrease) | 292,308 | 814,749 | $ 3,175,263 | $ 8,861,467 |
Class T |
|
|
|
|
Shares sold | 113,648 | 312,137 | $ 1,236,758 | $ 3,392,690 |
Reinvestment of distributions | 23,065 | 21,273 | 245,117 | 224,606 |
Shares redeemed | (30,901) | (229,860) | (335,375) | (2,504,206) |
Net increase (decrease) | 105,812 | 103,550 | $ 1,146,500 | $ 1,113,090 |
Class B |
|
|
|
|
Shares sold | 6,397 | 39,096 | $ 68,683 | $ 420,433 |
Reinvestment of distributions | 3,326 | 3,033 | 35,406 | 32,013 |
Shares redeemed | (33,873) | (6,357) | (371,510) | (68,439) |
Net increase (decrease) | (24,150) | 35,772 | $ (267,421) | $ 384,007 |
Class C |
|
|
|
|
Shares sold | 335,469 | 727,515 | $ 3,647,281 | $ 7,865,569 |
Reinvestment of distributions | 45,049 | 33,167 | 477,378 | 349,051 |
Shares redeemed | (134,909) | (188,102) | (1,465,877) | (2,035,598) |
Net increase (decrease) | 245,609 | 572,580 | $ 2,658,782 | $ 6,179,022 |
Asset Manager 40% |
|
|
|
|
Shares sold | 18,917,144 | 34,608,489 | $ 206,117,237 | $ 375,595,169 |
Reinvestment of distributions | 2,637,973 | 2,254,356 | 28,059,274 | 23,883,227 |
Shares redeemed | (9,129,155) | (13,072,865) | (99,397,151) | (142,125,758) |
Net increase (decrease) | 12,425,962 | 23,789,980 | $ 134,779,360 | $ 257,352,638 |
Institutional Class |
|
|
|
|
Shares sold | 224,289 | 381,158 | $ 2,421,339 | $ 4,131,264 |
Reinvestment of distributions | 12,982 | 6,032 | 138,073 | 64,241 |
Shares redeemed | (72,700) | (110,956) | (787,883) | (1,215,238) |
Net increase (decrease) | 164,571 | 276,234 | $ 1,771,529 | $ 2,980,267 |
Fidelity Asset Manager 50% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 436,737 | 1,273,404 | $ 7,592,279 | $ 22,836,027 |
Reinvestment of distributions | 291,135 | 249,445 | 4,892,763 | 4,294,566 |
Shares redeemed | (528,668) | (1,677,065) | (9,202,042) | (30,019,672) |
Net increase (decrease) | 199,204 | (154,216) | $ 3,283,000 | $ (2,889,079) |
Class T |
|
|
|
|
Shares sold | 297,772 | 421,419 | $ 5,197,528 | $ 7,534,388 |
Reinvestment of distributions | 135,035 | 103,225 | 2,266,477 | 1,775,374 |
Shares redeemed | (182,784) | (346,351) | (3,193,265) | (6,182,970) |
Net increase (decrease) | 250,023 | 178,293 | $ 4,270,740 | $ 3,126,792 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 50% - continued |
|
|
|
|
Class B |
|
|
|
|
Shares sold | 4,120 | 18,361 | $ 69,728 | $ 327,611 |
Reinvestment of distributions | 11,011 | 10,446 | 184,613 | 179,002 |
Shares redeemed | (39,970) | (48,283) | (698,357) | (861,906) |
Net increase (decrease) | (24,839) | (19,476) | $ (444,016) | $ (355,293) |
Class C |
|
|
|
|
Shares sold | 327,979 | 690,698 | $ 5,679,786 | $ 12,278,516 |
Reinvestment of distributions | 140,067 | 97,203 | 2,338,587 | 1,661,721 |
Shares redeemed | (267,612) | (383,168) | (4,655,097) | (6,824,826) |
Net increase (decrease) | 200,434 | 404,733 | $ 3,363,276 | $ 7,115,411 |
Asset Manager 50% |
|
|
|
|
Shares sold | 26,565,686 | 57,933,970 | $ 465,271,495 | $ 1,036,371,244 |
Reinvestment of distributions | 32,542,461 | 28,194,410 | 548,555,315 | 487,561,137 |
Shares redeemed | (32,891,289) | (59,456,854) | (578,153,867) | (1,065,196,235) |
Net increase (decrease) | 26,216,858 | 26,671,526 | $ 435,672,943 | $ 458,736,146 |
Institutional Class |
|
|
|
|
Shares sold | 197,413 | 935,462 | $ 3,463,594 | $ 16,958,566 |
Reinvestment of distributions | 134,319 | 90,630 | 2,261,208 | 1,566,572 |
Shares redeemed | (398,925) | (366,630) | (6,980,506) | (6,589,229) |
Net increase (decrease) | (67,193) | 659,462 | $ (1,255,704) | $ 11,935,909 |
