UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03221
Fidelity Charles Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | September 30 |
Date of reporting period: | September 30, 2019 |
Item 1.
Reports to Stockholders
Fidelity Asset Manager® Funds - 20%, 30%, 40%, 50%, 60%, 70%, 85%
Annual Report
September 30, 2019
Includes Fidelity and Fidelity Advisor share classes
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![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-19-004962/fipro_logo.jpg)
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
Fidelity Asset Manager® 20% | |
Fidelity Asset Manager® 30% | |
Fidelity Asset Manager® 40% | |
Fidelity Asset Manager® 50% | |
Fidelity Asset Manager® 60% | |
Fidelity Asset Manager® 70% | |
Fidelity Asset Manager® 85% | |
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity Asset Manager® 20%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (1.18)% | 2.19% | 3.79% |
Class M (incl. 3.50% sales charge) | 0.92% | 2.41% | 3.76% |
Class C (incl. contingent deferred sales charge) | 3.06% | 2.63% | 3.61% |
Fidelity Asset Manager® 20% | 5.24% | 3.75% | 4.72% |
Class I | 5.18% | 3.69% | 4.68% |
Class Z | 5.27% | 3.71% | 4.69% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 20%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532677133_740.jpg)
Period Ending Values | ||
$15,866 | Fidelity Asset Manager® 20% | |
$14,448 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Asset Manager® 30%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (1.47)% | 2.90% | 4.78% |
Class M (incl. 3.50% sales charge) | 0.63% | 3.12% | 4.76% |
Class C (incl. contingent deferred sales charge) | 2.77% | 3.33% | 4.61% |
Fidelity Asset Manager® 30% | 4.87% | 4.46% | 5.73% |
Class I | 4.80% | 4.39% | 5.67% |
Class Z | 4.91% | 4.41% | 5.68% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 30%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532681398_740.jpg)
Period Ending Values | ||
$17,455 | Fidelity Asset Manager® 30% | |
$14,448 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Asset Manager® 40%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (2.07)% | 3.47% | 5.59% |
Class M (incl. 3.50% sales charge) | (0.02)% | 3.68% | 5.56% |
Class C (incl. contingent deferred sales charge) | 2.12% | 3.89% | 5.40% |
Fidelity Asset Manager® 40% | 4.23% | 5.02% | 6.53% |
Class I | 4.18% | 4.98% | 6.50% |
Class Z | 4.25% | 4.99% | 6.50% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 40%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532682763_740.jpg)
Period Ending Values | ||
$18,828 | Fidelity Asset Manager® 40% | |
$14,448 | Bloomberg Barclays U.S. Aggregate Bond Index |
Fidelity Asset Manager® 50%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (2.86)% | 3.91% | 6.26% |
Class M (incl. 3.50% sales charge) | (0.79)% | 4.14% | 6.25% |
Class C (incl. contingent deferred sales charge) | 1.27% | 4.34% | 6.09% |
Fidelity Asset Manager® 50% | 3.37% | 5.47% | 7.22% |
Class I | 3.33% | 5.42% | 7.18% |
Class Z | 3.45% | 5.45% | 7.19% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 50%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532676078_740.jpg)
Period Ending Values | ||
$20,085 | Fidelity Asset Manager® 50% | |
$34,674 | S&P 500® Index |
Fidelity Asset Manager® 60%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (3.64)% | 4.36% | 6.85% |
Class M (incl. 3.50% sales charge) | (1.56)% | 4.57% | 6.83% |
Class C (incl. contingent deferred sales charge) | 0.49% | 4.81% | 6.66% |
Fidelity Asset Manager® 60% | 2.60% | 5.92% | 7.81% |
Class I | 2.56% | 5.90% | 7.77% |
Class Z | 2.70% | 5.93% | 7.78% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 60%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532678668_740.jpg)
Period Ending Values | ||
$21,216 | Fidelity Asset Manager® 60% | |
$34,674 | S&P 500® Index |
Fidelity Asset Manager® 70%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (4.66)% | 4.76% | 7.46% |
Class M (incl. 3.50% sales charge) | (2.63)% | 4.98% | 7.44% |
Class C (incl. contingent deferred sales charge) | (0.54)% | 5.21% | 7.30% |
Fidelity Asset Manager® 70% | 1.51% | 6.34% | 8.44% |
Class I | 1.46% | 6.30% | 8.40% |
Class Z | 1.60% | 6.33% | 8.41% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 70%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532676890_740.jpg)
Period Ending Values | ||
$22,487 | Fidelity Asset Manager® 70% | |
$34,674 | S&P 500® Index |
Fidelity Asset Manager® 85%
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended September 30, 2019 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | (5.86)% | 5.42% | 8.32% |
Class M (incl. 3.50% sales charge) | (3.84)% | 5.61% | 8.27% |
Class C (incl. contingent deferred sales charge) | (1.83)% | 5.87% | 8.14% |
Fidelity Asset Manager® 85% | 0.21% | 7.00% | 9.28% |
Class I | 0.15% | 6.98% | 9.26% |
Class Z | 0.30% | 7.01% | 9.28% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018 are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Asset Manager® 85%, a class of the fund, on September 30, 2009.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img532675737_740.jpg)
Period Ending Values | ||
$24,290 | Fidelity Asset Manager® 85% | |
$34,674 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The global business cycle continued to mature during the 12 months ending September 30, 2019, with most major economies in the late-cycle phase. The U.S. economy remained firmly in the late cycle, as capacity constraints emerged and economic activity appeared to peak. China’s economy stabilized, but reacceleration from its growth recession remained elusive and weighed on the global economy. U.S.–China trade-policy uncertainty served as an ongoing drag on corporate confidence. Overall, a global industrial and trade recession showed few signs of abating, and it remained to be seen if policy easing would spark global economic reacceleration.Looking at global assets, non-U.S. equities returned -1.05%, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, resource-rich Canada (+4%) led the way, followed by Asia-Pacific ex Japan (+3%) and continental Europe (+1%). Conversely, Japan (-4%), the U.K. (-3%) and emerging markets (-2%) lagged the broader market. By sector, three higher-dividend-yielding groups led the way: utilities (+13%), consumer staples (+7%) and real estate (+5%). Conversely, energy (-9%) and materials (-7%) fared worst.The U.S. equity bellwether S&P 500® index advanced 4.25% the past 12 months. Nine of 11 sectors had a gain, with the exceptions of energy (-19%), which was hurt by falling commodity prices, and health care (-4%), which suffered from political rhetoric related to shifting health care policy ahead of the 2020 election. Higher-dividend-yielding sectors also stood out in the U.S., led by utilities (+27%), real estate (+25%) and consumer staples (+17%). The small-cap-oriented Russell 2000® Index returned -8.89% for the year. Commodities lagged many other assets, as reflected in the -6.57% result of the Bloomberg Barclays Commodity Index Total ReturnU.S. taxable investment-grade bonds advanced broadly, driven by slower global economic growth, a maturing business cycle, trade uncertainty and, late in the period, the Fed’s dovish shift. The Bloomberg Barclays U.S. Aggregate Bond Index gained 10.30%. Corporate bonds rose 13.00%, topping both government-related bonds (+10.40%) and U.S. Treasuries (+10.48%). Agency bonds advanced 7.99%, led by commercial mortgage-backed securities (+10.51%). Outside the index, high-yield bonds tended to lag investment-grade debt, while Treasury Inflation-Protected Securities (TIPS) gained 7.13%.Comments from Portfolio Manager Geoff Stein: For the fiscal year, the share classes of the seven Asset Manager Funds (excluding sales charges, if applicable) posted gains ranging from about 0% to 5%, with each underperforming their respective Composite benchmarks. Overall, the Funds’ asset allocation among fixed income and equity investments, along with generally unfavorable security selection, weighed on relative performance during the period. Specifically, the portfolios’ equity positioning, both domestically and abroad, proved detrimental given each’s underperformance relative to bonds the past 12 months. In the latter half of the reporting period – based on my view that U.S. economic growth remained more attractive than the prospects of lower equity valuations offered by international stocks – I increased exposure to U.S. stocks and reduced the Funds’ positioning in foreign equities. Elsewhere, a modest out-of-benchmark allocation to commodities lagged the broad equity market and detracted in the more equity-oriented Funds whereas a fairly similar-sized position in real estate investment trusts (REITs) added value. That said, the biggest factor in the Funds’ underperformance relative to benchmark was stock picking among U.S. equities, especially lackluster investment choices within information technology, as well as and health care to a lesser extent. By and large, security selection abroad contributed over the trailing 1-year time frame. Our integrated fixed-income strategy of underweighting cash and investment-grade bonds, utilized to invest in various out-of-benchmark fixed-income exposures, hampered relative results this period. On the one hand, our non-index allocation to long-term U.S. Treasuries, propelled by declining global interest rates, helped to partially offset the negative impact of the Fund's underweighted exposure to investment-grade debt. Looking ahead, we are keeping a close eye on a number of factors, including the effect of more accommodative global monetary policy, global trade uncertainty and pace of economic growth throughout the world.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity Asset Manager® 20%
Investment Summary (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 September 30, 2019
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 15.7 |
Fannie Mae | 3.7 |
Ginnie Mae | 3.1 |
Freddie Mac | 2.7 |
Morgan Stanley | 0.8 |
26.0 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 25.8% | |
AAA,AA,A | 4.8% | |
BBB | 12.6% | |
BB and Below | 4.1% | |
Not Rated | 1.1% | |
Equities* | 23.2% | |
Short-Term Investments and Net Other Assets | 28.4% |
* 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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 0.6 |
Apple, Inc. | 0.6 |
Alphabet, Inc. Class A | 0.4 |
Amazon.com, Inc. | 0.3 |
Tencent Holdings Ltd. | 0.2 |
2.1 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 34.9 |
Real Estate | 3.4 |
Energy | 3.6 |
Information Technology | 3.5 |
Health Care | 3.0 |
Asset Allocation (% of fund's net assets)
As of September 30, 2019 | ||
Stock Class and Equity Futures* | 23.5% | |
Bond Class | 46.1% | |
Short-Term Class | 30.4% |
* 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.
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 12.4% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 20%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 20.0% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 1,855,688 | $8,758,848 | |
Fidelity Communication Services Central Fund (a) | 263,254 | 54,167,072 | |
Fidelity Consumer Discretionary Central Fund (a) | 190,503 | 65,548,171 | |
Fidelity Consumer Staples Central Fund (a) | 207,138 | 42,517,048 | |
Fidelity Emerging Markets Equity Central Fund (a) | 795,455 | 167,530,840 | |
Fidelity Energy Central Fund (a) | 276,394 | 26,810,221 | |
Fidelity Financials Central Fund (a) | 1,143,836 | 118,672,976 | |
Fidelity Health Care Central Fund (a) | 213,726 | 87,505,894 | |
Fidelity Industrials Central Fund (a) | 218,614 | 62,265,617 | |
Fidelity Information Technology Central Fund (a) | 366,796 | 148,255,196 | |
Fidelity International Equity Central Fund (a) | 1,629,473 | 126,984,865 | |
Fidelity Materials Central Fund (a) | 79,966 | 15,515,826 | |
Fidelity Real Estate Equity Central Fund (a) | 622,691 | 77,481,500 | |
Fidelity Utilities Central Fund (a) | 111,299 | 22,779,522 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $729,729,919) | 1,024,793,596 | ||
Fixed-Income Central Funds - 50.2% | |||
High Yield Fixed-Income Funds - 2.5% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 5,324,785 | 49,626,992 | |
Fidelity Floating Rate Central Fund (a) | 250,291 | 25,374,512 | |
Fidelity High Income Central Fund (a) | 463,698 | 51,567,906 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 126,569,410 | ||
Investment Grade Fixed-Income Funds - 47.7% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 2,601,313 | 267,701,164 | |
Fidelity International Credit Central Fund (a) | 498,739 | 52,008,454 | |
Fidelity Investment Grade Bond Central Fund (a) | 18,855,541 | 2,123,133,926 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 2,442,843,544 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $2,336,355,144) | 2,569,412,954 | ||
Money Market Central Funds - 26.0% | |||
Fidelity Cash Central Fund 1.96% (b) | 160,916,409 | 160,948,593 | |
Fidelity Money Market Central Fund 2.14% (b) | 1,170,784,267 | 1,170,784,267 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $1,331,727,654) | 1,331,732,860 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
United States Treasury, yield at date of purchase 1.82% to 2.09% 10/17/19 to 12/26/19 (c) | |||
(Cost $6,351,173) | 6,360,000 | 6,352,125 | |
Shares | Value | ||
Investment Companies - 3.7% | |||
iShares 20+ Year Treasury Bond ETF | 691,715 | $98,970,582 | |
iShares S&P 500 Index ETF | 308,915 | 92,217,306 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $176,787,087) | 191,187,888 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $4,580,950,977) | 5,123,479,423 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (665,217) | ||
NET ASSETS - 100% | $5,122,814,206 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 1,335 | Dec. 2019 | $126,718,200 | $1,458,249 | $1,458,249 |
The notional amount of futures sold as a percentage of Net Assets is 2.5%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 $6,352,125.
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 | $4,108,112 |
Fidelity Commodity Strategy Central Fund | 182,584 |
Fidelity Communication Services Central Fund | 342,394 |
Fidelity Consumer Discretionary Central Fund | 2,510,249 |
Fidelity Consumer Staples Central Fund | 4,014,283 |
Fidelity Emerging Markets Debt Central Fund | 1,864,960 |
Fidelity Emerging Markets Equity Central Fund | 2,682,309 |
Fidelity Energy Central Fund | 686,886 |
Fidelity Financials Central Fund | 7,619,071 |
Fidelity Floating Rate Central Fund | 2,579,066 |
Fidelity Health Care Central Fund | 5,411,683 |
Fidelity High Income Central Fund | 1,470,617 |
Fidelity High Income Central Fund 1 | 2,893,954 |
Fidelity Industrials Central Fund | 3,512,357 |
Fidelity Inflation-Protected Bond Index Central Fund | 6,018,021 |
Fidelity Information Technology Central Fund | 24,263,550 |
Fidelity International Credit Central Fund | 1,483,273 |
Fidelity International Equity Central Fund | 8,918,992 |
Fidelity Investment Grade Bond Central Fund | 70,483,816 |
Fidelity Materials Central Fund | 1,513,306 |
Fidelity Money Market Central Fund | 29,466,402 |
Fidelity Real Estate Equity Central Fund | 1,181,127 |
Fidelity Securities Lending Cash Central Fund | 74,775 |
Fidelity Utilities Central Fund | 2,091,856 |
Total | $185,373,643 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $-- | $10,460,678 | $528,250 | $(15,639) | $(1,157,941) | $8,758,848 | 3.7 |
Fidelity Communication Services Central Fund | 13,740,335 | 39,459,675 | 4,716,066 | 106,331 | 5,576,797 | 54,167,072 | 3.3 |
Fidelity Consumer Discretionary Central Fund | 78,963,339 | 8,232,849 | 19,975,297 | 465,454 | (2,138,174) | 65,548,171 | 3.5 |
Fidelity Consumer Staples Central Fund | 41,905,713 | 6,531,900 | 6,707,499 | (412,614) | 1,199,548 | 42,517,048 | 3.4 |
Fidelity Emerging Markets Debt Central Fund | 26,523,183 | 26,535,041 | 2,455,061 | (39,236) | (936,935) | 49,626,992 | 1.7 |
Fidelity Emerging Markets Equity Central Fund | 20,179,028 | 165,239,893 | 13,885,712 | 23,783 | (4,026,152) | 167,530,840 | 9.4 |
Fidelity Energy Central Fund | 41,080,792 | 2,730,365 | 6,041,507 | (647,524) | (10,311,905) | 26,810,221 | 3.4 |
Fidelity Financials Central Fund | 126,873,901 | 14,929,481 | 22,431,071 | (1,119,342) | 420,007 | 118,672,976 | 3.6 |
Fidelity Floating Rate Central Fund | 51,153,323 | 5,188,603 | 30,083,417 | 1,813,679 | (2,697,676) | 25,374,512 | 1.3 |
Fidelity Health Care Central Fund | 109,351,344 | 11,259,790 | 17,981,065 | 675,404 | (15,799,579) | 87,505,894 | 3.5 |
Fidelity High Income Central Fund | -- | 2,524,788 | 31,075,181 | (407,174) | 2,657,441 | 51,567,906 | 2.0 |
Fidelity High Income Central Fund 1 | 75,066,797 | 9,846,264 | 4,575,076 | (6,051) | (2,463,902) | -- | 0.0 |
Fidelity Industrials Central Fund | 70,743,549 | 7,491,955 | 11,355,816 | (276,256) | (4,337,815) | 62,265,617 | 3.6 |
Fidelity Inflation-Protected Bond Index Central Fund | 206,124,407 | 131,725,192 | 75,547,043 | 311,695 | 5,086,913 | 267,701,164 | 19.4 |
Fidelity Information Technology Central Fund | 190,356,674 | 37,365,704 | 52,251,739 | (2,594,844) | (24,620,599) | 148,255,196 | 3.4 |
Fidelity International Credit Central Fund | 28,987,776 | 23,395,346 | 2,817,172 | (11,077) | 2,453,581 | 52,008,454 | 17.2 |
Fidelity International Equity Central Fund | 132,076,285 | 18,918,015 | 14,675,683 | 213,321 | (9,547,073) | 126,984,865 | 5.2 |
Fidelity Investment Grade Bond Central Fund | 2,069,713,719 | 254,102,253 | 337,705,528 | 7,800,524 | 129,222,958 | 2,123,133,926 | 8.0 |
Fidelity Materials Central Fund | 18,945,269 | 2,669,116 | 3,006,274 | (490,939) | (2,601,346) | 15,515,826 | 3.5 |
Fidelity Real Estate Equity Central Fund | 20,759,325 | 53,931,543 | 2,238,677 | 54,792 | 4,974,517 | 77,481,500 | 17.1 |
Fidelity Utilities Central Fund | 21,377,685 | 3,378,484 | 3,756,090 | 179,153 | 1,600,290 | 22,779,522 | 3.6 |
$3,343,922,444 | $835,916,935 | $663,809,224 | $5,623,440 | $72,552,955 | $3,594,206,550 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $1,024,793,596 | $1,024,793,596 | $-- | $-- |
Fixed-Income Central Funds | 2,569,412,954 | 2,569,412,954 | -- | -- |
Money Market Central Funds | 1,331,732,860 | 1,331,732,860 | -- | -- |
Other Short-Term Investments | 6,352,125 | -- | 6,352,125 | -- |
Investment Companies | 191,187,888 | 191,187,888 | -- | -- |
Total Investments in Securities: | $5,123,479,423 | $5,117,127,298 | $6,352,125 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,458,249 | $1,458,249 | $-- | $-- |
Total Assets | $1,458,249 | $1,458,249 | $-- | $-- |
Total Derivative Instruments: | $1,458,249 | $1,458,249 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $1,458,249 | $0 |
Total Equity Risk | 1,458,249 | 0 |
Total Value of Derivatives | $1,458,249 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 87.6% |
Cayman Islands | 1.6% |
United Kingdom | 1.4% |
Netherlands | 1.2% |
Mexico | 1.1% |
Others (Individually Less Than 1%) | 7.1% |
100.0% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 20%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $183,138,260) | $197,540,013 | |
Fidelity Central Funds (cost $4,397,812,717) | 4,925,939,410 | |
Total Investment in Securities (cost $4,580,950,977) | $5,123,479,423 | |
Receivable for investments sold | 1,542,170 | |
Receivable for fund shares sold | 6,734,685 | |
Distributions receivable from Fidelity Central Funds | 260,127 | |
Prepaid expenses | 9,859 | |
Total assets | 5,132,026,264 | |
Liabilities | ||
Payable for investments purchased | $3,737,143 | |
Payable for fund shares redeemed | 2,799,196 | |
Accrued management fee | 1,716,648 | |
Distribution and service plan fees payable | 38,148 | |
Payable for daily variation margin on futures contracts | 440,550 | |
Other affiliated payables | 435,215 | |
Other payables and accrued expenses | 45,158 | |
Total liabilities | 9,212,058 | |
Net Assets | $5,122,814,206 | |
Net Assets consist of: | ||
Paid in capital | $4,803,177,332 | |
Total accumulated earnings (loss) | 319,636,874 | |
Net Assets | $5,122,814,206 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($45,152,657 ÷ 3,341,502 shares)(a) | $13.51 | |
Maximum offering price per share (100/94.25 of $13.51) | $14.33 | |
Class M: | ||
Net Asset Value and redemption price per share ($25,695,919 ÷ 1,905,889 shares)(a) | $13.48 | |
Maximum offering price per share (100/96.50 of $13.48) | $13.97 | |
Class C: | ||
Net Asset Value and offering price per share ($21,588,322 ÷ 1,607,550 shares)(a) | $13.43 | |
Asset Manager 20%: | ||
Net Asset Value, offering price and redemption price per share ($4,990,187,888 ÷ 368,670,517 shares) | $13.54 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($25,576,590 ÷ 1,890,190 shares) | $13.53 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($14,612,830 ÷ 1,079,939 shares) | $13.53 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $8,047,225 | |
Interest | 133,723 | |
Income from Fidelity Central Funds (including $74,775 from security lending) | 130,414,220 | |
Total income | 138,595,168 | |
Expenses | ||
Management fee | $19,996,979 | |
Transfer agent fees | 3,974,590 | |
Distribution and service plan fees | 460,786 | |
Accounting and security lending fees | 1,173,116 | |
Custodian fees and expenses | 5,774 | |
Independent trustees' fees and expenses | 21,184 | |
Registration fees | 165,806 | |
Audit | 40,130 | |
Legal | 6,969 | |
Miscellaneous | 32,930 | |
Total expenses before reductions | 25,878,264 | |
Expense reductions | (64,245) | |
Total expenses after reductions | 25,814,019 | |
Net investment income (loss) | 112,781,149 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,403,117 | |
Fidelity Central Funds | 5,620,414 | |
Futures contracts | (545,570) | |
Capital gain distributions from Fidelity Central Funds | 54,959,423 | |
Total net realized gain (loss) | 64,437,384 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 596,620 | |
Fidelity Central Funds | 72,440,165 | |
Futures contracts | 3,378,225 | |
Total change in net unrealized appreciation (depreciation) | 76,415,010 | |
Net gain (loss) | 140,852,394 | |
Net increase (decrease) in net assets resulting from operations | $253,633,543 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $112,781,149 | $90,059,063 |
Net realized gain (loss) | 64,437,384 | 104,229,334 |
Change in net unrealized appreciation (depreciation) | 76,415,010 | (64,059,608) |
Net increase (decrease) in net assets resulting from operations | 253,633,543 | 130,228,789 |
Distributions to shareholders | (203,283,861) | – |
Distributions to shareholders from net investment income | – | (86,728,993) |
Distributions to shareholders from net realized gain | – | (100,823,387) |
Total distributions | (203,283,861) | (187,552,380) |
Share transactions - net increase (decrease) | 116,857,755 | (8,653,347) |
Total increase (decrease) in net assets | 167,207,437 | (65,976,938) |
Net Assets | ||
Beginning of period | 4,955,606,769 | 5,021,583,707 |
End of period | $5,122,814,206 | $4,955,606,769 |
Other Information | ||
Undistributed net investment income end of period | $10,723,768 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 20% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.40 | $13.55 | $13.24 | $12.93 | $13.56 |
Income from Investment Operations | |||||
Net investment income (loss)A | .26 | .20 | .16 | .19 | .18 |
Net realized and unrealized gain (loss) | .36 | .11 | .37 | .59 | (.22) |
Total from investment operations | .62 | .31 | .53 | .78 | (.04) |
Distributions from net investment income | (.26) | (.19) | (.16) | (.20) | (.17) |
Distributions from net realized gain | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.51)B | (.46) | (.22)C | (.47) | (.59) |
Net asset value, end of period | $13.51 | $13.40 | $13.55 | $13.24 | $12.93 |
Total ReturnD,E | 4.85% | 2.36% | 4.08% | 6.18% | (.33)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .83% | .84% | .84% | .83% | .83% |
Expenses net of fee waivers, if any | .83% | .84% | .84% | .83% | .83% |
Expenses net of all reductions | .83% | .84% | .83% | .83% | .83% |
Net investment income (loss) | 1.97% | 1.49% | 1.21% | 1.47% | 1.32% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $45,153 | $39,089 | $39,787 | $42,221 | $38,841 |
Portfolio turnover rateH | 41% | 24% | 22% | 19% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.51 per share is comprised of distributions from net investment income of $.264 and distributions from net realized gain of $.244 per share.