Fidelity Asset Manager 60% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 674,125 | 1,668,732 | $ 7,651,513 | $ 18,898,865 |
Reinvestment of distributions | 286,389 | 211,037 | 3,113,048 | 2,281,312 |
Shares redeemed | (586,643) | (1,003,510) | (6,583,776) | (11,382,583) |
Net increase (decrease) | 373,871 | 876,259 | $ 4,180,785 | $ 9,797,594 |
Class T |
|
|
|
|
Shares sold | 222,458 | 290,330 | $ 2,502,404 | $ 3,301,821 |
Reinvestment of distributions | 76,931 | 63,652 | 833,160 | 686,165 |
Shares redeemed | (92,979) | (293,961) | (1,042,763) | (3,332,709) |
Net increase (decrease) | 206,410 | 60,021 | $ 2,292,801 | $ 655,277 |
Class B |
|
|
|
|
Shares sold | 1,606 | 16,130 | $ 17,902 | $ 181,770 |
Reinvestment of distributions | 6,746 | 6,303 | 73,534 | 68,266 |
Shares redeemed | (17,725) | (35,095) | (202,389) | (398,584) |
Net increase (decrease) | (9,373) | (12,662) | $ (110,953) | $ (148,548) |
Class C |
|
|
|
|
Shares sold | 411,600 | 898,639 | $ 4,618,402 | $ 10,097,475 |
Reinvestment of distributions | 131,144 | 87,114 | 1,409,801 | 932,996 |
Shares redeemed | (149,786) | (373,556) | (1,672,651) | (4,187,695) |
Net increase (decrease) | 392,958 | 612,197 | $ 4,355,552 | $ 6,842,776 |
Asset Manager 60% |
|
|
|
|
Shares sold | 20,558,890 | 37,561,490 | $ 233,485,463 | $ 427,371,130 |
Reinvestment of distributions | 6,877,984 | 4,594,576 | 74,901,251 | 49,805,206 |
Shares redeemed | (9,723,629) | (15,471,323) | (110,287,067) | (176,932,453) |
Net increase (decrease) | 17,713,245 | 26,684,743 | $ 198,099,647 | $ 300,243,883 |
Institutional Class |
|
|
|
|
Shares sold | 321,581 | 616,312 | $ 3,553,401 | $ 7,026,647 |
Reinvestment of distributions | 68,910 | 39,401 | 751,123 | 427,103 |
Shares redeemed | (149,498) | (198,301) | (1,721,822) | (2,277,581) |
Net increase (decrease) | 240,993 | 457,412 | $ 2,582,702 | $ 5,176,169 |
Semiannual Report
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 70% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 788,969 | 1,318,189 | $ 16,126,896 | $ 27,521,256 |
Reinvestment of distributions | 612,690 | 71,653 | 11,873,923 | 1,420,170 |
Shares redeemed | (645,615) | (1,167,187) | (13,245,970) | (24,250,163) |
Net increase (decrease) | 756,044 | 222,655 | $ 14,754,849 | $ 4,691,263 |
Class T |
|
|
|
|
Shares sold | 179,462 | 412,779 | $ 3,676,302 | $ 8,619,406 |
Reinvestment of distributions | 197,690 | 19,544 | 3,837,168 | 387,747 |
Shares redeemed | (208,589) | (375,976) | (4,306,578) | (7,801,668) |
Net increase (decrease) | 168,563 | 56,347 | $ 3,206,892 | $ 1,205,485 |
Class B |
|
|
|
|
Shares sold | 2,753 | 6,369 | $ 58,620 | $ 129,376 |
Reinvestment of distributions | 13,435 | 386 | 263,858 | 7,726 |
Shares redeemed | (47,752) | (100,644) | (986,788) | (2,101,481) |
Net increase (decrease) | (31,564) | (93,889) | $ (664,310) | $ (1,964,379) |
Class C |
|
|
|
|
Shares sold | 223,353 | 598,362 | $ 4,557,043 | $ 12,381,428 |
Reinvestment of distributions | 211,320 | 12,613 | 4,089,035 | 249,612 |
Shares redeemed | (221,031) | (384,445) | (4,466,533) | (7,965,324) |
Net increase (decrease) | 213,642 | 226,530 | $ 4,179,545 | $ 4,665,716 |
Asset Manager 70% |
|
|
|
|
Shares sold | 16,044,164 | 29,980,573 | $ 327,944,953 | $ 622,793,936 |
Reinvestment of distributions | 16,897,365 | 2,479,485 | 327,639,913 | 49,168,187 |
Shares redeemed | (11,607,563) | (22,888,887) | (237,425,408) | (476,948,875) |
Net increase (decrease) | 21,333,966 | 9,571,171 | $ 418,159,458 | $ 195,013,248 |
Institutional Class |
|
|
|
|
Shares sold | 193,379 | 742,363 | $ 3,926,032 | $ 15,414,559 |