C Total distributions of $.22 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.065 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 20% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.37 | $13.52 | $13.21 | $12.90 | $13.53 |
Income from Investment Operations | |||||
Net investment income (loss)A | .23 | .16 | .13 | .16 | .14 |
Net realized and unrealized gain (loss) | .35 | .12 | .37 | .58 | (.21) |
Total from investment operations | .58 | .28 | .50 | .74 | (.07) |
Distributions from net investment income | (.23) | (.16) | (.12) | (.17) | (.14) |
Distributions from net realized gain | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.47) | (.43) | (.19) | (.43)B | (.56) |
Net asset value, end of period | $13.48 | $13.37 | $13.52 | $13.21 | $12.90 |
Total ReturnC,D | 4.58% | 2.10% | 3.81% | 5.93% | (.59)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.08% | 1.10% | 1.10% | 1.09% | 1.10% |
Expenses net of fee waivers, if any | 1.08% | 1.10% | 1.10% | 1.09% | 1.10% |
Expenses net of all reductions | 1.08% | 1.10% | 1.10% | 1.09% | 1.10% |
Net investment income (loss) | 1.72% | 1.23% | .95% | 1.21% | 1.06% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $25,696 | $22,133 | $22,474 | $25,052 | $19,162 |
Portfolio turnover rateG | 41% | 24% | 22% | 19% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.43 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $.269 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 20% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.32 | $13.47 | $13.17 | $12.85 | $13.48 |
Income from Investment Operations | |||||
Net investment income (loss)A | .16 | .10 | .06 | .09 | .07 |
Net realized and unrealized gain (loss) | .36 | .11 | .36 | .60 | (.21) |
Total from investment operations | .52 | .21 | .42 | .69 | (.14) |
Distributions from net investment income | (.16) | (.09) | (.06) | (.10) | (.07) |
Distributions from net realized gain | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.41)B | (.36) | (.12)C | (.37) | (.49) |
Net asset value, end of period | $13.43 | $13.32 | $13.47 | $13.17 | $12.85 |
Total ReturnD,E | 4.06% | 1.59% | 3.25% | 5.49% | (1.09)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.59% | 1.59% | 1.59% | 1.59% | 1.60% |
Expenses net of fee waivers, if any | 1.59% | 1.59% | 1.59% | 1.59% | 1.60% |
Expenses net of all reductions | 1.59% | 1.59% | 1.59% | 1.59% | 1.60% |
Net investment income (loss) | 1.21% | .74% | .45% | .71% | .56% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $21,588 | $26,000 | $28,217 | $29,337 | $28,515 |
Portfolio turnover rateH | 41% | 24% | 22% | 19% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.41 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $.244 per share.
C Total distributions of $.12 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.065 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 20%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.42 | $13.57 | $13.26 | $12.94 | $13.57 |
Income from Investment Operations | |||||
Net investment income (loss)A | .30 | .24 | .20 | .23 | .22 |
Net realized and unrealized gain (loss) | .37 | .12 | .37 | .60 | (.22) |
Total from investment operations | .67 | .36 | .57 | .83 | – |
Distributions from net investment income | (.31) | (.24) | (.20) | (.24) | (.21) |
Distributions from net realized gain | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.55) | (.51) | (.26)B | (.51) | (.63) |
Net asset value, end of period | $13.54 | $13.42 | $13.57 | $13.26 | $12.94 |
Total ReturnC | 5.24% | 2.68% | 4.40% | 6.58% | (.04)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .51% | .52% | .52% | .52% | .53% |
Expenses net of fee waivers, if any | .51% | .52% | .52% | .52% | .53% |
Expenses net of all reductions | .51% | .51% | .52% | .52% | .52% |
Net investment income (loss) | 2.29% | 1.81% | 1.52% | 1.78% | 1.63% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $4,990,188 | $4,819,671 | $4,880,833 | $4,802,797 | $4,685,019 |
Portfolio turnover rateF | 41% | 24% | 22% | 19% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.26 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.065 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 20% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $13.41 | $13.57 | $13.26 | $12.94 | $13.57 |
Income from Investment Operations | |||||
Net investment income (loss)A | .30 | .24 | .20 | .22 | .21 |
Net realized and unrealized gain (loss) | .36 | .10 | .37 | .60 | (.21) |
Total from investment operations | .66 | .34 | .57 | .82 | – |
Distributions from net investment income | (.30) | (.23) | (.19) | (.24) | (.21) |
Distributions from net realized gain | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.54) | (.50) | (.26) | (.50)B | (.63) |
Net asset value, end of period | $13.53 | $13.41 | $13.57 | $13.26 | $12.94 |
Total ReturnC | 5.18% | 2.57% | 4.35% | 6.56% | (.08)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .56% | .55% | .56% | .57% | .57% |
Expenses net of fee waivers, if any | .56% | .55% | .56% | .57% | .57% |
Expenses net of all reductions | .56% | .55% | .56% | .57% | .57% |
Net investment income (loss) | 2.24% | 1.78% | 1.48% | 1.73% | 1.59% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $25,577 | $48,713 | $50,272 | $27,315 | $16,388 |
Portfolio turnover rateF | 41% | 24% | 22% | 19% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.50 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.269 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 20% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $13.41 |
Income from Investment Operations | |
Net investment income (loss)B | .30 |
Net realized and unrealized gain (loss) | .37 |
Total from investment operations | .67 |
Distributions from net investment income | (.31) |
Distributions from net realized gain | (.24) |
Total distributions | (.55) |
Net asset value, end of period | $13.53 |
Total ReturnC,D | 5.27% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .48%G |
Expenses net of fee waivers, if any | .48%G |
Expenses net of all reductions | .48%G |
Net investment income (loss) | 2.32%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $14,613 |
Portfolio turnover rateH | 41% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .05% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 30%
Investment Summary (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 September 30, 2019
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 15.2 |
Fannie Mae | 3.7 |
Ginnie Mae | 3.1 |
Freddie Mac | 2.7 |
Morgan Stanley | 0.8 |
25.5 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 25.3% | |
AAA,AA,A | 4.8% | |
BBB | 12.6% | |
BB and Below | 4.1% | |
Not Rated | 1.2% | |
Equities* | 35.2% | |
Short-Term Investments and Net Other Assets | 16.8% |
* 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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 1.0 |
Apple, Inc. | 0.9 |
Alphabet, Inc. Class A | 0.5 |
Amazon.com, Inc. | 0.4 |
Tencent Holdings Ltd. | 0.2 |
3.0 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 26.5 |
Information Technology | 5.6 |
Health Care | 4.2 |
Real Estate | 4.2 |
Energy | 4.0 |
Asset Allocation (% of fund's net assets)
As of September 30, 2019 | ||
Stock Class and Equity Futures* | 35.3% | |
Bond Class | 45.5% | |
Short-Term Class | 19.2% |
* 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.
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 16.2% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 30%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 30.7% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 936,720 | $4,421,320 | |
Fidelity Communication Services Central Fund (a) | 145,070 | 29,849,679 | |
Fidelity Consumer Discretionary Central Fund (a) | 104,230 | 35,863,420 | |
Fidelity Consumer Staples Central Fund (a) | 113,073 | 23,209,376 | |
Fidelity Emerging Markets Equity Central Fund (a) | 384,400 | 80,958,483 | |
Fidelity Energy Central Fund (a) | 150,630 | 14,611,117 | |
Fidelity Financials Central Fund (a) | 625,629 | 64,908,991 | |
Fidelity Health Care Central Fund (a) | 116,623 | 47,748,854 | |
Fidelity Industrials Central Fund (a) | 119,828 | 34,129,524 | |
Fidelity Information Technology Central Fund (a) | 200,500 | 81,039,910 | |
Fidelity International Equity Central Fund (a) | 989,597 | 77,119,279 | |
Fidelity Materials Central Fund (a) | 44,485 | 8,631,520 | |
Fidelity Real Estate Equity Central Fund (a) | 214,163 | 26,648,248 | |
Fidelity Utilities Central Fund (a) | 61,093 | 12,503,906 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $442,487,230) | 541,643,627 | ||
Fixed-Income Central Funds - 49.6% | |||
High Yield Fixed-Income Funds - 2.5% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 1,836,770 | 17,118,699 | |
Fidelity Floating Rate Central Fund (a) | 85,946 | 8,713,247 | |
Fidelity High Income Central Fund (a) | 159,149 | 17,698,975 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 43,530,921 | ||
Investment Grade Fixed-Income Funds - 47.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 825,640 | 84,966,620 | |
Fidelity International Credit Central Fund (a) | 171,869 | 17,922,469 | |
Fidelity Investment Grade Bond Central Fund (a) | 6,477,142 | 729,326,223 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 832,215,312 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $829,421,508) | 875,746,233 | ||
Money Market Central Funds - 17.2% | |||
Fidelity Cash Central Fund 1.96% (b) | 38,367,854 | 38,375,528 | |
Fidelity Money Market Central Fund 2.14% (b) | 216,629,176 | 216,629,176 | |
Fidelity Securities Lending Cash Central Fund 1.96% (b)(c) | 48,530,722 | 48,535,575 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $303,546,807) | 303,540,279 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.3% | |||
United States Treasury, yield at date of purchase 1.82% to 2.09% 10/17/19 to 12/26/19 (d) | |||
(Cost $4,806,716) | 4,820,000 | 4,807,792 | |
Shares | Value | ||
Investment Companies - 5.0% | |||
iShares 20+ Year Treasury Bond ETF (e) | 205,593 | $29,416,246 | |
iShares MSCI Japan ETF (e) | 321,834 | 18,260,861 | |
iShares S&P 500 Index ETF | 135,836 | 40,549,763 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $82,076,015) | 88,226,870 | ||
TOTAL INVESTMENT IN SECURITIES - 102.8% | |||
(Cost $1,662,338,276) | 1,813,964,801 | ||
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (48,952,204) | ||
NET ASSETS - 100% | $1,765,012,597 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 920 | Dec. 2019 | $87,326,400 | $1,004,931 | $1,004,931 |
The notional amount of futures sold as a percentage of Net Assets is 4.9%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,807,792.
(e) Security or a portion of the security is on loan at period end.
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 | $1,495,607 |
Fidelity Commodity Strategy Central Fund | 90,019 |
Fidelity Communication Services Central Fund | 176,688 |
Fidelity Consumer Discretionary Central Fund | 1,262,587 |
Fidelity Consumer Staples Central Fund | 2,019,977 |
Fidelity Emerging Markets Debt Central Fund | 585,917 |
Fidelity Emerging Markets Equity Central Fund | 1,806,554 |
Fidelity Energy Central Fund | 351,513 |
Fidelity Financials Central Fund | 3,842,841 |
Fidelity Floating Rate Central Fund | 821,539 |
Fidelity Health Care Central Fund | 2,709,024 |
Fidelity High Income Central Fund | 491,003 |
Fidelity High Income Central Fund 1 | 927,027 |
Fidelity Industrials Central Fund | 1,770,318 |
Fidelity Inflation-Protected Bond Index Central Fund | 1,921,592 |
Fidelity Information Technology Central Fund | 12,146,655 |
Fidelity International Credit Central Fund | 475,994 |
Fidelity International Equity Central Fund | 5,186,652 |
Fidelity Investment Grade Bond Central Fund | 22,768,041 |
Fidelity Materials Central Fund | 762,814 |
Fidelity Money Market Central Fund | 5,153,165 |
Fidelity Real Estate Equity Central Fund | 387,326 |
Fidelity Securities Lending Cash Central Fund | 21,913 |
Fidelity Utilities Central Fund | 1,061,181 |
Total | $68,235,947 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $-- | $5,190,549 | $198,851 | $(4,045) | $(566,333) | $4,421,320 | 1.9 |
Fidelity Communication Services Central Fund | 6,691,539 | 21,623,992 | 1,315,146 | 8,647 | 2,840,647 | 29,849,679 | 1.8 |
Fidelity Consumer Discretionary Central Fund | 38,379,336 | 6,134,617 | 7,863,469 | 20,272 | (807,336) | 35,863,420 | 1.9 |
Fidelity Consumer Staples Central Fund | 20,296,601 | 4,564,314 | 2,097,237 | (190,752) | 636,450 | 23,209,376 | 1.8 |
Fidelity Emerging Markets Debt Central Fund | 7,879,274 | 10,044,027 | 460,732 | (922) | (342,948) | 17,118,699 | 0.6 |
Fidelity Emerging Markets Equity Central Fund | 16,094,590 | 70,076,167 | 3,179,311 | (79,863) | (1,953,100) | 80,958,483 | 4.5 |
Fidelity Energy Central Fund | 19,863,660 | 2,275,555 | 1,932,642 | (171,167) | (5,424,289) | 14,611,117 | 1.9 |
Fidelity Financials Central Fund | 61,741,989 | 11,149,249 | 7,709,137 | (471,436) | 198,326 | 64,908,991 | 2.0 |
Fidelity Floating Rate Central Fund | 15,857,545 | 2,296,765 | 9,157,230 | 374,562 | (658,395) | 8,713,247 | 0.4 |
Fidelity Health Care Central Fund | 52,962,678 | 8,422,267 | 6,005,690 | 96,080 | (7,726,481) | 47,748,854 | 1.9 |
Fidelity High Income Central Fund | -- | 1,376,772 | 10,161,979 | (24,656) | (105,609) | 17,698,975 | 0.7 |
Fidelity High Income Central Fund 1 | 23,805,744 | 3,738,981 | 985,427 | (6,707) | 61,856 | -- | -- |
Fidelity Industrials Central Fund | 34,788,287 | 5,700,721 | 4,040,887 | (174,786) | (2,143,811) | 34,129,524 | 1.9 |
Fidelity Inflation-Protected Bond Index Central Fund | 65,181,254 | 40,349,584 | 22,262,416 | (149,137) | 1,847,335 | 84,966,620 | 6.1 |
Fidelity Information Technology Central Fund | 91,858,089 | 24,032,115 | 21,605,086 | (2,211,759) | (11,033,449) | 81,039,910 | 1.9 |
Fidelity International Credit Central Fund | 9,185,262 | 8,460,411 | 541,878 | 18 | 818,656 | 17,922,469 | 5.9 |
Fidelity International Equity Central Fund | 74,803,125 | 12,448,812 | 4,826,384 | (105,519) | (5,200,755) | 77,119,279 | 3.2 |
Fidelity Investment Grade Bond Central Fund | 655,962,465 | 121,207,822 | 92,507,646 | (456,307) | 45,119,889 | 729,326,223 | 2.7 |
Fidelity Materials Central Fund | 9,195,331 | 1,937,456 | 931,480 | (157,049) | (1,412,738) | 8,631,520 | 2.0 |
Fidelity Real Estate Equity Central Fund | 6,687,035 | 18,720,211 | 440,832 | 2,513 | 1,679,321 | 26,648,248 | 5.9 |
Fidelity Utilities Central Fund | 10,419,472 | 2,348,815 | 1,228,273 | 16,508 | 947,384 | 12,503,906 | 1.9 |
$1,221,653,276 | $382,099,202 | $199,451,733 | $(3,685,505) | $16,774,620 | $1,417,389,860 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $541,643,627 | $541,643,627 | $-- | $-- |
Fixed-Income Central Funds | 875,746,233 | 875,746,233 | -- | -- |
Money Market Central Funds | 303,540,279 | 303,540,279 | -- | -- |
Other Short-Term Investments | 4,807,792 | -- | 4,807,792 | -- |
Investment Companies | 88,226,870 | 88,226,870 | -- | -- |
Total Investments in Securities: | $1,813,964,801 | $1,809,157,009 | $4,807,792 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,004,931 | $1,004,931 | $-- | $-- |
Total Assets | $1,004,931 | $1,004,931 | $-- | $-- |
Total Derivative Instruments: | $1,004,931 | $1,004,931 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $1,004,931 | $0 |
Total Equity Risk | 1,004,931 | 0 |
Total Value of Derivatives | $1,004,931 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 83.8% |
United Kingdom | 1.9% |
Cayman Islands | 1.9% |
Netherlands | 1.3% |
Mexico | 1.1% |
Others (Individually Less Than 1%) | 10.0% |
100.0% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 30%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $47,661,872) — See accompanying schedule: Unaffiliated issuers (cost $86,882,731) | $93,034,662 | |
Fidelity Central Funds (cost $1,575,455,545) | 1,720,930,139 | |
Total Investment in Securities (cost $1,662,338,276) | $1,813,964,801 | |
Receivable for investments sold | 518,852 | |
Receivable for fund shares sold | 2,607,706 | |
Distributions receivable from Fidelity Central Funds | 73,076 | |
Prepaid expenses | 3,273 | |
Total assets | 1,817,167,708 | |
Liabilities | ||
Payable for investments purchased | $1,950,731 | |
Payable for fund shares redeemed | 547,592 | |
Accrued management fee | 587,180 | |
Distribution and service plan fees payable | 34,349 | |
Payable for daily variation margin on futures contracts | 303,600 | |
Other affiliated payables | 157,971 | |
Other payables and accrued expenses | 38,113 | |
Collateral on securities loaned | 48,535,575 | |
Total liabilities | 52,155,111 | |
Net Assets | $1,765,012,597 | |
Net Assets consist of: | ||
Paid in capital | $1,646,182,710 | |
Total accumulated earnings (loss) | 118,829,887 | |
Net Assets | $1,765,012,597 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($36,977,835 ÷ 3,288,870 shares)(a) | $11.24 | |
Maximum offering price per share (100/94.25 of $11.24) | $11.93 | |
Class M: | ||
Net Asset Value and redemption price per share ($16,252,140 ÷ 1,447,857 shares)(a) | $11.22 | |
Maximum offering price per share (100/96.50 of $11.22) | $11.63 | |
Class C: | ||
Net Asset Value and offering price per share ($24,223,784 ÷ 2,169,729 shares)(a) | $11.16 | |
Asset Manager 30%: | ||
Net Asset Value, offering price and redemption price per share ($1,661,191,953 ÷ 147,801,254 shares) | $11.24 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($19,013,753 ÷ 1,691,751 shares) | $11.24 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($7,353,132 ÷ 654,288 shares) | $11.24 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $2,853,832 | |
Interest | 60,688 | |
Income from Fidelity Central Funds (including $21,913 from security lending) | 41,034,098 | |
Total income | 43,948,618 | |
Expenses | ||
Management fee | $6,501,983 | |
Transfer agent fees | 1,241,238 | |
Distribution and service plan fees | 384,094 | |
Accounting and security lending fees | 542,555 | |
Custodian fees and expenses | 2,456 | |
Independent trustees' fees and expenses | 6,815 | |
Registration fees | 172,696 | |
Audit | 40,130 | |
Legal | 2,011 | |
Miscellaneous | 10,319 | |
Total expenses before reductions | 8,904,297 | |
Expense reductions | (30,542) | |
Total expenses after reductions | 8,873,755 | |
Net investment income (loss) | 35,074,863 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,053,910 | |
Fidelity Central Funds | (3,687,454) | |
Futures contracts | (1,510,565) | |
Capital gain distributions from Fidelity Central Funds | 27,201,849 | |
Total net realized gain (loss) | 23,057,740 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,807,915 | |
Fidelity Central Funds | 16,754,088 | |
Futures contracts | 1,820,442 | |
Total change in net unrealized appreciation (depreciation) | 20,382,445 | |
Net gain (loss) | 43,440,185 | |
Net increase (decrease) in net assets resulting from operations | $78,515,048 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $35,074,863 | $25,079,910 |
Net realized gain (loss) | 23,057,740 | 29,228,042 |
Change in net unrealized appreciation (depreciation) | 20,382,445 | (4,623,745) |
Net increase (decrease) in net assets resulting from operations | 78,515,048 | 49,684,207 |
Distributions to shareholders | (60,202,108) | – |
Distributions to shareholders from net investment income | – | (23,859,157) |
Distributions to shareholders from net realized gain | – | (21,589,863) |
Total distributions | (60,202,108) | (45,449,020) |
Share transactions - net increase (decrease) | 173,802,985 | 352,505,002 |
Total increase (decrease) in net assets | 192,115,925 | 356,740,189 |
Net Assets | ||
Beginning of period | 1,572,896,672 | 1,216,156,483 |
End of period | $1,765,012,597 | $1,572,896,672 |
Other Information | ||
Undistributed net investment income end of period | $3,196,727 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 30% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.15 | $11.11 | $10.62 | $10.19 | $10.71 |
Income from Investment Operations | |||||
Net investment income (loss)A | .21 | .16 | .13 | .16 | .15 |
Net realized and unrealized gain (loss) | .27 | .21 | .51 | .60 | (.23) |
Total from investment operations | .48 | .37 | .64 | .76 | (.08) |
Distributions from net investment income | (.21) | (.15) | (.13) | (.17) | (.15) |
Distributions from net realized gain | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.39) | (.33) | (.15) | (.33) | (.44)B |
Net asset value, end of period | $11.24 | $11.15 | $11.11 | $10.62 | $10.19 |
Total ReturnC,D | 4.54% | 3.40% | 6.06% | 7.61% | (.79)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .82% | .84% | .85% | .85% | .86% |
Expenses net of fee waivers, if any | .82% | .84% | .85% | .85% | .86% |
Expenses net of all reductions | .82% | .84% | .85% | .85% | .86% |
Net investment income (loss) | 1.91% | 1.47% | 1.24% | 1.58% | 1.45% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $36,978 | $28,713 | $22,457 | $23,868 | $21,424 |
Portfolio turnover rateG | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.44 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.298 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 30% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.13 | $11.10 | $10.61 | $10.18 | $10.70 |
Income from Investment Operations | |||||
Net investment income (loss)A | .18 | .13 | .11 | .14 | .13 |
Net realized and unrealized gain (loss) | .27 | .21 | .50 | .59 | (.23) |
Total from investment operations | .45 | .34 | .61 | .73 | (.10) |
Distributions from net investment income | (.18) | (.13) | (.10) | (.14) | (.12) |
Distributions from net realized gain | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.36) | (.31) | (.12) | (.30) | (.42) |
Net asset value, end of period | $11.22 | $11.13 | $11.10 | $10.61 | $10.18 |
Total ReturnB,C | 4.28% | 3.08% | 5.81% | 7.33% | (1.02)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.09% | 1.10% | 1.11% | 1.11% | 1.12% |
Expenses net of fee waivers, if any | 1.09% | 1.09% | 1.11% | 1.11% | 1.12% |
Expenses net of all reductions | 1.09% | 1.09% | 1.11% | 1.11% | 1.12% |
Net investment income (loss) | 1.64% | 1.21% | .98% | 1.32% | 1.18% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $16,252 | $14,473 | $13,023 | $11,834 | $11,098 |
Portfolio turnover rateF | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 30% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.07 | $11.04 | $10.57 | $10.14 | $10.66 |
Income from Investment Operations | |||||
Net investment income (loss)A | .12 | .08 | .05 | .08 | .07 |
Net realized and unrealized gain (loss) | .28 | .20 | .49 | .60 | (.22) |
Total from investment operations | .40 | .28 | .54 | .68 | (.15) |
Distributions from net investment income | (.12) | (.07) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.31)B | (.25) | (.07) | (.25) | (.37) |
Net asset value, end of period | $11.16 | $11.07 | $11.04 | $10.57 | $10.14 |
Total ReturnC,D | 3.77% | 2.59% | 5.16% | 6.85% | (1.51)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.60% | 1.61% | 1.61% | 1.61% | 1.62% |
Expenses net of fee waivers, if any | 1.60% | 1.61% | 1.61% | 1.61% | 1.62% |
Expenses net of all reductions | 1.60% | 1.61% | 1.61% | 1.61% | 1.61% |
Net investment income (loss) | 1.13% | .70% | .47% | .82% | .69% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $24,224 | $24,911 | $20,979 | $21,579 | $19,621 |
Portfolio turnover rateG | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.31 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $.182 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 30%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.15 | $11.11 | $10.63 | $10.20 | $10.71 |
Income from Investment Operations | |||||
Net investment income (loss)A | .24 | .20 | .17 | .20 | .19 |
Net realized and unrealized gain (loss) | .27 | .21 | .49 | .59 | (.22) |
Total from investment operations | .51 | .41 | .66 | .79 | (.03) |
Distributions from net investment income | (.24) | (.19) | (.16) | (.20) | (.18) |
Distributions from net realized gain | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.42) | (.37) | (.18) | (.36) | (.48) |
Net asset value, end of period | $11.24 | $11.15 | $11.11 | $10.63 | $10.20 |
Total ReturnB | 4.87% | 3.75% | 6.32% | 7.94% | (.38)% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .53% | .53% | .54% | .54% | .55% |
Expenses net of fee waivers, if any | .52% | .53% | .54% | .54% | .55% |
Expenses net of all reductions | .52% | .53% | .53% | .53% | .54% |
Net investment income (loss) | 2.21% | 1.78% | 1.55% | 1.90% | 1.76% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $1,661,192 | $1,480,983 | $1,139,197 | $937,285 | $820,206 |
Portfolio turnover rateE | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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 .005% to .06%.
D 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.
E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 30% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.15 | $11.11 | $10.62 | $10.20 | $10.71 |
Income from Investment Operations | |||||
Net investment income (loss)A | .23 | .19 | .16 | .19 | .18 |
Net realized and unrealized gain (loss) | .28 | .21 | .50 | .59 | (.22) |
Total from investment operations | .51 | .40 | .66 | .78 | (.04) |
Distributions from net investment income | (.23) | (.18) | (.15) | (.20) | (.17) |
Distributions from net realized gain | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.42)B | (.36) | (.17) | (.36) | (.47) |
Net asset value, end of period | $11.24 | $11.15 | $11.11 | $10.62 | $10.20 |
Total ReturnC | 4.80% | 3.66% | 6.32% | 7.80% | (.46)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .59% | .61% | .62% | .60% | .61% |
Expenses net of fee waivers, if any | .59% | .61% | .62% | .60% | .61% |
Expenses net of all reductions | .59% | .61% | .62% | .60% | .61% |
Net investment income (loss) | 2.14% | 1.70% | 1.46% | 1.84% | 1.69% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $19,014 | $23,818 | $20,500 | $11,501 | $8,759 |
Portfolio turnover rateF | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.42 per share is comprised of distributions from net investment income of $.233 and distributions from net realized gain of $.182 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 30% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $11.14 |
Income from Investment Operations | |
Net investment income (loss)B | .24 |
Net realized and unrealized gain (loss) | .29 |
Total from investment operations | .53 |
Distributions from net investment income | (.25) |
Distributions from net realized gain | (.18) |
Total distributions | (.43) |
Net asset value, end of period | $11.24 |
Total ReturnC,D | 5.01% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .50%G |
Expenses net of fee waivers, if any | .50%G |
Expenses net of all reductions | .50%G |
Net investment income (loss) | 2.23%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $7,353 |
Portfolio turnover rateH | 34% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 40%
Investment Summary (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 September 30, 2019
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 13.9 |
Fannie Mae | 3.1 |
Ginnie Mae | 2.8 |
Freddie Mac | 2.4 |
Morgan Stanley | 0.7 |
22.9 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 22.9% | |
AAA,AA,A | 4.0% | |
BBB | 11.3% | |
BB and Below | 3.8% | |
Not Rated | 1.1% | |
Equities* | 44.8% | |
Short-Term Investments and Net Other Assets | 12.1% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.4%
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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 1.3 |
Apple, Inc. | 1.2 |
Alphabet, Inc. Class A | 0.7 |
Amazon.com, Inc. | 0.6 |
Roche Holding AG (participation certificate) | 0.3 |
4.1 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 22.1 |
Information Technology | 7.2 |
Health Care | 5.3 |
Consumer Discretionary | 4.9 |
Communication Services | 4.7 |
Asset Allocation (% of fund's net assets)
As of September 30, 2019 | ||
Stock Class and Equity Futures* | 45.4% | |
Bond Class | 40.7% | |
Short-Term Class | 13.9% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.4%
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 Central and Money Market Funds, was 18.8% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 40%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 40.8% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 1,643,313 | $7,756,437 | |
Fidelity Communication Services Central Fund (a) | 204,424 | 42,062,287 | |
Fidelity Consumer Discretionary Central Fund (a) | 147,306 | 50,685,069 | |
Fidelity Consumer Staples Central Fund (a) | 159,735 | 32,787,164 | |
Fidelity Emerging Markets Equity Central Fund (a) | 458,612 | 96,588,206 | |
Fidelity Energy Central Fund (a) | 212,370 | 20,599,920 | |
Fidelity Financials Central Fund (a) | 880,989 | 91,402,608 | |
Fidelity Health Care Central Fund (a) | 164,424 | 67,320,251 | |
Fidelity Industrials Central Fund (a) | 168,974 | 48,127,043 | |
Fidelity Information Technology Central Fund(a) | 282,443 | 114,160,697 | |
Fidelity International Equity Central Fund (a) | 1,440,693 | 112,273,224 | |
Fidelity Materials Central Fund (a) | 62,003 | 12,030,347 | |
Fidelity Real Estate Equity Central Fund (a) | 220,038 | 27,379,308 | |
Fidelity Utilities Central Fund (a) | 85,761 | 17,552,733 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $592,350,998) | 740,725,294 | ||
Fixed-Income Central Funds - 44.4% | |||
High Yield Fixed-Income Funds - 2.5% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 1,894,179 | 17,653,749 | |
Fidelity Floating Rate Central Fund (a) | 87,992 | 8,920,661 | |
Fidelity High Income Central Fund (a) | 163,278 | 18,158,108 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 44,732,518 | ||
Investment Grade Fixed-Income Funds - 41.9% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 825,665 | 84,969,155 | |
Fidelity International Credit Central Fund (a) | 177,320 | 18,490,955 | |
Fidelity Investment Grade Bond Central Fund (a) | 5,831,033 | 656,574,363 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 760,034,473 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $763,490,651) | 804,766,991 | ||
Money Market Central Funds - 12.3% | |||
Fidelity Cash Central Fund 1.96% (b) | 39,900,530 | 39,908,510 | |
Fidelity Money Market Central Fund 2.14% (b) | 133,164,675 | 133,164,675 | |
Fidelity Securities Lending Cash Central Fund 1.96% (b)(c) | 50,403,835 | 50,408,875 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $223,483,107) | 223,482,060 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.3% | |||
United States Treasury, yield at date of purchase 1.82% to 2.07% 10/17/19 to 12/26/19 (d) | |||
(Cost $5,015,342) | 5,030,000 | 5,016,540 | |
Shares | Value | ||
Investment Companies - 5.0% | |||
iShares 20+ Year Treasury Bond ETF (e) | 213,442 | $30,539,281 | |
iShares Core MSCI Emerging Markets ETF | 36,468 | 1,787,661 | |
iShares MSCI Japan ETF (e) | 334,385 | 18,973,005 | |
iShares S&P 500 Index ETF | 134,258 | 40,078,701 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $85,085,650) | 91,378,648 | ||
TOTAL INVESTMENT IN SECURITIES - 102.8% | |||
(Cost $1,669,425,748) | 1,865,369,533 | ||
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (50,688,797) | ||
NET ASSETS - 100% | $1,814,680,736 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 959 | Dec. 2019 | $91,028,280 | $1,047,416 | $1,047,416 |
The notional amount of futures sold as a percentage of Net Assets is 5.0%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,016,540.
(e) Security or a portion of the security is on loan at period end.
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 | $1,510,706 |
Fidelity Commodity Strategy Central Fund | 160,140 |
Fidelity Communication Services Central Fund | 259,387 |
Fidelity Consumer Discretionary Central Fund | 1,866,743 |
Fidelity Consumer Staples Central Fund | 2,982,707 |
Fidelity Emerging Markets Debt Central Fund | 614,650 |
Fidelity Emerging Markets Equity Central Fund | 2,809,362 |
Fidelity Energy Central Fund | 513,840 |
Fidelity Financials Central Fund | 5,659,534 |
Fidelity Floating Rate Central Fund | 864,095 |
Fidelity Health Care Central Fund | 4,003,316 |
Fidelity High Income Central Fund | 527,939 |
Fidelity High Income Central Fund 1 | 1,062,070 |
Fidelity Industrials Central Fund | 2,613,497 |
Fidelity Inflation-Protected Bond Index Central Fund | 1,968,844 |
Fidelity Information Technology Central Fund | 17,986,229 |
Fidelity International Credit Central Fund | 507,217 |
Fidelity International Equity Central Fund | 8,146,069 |
Fidelity Investment Grade Bond Central Fund | 21,143,453 |
Fidelity Materials Central Fund | 1,121,840 |
Fidelity Money Market Central Fund | 3,279,089 |
Fidelity Real Estate Equity Central Fund | 406,771 |
Fidelity Securities Lending Cash Central Fund | 26,895 |
Fidelity Utilities Central Fund | 1,553,280 |
Total | $81,587,673 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $3,502,529 | $5,702,968 | $509,437 | $(8,812) | $(930,811) | $7,756,437 | 3.3 |
Fidelity Communication Services Central Fund | 9,460,525 | 30,562,529 | 2,227,670 | (7,731) | 4,274,634 | 42,062,287 | 2.6 |
Fidelity Consumer Discretionary Central Fund | 53,679,862 | 7,686,564 | 9,711,948 | 3,136 | (972,545) | 50,685,069 | 2.7 |
Fidelity Consumer Staples Central Fund | 28,483,320 | 5,869,421 | 2,246,971 | (25,318) | 706,712 | 32,787,164 | 2.6 |
Fidelity Emerging Markets Debt Central Fund | 8,243,186 | 10,431,347 | 661,008 | (8,131) | (351,645) | 17,653,749 | 0.6 |
Fidelity Emerging Markets Equity Central Fund | 26,834,776 | 78,687,844 | 6,384,450 | (153,605) | (2,396,359) | 96,588,206 | 5.4 |
Fidelity Energy Central Fund | 27,725,615 | 2,811,587 | 1,801,376 | (178,343) | (7,957,563) | 20,599,920 | 2.6 |
Fidelity Financials Central Fund | 86,171,172 | 14,090,697 | 8,492,856 | (276,442) | (89,963) | 91,402,608 | 2.8 |
Fidelity Floating Rate Central Fund | 16,603,656 | 2,270,630 | 9,663,618 | 345,954 | (635,961) | 8,920,661 | 0.5 |
Fidelity Health Care Central Fund | 74,267,165 | 10,694,940 | 6,659,379 | 459 | (10,982,934) | 67,320,251 | 2.7 |
Fidelity High Income Central Fund | -- | 1,068,143 | 13,069,832 | (176,477) | (81,629) | 18,158,108 | 0.7 |
Fidelity High Income Central Fund 1 | 25,358,994 | 6,028,327 | 1,165,360 | (6,687) | 202,629 | -- | 0.0 |
Fidelity Industrials Central Fund | 48,886,065 | 7,174,183 | 4,565,110 | (286,573) | (3,081,522) | 48,127,043 | 2.7 |
Fidelity Inflation-Protected Bond Index Central Fund | 66,469,796 | 38,395,983 | 21,737,977 | (92,211) | 1,933,564 | 84,969,155 | 6.1 |
Fidelity Information Technology Central Fund | 127,792,913 | 32,810,702 | 27,324,709 | (2,455,267) | (16,662,942) | 114,160,697 | 2.7 |
Fidelity International Credit Central Fund | 9,732,393 | 8,669,630 | 774,844 | 2,547 | 861,229 | 18,490,955 | 6.1 |
Fidelity International Equity Central Fund | 116,158,802 | 19,611,777 | 15,472,419 | 10,536 | (8,035,472) | 112,273,224 | 4.6 |
Fidelity Investment Grade Bond Central Fund | 618,689,316 | 109,589,454 | 113,081,178 | (843,667) | 42,220,438 | 656,574,363 | 2.5 |
Fidelity Materials Central Fund | 12,798,774 | 2,470,593 | 957,348 | (62,273) | (2,219,399) | 12,030,347 | 2.7 |
Fidelity Real Estate Equity Central Fund | 7,009,997 | 19,239,563 | 629,993 | 2,973 | 1,756,768 | 27,379,308 | 6.0 |
Fidelity Utilities Central Fund | 14,587,978 | 3,023,265 | 1,424,278 | 1,902 | 1,363,866 | 17,552,733 | 2.7 |
$1,382,456,834 | $416,890,147 | $248,561,761 | $(4,214,030) | $(1,078,905) | $1,545,492,285 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $740,725,294 | $740,725,294 | $-- | $-- |
Fixed-Income Central Funds | 804,766,991 | 804,766,991 | -- | -- |
Money Market Central Funds | 223,482,060 | 223,482,060 | -- | -- |
Other Short-Term Investments | 5,016,540 | -- | 5,016,540 | -- |
Investment Companies | 91,378,648 | 91,378,648 | -- | -- |
Total Investments in Securities: | $1,865,369,533 | $1,860,352,993 | $5,016,540 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,047,416 | $1,047,416 | $-- | $-- |
Total Assets | $1,047,416 | $1,047,416 | $-- | $-- |
Total Derivative Instruments: | $1,047,416 | $1,047,416 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $1,047,416 | $0 |
Total Equity Risk | 1,047,416 | 0 |
Total Value of Derivatives | $1,047,416 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 81.2% |
Cayman Islands | 2.1% |
United Kingdom | 2.0% |
Netherlands | 1.3% |
Japan | 1.2% |
Mexico | 1.1% |
Germany | 1.0% |
Others (Individually Less Than 1%) | 10.1% |
100.0% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 40%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $49,501,454) — See accompanying schedule: Unaffiliated issuers (cost $90,100,992) | $96,395,188 | |
Fidelity Central Funds (cost $1,579,324,756) | 1,768,974,345 | |
Total Investment in Securities (cost $1,669,425,748) | $1,865,369,533 | |
Receivable for investments sold | 530,181 | |
Receivable for fund shares sold | 4,383,264 | |
Distributions receivable from Fidelity Central Funds | 74,966 | |
Prepaid expenses | 3,458 | |
Total assets | 1,870,361,402 | |
Liabilities | ||
Payable for investments purchased | $3,417,654 | |
Payable for fund shares redeemed | 692,743 | |
Accrued management fee | 608,416 | |
Distribution and service plan fees payable | 34,064 | |
Payable for daily variation margin on futures contracts | 316,470 | |
Other affiliated payables | 164,880 | |
Other payables and accrued expenses | 37,564 | |
Collateral on securities loaned | 50,408,875 | |
Total liabilities | 55,680,666 | |
Net Assets | $1,814,680,736 | |
Net Assets consist of: | ||
Paid in capital | $1,641,923,622 | |
Total accumulated earnings (loss) | 172,757,114 | |
Net Assets | $1,814,680,736 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($42,490,456 ÷ 3,596,089 shares)(a) | $11.82 | |
Maximum offering price per share (100/94.25 of $11.82) | $12.54 | |
Class M: | ||
Net Asset Value and redemption price per share ($10,912,719 ÷ 925,116 shares)(a) | $11.80 | |
Maximum offering price per share (100/96.50 of $11.80) | $12.23 | |
Class C: | ||
Net Asset Value and offering price per share ($24,834,369 ÷ 2,113,198 shares)(a) | $11.75 | |
Asset Manager 40%: | ||
Net Asset Value, offering price and redemption price per share ($1,704,998,443 ÷ 144,304,682 shares) | $11.82 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($25,013,800 ÷ 2,116,453 shares) | $11.82 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($6,430,949 ÷ 544,085 shares) | $11.82 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $3,062,203 | |
Interest | 69,405 | |
Income from Fidelity Central Funds (including $26,895 from security lending) | 41,668,100 | |
Total income | 44,799,708 | |
Expenses | ||
Management fee | $6,906,441 | |
Transfer agent fees | 1,335,977 | |
Distribution and service plan fees | 402,213 | |
Accounting and security lending fees | 572,969 | |
Custodian fees and expenses | 2,572 | |
Independent trustees' fees and expenses | 7,273 | |
Registration fees | 144,851 | |
Audit | 40,130 | |
Legal | 2,162 | |
Miscellaneous | 11,033 | |
Total expenses before reductions | 9,425,621 | |
Expense reductions | (30,918) | |
Total expenses after reductions | 9,394,703 | |
Net investment income (loss) | 35,405,005 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,545,059 | |
Fidelity Central Funds | (4,212,480) | |
Futures contracts | (1,422,234) | |
Capital gain distributions from Fidelity Central Funds | 39,919,573 | |
Total net realized gain (loss) | 36,829,918 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (8,780) | |
Fidelity Central Funds | (1,091,588) | |
Futures contracts | 2,222,279 | |
Total change in net unrealized appreciation (depreciation) | 1,121,911 | |
Net gain (loss) | 37,951,829 | |
Net increase (decrease) in net assets resulting from operations | $73,356,834 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $35,405,005 | $26,893,714 |
Net realized gain (loss) | 36,829,918 | 43,690,052 |
Change in net unrealized appreciation (depreciation) | 1,121,911 | 3,388,740 |
Net increase (decrease) in net assets resulting from operations | 73,356,834 | 73,972,506 |
Distributions to shareholders | (72,896,387) | – |
Distributions to shareholders from net investment income | – | (24,345,900) |
Distributions to shareholders from net realized gain | – | (23,502,413) |
Total distributions | (72,896,387) | (47,848,313) |
Share transactions - net increase (decrease) | 131,600,043 | 220,737,989 |
Total increase (decrease) in net assets | 132,060,490 | 246,862,182 |
Net Assets | ||
Beginning of period | 1,682,620,246 | 1,435,758,064 |
End of period | $1,814,680,736 | $1,682,620,246 |
Other Information | ||
Undistributed net investment income end of period | $8,195,753 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 40% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.87 | $11.67 | $10.95 | $10.39 | $10.96 |
Income from Investment Operations | |||||
Net investment income (loss)A | .21 | .17 | .14 | .16 | .16 |
Net realized and unrealized gain (loss) | .21 | .36 | .73 | .70 | (.28) |
Total from investment operations | .42 | .53 | .87 | .86 | (.12) |
Distributions from net investment income | (.21) | (.15) | (.13) | (.17) | (.14) |
Distributions from net realized gain | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.47)B | (.33) | (.15) | (.30) | (.45) |
Net asset value, end of period | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 |
Total ReturnC,D | 3.90% | 4.62% | 8.01% | 8.44% | (1.19)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .83% | .84% | .84% | .84% | .85% |
Expenses net of fee waivers, if any | .83% | .84% | .84% | .84% | .85% |
Expenses net of all reductions | .83% | .84% | .84% | .84% | .84% |
Net investment income (loss) | 1.79% | 1.41% | 1.21% | 1.53% | 1.44% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $42,490 | $38,073 | $36,200 | $40,046 | $30,959 |
Portfolio turnover rateG | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.47 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.266 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 40% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.85 | $11.65 | $10.93 | $10.37 | $10.94 |
Income from Investment Operations | |||||
Net investment income (loss)A | .18 | .13 | .11 | .13 | .13 |
Net realized and unrealized gain (loss) | .21 | .37 | .73 | .70 | (.28) |
Total from investment operations | .39 | .50 | .84 | .83 | (.15) |
Distributions from net investment income | (.17) | (.12) | (.10) | (.14) | (.11) |
Distributions from net realized gain | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.44) | (.30) | (.12) | (.27) | (.42) |
Net asset value, end of period | $11.80 | $11.85 | $11.65 | $10.93 | $10.37 |
Total ReturnB,C | 3.61% | 4.35% | 7.75% | 8.12% | (1.45)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.09% | 1.10% | 1.12% | 1.12% | 1.11% |
Expenses net of fee waivers, if any | 1.09% | 1.10% | 1.11% | 1.12% | 1.11% |
Expenses net of all reductions | 1.09% | 1.10% | 1.11% | 1.12% | 1.10% |
Net investment income (loss) | 1.53% | 1.14% | .94% | 1.25% | 1.18% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $10,913 | $12,318 | $11,665 | $10,297 | $9,309 |
Portfolio turnover rateF | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 40% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.80 | $11.61 | $10.90 | $10.34 | $10.91 |
Income from Investment Operations | |||||
Net investment income (loss)A | .12 | .08 | .05 | .08 | .07 |
Net realized and unrealized gain (loss) | .21 | .35 | .73 | .70 | (.27) |
Total from investment operations | .33 | .43 | .78 | .78 | (.20) |
Distributions from net investment income | (.12) | (.06) | (.05) | (.09) | (.06) |
Distributions from net realized gain | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.38)B | (.24) | (.07) | (.22) | (.37) |
Net asset value, end of period | $11.75 | $11.80 | $11.61 | $10.90 | $10.34 |
Total ReturnC,D | 3.11% | 3.77% | 7.16% | 7.62% | (1.94)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.60% | 1.60% | 1.61% | 1.61% | 1.62% |
Expenses net of fee waivers, if any | 1.60% | 1.60% | 1.61% | 1.61% | 1.62% |
Expenses net of all reductions | 1.60% | 1.60% | 1.61% | 1.61% | 1.62% |
Net investment income (loss) | 1.03% | .64% | .45% | .76% | .67% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $24,834 | $25,656 | $23,354 | $22,064 | $19,515 |
Portfolio turnover rateG | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.38 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $.266 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 40%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.87 | $11.67 | $10.95 | $10.39 | $10.96 |
Income from Investment Operations | |||||
Net investment income (loss)A | .24 | .20 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | .22 | .37 | .73 | .70 | (.28) |
Total from investment operations | .46 | .57 | .90 | .89 | (.09) |
Distributions from net investment income | (.24) | (.19) | (.16) | (.20) | (.17) |
Distributions from net realized gain | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.51) | (.37) | (.18) | (.33) | (.48) |
Net asset value, end of period | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 |
Total ReturnB | 4.23% | 4.95% | 8.35% | 8.76% | (.90)% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .52% | .53% | .54% | .54% | .55% |
Expenses net of fee waivers, if any | .52% | .53% | .54% | .54% | .55% |
Expenses net of all reductions | .52% | .53% | .53% | .54% | .54% |
Net investment income (loss) | 2.10% | 1.71% | 1.52% | 1.83% | 1.74% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $1,704,998 | $1,577,393 | $1,344,514 | $1,084,411 | $917,607 |
Portfolio turnover rateE | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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 .005% to .06%.
D 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.
E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 40% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.87 | $11.67 | $10.95 | $10.39 | $10.96 |
Income from Investment Operations | |||||
Net investment income (loss)A | .24 | .20 | .17 | .19 | .18 |
Net realized and unrealized gain (loss) | .21 | .36 | .73 | .69 | (.27) |
Total from investment operations | .45 | .56 | .90 | .88 | (.09) |
Distributions from net investment income | (.24) | (.18) | (.16) | (.19) | (.17) |
Distributions from net realized gain | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.50)B | (.36) | (.18) | (.32) | (.48) |
Net asset value, end of period | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 |
Total ReturnC | 4.18% | 4.91% | 8.32% | 8.67% | (.90)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .56% | .56% | .56% | .58% | .60% |
Expenses net of fee waivers, if any | .56% | .56% | .56% | .58% | .60% |
Expenses net of all reductions | .56% | .56% | .56% | .58% | .60% |
Net investment income (loss) | 2.06% | 1.68% | 1.49% | 1.79% | 1.69% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $25,014 | $29,180 | $20,025 | $15,525 | $20,038 |
Portfolio turnover rateF | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.50 per share is comprised of distributions from net investment income of $.236 and distributions from net realized gain of $.266 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 40% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $11.86 |
Income from Investment Operations | |
Net investment income (loss)B | .24 |
Net realized and unrealized gain (loss) | .23 |
Total from investment operations | .47 |
Distributions from net investment income | (.24) |
Distributions from net realized gain | (.27) |
Total distributions | (.51) |
Net asset value, end of period | $11.82 |
Total ReturnC,D | 4.34% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .50%G |
Expenses net of fee waivers, if any | .50%G |
Expenses net of all reductions | .50%G |
Net investment income (loss) | 2.12%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $6,431 |
Portfolio turnover rateH | 36% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 50%
Investment Summary (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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 1.7 |
Apple, Inc. | 1.6 |
Alphabet, Inc. Class A | 0.8 |
Amazon.com, Inc. | 0.8 |
Roche Holding AG (participation certificate) | 0.5 |
Facebook, Inc. Class A | 0.5 |
Adobe, Inc. | 0.4 |
AstraZeneca PLC (United Kingdom) | 0.4 |
Capital One Financial Corp. | 0.4 |
UnitedHealth Group, Inc. | 0.4 |
7.5 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 18.4 |
Information Technology | 8.8 |
Health Care | 6.4 |
Consumer Discretionary | 6.3 |
Industrials | 5.4 |
Top Five Bond Issuers as of September 30, 2019
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 12.4 |
Fannie Mae | 2.7 |
Ginnie Mae | 2.4 |
Freddie Mac | 2.0 |
Morgan Stanley | 0.6 |
20.1 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 20.1% | |
AAA,AA,A | 3.4% | |
BBB | 9.6% | |
BB and Below | 3.7% | |
Not Rated | 1.2% | |
Equities* | 54.7% | |
Short-Term Investments and Net Other Assets | 7.3% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.5%
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 September 30, 2019 | ||
Stock Class and Equity Futures* | 55.4% | |
Bond Class | 35.9% | |
Short-Term Class | 8.7% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.5%
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
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 21.7% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 50%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 50.9% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 10,343,535 | $48,821,485 | |
Fidelity Communication Services Central Fund (a) | 1,316,886 | 270,962,401 | |
Fidelity Consumer Discretionary Central Fund (a) | 946,303 | 325,603,934 | |
Fidelity Consumer Staples Central Fund (a) | 1,031,450 | 211,715,427 | |
Fidelity Emerging Markets Equity Central Fund (a) | 2,643,046 | 556,651,884 | |
Fidelity Energy Central Fund (a) | 1,369,649 | 132,855,984 | |
Fidelity Financials Central Fund (a) | 5,676,376 | 588,924,022 | |
Fidelity Health Care Central Fund (a) | 1,061,647 | 434,669,997 | |
Fidelity Industrials Central Fund (a) | 1,086,127 | 309,350,734 | |
Fidelity Information Technology Central Fund (a) | 1,822,537 | 736,651,164 | |
Fidelity International Equity Central Fund (a) | 10,075,174 | 785,158,315 | |
Fidelity Materials Central Fund (a) | 395,658 | 76,769,511 | |
Fidelity Real Estate Equity Central Fund (a) | 1,126,045 | 140,113,734 | |
Fidelity Utilities Central Fund (a) | 555,169 | 113,626,444 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $3,152,433,422) | 4,731,875,036 | ||
Fixed-Income Central Funds - 39.0% | |||
High Yield Fixed-Income Funds - 2.5% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 9,720,355 | 90,593,706 | |
Fidelity Floating Rate Central Fund (a) | 448,986 | 45,518,177 | |
Fidelity High Income Central Fund (a) | 833,760 | 92,722,467 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 228,834,350 | ||
Investment Grade Fixed-Income Funds - 36.5% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 4,100,590 | 421,991,665 | |
Fidelity International Credit Central Fund (a) | 910,561 | 94,953,312 | |
Fidelity Investment Grade Bond Central Fund (a) | 25,579,432 | 2,880,244,015 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 3,397,188,992 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $3,314,803,245) | 3,626,023,342 | ||
Money Market Central Funds - 5.8% | |||
Fidelity Cash Central Fund 1.96% (b) | 172,522,963 | 172,557,467 | |
Fidelity Money Market Central Fund 2.14% (b) | 269,005,403 | 269,005,403 | |
Fidelity Securities Lending Cash Central Fund 1.96% (b)(c) | 96,334,692 | 96,344,325 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $537,914,110) | 537,907,195 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.3% | |||
United States Treasury, yield at date of purchase 1.82% to 2.06% 10/31/19 to 12/26/19 (d) | |||
(Cost $23,518,333) | 23,590,000 | 23,524,293 | |
Shares | Value | ||
Investment Companies - 5.1% | |||
iShares 20+ Year Treasury Bond ETF | 1,100,474 | $157,455,820 | |
iShares Core MSCI Emerging Markets ETF | 394,571 | 19,341,870 | |
iShares MSCI Japan ETF (e) | 1,725,338 | 97,895,678 | |
iShares S&P 500 Index ETF | 668,563 | 199,579,426 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $441,940,932) | 474,272,794 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $7,470,610,042) | 9,393,602,660 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (99,362,365) | ||
NET ASSETS - 100% | $9,294,240,295 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 4,950 | Dec. 2019 | $469,854,000 | $5,407,107 | $5,407,107 |
The notional amount of futures sold as a percentage of Net Assets is 5.1%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $23,524,293.