Reinvestment of distributions | 181,334 | 25,659 | 3,519,697 | 509,076 |
Shares redeemed | (240,091) | (489,636) | (4,833,251) | (10,367,886) |
Net increase (decrease) | 134,622 | 278,386 | $ 2,612,478 | $ 5,555,749 |
Fidelity Asset Manager 85% |
|
|
|
|
Class A |
|
|
|
|
Shares sold | 437,819 | 1,180,141 | $ 7,444,493 | $ 20,417,561 |
Reinvestment of distributions | 377,235 | 145,475 | 6,024,439 | 2,374,156 |
Shares redeemed | (347,767) | (2,600,568) | (5,904,509) | (44,961,802) |
Net increase (decrease) | 467,287 | (1,274,952) | $ 7,564,423 | $ (22,170,085) |
Class T |
|
|
|
|
Shares sold | 259,722 | 304,656 | $ 4,376,782 | $ 5,241,079 |
Reinvestment of distributions | 102,375 | 26,314 | 1,628,792 | 428,386 |
Shares redeemed | (128,053) | (156,965) | (2,125,076) | (2,723,840) |
Net increase (decrease) | 234,044 | 174,005 | $ 3,880,498 | $ 2,945,625 |
Class B |
|
|
|
|
Shares sold | 627 | 2,425 | $ 10,002 | $ 41,228 |
Reinvestment of distributions | 11,206 | 4,022 | 179,408 | 65,673 |
Shares redeemed | (22,685) | (54,590) | (381,499) | (941,233) |
Net increase (decrease) | (10,852) | (48,143) | $ (192,089) | $ (834,332) |
Class C |
|
|
|
|
Shares sold | 320,414 | 612,975 | $ 5,308,504 | $ 10,478,018 |
Reinvestment of distributions | 169,095 | 36,961 | 2,668,312 | 597,292 |
Shares redeemed | (157,380) | (228,986) | (2,601,536) | (3,902,773) |
Net increase (decrease) | 332,129 | 420,950 | $ 5,375,280 | $ 7,172,537 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended March 31, | Year ended | Six months ended March 31, | Year ended |
Fidelity Asset Manager 85% - continued |
|
|
|
|
Asset Manager 85% |
|
|
|
|
Shares sold | 10,795,097 | 24,950,987 | $ 184,153,392 | $ 432,242,884 |
Reinvestment of distributions | 7,541,142 | 2,430,935 | 121,186,144 | 39,915,946 |
Shares redeemed | (14,891,067) | (13,449,549) | (252,590,123) | (234,002,868) |
Net increase (decrease) | 3,445,172 | 13,932,373 | $ 52,749,413 | $ 238,155,962 |
Institutional Class |
|
|
|
|
Shares sold | 422,584 | 1,805,275 | $ 7,121,342 | $ 31,863,541 |
Reinvestment of distributions | 225,394 | 29,297 | 3,610,804 | 479,884 |
Shares redeemed | (560,524) | (274,438) | (9,366,368) | (4,800,120) |
Net increase (decrease) | 87,454 | 1,560,134 | $ 1,365,778 | $ 27,543,305 |
12. Other.
The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. 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 of the following fund:
Fund | % of shares owned |
Fidelity Asset Manager 60% | 30% |
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
FMR Co., Inc.
Fidelity Investments Money Management, Inc.
FMR Investment Management (U.K.) Limited
Fidelity Management & Research (Japan) Limited
Fidelity Management & Research (Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
New York, NY
AARI-USAN-0515
1.878285.106
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 Trust's 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 Trust's (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 Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. 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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
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Date: | May 27, 2015 |
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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
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Date: | May 27, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
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Date: | May 27, 2015 |