(e) Security or a portion of the security is on loan at period end.
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 | $7,685,840 |
Fidelity Commodity Strategy Central Fund | 1,030,071 |
Fidelity Communication Services Central Fund | 1,742,026 |
Fidelity Consumer Discretionary Central Fund | 12,662,822 |
Fidelity Consumer Staples Central Fund | 20,299,195 |
Fidelity Emerging Markets Debt Central Fund | 3,201,519 |
Fidelity Emerging Markets Equity Central Fund | 20,234,326 |
Fidelity Energy Central Fund | 3,434,021 |
Fidelity Financials Central Fund | 38,400,681 |
Fidelity Floating Rate Central Fund | 4,529,785 |
Fidelity Health Care Central Fund | 27,315,841 |
Fidelity High Income Central Fund | 2,755,818 |
Fidelity High Income Central Fund 1 | 5,767,621 |
Fidelity Industrials Central Fund | 17,730,270 |
Fidelity Inflation-Protected Bond Index Central Fund | 10,721,982 |
Fidelity Information Technology Central Fund | 122,715,963 |
Fidelity International Credit Central Fund | 2,738,790 |
Fidelity International Equity Central Fund | 57,667,933 |
Fidelity Investment Grade Bond Central Fund | 95,919,157 |
Fidelity Materials Central Fund | 7,621,890 |
Fidelity Money Market Central Fund | 6,802,932 |
Fidelity Real Estate Equity Central Fund | 2,204,843 |
Fidelity Securities Lending Cash Central Fund | 111,957 |
Fidelity Utilities Central Fund | 10,580,189 |
Total | $483,875,472 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $19,568,502 | $38,254,892 | $2,764,703 | $(172,630) | $(6,064,576) | $48,821,485 | 20.7 |
Fidelity Communication Services Central Fund | 65,756,271 | 190,046,420 | 13,383,788 | 335,075 | 28,208,423 | 270,962,401 | 16.4 |
Fidelity Consumer Discretionary Central Fund | 375,542,191 | 23,820,117 | 65,744,750 | 2,989,128 | (11,002,752) | 325,603,934 | 17.4 |
Fidelity Consumer Staples Central Fund | 198,437,885 | 24,066,456 | 14,578,709 | (875,986) | 4,665,781 | 211,715,427 | 16.7 |
Fidelity Emerging Markets Debt Central Fund | 44,440,007 | 51,635,910 | 3,566,850 | (50,975) | (1,864,386) | 90,593,706 | 3.1 |
Fidelity Emerging Markets Equity Central Fund | 210,584,026 | 399,182,970 | 36,571,311 | (1,422,180) | (15,121,621) | 556,651,884 | 31.3 |
Fidelity Energy Central Fund | 194,066,270 | 6,637,697 | 12,240,629 | (2,061,560) | (53,545,794) | 132,855,984 | 16.9 |
Fidelity Financials Central Fund | 600,596,106 | 49,621,895 | 56,474,031 | (3,062,719) | (1,757,229) | 588,924,022 | 17.8 |
Fidelity Floating Rate Central Fund | 89,995,019 | 5,939,460 | 48,830,581 | 1,040,237 | (2,625,958) | 45,518,177 | 2.3 |
Fidelity Health Care Central Fund | 520,576,948 | 36,197,573 | 46,989,414 | 2,218,069 | (77,333,179) | 434,669,997 | 17.2 |
Fidelity High Income Central Fund | -- | 2,975,717 | 69,959,108 | (385,723) | (400,144) | 92,722,467 | 3.6 |
Fidelity High Income Central Fund 1 | 141,009,521 | 25,628,309 | 6,419,587 | (17,372) | 290,854 | -- | 0.0 |
Fidelity Industrials Central Fund | 338,907,106 | 23,816,225 | 29,013,167 | (1,385,669) | (22,973,761) | 309,350,734 | 17.7 |
Fidelity Inflation-Protected Bond Index Central Fund | 370,474,121 | 160,371,207 | 118,039,206 | (464,531) | 9,650,074 | 421,991,665 | 30.5 |
Fidelity Information Technology Central Fund | 888,048,275 | 168,590,875 | 184,566,080 | (10,576,791) | (124,845,115) | 736,651,164 | 17.1 |
Fidelity International Credit Central Fund | 53,970,376 | 40,572,252 | 4,068,180 | 28,887 | 4,449,977 | 94,953,312 | 31.4 |
Fidelity International Equity Central Fund | 851,185,720 | 73,363,854 | 77,801,171 | (359,965) | (61,230,123) | 785,158,315 | 32.3 |
Fidelity Investment Grade Bond Central Fund | 2,984,959,552 | 317,491,405 | 607,005,132 | (955,843) | 185,754,033 | 2,880,244,015 | 10.8 |
Fidelity Materials Central Fund | 89,273,982 | 9,377,649 | 6,211,325 | (1,051,625) | (14,619,170) | 76,769,511 | 17.4 |
Fidelity Real Estate Equity Central Fund | 39,408,807 | 95,055,405 | 3,518,718 | 44,612 | 9,123,628 | 140,113,734 | 30.9 |
Fidelity Utilities Central Fund | 101,941,110 | 12,493,007 | 9,564,787 | 243,843 | 8,513,271 | 113,626,444 | 17.7 |
$8,178,741,795 | $1,755,139,295 | $1,417,311,227 | $(15,943,718) | $(142,727,767) | $8,357,898,378 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $4,731,875,036 | $4,731,875,036 | $-- | $-- |
Fixed-Income Central Funds | 3,626,023,342 | 3,626,023,342 | -- | -- |
Money Market Central Funds | 537,907,195 | 537,907,195 | -- | -- |
Other Short-Term Investments | 23,524,293 | -- | 23,524,293 | -- |
Investment Companies | 474,272,794 | 474,272,794 | -- | -- |
Total Investments in Securities: | $9,393,602,660 | $9,370,078,367 | $23,524,293 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $5,407,107 | $5,407,107 | $-- | $-- |
Total Assets | $5,407,107 | $5,407,107 | $-- | $-- |
Total Derivative Instruments: | $5,407,107 | $5,407,107 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $5,407,107 | $0 |
Total Equity Risk | 5,407,107 | 0 |
Total Value of Derivatives | $5,407,107 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 78.3% |
United Kingdom | 2.5% |
Cayman Islands | 2.2% |
Japan | 1.6% |
Netherlands | 1.5% |
Germany | 1.3% |
Switzerland | 1.1% |
Canada | 1.1% |
France | 1.0% |
Others (Individually Less Than 1%) | 9.4% |
100.0% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 50%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $94,659,342) — See accompanying schedule: Unaffiliated issuers (cost $465,459,265) | $497,797,087 | |
Fidelity Central Funds (cost $7,005,150,777) | 8,895,805,573 | |
Total Investment in Securities (cost $7,470,610,042) | $9,393,602,660 | |
Receivable for investments sold | 4,307,569 | |
Receivable for fund shares sold | 3,462,893 | |
Distributions receivable from Fidelity Central Funds | 332,677 | |
Prepaid expenses | 18,129 | |
Other receivables | 219,420 | |
Total assets | 9,401,943,348 | |
Liabilities | ||
Payable for investments purchased | $13,124 | |
Payable for fund shares redeemed | 4,544,974 | |
Accrued management fee | 3,776,907 | |
Distribution and service plan fees payable | 76,630 | |
Payable for daily variation margin on futures contracts | 1,633,500 | |
Other affiliated payables | 1,067,052 | |
Other payables and accrued expenses | 246,541 | |
Collateral on securities loaned | 96,344,325 | |
Total liabilities | 107,703,053 | |
Net Assets | $9,294,240,295 | |
Net Assets consist of: | ||
Paid in capital | $7,965,112,199 | |
Total accumulated earnings (loss) | 1,329,128,096 | |
Net Assets | $9,294,240,295 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($95,542,252 ÷ 5,244,526 shares)(a) | $18.22 | |
Maximum offering price per share (100/94.25 of $18.22) | $19.33 | |
Class M: | ||
Net Asset Value and redemption price per share ($42,657,602 ÷ 2,344,187 shares)(a) | $18.20 | |
Maximum offering price per share (100/96.50 of $18.20) | $18.86 | |
Class C: | ||
Net Asset Value and offering price per share ($46,487,146 ÷ 2,574,840 shares)(a) | $18.05 | |
Asset Manager 50%: | ||
Net Asset Value, offering price and redemption price per share ($9,026,443,588 ÷ 493,285,638 shares) | $18.30 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($62,141,238 ÷ 3,402,402 shares) | $18.26 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($20,968,469 ÷ 1,148,522 shares) | $18.26 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $16,667,608 | |
Interest | 336,429 | |
Income from Fidelity Central Funds (including $111,957 from security lending) | 210,687,843 | |
Total income | 227,691,880 | |
Expenses | ||
Management fee | $44,213,400 | |
Transfer agent fees | 11,108,773 | |
Distribution and service plan fees | 911,768 | |
Accounting and security lending fees | 1,539,395 | |
Custodian fees and expenses | 7,554 | |
Independent trustees' fees and expenses | 39,002 | |
Registration fees | 184,678 | |
Audit | 40,128 | |
Legal | 11,957 | |
Miscellaneous | 60,776 | |
Total expenses before reductions | 58,117,431 | |
Expense reductions | (137,522) | |
Total expenses after reductions | 57,979,909 | |
Net investment income (loss) | 169,711,971 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 24,872,175 | |
Fidelity Central Funds | (15,941,688) | |
Futures contracts | (11,481,744) | |
Capital gain distributions from Fidelity Central Funds | 273,187,629 | |
Total net realized gain (loss) | 270,636,372 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (9,822,088) | |
Fidelity Central Funds | (142,754,113) | |
Futures contracts | 11,623,195 | |
Total change in net unrealized appreciation (depreciation) | (140,953,006) | |
Net gain (loss) | 129,683,366 | |
Net increase (decrease) in net assets resulting from operations | $299,395,337 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $169,711,971 | $139,733,527 |
Net realized gain (loss) | 270,636,372 | 319,288,321 |
Change in net unrealized appreciation (depreciation) | (140,953,006) | 65,731,437 |
Net increase (decrease) in net assets resulting from operations | 299,395,337 | 524,753,285 |
Distributions to shareholders | (448,986,882) | – |
Distributions to shareholders from net investment income | – | (126,122,206) |
Distributions to shareholders from net realized gain | – | (252,763,367) |
Total distributions | (448,986,882) | (378,885,573) |
Share transactions - net increase (decrease) | 48,306,274 | 728,976,453 |
Total increase (decrease) in net assets | (101,285,271) | 874,844,165 |
Net Assets | ||
Beginning of period | 9,395,525,566 | 8,520,681,401 |
End of period | $9,294,240,295 | $9,395,525,566 |
Other Information | ||
Undistributed net investment income end of period | $44,007,306 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 50% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.58 | $18.29 | $16.91 | $16.33 | $17.99 |
Income from Investment Operations | |||||
Net investment income (loss)A | .28 | .23 | .19 | .23 | .23 |
Net realized and unrealized gain (loss) | .20 | .80 | 1.46 | 1.21 | (.50) |
Total from investment operations | .48 | 1.03 | 1.65 | 1.44 | (.27) |
Distributions from net investment income | (.29) | (.21) | (.18) | (.25) | (.22) |
Distributions from net realized gain | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.84) | (.74) | (.27) | (.86)B | (1.39) |
Net asset value, end of period | $18.22 | $18.58 | $18.29 | $16.91 | $16.33 |
Total ReturnC,D | 3.07% | 5.74% | 9.90% | 9.19% | (1.70)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .94% | .94% | .96% | .96% | .96% |
Expenses net of fee waivers, if any | .94% | .94% | .96% | .96% | .96% |
Expenses net of all reductions | .94% | .94% | .95% | .96% | .95% |
Net investment income (loss) | 1.57% | 1.24% | 1.08% | 1.42% | 1.34% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $95,542 | $86,252 | $75,623 | $77,724 | $70,616 |
Portfolio turnover rateG | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.86 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.616 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 50% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.56 | $18.27 | $16.90 | $16.31 | $17.97 |
Income from Investment Operations | |||||
Net investment income (loss)A | .23 | .18 | .14 | .19 | .19 |
Net realized and unrealized gain (loss) | .21 | .80 | 1.46 | 1.22 | (.51) |
Total from investment operations | .44 | .98 | 1.60 | 1.41 | (.32) |
Distributions from net investment income | (.25) | (.16) | (.14) | (.20) | (.17) |
Distributions from net realized gain | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.80) | (.69) | (.23) | (.82) | (1.34) |
Net asset value, end of period | $18.20 | $18.56 | $18.27 | $16.90 | $16.31 |
Total ReturnB,C | 2.81% | 5.48% | 9.57% | 8.97% | (1.98)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.18% | 1.19% | 1.21% | 1.22% | 1.22% |
Expenses net of fee waivers, if any | 1.18% | 1.19% | 1.21% | 1.22% | 1.22% |
Expenses net of all reductions | 1.18% | 1.19% | 1.21% | 1.22% | 1.22% |
Net investment income (loss) | 1.33% | .99% | .83% | 1.15% | 1.07% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $42,658 | $41,222 | $36,209 | $32,431 | $30,381 |
Portfolio turnover rateF | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 50% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.42 | $18.15 | $16.79 | $16.21 | $17.88 |
Income from Investment Operations | |||||
Net investment income (loss)A | .14 | .09 | .05 | .11 | .10 |
Net realized and unrealized gain (loss) | .20 | .79 | 1.46 | 1.21 | (.52) |
Total from investment operations | .34 | .88 | 1.51 | 1.32 | (.42) |
Distributions from net investment income | (.16) | (.08) | (.06) | (.12) | (.08) |
Distributions from net realized gain | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.71) | (.61) | (.15) | (.74) | (1.25) |
Net asset value, end of period | $18.05 | $18.42 | $18.15 | $16.79 | $16.21 |
Total ReturnB,C | 2.25% | 4.93% | 9.07% | 8.42% | (2.52)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.69% | 1.70% | 1.72% | 1.72% | 1.72% |
Expenses net of fee waivers, if any | 1.69% | 1.70% | 1.72% | 1.72% | 1.72% |
Expenses net of all reductions | 1.69% | 1.70% | 1.71% | 1.72% | 1.72% |
Net investment income (loss) | .82% | .49% | .32% | .66% | .57% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $46,487 | $51,337 | $41,900 | $42,706 | $42,095 |
Portfolio turnover rateF | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 50%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.66 | $18.37 | $16.98 | $16.39 | $18.06 |
Income from Investment Operations | |||||
Net investment income (loss)A | .33 | .29 | .24 | .28 | .29 |
Net realized and unrealized gain (loss) | .21 | .80 | 1.47 | 1.22 | (.52) |
Total from investment operations | .54 | 1.09 | 1.71 | 1.50 | (.23) |
Distributions from net investment income | (.35) | (.26) | (.24) | (.30) | (.27) |
Distributions from net realized gain | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.90) | (.80)B | (.32)C | (.91)D | (1.44) |
Net asset value, end of period | $18.30 | $18.66 | $18.37 | $16.98 | $16.39 |
Total ReturnE | 3.37% | 6.05% | 10.26% | 9.56% | (1.45)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .63% | .63% | .65% | .65% | .66% |
Expenses net of fee waivers, if any | .63% | .63% | .64% | .65% | .66% |
Expenses net of all reductions | .63% | .63% | .64% | .65% | .65% |
Net investment income (loss) | 1.88% | 1.55% | 1.39% | 1.72% | 1.63% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $9,026,444 | $9,140,811 | $8,324,452 | $7,566,062 | $7,504,374 |
Portfolio turnover rateH | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.80 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.532 per share.
C Total distributions of $.32 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.087 per share.
D Total distributions of $.91 per share is comprised of distributions from net investment income of $.297 and distributions from net realized gain of $.616 per share.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 50% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $18.62 | $18.33 | $16.95 | $16.36 | $18.03 |
Income from Investment Operations | |||||
Net investment income (loss)A | .33 | .28 | .24 | .27 | .28 |
Net realized and unrealized gain (loss) | .20 | .80 | 1.46 | 1.23 | (.52) |
Total from investment operations | .53 | 1.08 | 1.70 | 1.50 | (.24) |
Distributions from net investment income | (.34) | (.26) | (.23) | (.29) | (.26) |
Distributions from net realized gain | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.89) | (.79) | (.32) | (.91) | (1.43) |
Net asset value, end of period | $18.26 | $18.62 | $18.33 | $16.95 | $16.36 |
Total ReturnB | 3.33% | 6.02% | 10.17% | 9.53% | (1.50)% |
Ratios to Average Net AssetsC,D | |||||
Expenses before reductions | .66% | .67% | .68% | .70% | .70% |
Expenses net of fee waivers, if any | .66% | .67% | .68% | .70% | .70% |
Expenses net of all reductions | .66% | .67% | .68% | .70% | .69% |
Net investment income (loss) | 1.85% | 1.52% | 1.35% | 1.68% | 1.59% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $62,141 | $75,904 | $42,497 | $39,673 | $33,434 |
Portfolio turnover rateE | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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 .005% to .06%.
D 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.
E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 50% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $18.59 |
Income from Investment Operations | |
Net investment income (loss)B | .35 |
Net realized and unrealized gain (loss) | .23 |
Total from investment operations | .58 |
Distributions from net investment income | (.36) |
Distributions from net realized gain | (.55) |
Total distributions | (.91) |
Net asset value, end of period | $18.26 |
Total ReturnC,D | 3.61% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .55%G |
Expenses net of fee waivers, if any | .55%G |
Expenses net of all reductions | .55%G |
Net investment income (loss) | 1.96%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $20,968 |
Portfolio turnover rateH | 37% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 60%
Investment Summary (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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 2.0 |
Apple, Inc. | 1.9 |
Alphabet, Inc. Class A | 1.1 |
Amazon.com, Inc. | 0.9 |
Roche Holding AG (participation certificate) | 0.5 |
Facebook, Inc. Class A | 0.5 |
Adobe, Inc. | 0.5 |
Capital One Financial Corp. | 0.4 |
UnitedHealth Group, Inc. | 0.4 |
AstraZeneca PLC (United Kingdom) | 0.4 |
8.6 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 15.4 |
Information Technology | 10.5 |
Health Care | 7.6 |
Consumer Discretionary | 7.2 |
Industrials | 6.0 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 17.3% | |
AAA,AA,A | 2.9% | |
BBB | 8.2% | |
BB and Below | 3.2% | |
Not Rated | 2.8% | |
Equities* | 63.5% | |
Short-Term Investments and Net Other Assets | 2.1% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.5%
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 September 30, 2019 | ||
Stock Class and Equity Futures* | 63.9% | |
Bond Class | 31.0% | |
Short-Term Class | 5.1% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.5%
Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.
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 23.1% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 60%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 59.4% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 3,372,380 | $15,917,632 | |
Fidelity Communication Services Central Fund (a) | 515,979 | 106,167,767 | |
Fidelity Consumer Discretionary Central Fund (a) | 373,042 | 128,356,170 | |
Fidelity Consumer Staples Central Fund (a) | 406,799 | 83,499,614 | |
Fidelity Emerging Markets Equity Central Fund (a) | 962,391 | 202,689,185 | |
Fidelity Energy Central Fund (a) | 533,829 | 51,781,439 | |
Fidelity Financials Central Fund (a) | 2,236,391 | 232,025,574 | |
Fidelity Health Care Central Fund (a) | 417,729 | 171,030,936 | |
Fidelity Industrials Central Fund (a) | 428,125 | 121,938,637 | |
Fidelity Information Technology Central Fund (a) | 716,753 | 289,704,552 | |
Fidelity International Equity Central Fund (a) | 3,666,003 | 285,691,604 | |
Fidelity Materials Central Fund (a) | 156,004 | 30,269,377 | |
Fidelity Real Estate Equity Central Fund (a) | 368,941 | 45,907,288 | |
Fidelity Utilities Central Fund (a) | 216,492 | 44,309,417 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $1,451,249,504) | 1,809,289,192 | ||
Fixed-Income Central Funds - 33.7% | |||
High Yield Fixed-Income Funds - 2.4% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 3,082,997 | 28,733,528 | |
Fidelity Floating Rate Central Fund (a) | 146,909 | 14,893,624 | |
Fidelity High Income Central Fund (a) | 272,773 | 30,335,088 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 73,962,240 | ||
Investment Grade Fixed-Income Funds - 31.3% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 1,285,037 | 132,243,107 | |
Fidelity International Credit Central Fund (a) | 284,920 | 29,711,418 | |
Fidelity Investment Grade Bond Central Fund (a) | 7,021,147 | 790,581,145 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 952,535,670 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $971,318,372) | 1,026,497,910 | ||
Money Market Central Funds - 3.0% | |||
Fidelity Cash Central Fund 1.96% (b) | 45,693,297 | 45,702,436 | |
Fidelity Securities Lending Cash Central Fund 1.96% (b)(c) | 46,622,413 | 46,627,075 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $92,329,505) | 92,329,511 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
United States Treasury, yield at date of purchase 1.82% to 2% 11/7/19 to 12/26/19 (d) | |||
(Cost $5,781,020) | 5,800,000 | 5,782,491 | |
Shares | Value | ||
Investment Companies - 5.3% | |||
iShares 20+ Year Treasury Bond ETF (e) | 359,566 | $51,446,703 | |
iShares Core MSCI Emerging Markets ETF | 202,603 | 9,931,599 | |
iShares MSCI Japan ETF (e) | 563,589 | 31,978,040 | |
iShares S&P 500 Index ETF | 232,475 | 69,398,437 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $153,033,727) | 162,754,779 | ||
TOTAL INVESTMENT IN SECURITIES - 101.6% | |||
(Cost $2,673,712,128) | 3,096,653,883 | ||
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (48,837,613) | ||
NET ASSETS - 100% | $3,047,816,270 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 1,215 | Dec. 2019 | $115,327,800 | $1,327,104 | $1,327,104 |
The notional amount of futures sold as a percentage of Net Assets is 3.8%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $76,084,083.
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,782,491.
(e) Security or a portion of the security is on loan at period end.
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 | $1,965,264 |
Fidelity Commodity Strategy Central Fund | 334,691 |
Fidelity Communication Services Central Fund | 679,693 |
Fidelity Consumer Discretionary Central Fund | 4,985,152 |
Fidelity Consumer Staples Central Fund | 7,985,841 |
Fidelity Emerging Markets Debt Central Fund | 1,025,523 |
Fidelity Emerging Markets Equity Central Fund | 8,400,866 |
Fidelity Energy Central Fund | 1,333,896 |
Fidelity Financials Central Fund | 15,084,061 |
Fidelity Floating Rate Central Fund | 1,469,123 |
Fidelity Health Care Central Fund | 10,726,121 |
Fidelity High Income Central Fund | 903,175 |
Fidelity High Income Central Fund 1 | 1,889,006 |
Fidelity Industrials Central Fund | 6,975,321 |
Fidelity Inflation-Protected Bond Index Central Fund | 3,135,045 |
Fidelity Information Technology Central Fund | 48,186,374 |
Fidelity International Credit Central Fund | 915,997 |
Fidelity International Equity Central Fund | 21,967,818 |
Fidelity Investment Grade Bond Central Fund | 25,506,664 |
Fidelity Materials Central Fund | 2,997,963 |
Fidelity Real Estate Equity Central Fund | 734,644 |
Fidelity Securities Lending Cash Central Fund | 26,639 |
Fidelity Utilities Central Fund | 4,117,675 |
Total | $171,346,552 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | Pecentage of Ownership |
Fidelity Commodity Strategy Central Fund | $6,208,063 | $12,865,173 | $1,138,683 | $(66,776) | $(1,950,145) | $15,917,632 | 6.8% |
Fidelity Communication Services Central Fund | 25,236,956 | 77,863,365 | 8,201,415 | 145,386 | 11,123,475 | 106,167,767 | 6.4% |
Fidelity Consumer Discretionary Central Fund | 146,591,048 | 13,205,693 | 28,431,737 | 432,071 | (3,440,905) | 128,356,170 | 6.8% |
Fidelity Consumer Staples Central Fund | 77,436,400 | 12,317,485 | 7,799,419 | (379,673) | 1,924,821 | 83,499,614 | 6.6% |
Fidelity Emerging Markets Debt Central Fund | 14,038,818 | 16,675,537 | 1,389,985 | (11,536) | (579,306) | 28,733,528 | 1.0% |
Fidelity Emerging Markets Equity Central Fund | 86,313,715 | 138,760,429 | 16,587,980 | (942,761) | (4,854,218) | 202,689,185 | 11.4% |
Fidelity Energy Central Fund | 74,167,253 | 4,828,162 | 5,846,964 | (613,177) | (20,753,835) | 51,781,439 | 6.6% |
Fidelity Financials Central Fund | 232,217,880 | 27,716,984 | 26,343,513 | (1,037,595) | (528,182) | 232,025,574 | 7.0% |
Fidelity Floating Rate Central Fund | 28,561,552 | 2,819,560 | 15,987,759 | 24,438 | (524,167) | 14,893,624 | 0.8% |
Fidelity Health Care Central Fund | 200,381,288 | 20,804,581 | 21,038,094 | 384,131 | (29,500,970) | 171,030,936 | 6.8% |
Fidelity High Income Central Fund | -- | 1,407,938 | 23,715,286 | (467,228) | 18,236 | 30,335,088 | 1.2% |
Fidelity High Income Central Fund 1 | 45,397,134 | 9,312,921 | 1,938,986 | (7,391) | 327,750 | -- | 0.0% |
Fidelity Industrials Central Fund | 131,422,312 | 13,821,798 | 14,057,441 | (677,931) | (8,570,101) | 121,938,637 | 7.0% |
Fidelity Inflation-Protected Bond Index Central Fund | 105,329,508 | 71,762,525 | 47,971,615 | 183,109 | 2,939,580 | 132,243,107 | 9.6% |
Fidelity Information Technology Central Fund | 346,993,488 | 73,670,051 | 78,397,353 | (6,136,108) | (46,425,526) | 289,704,552 | 6.7% |
Fidelity International Credit Central Fund | 17,721,958 | 12,093,084 | 1,561,471 | 9,556 | 1,448,291 | 29,711,418 | 9.8% |
Fidelity International Equity Central Fund | 317,382,540 | 40,116,311 | 49,216,258 | (4,064,814) | (18,526,175) | 285,691,604 | 11.7% |
Fidelity Investment Grade Bond Central Fund | 770,665,936 | 119,750,243 | 149,909,769 | (2,191,547) | 52,266,282 | 790,581,145 | 3.0% |
Fidelity Materials Central Fund | 34,661,738 | 5,002,536 | 3,310,673 | (368,148) | (5,716,076) | 30,269,377 | 6.9% |
Fidelity Real Estate Equity Central Fund | 13,057,670 | 31,154,114 | 1,346,392 | 15,419 | 3,026,477 | 45,907,288 | 10.1% |
Fidelity Utilities Central Fund | 39,143,517 | 6,321,728 | 4,567,677 | 40,387 | 3,371,462 | 44,309,417 | 6.9% |
$2,712,928,774 | $712,270,218 | $508,758,470 | $(15,730,188) | $(64,923,232) | $2,835,787,102 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $1,809,289,192 | $1,809,289,192 | $-- | $-- |
Fixed-Income Central Funds | 1,026,497,910 | 1,026,497,910 | -- | -- |
Money Market Central Funds | 92,329,511 | 92,329,511 | -- | -- |
Other Short-Term Investments | 5,782,491 | -- | 5,782,491 | -- |
Investment Companies | 162,754,779 | 162,754,779 | -- | -- |
Total Investments in Securities: | $3,096,653,883 | $3,090,871,392 | $5,782,491 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,327,104 | $1,327,104 | $-- | $-- |
Total Assets | $1,327,104 | $1,327,104 | $-- | $-- |
Total Derivative Instruments: | $1,327,104 | $1,327,104 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $1,327,104 | $0 |
Total Equity Risk | 1,327,104 | 0 |
Total Value of Derivatives | $1,327,104 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 76.9% |
United Kingdom | 2.6% |
Cayman Islands | 2.3% |
Japan | 1.8% |
Netherlands | 1.4% |
Germany | 1.4% |
France | 1.4% |
Switzerland | 1.3% |
Canada | 1.2% |
Others (Individually Less Than 1%) | 9.7% |
100.0% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 60%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $45,792,834) — See accompanying schedule: Unaffiliated issuers (cost $158,814,747) | $168,537,270 | |
Fidelity Central Funds (cost $2,514,897,381) | 2,928,116,613 | |
Total Investment in Securities (cost $2,673,712,128) | $3,096,653,883 | |
Foreign currency held at value (cost $3,491) | 3,401 | |
Receivable for investments sold | 1,657,186 | |
Receivable for fund shares sold | 1,233,893 | |
Dividends receivable | 57,771 | |
Distributions receivable from Fidelity Central Funds | 100,127 | |
Prepaid expenses | 5,931 | |
Other receivables | 2,831 | |
Total assets | 3,099,715,023 | |
Liabilities | ||
Payable for investments purchased | $259,911 | |
Payable for fund shares redeemed | 2,689,981 | |
Accrued management fee | 1,364,835 | |
Distribution and service plan fees payable | 104,623 | |
Payable for daily variation margin on futures contracts | 400,950 | |
Other affiliated payables | 404,631 | |
Other payables and accrued expenses | 46,747 | |
Collateral on securities loaned | 46,627,075 | |
Total liabilities | 51,898,753 | |
Net Assets | $3,047,816,270 | |
Net Assets consist of: | ||
Paid in capital | $2,668,063,689 | |
Total accumulated earnings (loss) | 379,752,581 | |
Net Assets | $3,047,816,270 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($128,269,454 ÷ 10,113,158 shares)(a) | $12.68 | |
Maximum offering price per share (100/94.25 of $12.68) | $13.45 | |
Class M: | ||
Net Asset Value and redemption price per share ($49,997,301 ÷ 3,967,178 shares)(a) | $12.60 | |
Maximum offering price per share (100/96.50 of $12.60) | $13.06 | |
Class C: | ||
Net Asset Value and offering price per share ($67,954,584 ÷ 5,469,655 shares)(a) | $12.42 | |
Asset Manager 60%: | ||
Net Asset Value, offering price and redemption price per share ($2,727,092,221 ÷ 213,817,954 shares) | $12.75 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($55,379,193 ÷ 4,339,238 shares) | $12.76 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($19,123,517 ÷ 1,499,022 shares) | $12.76 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $5,755,494 | |
Interest | 94,192 | |
Income from Fidelity Central Funds (including $26,639 from security lending) | 65,046,506 | |
Total income | 70,896,192 | |
Expenses | ||
Management fee | $15,864,140 | |
Transfer agent fees | 3,659,744 | |
Distribution and service plan fees | 1,311,156 | |
Accounting and security lending fees | 1,111,996 | |
Custodian fees and expenses | 14,567 | |
Independent trustees' fees and expenses | 12,653 | |
Registration fees | 159,682 | |
Audit | 69,712 | |
Legal | 22,689 | |
Interest | 830 | |
Miscellaneous | 19,572 | |
Total expenses before reductions | 22,246,741 | |
Expense reductions | (384,528) | |
Total expenses after reductions | 21,862,213 | |
Net investment income (loss) | 49,033,979 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 7,173,237 | |
Fidelity Central Funds | (15,731,321) | |
Foreign currency transactions | (4,832) | |
Futures contracts | (5,177,995) | |
Capital gain distributions from Fidelity Central Funds | 106,300,046 | |
Total net realized gain (loss) | 92,559,135 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (1,521,756) | |
Fidelity Central Funds | (64,923,254) | |
Assets and liabilities in foreign currencies | 4,549 | |
Futures contracts | 3,018,071 | |
Total change in net unrealized appreciation (depreciation) | (63,422,390) | |
Net gain (loss) | 29,136,745 | |
Net increase (decrease) in net assets resulting from operations | $78,170,724 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $49,033,979 | $34,831,760 |
Net realized gain (loss) | 92,559,135 | 87,040,662 |
Change in net unrealized appreciation (depreciation) | (63,422,390) | 46,471,730 |
Net increase (decrease) in net assets resulting from operations | 78,170,724 | 168,344,152 |
Distributions to shareholders | (115,058,389) | – |
Distributions to shareholders from net investment income | – | (23,754,776) |
Distributions to shareholders from net realized gain | – | (36,844,601) |
Total distributions | (115,058,389) | (60,599,377) |
Share transactions - net increase (decrease) | 68,787,056 | 943,430,967 |
Total increase (decrease) in net assets | 31,899,391 | 1,051,175,742 |
Net Assets | ||
Beginning of period | 3,015,916,879 | 1,964,741,137 |
End of period | $3,047,816,270 | $3,015,916,879 |
Other Information | ||
Undistributed net investment income end of period | $24,257,631 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 60% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.92 | $12.42 | $11.24 | $10.60 | $11.53 |
Income from Investment Operations | |||||
Net investment income (loss)A | .17 | .14 | .11 | .14 | .14 |
Net realized and unrealized gain (loss) | .06 | .69 | 1.21 | .90 | (.39) |
Total from investment operations | .23 | .83 | 1.32 | 1.04 | (.25) |
Distributions from net investment income | (.15) | (.11) | (.12) | (.15) | (.12) |
Distributions from net realized gain | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.47) | (.33) | (.14) | (.40) | (.68) |
Net asset value, end of period | $12.68 | $12.92 | $12.42 | $11.24 | $10.60 |
Total ReturnB,C | 2.24% | 6.80% | 11.86% | 10.10% | (2.36)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.02% | 1.02% | 1.03% | 1.03% | 1.04% |
Expenses net of fee waivers, if any | 1.01% | 1.01% | 1.03% | 1.03% | 1.03% |
Expenses net of all reductions | 1.01% | 1.01% | 1.02% | 1.03% | 1.03% |
Net investment income (loss) | 1.40% | 1.12% | .98% | 1.30% | 1.20% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $128,269 | $130,729 | $59,049 | $59,027 | $53,879 |
Portfolio turnover rateF | 39% | 18%G | 18% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 60% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.84 | $12.34 | $11.17 | $10.55 | $11.48 |
Income from Investment Operations | |||||
Net investment income (loss)A | .14 | .11 | .09 | .11 | .11 |
Net realized and unrealized gain (loss) | .06 | .70 | 1.19 | .88 | (.39) |
Total from investment operations | .20 | .81 | 1.28 | .99 | (.28) |
Distributions from net investment income | (.12) | (.08) | (.09) | (.13) | (.09) |
Distributions from net realized gain | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.44) | (.31)B | (.11) | (.37)C | (.65) |
Net asset value, end of period | $12.60 | $12.84 | $12.34 | $11.17 | $10.55 |
Total ReturnD,E | 2.01% | 6.60% | 11.58% | 9.68% | (2.63)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.28% | 1.28% | 1.28% | 1.29% | 1.29% |
Expenses net of fee waivers, if any | 1.25% | 1.26% | 1.28% | 1.29% | 1.29% |
Expenses net of all reductions | 1.25% | 1.26% | 1.27% | 1.28% | 1.28% |
Net investment income (loss) | 1.15% | .87% | .73% | 1.04% | .94% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $49,997 | $55,343 | $20,860 | $16,763 | $16,210 |
Portfolio turnover rateH | 39% | 18%I | 18% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.31 per share is comprised of distributions from net investment income of $.082 and distributions from net realized gain of $.223 per share.
C Total distributions of $.37 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.247 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 60% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.67 | $12.18 | $11.04 | $10.42 | $11.35 |
Income from Investment Operations | |||||
Net investment income (loss)A | .08 | .05 | .03 | .06 | .05 |
Net realized and unrealized gain (loss) | .06 | .69 | 1.17 | .88 | (.38) |
Total from investment operations | .14 | .74 | 1.20 | .94 | (.33) |
Distributions from net investment income | (.07) | (.02) | (.04) | (.08) | (.04) |
Distributions from net realized gain | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.39) | (.25)B | (.06) | (.32)C | (.60) |
Net asset value, end of period | $12.42 | $12.67 | $12.18 | $11.04 | $10.42 |
Total ReturnD,E | 1.47% | 6.09% | 10.94% | 9.27% | (3.08)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.81% | 1.79% | 1.78% | 1.78% | 1.80% |
Expenses net of fee waivers, if any | 1.76% | 1.76% | 1.78% | 1.78% | 1.79% |
Expenses net of all reductions | 1.76% | 1.76% | 1.78% | 1.78% | 1.79% |
Net investment income (loss) | .64% | .37% | .23% | .54% | .44% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $67,955 | $86,887 | $37,384 | $34,037 | $30,147 |
Portfolio turnover rateH | 39% | 18%I | 18% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.25 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.223 per share.
C Total distributions of $.32 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.247 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
I The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 60%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.98 | $12.47 | $11.29 | $10.66 | $11.59 |
Income from Investment Operations | |||||
Net investment income (loss)A | .21 | .18 | .15 | .17 | .17 |
Net realized and unrealized gain (loss) | .06 | .70 | 1.21 | .90 | (.39) |
Total from investment operations | .27 | .88 | 1.36 | 1.07 | (.22) |
Distributions from net investment income | (.18) | (.15) | (.15) | (.19) | (.16) |
Distributions from net realized gain | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.50) | (.37) | (.18)B | (.44) | (.71)C |
Net asset value, end of period | $12.75 | $12.98 | $12.47 | $11.29 | $10.66 |
Total ReturnD | 2.60% | 7.17% | 12.19% | 10.31% | (2.03)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .70% | .70% | .71% | .71% | .72% |
Expenses net of fee waivers, if any | .69% | .70% | .71% | .71% | .72% |
Expenses net of all reductions | .69% | .70% | .71% | .71% | .71% |
Net investment income (loss) | 1.71% | 1.44% | 1.30% | 1.61% | 1.51% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $2,727,092 | $2,679,353 | $1,821,025 | $1,426,502 | $1,275,181 |
Portfolio turnover rateG | 39% | 18%H | 18% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.18 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.022 per share.
C 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.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 60% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $12.99 | $12.48 | $11.30 | $10.66 | $11.59 |
Income from Investment Operations | |||||
Net investment income (loss)A | .21 | .18 | .15 | .17 | .17 |
Net realized and unrealized gain (loss) | .05 | .70 | 1.20 | .90 | (.39) |
Total from investment operations | .26 | .88 | 1.35 | 1.07 | (.22) |
Distributions from net investment income | (.17) | (.14) | (.15) | (.18) | (.15) |
Distributions from net realized gain | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.49) | (.37)B | (.17) | (.43) | (.71) |
Net asset value, end of period | $12.76 | $12.99 | $12.48 | $11.30 | $10.66 |
Total ReturnC | 2.56% | 7.12% | 12.16% | 10.37% | (2.08)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .75% | .75% | .75% | .75% | .76% |
Expenses net of fee waivers, if any | .73% | .74% | .74% | .74% | .76% |
Expenses net of all reductions | .73% | .74% | .74% | .74% | .75% |
Net investment income (loss) | 1.67% | 1.39% | 1.26% | 1.58% | 1.47% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $55,379 | $63,604 | $26,423 | $18,651 | $15,574 |
Portfolio turnover rateF | 39% | 18%G | 18% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.37 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.223 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 60% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $12.97 |
Income from Investment Operations | |
Net investment income (loss)B | .22 |
Net realized and unrealized gain (loss) | .08 |
Total from investment operations | .30 |
Distributions from net investment income | (.19) |
Distributions from net realized gain | (.32) |
Total distributions | (.51) |
Net asset value, end of period | $12.76 |
Total ReturnC,D | 2.86% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .63%G |
Expenses net of fee waivers, if any | .63%G |
Expenses net of all reductions | .63%G |
Net investment income (loss) | 1.77%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $19,124 |
Portfolio turnover rateH | 39% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 70%
Investment Summary (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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 2.3 |
Apple, Inc. | 2.2 |
Alphabet, Inc. Class A | 1.2 |
Amazon.com, Inc. | 1.1 |
Roche Holding AG (participation certificate) | 0.7 |
Facebook, Inc. Class A | 0.6 |
Adobe, Inc. | 0.5 |
Capital One Financial Corp. | 0.5 |
UnitedHealth Group, Inc. | 0.5 |
AstraZeneca PLC (United Kingdom) | 0.5 |
10.1 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 15.2 |
Information Technology | 12.3 |
Health Care | 8.6 |
Consumer Discretionary | 8.1 |
Industrials | 6.6 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 12.5% | |
AAA,AA,A | 2.1% | |
BBB | 5.1% | |
BB and Below | 2.6% | |
Not Rated | 1.6% | |
Equities* | 73.1% | |
Short-Term Investments and Net Other Assets | 3.0% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.6%
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 September 30, 2019 | ||
Stock Class and Equity Futures* | 73.6% | |
Bond Class | 21.8% | |
Short-Term Class | 4.6% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.6%
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 Central and Money Market Funds, was 25.8% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 70%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 69.2% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 6,916,862 | $32,647,589 | |
Fidelity Communication Services Central Fund (a) | 1,043,479 | 214,706,153 | |
Fidelity Consumer Discretionary Central Fund (a) | 753,220 | 259,168,069 | |
Fidelity Consumer Staples Central Fund (a) | 818,467 | 167,998,481 | |
Fidelity Emerging Markets Equity Central Fund (a) | 1,840,328 | 387,591,447 | |
Fidelity Energy Central Fund (a) | 1,084,721 | 105,217,969 | |
Fidelity Financials Central Fund (a) | 4,515,762 | 468,510,330 | |
Fidelity Health Care Central Fund (a) | 843,727 | 345,447,334 | |
Fidelity Industrials Central Fund (a) | 864,135 | 246,122,879 | |
Fidelity Information Technology Central Fund (a) | 1,448,333 | 585,401,625 | |
Fidelity International Equity Central Fund (a) | 7,627,211 | 594,388,542 | |
Fidelity Materials Central Fund (a) | 310,442 | 60,235,086 | |
Fidelity Real Estate Equity Central Fund (a) | 635,189 | 79,036,568 | |
Fidelity Utilities Central Fund (a) | 438,765 | 89,802,096 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $2,432,798,905) | 3,636,274,168 | ||
Fixed-Income Central Funds - 23.5% | |||
High Yield Fixed-Income Funds - 2.4% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 5,378,144 | 50,124,298 | |
Fidelity Floating Rate Central Fund (a) | 252,820 | 25,630,848 | |
Fidelity High Income Central Fund (a) | 470,020 | 52,270,910 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 128,026,056 | ||
Investment Grade Fixed-Income Funds - 21.1% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 2,224,011 | 228,872,976 | |
Fidelity International Credit Central Fund (a) | 489,911 | 51,087,935 | |
Fidelity Investment Grade Bond Central Fund (a) | 7,359,999 | 828,735,842 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 1,108,696,753 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $1,165,362,392) | 1,236,722,809 | ||
Money Market Central Funds - 2.5% | |||
Fidelity Cash Central Fund 1.96% (b) | 93,937,714 | 93,956,502 | |
Fidelity Money Market Central Fund 2.14% (b) | 4,157,358 | 4,157,358 | |
Fidelity Securities Lending Cash Central Fund 1.96% (b)(c) | 33,214,479 | 33,217,800 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $131,331,623) | 131,331,660 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
United States Treasury, yield at date of purchase 1.82% to 2% 11/7/19 to 12/26/19 (d) | |||
(Cost $9,190,999) | 9,220,000 | 9,193,376 | |
Shares | Value | ||
Investment Companies - 5.3% | |||
iShares 20+ Year Treasury Bond ETF | 620,691 | $88,808,468 | |
iShares Core MSCI Emerging Markets ETF | 413,219 | 20,255,995 | |
iShares MSCI Japan ETF (e) | 973,146 | 55,216,304 | |
iShares S&P 500 Index ETF | 386,795 | 115,466,044 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $261,949,934) | 279,746,811 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $4,000,633,853) | 5,293,268,824 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (34,757,547) | ||
NET ASSETS - 100% | $5,258,511,277 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 1,934 | Dec. 2019 | $183,575,280 | $2,112,434 | $2,112,434 |
The notional amount of futures sold as a percentage of Net Assets is 3.5%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $132,108,486.
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,193,376.
(e) Security or a portion of the security is on loan at period end.
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 | $3,335,619 |
Fidelity Commodity Strategy Central Fund | 692,371 |
Fidelity Communication Services Central Fund | 1,398,766 |
Fidelity Consumer Discretionary Central Fund | 10,365,582 |
Fidelity Consumer Staples Central Fund | 16,511,450 |
Fidelity Emerging Markets Debt Central Fund | 1,750,950 |
Fidelity Emerging Markets Equity Central Fund | 16,669,241 |
Fidelity Energy Central Fund | 2,747,757 |
Fidelity Financials Central Fund | 31,299,362 |
Fidelity Floating Rate Central Fund | 2,535,267 |
Fidelity Health Care Central Fund | 22,322,795 |
Fidelity High Income Central Fund | 1,606,986 |
Fidelity High Income Central Fund 1 | 3,557,501 |
Fidelity Industrials Central Fund | 14,485,387 |
Fidelity Inflation-Protected Bond Index Central Fund | 5,371,597 |
Fidelity Information Technology Central Fund | 100,456,916 |
Fidelity International Credit Central Fund | 1,628,181 |
Fidelity International Equity Central Fund | 47,326,335 |
Fidelity Investment Grade Bond Central Fund | 26,302,692 |
Fidelity Materials Central Fund | 6,164,283 |
Fidelity Money Market Central Fund | 103,843 |
Fidelity Real Estate Equity Central Fund | 1,273,651 |
Fidelity Securities Lending Cash Central Fund | 44,690 |
Fidelity Utilities Central Fund | 8,565,072 |
Total | $326,516,294 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $11,109,600 | $27,857,928 | $2,076,787 | $(146,647) | $(4,096,505) | $32,647,589 | 13.9 |
Fidelity Communication Services Central Fund | 53,100,575 | 156,331,238 | 17,576,137 | 664,196 | 22,186,281 | 214,706,153 | 13.0 |
Fidelity Consumer Discretionary Central Fund | 305,835,749 | 21,538,635 | 61,038,403 | 8,292,248 | (15,460,160) | 259,168,069 | 13.8 |
Fidelity Consumer Staples Central Fund | 161,273,817 | 20,245,847 | 16,118,014 | (982,420) | 3,579,251 | 167,998,481 | 13.3 |
Fidelity Emerging Markets Debt Central Fund | 24,101,472 | 29,459,460 | 2,367,390 | (29,297) | (1,039,947) | 50,124,298 | 1.7 |
Fidelity Emerging Markets Equity Central Fund | 170,926,385 | 257,616,095 | 30,531,555 | (1,478,335) | (8,941,143) | 387,591,447 | 21.8 |
Fidelity Energy Central Fund | 157,433,278 | 5,744,019 | 13,102,998 | (1,126,826) | (43,729,504) | 105,217,969 | 13.4 |
Fidelity Financials Central Fund | 487,907,530 | 42,307,266 | 56,782,261 | (2,992,972) | (1,929,233) | 468,510,330 | 14.2 |
Fidelity Floating Rate Central Fund | 50,152,839 | 3,412,556 | 27,050,030 | (672,956) | (211,561) | 25,630,848 | 1.3 |
Fidelity Health Care Central Fund | 425,031,712 | 30,985,403 | 49,291,129 | 3,847,766 | (65,126,418) | 345,447,334 | 13.7 |
Fidelity High Income Central Fund | -- | 1,770,383 | 47,746,443 | (959,089) | (379,781) | 52,270,910 | 2.0 |
Fidelity High Income Central Fund 1 | 81,395,390 | 21,161,403 | 4,021,805 | (13,205) | 1,064,057 | -- | 0.0 |
Fidelity Industrials Central Fund | 273,287,926 | 20,404,156 | 27,480,972 | (1,294,292) | (18,793,939) | 246,122,879 | 14.1 |
Fidelity Inflation-Protected Bond Index Central Fund | 181,866,950 | 136,089,128 | 94,333,909 | 563,872 | 4,686,935 | 228,872,976 | 16.6 |
Fidelity Information Technology Central Fund | 727,665,877 | 137,620,443 | 167,134,616 | (7,469,552) | (105,280,527) | 585,401,625 | 13.6 |
Fidelity International Credit Central Fund | 31,939,898 | 19,296,753 | 2,669,395 | 14,333 | 2,506,346 | 51,087,935 | 16.9 |
Fidelity International Equity Central Fund | 695,253,200 | 61,790,498 | 111,840,730 | 3,225,572 | (54,039,998) | 594,388,542 | 24.4 |
Fidelity Investment Grade Bond Central Fund | 872,914,296 | 143,783,536 | 238,916,965 | (625,697) | 51,580,672 | 828,735,842 | 3.1 |
Fidelity Materials Central Fund | 72,029,991 | 8,101,005 | 7,296,676 | (1,239,973) | (11,359,261) | 60,235,086 | 13.7 |
Fidelity Real Estate Equity Central Fund | 22,824,385 | 53,239,724 | 2,232,938 | 42,794 | 5,162,603 | 79,036,568 | 17.4 |
Fidelity Utilities Central Fund | 82,470,426 | 10,461,595 | 9,914,265 | 340,818 | 6,443,522 | 89,802,096 | 14.0 |
$4,888,521,296 | $1,209,217,071 | $989,523,418 | $(2,039,662) | $(233,178,310) | $4,872,996,977 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $3,636,274,168 | $3,636,274,168 | $-- | $-- |
Fixed-Income Central Funds | 1,236,722,809 | 1,236,722,809 | -- | -- |
Money Market Central Funds | 131,331,660 | 131,331,660 | -- | -- |
Other Short-Term Investments | 9,193,376 | -- | 9,193,376 | -- |
Investment Companies | 279,746,811 | 279,746,811 | -- | -- |
Total Investments in Securities: | $5,293,268,824 | $5,284,075,448 | $9,193,376 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $2,112,434 | $2,112,434 | $-- | $-- |
Total Assets | $2,112,434 | $2,112,434 | $-- | $-- |
Total Derivative Instruments: | $2,112,434 | $2,112,434 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $2,112,434 | $0 |
Total Equity Risk | 2,112,434 | 0 |
Total Value of Derivatives | $2,112,434 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 73.4% |
United Kingdom | 2.9% |
Japan | 2.3% |
Cayman Islands | 2.2% |
Germany | 1.7% |
Switzerland | 1.5% |
France | 1.4% |
Netherlands | 1.4% |
Canada | 1.4% |
Korea (South) | 1.0% |
Others (Individually Less Than 1%) | 10.1% |
99.3% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 70%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $32,636,848) — See accompanying schedule: Unaffiliated issuers (cost $271,140,933) | $288,940,187 | |
Fidelity Central Funds (cost $3,729,492,920) | 5,004,328,637 | |
Total Investment in Securities (cost $4,000,633,853) | $5,293,268,824 | |
Receivable for investments sold | 3,703,622 | |
Receivable for fund shares sold | 946,799 | |
Distributions receivable from Fidelity Central Funds | 194,843 | |
Prepaid expenses | 10,294 | |
Other receivables | 45,277 | |
Total assets | 5,298,169,659 | |
Liabilities | ||
Payable for investments purchased | $3,121 | |
Payable for fund shares redeemed | 2,619,504 | |
Accrued management fee | 2,360,203 | |
Distribution and service plan fees payable | 96,862 | |
Payable for daily variation margin on futures contracts | 638,220 | |
Other affiliated payables | 649,969 | |
Other payables and accrued expenses | 72,703 | |
Collateral on securities loaned | 33,217,800 | |
Total liabilities | 39,658,382 | |
Net Assets | $5,258,511,277 | |
Net Assets consist of: | ||
Paid in capital | $4,218,536,608 | |
Total accumulated earnings (loss) | 1,039,974,669 | |
Net Assets | $5,258,511,277 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($166,279,574 ÷ 7,487,743 shares)(a) | $22.21 | |
Maximum offering price per share (100/94.25 of $22.21) | $23.56 | |
Class M: | ||
Net Asset Value and redemption price per share ($63,063,860 ÷ 2,841,900 shares)(a) | $22.19 | |
Maximum offering price per share (100/96.50 of $22.19) | $22.99 | |
Class C: | ||
Net Asset Value and offering price per share ($42,546,887 ÷ 1,931,202 shares)(a) | $22.03 | |
Asset Manager 70%: | ||
Net Asset Value, offering price and redemption price per share ($4,893,270,382 ÷ 219,765,629 shares) | $22.27 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($68,474,524 ÷ 3,074,665 shares) | $22.27 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($24,876,050 ÷ 1,117,697 shares) | $22.26 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $10,467,232 | |
Interest | 167,193 | |
Income from Fidelity Central Funds (including $44,690 from security lending) | 105,537,598 | |
Total income | 116,172,023 | |
Expenses | ||
Management fee | $27,744,301 | |
Transfer agent fees | 6,372,728 | |
Distribution and service plan fees | 1,183,588 | |
Accounting and security lending fees | 1,374,766 | |
Custodian fees and expenses | 5,473 | |
Independent trustees' fees and expenses | 22,266 | |
Registration fees | 139,192 | |
Audit | 40,130 | |
Legal | 7,350 | |
Interest | 3,162 | |
Miscellaneous | 35,203 | |
Total expenses before reductions | 36,928,159 | |
Expense reductions | (80,129) | |
Total expenses after reductions | 36,848,030 | |
Net investment income (loss) | 79,323,993 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 16,976,628 | |
Fidelity Central Funds | (2,039,577) | |
Futures contracts | (10,330,904) | |
Capital gain distributions from Fidelity Central Funds | 220,978,696 | |
Total net realized gain (loss) | 225,584,843 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (8,044,324) | |
Fidelity Central Funds | (233,178,658) | |
Futures contracts | 5,364,025 | |
Total change in net unrealized appreciation (depreciation) | (235,858,957) | |
Net gain (loss) | (10,274,114) | |
Net increase (decrease) in net assets resulting from operations | $69,049,879 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $79,323,993 | $67,833,889 |
Net realized gain (loss) | 225,584,843 | 262,073,124 |
Change in net unrealized appreciation (depreciation) | (235,858,957) | 102,893,743 |
Net increase (decrease) in net assets resulting from operations | 69,049,879 | 432,800,756 |
Distributions to shareholders | (282,804,003) | – |
Distributions to shareholders from net investment income | – | (57,952,371) |
Distributions to shareholders from net realized gain | – | (140,405,094) |
Total distributions | (282,804,003) | (198,357,465) |
Share transactions - net increase (decrease) | 28,857,702 | 196,852,504 |
Total increase (decrease) in net assets | (184,896,422) | 431,295,795 |
Net Assets | ||
Beginning of period | 5,443,407,699 | 5,012,111,904 |
End of period | $5,258,511,277 | $5,443,407,699 |
Other Information | ||
Undistributed net investment income end of period | $43,827,955 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 70% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $23.27 | $22.26 | $19.78 | $18.84 | $21.24 |
Income from Investment Operations | |||||
Net investment income (loss)A | .27 | .23 | .19 | .22 | .22 |
Net realized and unrealized gain (loss) | (.17) | 1.59 | 2.53 | 1.70 | (.80) |
Total from investment operations | .10 | 1.82 | 2.72 | 1.92 | (.58) |
Distributions from net investment income | (.25) | (.19) | (.20) | (.25) | (.22) |
Distributions from net realized gain | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.16) | (.81) | (.24) | (.98) | (1.82) |
Net asset value, end of period | $22.21 | $23.27 | $22.26 | $19.78 | $18.84 |
Total ReturnB,C | 1.16% | 8.31% | 13.89% | 10.57% | (2.96)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | 1.00% | 1.00% | 1.02% | 1.02% | 1.03% |
Expenses net of fee waivers, if any | 1.00% | 1.00% | 1.01% | 1.02% | 1.03% |
Expenses net of all reductions | 1.00% | 1.00% | 1.01% | 1.02% | 1.02% |
Net investment income (loss) | 1.25% | .99% | .90% | 1.17% | 1.07% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $166,280 | $155,622 | $146,562 | $146,585 | $134,849 |
Portfolio turnover rateF | 41% | 21% | 19% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the sales charges.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 70% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $23.24 | $22.25 | $19.77 | $18.82 | $21.22 |
Income from Investment Operations | |||||
Net investment income (loss)A | .22 | .17 | .13 | .17 | .17 |
Net realized and unrealized gain (loss) | (.17) | 1.58 | 2.54 | 1.70 | (.80) |
Total from investment operations | .05 | 1.75 | 2.67 | 1.87 | (.63) |
Distributions from net investment income | (.19) | (.14) | (.15) | (.20) | (.16) |
Distributions from net realized gain | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.10) | (.76) | (.19) | (.92)B | (1.77)C |
Net asset value, end of period | $22.19 | $23.24 | $22.25 | $19.77 | $18.82 |
Total ReturnD,E | .90% | 7.99% | 13.63% | 10.31% | (3.25)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.24% | 1.25% | 1.27% | 1.28% | 1.29% |
Expenses net of fee waivers, if any | 1.24% | 1.25% | 1.27% | 1.28% | 1.28% |
Expenses net of all reductions | 1.24% | 1.25% | 1.27% | 1.28% | 1.28% |
Net investment income (loss) | 1.01% | .74% | .64% | .91% | .81% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $63,064 | $61,587 | $53,245 | $48,149 | $46,685 |
Portfolio turnover rateH | 41% | 21% | 19% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.92 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.726 per share.
C 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.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 70% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $23.06 | $22.08 | $19.63 | $18.69 | $21.08 |
Income from Investment Operations | |||||
Net investment income (loss)A | .11 | .05 | .03 | .08 | .06 |
Net realized and unrealized gain (loss) | (.15) | 1.57 | 2.51 | 1.69 | (.78) |
Total from investment operations | (.04) | 1.62 | 2.54 | 1.77 | (.72) |
Distributions from net investment income | (.07) | (.03) | (.05) | (.10) | (.07) |
Distributions from net realized gain | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (.99)B | (.64)C | (.09) | (.83) | (1.67) |
Net asset value, end of period | $22.03 | $23.06 | $22.08 | $19.63 | $18.69 |
Total ReturnD,E | .42% | 7.46% | 13.00% | 9.78% | (3.69)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.75% | 1.75% | 1.77% | 1.78% | 1.79% |
Expenses net of fee waivers, if any | 1.75% | 1.75% | 1.77% | 1.78% | 1.78%�� |
Expenses net of all reductions | 1.75% | 1.75% | 1.77% | 1.78% | 1.78% |
Net investment income (loss) | .50% | .24% | .14% | .41% | .32% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $42,547 | $63,398 | $59,046 | $56,605 | $52,860 |
Portfolio turnover rateH | 41% | 21% | 19% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.99 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $.914 per share.
C Total distributions of $.64 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.615 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 70%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $23.33 | $22.33 | $19.84 | $18.89 | $21.30 |
Income from Investment Operations | |||||
Net investment income (loss)A | .34 | .30 | .25 | .28 | .28 |
Net realized and unrealized gain (loss) | (.17) | 1.58 | 2.54 | 1.71 | (.80) |
Total from investment operations | .17 | 1.88 | 2.79 | 1.99 | (.52) |
Distributions from net investment income | (.31) | (.26) | (.26) | (.31) | (.28) |
Distributions from net realized gain | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.23)B | (.88) | (.30) | (1.04) | (1.89)C |
Net asset value, end of period | $22.27 | $23.33 | $22.33 | $19.84 | $18.89 |
Total ReturnD | 1.51% | 8.57% | 14.25% | 10.97% | (2.69)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .69% | .69% | .71% | .72% | .72% |
Expenses net of fee waivers, if any | .69% | .69% | .71% | .71% | .72% |
Expenses net of all reductions | .69% | .69% | .70% | .71% | .71% |
Net investment income (loss) | 1.56% | 1.30% | 1.20% | 1.48% | 1.38% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $4,893,270 | $5,088,118 | $4,673,798 | $3,996,905 | $3,745,336 |
Portfolio turnover rateG | 41% | 21% | 19% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.23 per share is comprised of distributions from net investment income of $.314 and distributions from net realized gain of $.914 per share.
C 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.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 70% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $23.33 | $22.33 | $19.85 | $18.90 | $21.31 |
Income from Investment Operations | |||||
Net investment income (loss)A | .33 | .29 | .24 | .28 | .27 |
Net realized and unrealized gain (loss) | (.17) | 1.58 | 2.54 | 1.70 | (.80) |
Total from investment operations | .16 | 1.87 | 2.78 | 1.98 | (.53) |
Distributions from net investment income | (.30) | (.25) | (.26) | (.30) | (.27) |
Distributions from net realized gain | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.22)B | (.87) | (.30) | (1.03) | (1.88)C |
Net asset value, end of period | $22.27 | $23.33 | $22.33 | $19.85 | $18.90 |
Total ReturnD | 1.46% | 8.53% | 14.22% | 10.92% | (2.73)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .72% | .72% | .74% | .74% | .76% |
Expenses net of fee waivers, if any | .72% | .72% | .74% | .74% | .76% |
Expenses net of all reductions | .72% | .72% | .73% | .74% | .75% |
Net investment income (loss) | 1.53% | 1.27% | 1.17% | 1.45% | 1.34% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $68,475 | $74,682 | $79,461 | $42,321 | $42,581 |
Portfolio turnover rateG | 41% | 21% | 19% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.22 per share is comprised of distributions from net investment income of $.304 and distributions from net realized gain of $.914 per share.
C 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.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 70% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $23.29 |
Income from Investment Operations | |
Net investment income (loss)B | .35 |
Net realized and unrealized gain (loss) | (.13) |
Total from investment operations | .22 |
Distributions from net investment income | (.34) |
Distributions from net realized gain | (.91) |
Total distributions | (1.25) |
Net asset value, end of period | $22.26 |
Total ReturnC,D | 1.78% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .62%G |
Expenses net of fee waivers, if any | .61%G |
Expenses net of all reductions | .61%G |
Net investment income (loss) | 1.64%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $24,876 |
Portfolio turnover rateH | 41% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 85%
Investment Summary (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 September 30, 2019
% of fund's net assets | |
Microsoft Corp. | 2.7 |
Apple, Inc. | 2.6 |
Alphabet, Inc. Class A | 1.4 |
Amazon.com, Inc. | 1.2 |
Facebook, Inc. Class A | 0.8 |
Roche Holding AG (participation certificate) | 0.7 |
Adobe, Inc. | 0.6 |
Capital One Financial Corp. | 0.6 |
AstraZeneca PLC (United Kingdom) | 0.6 |
UnitedHealth Group, Inc. | 0.6 |
11.8 |
Top Five Market Sectors as of September 30, 2019
% of fund's net assets | |
Financials | 15.0 |
Information Technology | 14.3 |
Health Care | 9.7 |
Consumer Discretionary | 9.0 |
Industrials | 7.7 |
Quality Diversification (% of fund's net assets)
As of September 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 7.6% | |
AAA,AA,A | 1.0% | |
BBB | 2.6% | |
BB and Below | 2.2% | |
Not Rated | 0.1% | |
Equities* | 85.7% | |
Short-Term Investments and Net Other Assets | 0.8% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.7%
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 September 30, 2019 | ||
Stock Class and Equity Futures* | 87.2% | |
Bond Class | 13.2% | |
Short-Term Class** | (0.4)% |
* Includes investment in Fidelity® Commodity Strategy Central Fund of 0.7%
** Not included in the pie chart
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 Central and Money Market Funds, was 28.2% of net assets.
Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.
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 institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 85%
Schedule of Investments September 30, 2019
Showing Percentage of Net Assets
Equity Central Funds - 80.2% | |||
Shares | Value | ||
Fidelity Commodity Strategy Central Fund (a) | 3,815,743 | $18,010,309 | |
Fidelity Communication Services Central Fund (a) | 588,775 | 121,146,428 | |
Fidelity Consumer Discretionary Central Fund (a) | 423,887 | 145,851,157 | |
Fidelity Consumer Staples Central Fund (a) | 462,399 | 94,912,045 | |
Fidelity Emerging Markets Equity Central Fund (a) | 993,581 | 209,258,176 | |
Fidelity Energy Central Fund (a) | 609,395 | 59,111,288 | |
Fidelity Financials Central Fund (a) | 2,549,213 | 264,480,828 | |
Fidelity Health Care Central Fund (a) | 477,186 | 195,374,361 | |
Fidelity Industrials Central Fund (a) | 484,989 | 138,134,573 | |
Fidelity Information Technology Central Fund (a) | 818,322 | 330,757,551 | |
Fidelity International Equity Central Fund (a) | 4,334,369 | 337,777,369 | |
Fidelity Materials Central Fund (a) | 175,493 | 34,050,837 | |
Fidelity Real Estate Equity Central Fund (a) | 306,833 | 38,179,205 | |
Fidelity Utilities Central Fund (a) | 248,469 | 50,854,081 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $1,474,141,058) | 2,037,898,208 | ||
Fixed-Income Central Funds - 14.0% | |||
High Yield Fixed-Income Funds - 2.4% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 2,574,979 | 23,998,807 | |
Fidelity Floating Rate Central Fund (a) | 121,847 | 12,352,802 | |
Fidelity High Income Central Fund (a) | 225,853 | 25,117,089 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 61,468,698 | ||
Investment Grade Fixed-Income Funds - 11.6% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 1,006,238 | 103,551,980 | |
Fidelity International Credit Central Fund (a) | 240,408 | 25,069,783 | |
Fidelity Investment Grade Bond Central Fund (a) | 1,478,308 | 166,457,516 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 295,079,279 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $346,539,239) | 356,547,977 | ||
Money Market Central Funds - 1.1% | |||
Fidelity Cash Central Fund 1.96% (b) | 68,510 | 68,523 | |
Fidelity Securities Lending Cash Central Fund 1.96% (b)(c) | 27,295,695 | 27,298,425 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $27,366,948) | 27,366,948 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
United States Treasury, yield at date of purchase 1.95% to 2.09% 10/17/19 to 12/5/19 (d) | |||
(Cost $6,087,253) | 6,100,000 | 6,088,630 | |
Shares | Value | ||
Investment Companies - 5.6% | |||
iShares 20+ Year Treasury Bond ETF | 258,075 | $36,925,371 | |
iShares Core MSCI Emerging Markets ETF | 283,249 | 13,884,866 | |
iShares MSCI Japan ETF (e) | 472,757 | 26,824,232 | |
iShares S&P 500 Index ETF | 211,491 | 63,134,295 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $131,957,763) | 140,768,764 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $1,986,092,261) | 2,568,670,527 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (27,663,207) | ||
NET ASSETS - 100% | $2,541,007,320 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 435 | Dec. 2019 | $64,782,375 | $(768,176) | $(768,176) |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 673 | Dec. 2019 | 63,881,160 | 735,072 | 735,072 |
TOTAL FUTURES CONTRACTS | $(33,104) |
The notional amount of futures purchased as a percentage of Net Assets is 2.5%
The notional amount of futures sold as a percentage of Net Assets is 2.5%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $106,736,279.
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,088,630.
(e) Security or a portion of the security is on loan at period end.
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 | $1,500,474 |
Fidelity Commodity Strategy Central Fund | 380,751 |
Fidelity Communication Services Central Fund | 805,541 |
Fidelity Consumer Discretionary Central Fund | 6,039,843 |
Fidelity Consumer Staples Central Fund | 9,630,830 |
Fidelity Emerging Markets Debt Central Fund | 639,554 |
Fidelity Emerging Markets Equity Central Fund | 9,851,532 |
Fidelity Energy Central Fund | 1,562,469 |
Fidelity Financials Central Fund | 18,197,632 |
Fidelity Floating Rate Central Fund | 1,322,808 |
Fidelity Health Care Central Fund | 13,041,666 |
Fidelity High Income Central Fund | 718,690 |
Fidelity High Income Central Fund 1 | 812,132 |
Fidelity Industrials Central Fund | 8,408,861 |
Fidelity Inflation-Protected Bond Index Central Fund | 2,265,483 |
Fidelity Information Technology Central Fund | 58,846,107 |
Fidelity International Credit Central Fund | 784,581 |
Fidelity International Equity Central Fund | 23,432,975 |
Fidelity Investment Grade Bond Central Fund | 3,859,291 |
Fidelity Materials Central Fund | 3,611,915 |
Fidelity Real Estate Equity Central Fund | 623,399 |
Fidelity Securities Lending Cash Central Fund | 19,644 |
Fidelity Utilities Central Fund | 4,995,095 |
Total | $171,351,273 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $5,254,334 | $16,438,640 | $1,328,554 | $(67,882) | $(2,286,229) | $18,010,309 | 7.7 |
Fidelity Communication Services Central Fund | 31,246,126 | 94,226,729 | 17,056,829 | 101,503 | 12,628,899 | 121,146,428 | 7.3 |
Fidelity Consumer Discretionary Central Fund | 179,272,265 | 15,836,426 | 44,139,766 | 743,348 | (5,861,116) | 145,851,157 | 7.8 |
Fidelity Consumer Staples Central Fund | 94,149,069 | 14,712,693 | 14,830,290 | (1,280,546) | 2,161,119 | 94,912,045 | 7.5 |
Fidelity Emerging Markets Debt Central Fund | 33,110 | 25,296,560 | 956,701 | (11,755) | (362,407) | 23,998,807 | 0.8 |
Fidelity Emerging Markets Equity Central Fund | 100,814,435 | 132,097,797 | 18,473,932 | (1,056,570) | (4,123,554) | 209,258,176 | 11.8 |
Fidelity Energy Central Fund | 91,590,211 | 5,650,785 | 11,925,593 | (1,833,450) | (24,370,665) | 59,111,288 | 7.5 |
Fidelity Financials Central Fund | 284,577,379 | 33,132,066 | 49,211,991 | (3,327,600) | (689,026) | 264,480,828 | 8.0 |
Fidelity Floating Rate Central Fund | 26,312,498 | 2,218,522 | 15,718,347 | (204,087) | (255,784) | 12,352,802 | 0.6 |
Fidelity Health Care Central Fund | 247,033,881 | 24,868,826 | 40,631,591 | 653,904 | (36,550,659) | 195,374,361 | 7.7 |
Fidelity High Income Central Fund | -- | 875,347 | 13,795,828 | 126,716 | 769,419 | 25,117,089 | 1.0 |
Fidelity High Income Central Fund 1 | -- | 38,046,078 | 898,587 | (6,056) | -- | -- | 0.0 |
Fidelity Industrials Central Fund | 159,657,163 | 16,446,238 | 25,225,404 | (2,252,308) | (10,491,116) | 138,134,573 | 7.9 |
Fidelity Inflation-Protected Bond Index Central Fund | 75,609,661 | 85,817,657 | 60,508,880 | (174,595) | 2,808,137 | 103,551,980 | 7.5 |
Fidelity Information Technology Central Fund | 422,098,333 | 91,453,026 | 113,915,903 | (8,588,974) | (60,288,931) | 330,757,551 | 7.7 |
Fidelity International Credit Central Fund | 15,311,785 | 9,996,944 | 1,481,373 | 11,239 | 1,231,188 | 25,069,783 | 8.3 |
Fidelity International Equity Central Fund | 326,025,765 | 111,922,100 | 76,813,976 | (156,324) | (23,200,196) | 337,777,369 | 13.9 |
Fidelity Investment Grade Bond Central Fund | 194,762,946 | 102,406,866 | 136,673,898 | (2,354,248) | 8,315,850 | 166,457,516 | 0.6 |
Fidelity Materials Central Fund | 42,176,748 | 5,983,089 | 6,610,558 | (1,274,790) | (6,223,652) | 34,050,837 | 7.7 |
Fidelity Real Estate Equity Central Fund | 11,209,439 | 25,733,781 | 1,315,260 | 17,039 | 2,534,206 | 38,179,205 | 8.4 |
Fidelity Utilities Central Fund | 48,158,744 | 7,571,358 | 8,523,582 | (46,151) | 3,693,712 | 50,854,081 | 7.9 |
$2,355,293,892 | $860,731,528 | $660,036,843 | $(20,981,587) | $(140,560,805) | $2,394,446,185 |
(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equity Central Funds | $2,037,898,208 | $2,037,898,208 | $-- | $-- |
Fixed-Income Central Funds | 356,547,977 | 356,547,977 | -- | -- |
Money Market Central Funds | 27,366,948 | 27,366,948 | -- | -- |
Other Short-Term Investments | 6,088,630 | -- | 6,088,630 | -- |
Investment Companies | 140,768,764 | 140,768,764 | -- | -- |
Total Investments in Securities: | $2,568,670,527 | $2,562,581,897 | $6,088,630 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $735,072 | $735,072 | $-- | $-- |
Total Assets | $735,072 | $735,072 | $-- | $-- |
Liabilities | ||||
Futures Contracts | $(768,176) | $(768,176) | $-- | $-- |
Total Liabilities | $(768,176) | $(768,176) | $-- | $-- |
Total Derivative Instruments: | $(33,104) | $(33,104) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $735,072 | $(768,176) |
Total Equity Risk | 735,072 | (768,176) |
Total Value of Derivatives | $735,072 | $(768,176) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 70.8% |
United Kingdom | 3.0% |
Japan | 2.6% |
Cayman Islands | 2.3% |
Germany | 1.8% |
Switzerland | 1.7% |
France | 1.7% |
Netherlands | 1.6% |
Canada | 1.4% |
Korea (South) | 1.1% |
Others (Individually Less Than 1%) | 11.0% |
99.0% |
The information in the above 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager® 85%
Financial Statements
Statement of Assets and Liabilities
September 30, 2019 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $26,820,998) — See accompanying schedule: Unaffiliated issuers (cost $138,045,016) | $146,857,394 | |
Fidelity Central Funds (cost $1,848,047,245) | 2,421,813,133 | |
Total Investment in Securities (cost $1,986,092,261) | $2,568,670,527 | |
Receivable for investments sold | 6,176,884 | |
Receivable for fund shares sold | 684,987 | |
Distributions receivable from Fidelity Central Funds | 19,816 | |
Receivable for daily variation margin on futures contracts | 97,635 | |
Prepaid expenses | 5,015 | |
Total assets | 2,575,654,864 | |
Liabilities | ||
Payable for investments purchased | $6,795 | |
Payable for fund shares redeemed | 5,737,795 | |
Accrued management fee | 1,145,506 | |
Distribution and service plan fees payable | 74,831 | |
Other affiliated payables | 347,718 | |
Other payables and accrued expenses | 36,474 | |
Collateral on securities loaned | 27,298,425 | |
Total liabilities | 34,647,544 | |
Net Assets | $2,541,007,320 | |
Net Assets consist of: | ||
Paid in capital | $2,043,503,249 | |
Total accumulated earnings (loss) | 497,504,071 | |
Net Assets | $2,541,007,320 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($125,168,171 ÷ 6,485,043 shares)(a) | $19.30 | |
Maximum offering price per share (100/94.25 of $19.30) | $20.48 | |
Class M: | ||
Net Asset Value and redemption price per share ($33,610,733 ÷ 1,753,373 shares)(a) | $19.17 | |
Maximum offering price per share (100/96.50 of $19.17) | $19.87 | |
Class C: | ||
Net Asset Value and offering price per share ($40,908,821 ÷ 2,162,460 shares)(a) | $18.92 | |
Asset Manager 85%: | ||
Net Asset Value, offering price and redemption price per share ($2,278,919,267 ÷ 116,855,605 shares) | $19.50 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($39,114,639 ÷ 2,011,168 shares) | $19.45 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($23,285,689 ÷ 1,198,653 shares) | $19.43 |
(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.
Statement of Operations
Year ended September 30, 2019 | ||
Investment Income | ||
Dividends | $5,234,846 | |
Interest | 124,059 | |
Income from Fidelity Central Funds (including $19,644 from security lending) | 46,188,961 | |
Total income | 51,547,866 | |
Expenses | ||
Management fee | $13,383,891 | |
Transfer agent fees | 3,385,459 | |
Distribution and service plan fees | 883,271 | |
Accounting and security lending fees | 742,187 | |
Custodian fees and expenses | 3,923 | |
Independent trustees' fees and expenses | 10,717 | |
Registration fees | 144,180 | |
Audit | 40,130 | |
Legal | 3,253 | |
Miscellaneous | 16,680 | |
Total expenses before reductions | 18,613,691 | |
Expense reductions | (45,226) | |
Total expenses after reductions | 18,568,465 | |
Net investment income (loss) | 32,979,401 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,408,937 | |
Fidelity Central Funds | (20,981,464) | |
Futures contracts | 5,264,172 | |
Capital gain distributions from Fidelity Central Funds | 125,162,312 | |
Total net realized gain (loss) | 113,853,957 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (4,178,957) | |
Fidelity Central Funds | (140,560,805) | |
Futures contracts | 140,400 | |
Total change in net unrealized appreciation (depreciation) | (144,599,362) | |
Net gain (loss) | (30,745,405) | |
Net increase (decrease) in net assets resulting from operations | $2,233,996 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended September 30, 2019 | Year ended September 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $32,979,401 | $25,586,001 |
Net realized gain (loss) | 113,853,957 | 124,346,021 |
Change in net unrealized appreciation (depreciation) | (144,599,362) | 79,442,438 |
Net increase (decrease) in net assets resulting from operations | 2,233,996 | 229,374,460 |
Distributions to shareholders | (118,486,707) | – |
Distributions to shareholders from net investment income | – | (20,443,842) |
Distributions to shareholders from net realized gain | – | (50,072,977) |
Total distributions | (118,486,707) | (70,516,819) |
Share transactions - net increase (decrease) | 28,013,859 | 437,635,381 |
Total increase (decrease) in net assets | (88,238,852) | 596,493,022 |
Net Assets | ||
Beginning of period | 2,629,246,172 | 2,032,753,150 |
End of period | $2,541,007,320 | $2,629,246,172 |
Other Information | ||
Undistributed net investment income end of period | $16,436,696 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 85% Class A
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.36 | $19.02 | $16.45 | $15.42 | $17.64 |
Income from Investment Operations | |||||
Net investment income (loss)A | .20 | .16 | .13 | .14 | .14 |
Net realized and unrealized gain (loss) | (.37) | 1.77 | 2.61 | 1.59 | (.77) |
Total from investment operations | (.17) | 1.93 | 2.74 | 1.73 | (.63) |
Distributions from net investment income | (.17) | (.14) | (.13) | (.17) | (.17) |
Distributions from net realized gain | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (.89) | (.59) | (.17)B | (.70) | (1.59)C |
Net asset value, end of period | $19.30 | $20.36 | $19.02 | $16.45 | $15.42 |
Total ReturnD,E | (.11)% | 10.29% | 16.83% | 11.62% | (3.86)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.01% | 1.02% | 1.04% | 1.05% | 1.05% |
Expenses net of fee waivers, if any | 1.01% | 1.02% | 1.04% | 1.05% | 1.05% |
Expenses net of all reductions | 1.01% | 1.02% | 1.03% | 1.05% | 1.04% |
Net investment income (loss) | 1.06% | .80% | .74% | .90% | .85% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $125,168 | $115,447 | $92,868 | $78,147 | $66,006 |
Portfolio turnover rateH | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.17 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.047 per share.
C 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.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 85% Class M
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.22 | $18.91 | $16.34 | $15.32 | $17.56 |
Income from Investment Operations | |||||
Net investment income (loss)A | .15 | .10 | .08 | .10 | .10 |
Net realized and unrealized gain (loss) | (.36) | 1.75 | 2.61 | 1.58 | (.78) |
Total from investment operations | (.21) | 1.85 | 2.69 | 1.68 | (.68) |
Distributions from net investment income | (.13) | (.09) | (.07) | (.13) | (.13) |
Distributions from net realized gain | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (.84)B | (.54) | (.12) | (.66) | (1.56) |
Net asset value, end of period | $19.17 | $20.22 | $18.91 | $16.34 | $15.32 |
Total ReturnC,D | (.35)% | 9.94% | 16.54% | 11.31% | (4.21)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.27% | 1.29% | 1.31% | 1.32% | 1.33% |
Expenses net of fee waivers, if any | 1.27% | 1.29% | 1.31% | 1.32% | 1.33% |
Expenses net of all reductions | 1.27% | 1.29% | 1.31% | 1.32% | 1.32% |
Net investment income (loss) | .80% | .53% | .46% | .63% | .57% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $33,611 | $31,371 | $24,207 | $19,582 | $18,991 |
Portfolio turnover rateG | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.84 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.715 per share.
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 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 85% Class C
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.95 | $18.65 | $16.14 | $15.14 | $17.37 |
Income from Investment Operations | |||||
Net investment income (loss)A | .06 | .01 | –B | .02 | .02 |
Net realized and unrealized gain (loss) | (.35) | 1.74 | 2.56 | 1.57 | (.76) |
Total from investment operations | (.29) | 1.75 | 2.56 | 1.59 | (.74) |
Distributions from net investment income | (.02) | –B | (.01) | (.06) | (.06) |
Distributions from net realized gain | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (.74) | (.45) | (.05)C | (.59) | (1.49) |
Net asset value, end of period | $18.92 | $19.95 | $18.65 | $16.14 | $15.14 |
Total ReturnD,E | (.88)% | 9.51% | 15.94% | 10.80% | (4.62)% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.77% | 1.77% | 1.79% | 1.80% | 1.81% |
Expenses net of fee waivers, if any | 1.77% | 1.77% | 1.79% | 1.80% | 1.81% |
Expenses net of all reductions | 1.77% | 1.77% | 1.78% | 1.80% | 1.80% |
Net investment income (loss) | .30% | .05% | (.01)% | .15% | .10% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $40,909 | $50,588 | $44,313 | $38,916 | $34,590 |
Portfolio turnover rateH | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 per share.
C Total distributions of $.05 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.047 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the contingent deferred sales charge.
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 .005% to .06%.
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 does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 85%
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.56 | $19.20 | $16.60 | $15.56 | $17.79 |
Income from Investment Operations | |||||
Net investment income (loss)A | .26 | .22 | .19 | .19 | .20 |
Net realized and unrealized gain (loss) | (.38) | 1.78 | 2.63 | 1.60 | (.78) |
Total from investment operations | (.12) | 2.00 | 2.82 | 1.79 | (.58) |
Distributions from net investment income | (.23) | (.19) | (.17) | (.22) | (.23) |
Distributions from net realized gain | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (.94)B | (.64) | (.22) | (.75) | (1.65)C |
Net asset value, end of period | $19.50 | $20.56 | $19.20 | $16.60 | $15.56 |
Total ReturnD | .21% | 10.62% | 17.20% | 11.92% | (3.54)% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .71% | .71% | .73% | .74% | .75% |
Expenses net of fee waivers, if any | .71% | .71% | .73% | .74% | .75% |
Expenses net of all reductions | .71% | .71% | .73% | .74% | .74% |
Net investment income (loss) | 1.36% | 1.11% | 1.05% | 1.21% | 1.16% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $2,278,919 | $2,377,705 | $1,832,601 | $1,454,033 | $1,350,006 |
Portfolio turnover rateG | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.94 per share is comprised of distributions from net investment income of $.228 and distributions from net realized gain of $.715 per share.
C 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.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 85% Class I
Years ended September 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.50 | $19.15 | $16.55 | $15.51 | $17.74 |
Income from Investment Operations | |||||
Net investment income (loss)A | .25 | .21 | .18 | .19 | .19 |
Net realized and unrealized gain (loss) | (.37) | 1.78 | 2.63 | 1.60 | (.76) |
Total from investment operations | (.12) | 1.99 | 2.81 | 1.79 | (.57) |
Distributions from net investment income | (.21) | (.19) | (.16) | (.21) | (.23) |
Distributions from net realized gain | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (.93) | (.64) | (.21) | (.75)B | (1.66) |
Net asset value, end of period | $19.45 | $20.50 | $19.15 | $16.55 | $15.51 |
Total ReturnC | .15% | 10.58% | 17.16% | 11.93% | (3.52)% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .74% | .75% | .76% | .75% | .76% |
Expenses net of fee waivers, if any | .74% | .75% | .76% | .75% | .76% |
Expenses net of all reductions | .74% | .75% | .75% | .75% | .75% |
Net investment income (loss) | 1.33% | 1.07% | 1.02% | 1.20% | 1.15% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $39,115 | $54,135 | $38,765 | $40,747 | $38,697 |
Portfolio turnover rateF | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.75 per share is comprised of distributions from net investment income of $.214 and distributions from net realized gain of $.533 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .005% to .06%.
E 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.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Asset Manager 85% Class Z
Year ended September 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $20.45 |
Income from Investment Operations | |
Net investment income (loss)B | .27 |
Net realized and unrealized gain (loss) | (.32) |
Total from investment operations | (.05) |
Distributions from net investment income | (.25) |
Distributions from net realized gain | (.72) |
Total distributions | (.97) |
Net asset value, end of period | $19.43 |
Total ReturnC,D | .54% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | .62%G |
Expenses net of fee waivers, if any | .62%G |
Expenses net of all reductions | .62%G |
Net investment income (loss) | 1.45%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $23,286 |
Portfolio turnover rateH | 47% |
A For the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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 .005% to .06%.
F 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.
G Annualized.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended September 30, 2019
1. Organization.
Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85% (the Funds) are funds of Fidelity Charles Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers Class A, Class M, Class C, Asset Manager, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund commenced sale of Class Z shares on October 2, 2018. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.
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 non-money market Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Commodity Strategy Central Fund | Geode Capital Management, LLC (Geode) | Seeks to provide investment returns that correspond to the performance of the commodities market. | Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands Futures | .02% |
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 Restricted Securities | Less than .005% 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 Restricted Securities | Less than .005% |
Fidelity Emerging Markets Equity Central Fund | FMRC | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Foreign Securities Futures | .06% |
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 | .01% |
Fidelity High Income Central Fund | 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 .005% |
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 .005% | |
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 .005% |
Fidelity International Credit Central Fund | FMRC | Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts. | Foreign Securities Futures Options Restricted Securities Swaps Forward Foreign Currency Contracts | .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. | Short-term Investments | Less than .005% to .01% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
An unaudited holdings listing for 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 institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (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, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 Fair Value Committee (the Committee) established by each Fund's investment adviser. 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 each 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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing 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 September 30, 2019, is included at the end of each Fund's Schedule of Investments.
Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
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) certain Funds, certain independent Trustees have elected 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 each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
Fidelity Asset Manager 50% | $219,420 |
Fidelity Asset Manager 70% | 45,277 |
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. As of September 30, 2019, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Asset Manager 20% | $4,841,490,054 | $299,237,263 | $(17,247,894) | $281,989,369 |
Fidelity Asset Manager 30% | 1,714,550,364 | 110,101,653 | (10,687,216) | 99,414,437 |
Fidelity Asset Manager 40% | 1,726,915,454 | 151,151,120 | (12,697,041) | 138,454,079 |
Fidelity Asset Manager 50% | 8,298,770,578 | 1,149,735,013 | (54,902,931) | 1,094,832,082 |
Fidelity Asset Manager 60% | 2,818,750,135 | 318,160,149 | (40,256,401) | 277,903,748 |
Fidelity Asset Manager 70% | 4,477,247,868 | 846,463,900 | (30,442,944) | 816,020,956 |
Fidelity Asset Manager 85% | 2,195,182,395 | 398,261,467 | (24,773,335) | 373,488,132 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments | |
Fidelity Asset Manager 20% | $10,066,244 | $39,493,305 | $281,989,369 |
Fidelity Asset Manager 30% | 3,612,010 | 18,838,926 | 99,414,437 |
Fidelity Asset Manager 40% | 8,590,898 | 28,538,035 | 138,454,079 |
Fidelity Asset Manager 50% | 39,637,868 | 207,626,025 | 1,094,832,082 |
Fidelity Asset Manager 60% | 32,431,586 | 72,063,892 | 277,901,512 |
Fidelity Asset Manager 70% | 51,867,396 | 181,884,721 | 816,020,956 |
Fidelity Asset Manager 85% | 21,394,302 | 102,621,637 | 373,488,132 |
Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2018 to September 30, 2019. Loss deferrals were as follows:
Capital losses | |
Fidelity Asset Manager 20% | $(11,912,047) |
Fidelity Asset Manager 30% | (3,035,485) |
Fidelity Asset Manager 40% | (2,825,899) |
Fidelity Asset Manager 50% | (12,748,458) |
Fidelity Asset Manager 60% | (2,644,409) |
Fidelity Asset Manager 70% | (9,753,127) |
The tax character of distributions paid was as follows:
September 30, 2019 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Asset Manager 20% | $130,920,095 | $72,363,766 | $203,283,861 |
Fidelity Asset Manager 30% | 38,252,717 | 21,949,391 | 60,202,108 |
Fidelity Asset Manager 40% | 39,796,298 | 33,100,089 | 72,896,387 |
Fidelity Asset Manager 50% | 202,678,869 | 246,308,013 | 448,986,882 |
Fidelity Asset Manager 60% | 49,847,816 | 65,210,573 | 115,058,389 |
Fidelity Asset Manager 70% | 92,973,804 | 189,830,199 | 282,804,003 |
Fidelity Asset Manager 85% | 33,450,643 | 85,036,064 | 118,486,707 |
September 30, 2018 | |||
Ordinary Income | Long-term Capital Gains | Total | |
Fidelity Asset Manager 20% | $123,055,066 | $64,497,314 | $187,552,380 |
Fidelity Asset Manager 30% | 31,850,985 | 13,598,035 | 45,449,020 |
Fidelity Asset Manager 40% | 35,772,488 | 12,075,825 | 47,848,313 |
Fidelity Asset Manager 50% | 235,874,721 | 143,010,852 | 378,885,573 |
Fidelity Asset Manager 60% | 45,729,359 | 14,870,018 | 60,599,377 |
Fidelity Asset Manager 70% | 120,506,836 | 77,850,629 | 198,357,465 |
Fidelity Asset Manager 85% | 50,309,985 | 20,206,834 | 70,516,819 |
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds' financial statements have been combined or removed for the current period as outlined in the table below.
Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
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.
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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period except for Fidelity Asset Manager 40%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85%. 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 and in-kind transactions, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Asset Manager 20% | 1,492,655,653 | 1,471,737,687 |
Fidelity Asset Manager 30% | 609,658,214 | 454,192,205 |
Fidelity Asset Manager 40% | 667,063,130 | 551,963,068 |
Fidelity Asset Manager 50% | 3,138,253,288 | 3,128,859,551 |
Fidelity Asset Manager 60% | 1,227,480,742 | 1,108,158,778 |
Fidelity Asset Manager 70% | 2,104,422,813 | 2,053,865,777 |
Fidelity Asset Manager 85% | 1,271,309,752 | 1,150,920,074 |
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 annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:
Individual Rate | Group Rate | Total | |
Fidelity Asset Manager 20% | .30% | .10% | .40% |
Fidelity Asset Manager 30% | .30% | .10% | .40% |
Fidelity Asset Manager 40% | .30% | .10% | .40% |
Fidelity Asset Manager 50% | .25% | .24% | .49% |
Fidelity Asset Manager 60% | .30% | .24% | .54% |
Fidelity Asset Manager 70% | .30% | .24% | .54% |
Fidelity Asset Manager 85% | .30% | .24% | .54% |
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:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Fidelity Asset Manager 20% | ||||
Class A | -% | .25% | $105,493 | $4,965 |
Class M | .25% | .25% | 123,034 | 515 |
Class C | .75% | .25% | 232,259 | 29,077 |
$460,786 | $34,557 | |||
Fidelity Asset Manager 30% | ||||
Class A | -% | .25% | $79,016 | $2,402 |
Class M | .25% | .25% | 74,038 | 170 |
Class C | .75% | .25% | 231,040 | 45,074 |
$384,094 | $47,646 | |||
Fidelity Asset Manager 40% | ||||
Class A | -% | .25% | $97,792 | $3,114 |
Class M | .25% | .25% | 55,964 | 250 |
Class C | .75% | .25% | 248,457 | 45,255 |
$402,213 | $48,619 | |||
Fidelity Asset Manager 50% | ||||
Class A | -% | .25% | $221,433 | $6,365 |
Class M | .25% | .25% | 204,590 | 905 |
Class C | .75% | .25% | 485,745 | 114,024 |
$911,768 | $121,294 | |||
Fidelity Asset Manager 60% | ||||
Class A | -% | .25% | $314,109 | $7,829 |
Class M | .25% | .25% | 255,210 | 570 |
Class C | .75% | .25% | 741,837 | 89,931 |
$1,311,156 | $98,330 | |||
Fidelity Asset Manager 70% | ||||
Class A | -% | .25% | $387,481 | $4,551 |
Class M | .25% | .25% | 297,042 | 2,869 |
Class C | .75% | .25% | 499,065 | 70,692 |
$1,183,588 | $78,112 | |||
Fidelity Asset Manager 85% | ||||
Class A | -% | .25% | $290,748 | $11,594 |
Class M | .25% | .25% | 157,554 | 551 |
Class C | .75% | .25% | 434,969 | 77,701 |
$883,271 | $89,846 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Fidelity Asset Manager 20% | |
Class A | $10,700 |
Class M | 6,221 |
Class C(a) | 2,773 |
$19,694 | |
Fidelity Asset Manager 30% | |
Class A | $18,448 |
Class M | 2,545 |
Class C(a) | 6,262 |
$27,255 | |
Fidelity Asset Manager 40% | |
Class A | $22,418 |
Class M | 2,984 |
Class C(a) | 3,443 |
$28,845 | |
Fidelity Asset Manager 50% | |
Class A | $45,236 |
Class M | 9,647 |
Class C(a) | 16,640 |
$71,523 | |
Fidelity Asset Manager 60% | |
Class A | $48,395 |
Class M | 9,182 |
Class C(a) | 10,760 |
$68,337 | |
Fidelity Asset Manager 70% | |
Class A | $75,946 |
Class M | 11,567 |
Class C(a) | 6,761 |
$94,274 | |
Fidelity Asset Manager 85% | |
Class A | $101,018 |
Class M | 8,966 |
Class C(a) | 5,500 |
$115,484 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Fidelity Asset Manager 20% | ||
Class A | $61,341 | .15 |
Class M | 36,977 | .15 |
Class C | 36,152 | .16 |
Asset Manager 20% | 3,769,734 | .08 |
Class I | 68,634 | .13 |
Class Z | 1,752 | .05(a) |
$3,974,590 | ||
Fidelity Asset Manager 30% | ||
Class A | $38,263 | .12 |
Class M | 20,633 | .14 |
Class C | 34,272 | .15 |
Asset Manager 30% | 1,117,826 | .07 |
Class I | 29,621 | .14 |
Class Z | 623 | .05(a) |
$1,241,238 | ||
Fidelity Asset Manager 40% | ||
Class A | $51,615 | .13 |
Class M | 16,170 | .14 |
Class C | 36,650 | .15 |
Asset Manager 40% | 1,197,940 | .07 |
Class I | 32,720 | .11 |
Class Z | 882 | .05(a) |
$1,335,977 | ||
Fidelity Asset Manager 50% | ||
Class A | $160,689 | .18 |
Class M | 71,977 | .18 |
Class C | 90,424 | .19 |
Asset Manager 50% | 10,682,063 | .12 |
Class I | 101,745 | .16 |
Class Z | 1,875 | .05(a) |
$11,108,773 | ||
Fidelity Asset Manager 60% | ||
Class A | $225,144 | .18 |
Class M | 93,102 | .18 |
Class C | 147,659 | .20 |
Asset Manager 60% | 2,937,161 | .11 |
Class I | 87,993 | .16 |
Class Z | 2,121 | .05(a) |
$3,493,180 | ||
Fidelity Asset Manager 70% | ||
Class A | $278,139 | .18 |
Class M | 104,767 | .18 |
Class C | 90,512 | .18 |
Asset Manager 70% | 5,789,104 | .12 |
Class I | 107,923 | .15 |
Class Z | 2,283 | .05(a) |
$6,372,728 | ||
Fidelity Asset Manager 85% | ||
Class A | $217,005 | .19 |
Class M | 62,574 | .20 |
Class C | 84,782 | .19 |
Asset Manager 85% | 2,952,960 | .13 |
Class I | 66,394 | .17 |
Class Z | 1,744 | .05(a) |
$3,385,459 |
(a) 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. Prior to April 1, 2019, FSC had a separate agreement with each Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Asset Manager 20% | .02 |
Fidelity Asset Manager 30% | .03 |
Fidelity Asset Manager 40% | .03 |
Fidelity Asset Manager 50% | .02 |
Fidelity Asset Manager 60% | .04 |
Fidelity Asset Manager 70% | .03 |
Fidelity Asset Manager 85% | .03 |
Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Asset Manager 20% | $4,045 |
Fidelity Asset Manager 30% | 1,220 |
Fidelity Asset Manager 40% | 1,385 |
Fidelity Asset Manager 50% | 8,300 |
Fidelity Asset Manager 60% | 2,853 |
Fidelity Asset Manager 70% | 5,196 |
Fidelity Asset Manager 85% | 2,491 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Asset Manager 60% | Borrower | $11,281,000 | 2.65% | $830 |
Fidelity Asset Manager 70% | Borrower | $21,404,500 | 2.66% | $3,162 |
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated portions of investments of the Funds. This involved taxable redemptions of Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund for investments and a non-taxable exchange of those investments for shares of Fidelity Communication Services Central Fund. Net realized gain (loss) on redemptions from Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund in connection with the reallocation is included in the Statement of Operations as "Net realized gain (loss) on Fidelity Central Funds". Fidelity Communication Services Central Fund, Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund are affiliated investment companies managed by FMR.
Details of the transactions are presented in the accompanying table:
Fund | Value of Investments Delivered – Consumer Discretionary Central Fund | Value of Investments Delivered – Information Technology Central Fund | Net Realized Gain (Loss) - Consumer Discretionary Central Fund | Net Realized Gain (Loss) - Information Technology Central Fund | Shares of Fidelity Communication Services Central Fund |
Fidelity Asset Manager 20% | $8,287,816 | $22,064,168 | $143,269 | $(1,834,288) | 165,244 |
Fidelity Asset Manager 30% | 4,191,630 | 11,133,993 | 40,707 | (1,174,655) | 83,437 |
Fidelity Asset Manager 40% | 6,157,563 | 16,324,048 | 61,120 | (1,575,905) | 122,396 |
Fidelity Asset Manager 50% | 42,393,850 | 112,638,454 | 2,128,212 | (7,094,704) | 844,035 |
Fidelity Asset Manager 60% | 16,483,005 | 43,767,522 | 346,948 | (3,599,296) | 328,019 |
Fidelity Asset Manager 70% | 34,458,735 | 91,443,178 | 4,889,713 | (3,189,830) | 685,442 |
Fidelity Asset Manager 85% | 20,203,488 | 53,640,310 | 379,073 | (4,871,123) | 402,024 |
Prior Fiscal Year Reallocation of Underlying Fund Investments. During the prior period, the investment adviser reallocated investments of Fidelity Asset Manager 60%. This involved taxable redemptions of Fidelity Asset Manager 60%s' interest in Fidelity Stock Selector All Cap Fund in exchange for investments, valued at $23,473,658, and non-taxable exchanges of those investments for shares of Fidelity Cash Central Fund, Fidelity Communication Services Central Fund, Fidelity Consumer Discretionary Central Fund, Fidelity Consumer Staples Central Fund, Fidelity Energy Central Fund, Fidelity Financials Central Fund, Fidelity Health Care Central Fund, Fidelity Industrials Central Fund, Fidelity Information Technology Central Fund, Fidelity Materials Central Fund and Fidelity Utilities Central Fund. Fidelity Asset Manager 60% had a net realized gain of $1,029,488 on the redemptions of Fidelity Stock Selector All Cap Fund.
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount | |
Fidelity Asset Manager 60% | $1,369 |
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% | $13,193 |
Fidelity Asset Manager 30% | 4,192 |
Fidelity Asset Manager 40% | 4,493 |
Fidelity Asset Manager 50% | 24,332 |
Fidelity Asset Manager 60% | 7,869 |
Fidelity Asset Manager 70% | 13,945 |
Fidelity Asset Manager 85% | 6,679 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. 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. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented 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 NFS. Affiliated security lending activity was as follows:
Total Security Lending Income Fees Paid to NFS | |
Fidelity Asset Manager 20% | $1,383 |
Fidelity Asset Manager 30% | $610 |
Fidelity Asset Manager 40% | $748 |
Fidelity Asset Manager 50% | $2,050 |
Fidelity Asset Manager 60% | $1,007 |
Fidelity Asset Manager 70% | $974 |
Fidelity Asset Manager 85% | $424 |
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. Through arrangements with each applicable Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.
Brokerage service rebates | Custodian credits | Transfer Agent credits | |
Fidelity Asset Manager 20% | $26,177 | $24 | $– |
Fidelity Asset Manager 20% - Class C | – | – | 5 |
Fidelity Asset Manager 30% | 8,365 | 443 | – |
Fidelity Asset Manager 40% | 8,593 | 168 | – |
Fidelity Asset Manager 50% | 46,812 | 306 | – |
Fidelity Asset Manager 50% - Class C | – | – | 128 |
Fidelity Asset Manager 50% - Asset Manager 50% | – | – | 7,531 |
Fidelity Asset Manager 60% | 14,701 | – | – |
Fidelity Asset Manager 60% - Class C | – | – | 443 |
Fidelity Asset Manager 70% | 26,579 | 73 | – |
Fidelity Asset Manager 70% - Class C | – | – | 493 |
Fidelity Asset Manager 70% - Class I | – | – | 15 |
Fidelity Asset Manager 85% | 10,209 | 2,531 | – |
During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows:
Fund-Level Amount | |
Fidelity Asset Manager 20% | $23,801 |
Fidelity Asset Manager 30% | 7,496 |
Fidelity Asset Manager 40% | 7,918 |
Fidelity Asset Manager 50% | 68,508 |
Fidelity Asset Manager 60% | 22,015 |
Fidelity Asset Manager 70% | 38,731 |
Fidelity Asset Manager 85% | 18,249 |
Class-Level Amount | |
Fidelity Asset Manager 20% | |
Class A | $116 |
Class M | 72 |
Class C | 74 |
Asset Manager 20% | 13,807 |
Class I | 163 |
Class Z | 6 |
$14,238 | |
Fidelity Asset Manager 30% | |
Class A | $275 |
Class M | 126 |
Class C | 213 |
Asset Manager 30% | 13,437 |
Class I | 183 |
Class Z | 4 |
$14,238 | |
Fidelity Asset Manager 40% | |
Class A | $323 |
Class M | 97 |
Class C | 223 |
Asset Manager 40% | 13,321 |
Class I | 266 |
Class Z | 9 |
$14,239 | |
Fidelity Asset Manager 50% | |
Class A | $132 |
Class M | 64 |
Class C | 81 |
Asset Manager 50% | 13,847 |
Class I | 110 |
Class Z | 3 |
$14,237 | |
Fidelity Asset Manager 60% | |
Class A | $584 |
Class M | 248 |
Class C | 376 |
Asset Manager 60% | 12,757 |
Class I | 264 |
Class Z | 10 |
$14,239 | |
Fidelity Asset Manager 70% | |
Class A | $408 |
Class M | 159 |
Class C | 159 |
Asset Manager 70% | 13,314 |
Class I | 192 |
Class Z | 6 |
$14,238 | |
Fidelity Asset Manager 85% | |
Class A | $645 |
Class M | 179 |
Class C | 262 |
Asset Manager 85% | 12,927 |
Class I | 217 |
Class Z | 7 |
$14,237 |
In addition, during the period the investment adviser reimbursed and/or waived a portion class-level operating expenses for Fidelity Asset Manager 60% as follows:
Class A | $ 13,825 |
Class M | 12,560 |
Class C | 36,381 |
Asset Manager 60% | 258,338 |
Class I | 12,026 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended September 30, 2019(a) | Year ended September 30, 2018 | |
Fidelity Asset Manager 20% | ||
Distributions to shareholders | ||
Class A | $1,570,089 | $– |
Class M | 853,990 | – |
Class C | 750,350 | – |
Asset Manager 20% | 197,910,628 | – |
Class I | 2,102,579 | – |
Class Z | 96,225 | – |
Total | $203,283,861 | $– |
From net investment income | ||
Class A | $– | $557,701 |
Class M | – | 279,827 |
Class C | – | 185,838 |
Asset Manager 20% | – | 84,880,963 |
Class I | – | 824,664 |
Total | $– | $86,728,993 |
From net realized gain | ||
Class A | $– | $779,626 |
Class M | – | 493,663 |
Class C | – | 574,273 |
Asset Manager 20% | – | 97,924,513 |
Class I | – | 1,051,312 |
Total | $– | $100,823,387 |
Fidelity Asset Manager 30% | ||
Distributions to shareholders | ||
Class A | $1,064,432 | $– |
Class M | 465,273 | – |
Class C | 649,283 | – |
Asset Manager 30% | 57,158,889 | – |
Class I | 838,803 | – |
Class Z | 25,428 | – |
Total | $60,202,108 | $– |
From net investment income | ||
Class A | $– | $355,354 |
Class M | – | 156,008 |
Class C | – | 154,206 |
Asset Manager 30% | – | 22,830,501 |
Class I | – | 363,088 |
Total | $– | $23,859,157 |
From net realized gain | ||
Class A | $– | $409,514 |
Class M | – | 218,213 |
Class C | – | 374,145 |
Asset Manager 30% | – | 20,223,846 |
Class I | – | 364,145 |
Total | $– | $21,589,863 |
Fidelity Asset Manager 40% | ||
Distributions to shareholders | ||
Class A | $1,545,456 | $– |
Class M | 435,794 | – |
Class C | 842,658 | – |
Asset Manager 40% | 68,760,660 | – |
Class I | 1,275,964 | – |
Class Z | 35,855 | – |
Total | $72,896,387 | $– |
From net investment income | ||
Class A | $– | $471,476 |
Class M | – | 125,666 |
Class C | – | 129,202 |
Asset Manager 40% | – | 23,253,114 |
Class I | – | 366,442 |
Total | $– | $24,345,900 |
From net realized gain | ||
Class A | $– | $566,952 |
Class M | – | 187,948 |
Class C | – | 373,661 |
Asset Manager 40% | – | 22,032,579 |
Class I | – | 341,273 |
Total | $– | $23,502,413 |
Fidelity Asset Manager 50% | ||
Distributions to shareholders | ||
Class A | $3,996,439 | $– |
Class M | 1,784,787 | – |
Class C | 1,996,139 | – |
Asset Manager 50% | 438,008,262 | – |
Class I | 3,132,584 | – |
Class Z | 68,671 | – |
Total | $448,986,882 | $– |
From net investment income | ||
Class A | $– | $899,227 |
Class M | – | 339,459 |
Class C | – | 198,158 |
Asset Manager 50% | – | 123,985,926 |
Class I | – | 699,436 |
Total | $– | $126,122,206 |
From net realized gain | ||
Class A | $– | $2,261,536 |
Class M | – | 1,094,410 |
Class C | – | 1,270,444 |
Asset Manager 50% | – | 246,849,451 |
Class I | – | 1,287,526 |
Total | $– | $252,763,367 |
Fidelity Asset Manager 60% | ||
Distributions to shareholders | ||
Class A | $4,620,358 | $– |
Class M | 1,832,629 | – |
Class C | 2,563,749 | – |
Asset Manager 60% | 103,779,288 | – |
Class I | 2,198,007 | – |
Class Z | 64,358 | – |
Total | $115,058,389 | $– |
From net investment income | ||
Class A | $– | $545,716 |
Class M | – | 139,840 |
Class C | – | 67,250 |
Asset Manager 60% | – | 22,699,277 |
Class I | – | 302,693 |
Total | $– | $23,754,776 |
From net realized gain | ||
Class A | $– | $1,104,992 |
Class M | – | 380,291 |
Class C | – | 681,674 |
Asset Manager 60% | – | 34,202,288 |
Class I | – | 475,356 |
Total | $– | $36,844,601 |
Fidelity Asset Manager 70% | ||
Distributions to shareholders | ||
Class A | $7,809,044 | $– |
Class M | 2,855,665 | – |
Class C | 2,669,934 | – |
Asset Manager 70% | 265,505,010 | – |
Class I | 3,847,572 | – |
Class Z | 116,778 | – |
Total | $282,804,003 | $– |
From net investment income | ||
Class A | $– | $1,241,056 |
Class M | – | 351,280 |
Class C | – | 75,950 |
Asset Manager 70% | – | 55,395,637 |
Class I | – | 888,448 |
Total | $– | $57,952,371 |
From net realized gain | ||
Class A | $– | $4,015,839 |
Class M | – | 1,521,131 |
Class C | – | 1,667,916 |
Asset Manager 70% | – | 131,031,974 |
Class I | – | 2,168,234 |
Total | $– | $140,405,094 |
Fidelity Asset Manager 85% | ||
Distributions to shareholders | ||
Class A | $5,200,546 | $– |
Class M | 1,347,043 | – |
Class C | 1,821,178 | – |
Asset Manager 85% | 108,378,709 | – |
Class I | 1,684,051 | – |
Class Z | 55,180 | – |
Total | $118,486,707 | $– |
From net investment income | ||
Class A | $– | $673,921 |
Class M | – | 121,986 |
Class C | – | 2,543 |
Asset Manager 85% | – | 19,249,022 |
Class I | – | 396,370 |
Total | $– | $20,443,842 |
From net realized gain | ||
Class A | $– | $2,234,818 |
Class M | – | 597,944 |
Class C | – | 1,079,231 |
Asset Manager 85% | – | 45,215,149 |
Class I | – | 945,835 |
Total | $– | $50,072,977 |
(a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended September 30, 2019(a) | Year ended September 30, 2018 | Year ended September 30, 2019(a) | Year ended September 30, 2018 | |
Fidelity Asset Manager 20% | ||||
Class A | ||||
Shares sold | 1,076,995 | 505,884 | $14,164,488 | $6,772,848 |
Reinvestment of distributions | 119,700 | 99,091 | 1,541,758 | 1,324,802 |
Shares redeemed | (772,609) | (623,134) | (10,227,558) | (8,375,925) |
Net increase (decrease) | 424,086 | (18,159) | $5,478,688 | $(278,275) |
Class M | ||||
Shares sold | 525,062 | 446,344 | $6,854,314 | $6,009,052 |
Reinvestment of distributions | 66,514 | 57,952 | 853,929 | 773,445 |
Shares redeemed | (341,369) | (510,377) | (4,504,638) | (6,849,158) |
Net increase (decrease) | 250,207 | (6,081) | $3,203,605 | $(66,661) |
Class C | ||||
Shares sold | 402,887 | 373,368 | $5,242,455 | $4,979,751 |
Reinvestment of distributions | 58,472 | 56,565 | 743,631 | 752,113 |
Shares redeemed | (806,464) | (572,000) | (10,531,960) | (7,613,014) |
Net increase (decrease) | (345,105) | (142,067) | $(4,545,874) | $(1,881,150) |
Asset Manager 20% | ||||
Shares sold | 66,149,537 | 57,784,729 | $871,652,401 | $777,681,921 |
Reinvestment of distributions | 14,872,126 | 13,227,639 | 191,983,773 | 177,119,605 |
Shares redeemed | (71,506,369) | (71,436,564) | (941,269,313) | (960,147,826) |
Net increase (decrease) | 9,515,294 | (424,196) | $122,366,861 | $(5,346,300) |
Class I | ||||
Shares sold | 2,345,273 | 1,826,170 | $30,866,592 | $24,537,581 |
Reinvestment of distributions | 155,469 | 122,856 | 2,005,770 | 1,643,815 |
Shares redeemed | (4,242,395) | (2,022,771) | (56,989,755) | (27,262,357) |
Net increase (decrease) | (1,741,653) | (73,745) | $(24,117,393) | $(1,080,961) |
Class Z | ||||
Shares sold | 1,171,455 | – | $15,700,808 | $– |
Reinvestment of distributions | 6,689 | – | 87,392 | – |
Shares redeemed | (98,205) | – | (1,316,332) | – |
Net increase (decrease) | 1,079,939 | – | $14,471,868 | $– |
Fidelity Asset Manager 30% | ||||
Class A | ||||
Shares sold | 1,220,772 | 1,126,571 | $13,341,328 | $12,531,773 |
Reinvestment of distributions | 98,431 | 68,985 | 1,045,047 | 763,328 |
Shares redeemed | (605,637) | (641,581) | (6,632,447) | (7,118,517) |
Net increase (decrease) | 713,566 | 553,975 | $7,753,928 | $6,176,584 |
Class M | ||||
Shares sold | 543,815 | 351,820 | $5,910,874 | $3,905,685 |
Reinvestment of distributions | 43,923 | 33,836 | 464,829 | 374,018 |
Shares redeemed | (439,927) | (259,115) | (4,775,700) | (2,874,044) |
Net increase (decrease) | 147,811 | 126,541 | $1,600,003 | $1,405,659 |
Class C | ||||
Shares sold | 592,679 | 807,147 | $6,424,554 | $8,931,816 |
Reinvestment of distributions | 61,860 | 48,021 | 647,237 | 528,342 |
Shares redeemed | (734,303) | (505,372) | (7,898,531) | (5,572,836) |
Net increase (decrease) | (79,764) | 349,796 | $(826,740) | $3,887,322 |
Asset Manager 30% | ||||
Shares sold | 40,462,622 | 54,804,477 | $441,835,826 | $609,493,754 |
Reinvestment of distributions | 5,259,826 | 3,797,335 | 55,858,340 | 42,015,638 |
Shares redeemed | (30,790,576) | (28,259,575) | (334,859,982) | (313,681,914) |
Net increase (decrease) | 14,931,872 | 30,342,237 | $162,834,184 | $337,827,478 |
Class I | ||||
Shares sold | 739,663 | 1,484,878 | $7,965,553 | $16,479,743 |
Reinvestment of distributions | 73,108 | 56,711 | 773,701 | 627,506 |
Shares redeemed | (1,257,954) | (1,249,939) | (13,589,898) | (13,899,290) |
Net increase (decrease) | (445,183) | 291,650 | $(4,850,644) | $3,207,959 |
Class Z | ||||
Shares sold | 700,893 | – | $7,806,101 | $– |
Reinvestment of distributions | 2,177 | – | 23,697 | – |
Shares redeemed | (48,782) | – | (537,544) | – |
Net increase (decrease) | 654,288 | – | $7,292,254 | $– |
Fidelity Asset Manager 40% | ||||
Class A | ||||
Shares sold | 880,005 | 880,673 | $10,047,509 | $10,373,863 |
Reinvestment of distributions | 140,646 | 88,932 | 1,544,493 | 1,038,034 |
Shares redeemed | (632,691) | (863,223) | (7,230,104) | (10,141,040) |
Net increase (decrease) | 387,960 | 106,382 | $4,361,898 | $1,270,857 |
Class M | ||||
Shares sold | 150,421 | 292,310 | $1,707,007 | $3,437,201 |
Reinvestment of distributions | 39,754 | 26,778 | 434,340 | 312,286 |
Shares redeemed | (304,960) | (280,496) | (3,473,210) | (3,301,500) |
Net increase (decrease) | (114,785) | 38,592 | $(1,331,863) | $447,987 |
Class C | ||||
Shares sold | 750,123 | 653,876 | $8,467,907 | $7,647,196 |
Reinvestment of distributions | 77,656 | 42,489 | 840,965 | 494,372 |
Shares redeemed | (888,099) | (534,308) | (10,095,911) | (6,247,978) |
Net increase (decrease) | (60,320) | 162,057 | $(787,039) | $1,893,590 |
Asset Manager 40% | ||||
Shares sold | 35,364,642 | 38,575,334 | $403,093,364 | $453,687,482 |
Reinvestment of distributions | 6,109,794 | 3,807,876 | 67,189,214 | 44,412,987 |
Shares redeemed | (30,082,193) | (24,658,282) | (343,351,558) | (289,713,503) |
Net increase (decrease) | 11,392,243 | 17,724,928 | $126,931,020 | $208,386,966 |
Class I | ||||
Shares sold | 1,403,118 | 1,530,525 | $16,068,114 | $18,000,056 |
Reinvestment of distributions | 107,467 | 57,375 | 1,176,252 | 669,253 |
Shares redeemed | (1,852,592) | (844,872) | (21,121,738) | (9,930,720) |
Net increase (decrease) | (342,007) | 743,028 | $(3,877,372) | $8,738,589 |
Class Z | ||||
Shares sold | 645,200 | – | $7,464,738 | $– |
Reinvestment of distributions | 2,221 | – | 24,784 | – |
Shares redeemed | (103,336) | – | (1,186,123) | – |
Net increase (decrease) | 544,085 | – | $6,303,399 | $– |
Fidelity Asset Manager 50% | ||||
Class A | ||||
Shares sold | 1,443,505 | 1,146,120 | $25,457,008 | $21,057,916 |
Reinvestment of distributions | 231,706 | 169,041 | 3,872,049 | 3,071,864 |
Shares redeemed | (1,073,579) | (806,575) | (18,901,055) | (14,824,728) |
Net increase (decrease) | 601,632 | 508,586 | $10,428,002 | $9,305,052 |
Class M | ||||
Shares sold | 667,143 | 557,672 | $11,752,837 | $10,265,163 |
Reinvestment of distributions | 107,157 | 78,884 | 1,783,386 | 1,432,594 |
Shares redeemed | (651,653) | (396,724) | (11,566,385) | (7,288,768) |
Net increase (decrease) | 122,647 | 239,832 | $1,969,838 | $4,408,989 |
Class C | ||||
Shares sold | 1,305,395 | 1,015,038 | $22,806,142 | $18,488,385 |
Reinvestment of distributions | 117,916 | 77,208 | 1,935,521 | 1,393,955 |
Shares redeemed | (1,636,010) | (613,340) | (28,595,591) | (11,143,058) |
Net increase (decrease) | (212,699) | 478,906 | $(3,853,928) | $8,739,282 |
Asset Manager 50% | ||||
Shares sold | 54,785,784 | 83,353,018 | $966,130,506 | $1,538,862,489 |
Reinvestment of distributions | 25,288,314 | 19,729,969 | 425,023,390 | 359,754,574 |
Shares redeemed | (76,778,644) | (66,347,048) | (1,359,748,171) | (1,224,405,900) |
Net increase (decrease) | 3,295,454 | 36,735,939 | $31,405,725 | $674,211,163 |
Class I | ||||
Shares sold | 1,454,781 | 2,328,900 | $25,370,030 | $42,828,385 |
Reinvestment of distributions | 167,220 | 99,153 | 2,808,958 | 1,805,013 |
Shares redeemed | (2,296,004) | (669,663) | (40,444,579) | (12,321,431) |
Net increase (decrease) | (674,003) | 1,758,390 | $(12,265,591) | $32,311,967 |
Class Z | ||||
Shares sold | 1,281,072 | – | $22,995,157 | $– |
Reinvestment of distributions | 2,953 | – | 49,780 | – |
Shares redeemed | (135,503) | – | (2,422,709) | – |
Net increase (decrease) | 1,148,522 | – | $20,622,228 | $– |
Fidelity Asset Manager 60% | ||||
Class A | ||||
Shares sold | 1,961,876 | 1,566,838 | $23,979,037 | $19,840,441 |
Issued in exchange for the shares of Fidelity Global Balanced Fund | – | 3,323,365 | – | 41,608,523 |
Issued in exchange for the shares of Fidelity Global Strategies Fund | – | 1,867,899 | – | 23,386,092 |
Reinvestment of distributions | 411,701 | 131,843 | 4,590,464 | 1,646,723 |
Shares redeemed | (2,380,876) | (1,525,577) | (29,058,912) | (19,314,959) |
Net increase (decrease) | (7,299) | 5,364,368 | $(489,411) | $67,166,820 |
Class M | ||||
Shares sold | 500,974 | 423,116 | $6,117,219 | $5,343,645 |
Issued in exchange for the shares of Fidelity Global Balanced Fund | – | 1,174,749 | – | 14,637,372 |
Issued in exchange for the shares of Fidelity Global Strategies Fund | – | 1,532,212 | – | 19,091,363 |
Reinvestment of distributions | 164,098 | 41,694 | 1,821,484 | 518,672 |
Shares redeemed | (1,008,020) | (551,449) | (12,281,935) | (6,979,584) |
Net increase (decrease) | (342,948) | 2,620,322 | $(4,343,232) | $32,611,468 |
Class C | ||||
Shares sold | 941,240 | 783,330 | $11,217,922 | $9,780,237 |
Issued in exchange for the shares of Fidelity Global Balanced Fund | – | 2,169,921 | – | 26,733,424 |
Issued in exchange for the shares of Fidelity Global Strategies Fund | – | 1,878,025 | – | 23,137,263 |
Reinvestment of distributions | 231,593 | 60,789 | 2,542,893 | 748,924 |
Shares redeemed | (2,562,163) | (1,101,549) | (30,607,485) | (13,732,417) |
Net increase (decrease) | (1,389,330) | 3,790,516 | $(16,846,670) | $46,667,431 |
Asset Manager 60% | ||||
Shares sold | 40,571,133 | 51,736,768 | $494,494,742 | $658,548,793 |
Issued in exchange for the shares of Fidelity Global Balanced Fund | – | 29,966,477 | – | 376,678,615 |
Issued in exchange for the shares of Fidelity Global Strategies Fund | – | 5,885,052 | – | 73,975,105 |
Reinvestment of distributions | 9,083,022 | 4,490,978 | 101,548,182 | 56,227,024 |
Shares redeemed | (42,208,495) | (31,701,207) | (517,322,203) | (403,402,687) |
Net increase (decrease) | 7,445,660 | 60,378,068 | $78,720,721 | $762,026,850 |
Class I | ||||
Shares sold | 1,213,753 | 1,136,223 | $14,876,598 | $14,501,152 |
Issued in exchange for the shares of Fidelity Global Balanced Fund | – | 822,927 | – | 10,352,425 |
Issued in exchange for the shares of Fidelity Global Strategies Fund | – | 1,803,511 | – | 22,688,171 |
Reinvestment of distributions | 190,817 | 59,599 | 2,135,246 | 746,768 |
Shares redeemed | (1,961,572) | (1,043,785) | (23,947,526) | (13,330,118) |
Net increase (decrease) | (557,002) | 2,778,475 | $(6,935,682) | $34,958,398 |
Class Z | ||||
Shares sold | 1,643,355 | – | $20,494,674 | $– |
Reinvestment of distributions | 5,016 | – | 56,082 | – |
Shares redeemed | (149,349) | – | (1,869,426) | – |
Net increase (decrease) | 1,499,022 | – | $18,681,330 | $– |
Fidelity Asset Manager 70% | ||||
Class A | ||||
Shares sold | 1,662,490 | 1,072,815 | $35,520,153 | $24,393,399 |
Reinvestment of distributions | 388,496 | 226,837 | 7,517,406 | 5,065,264 |
Shares redeemed | (1,251,913) | (1,193,845) | (26,764,008) | (27,183,772) |
Net increase (decrease) | 799,073 | 105,807 | $16,273,551 | $2,274,891 |
Class M | ||||
Shares sold | 455,301 | 454,790 | $9,738,075 | $10,365,200 |
Reinvestment of distributions | 146,493 | 83,182 | 2,837,567 | 1,859,121 |
Shares redeemed | (410,098) | (281,173) | (8,759,862) | (6,409,894) |
Net increase (decrease) | 191,696 | 256,799 | $3,815,780 | $5,814,427 |
Class C | ||||
Shares sold | 376,088 | 480,535 | $7,978,727 | $10,867,133 |
Reinvestment of distributions | 136,642 | 76,452 | 2,637,190 | 1,701,830 |
Shares redeemed | (1,330,309) | (482,043) | (28,228,288) | (10,923,979) |
Net increase (decrease) | (817,579) | 74,944 | $(17,612,371) | $1,644,984 |
Asset Manager 70% | ||||
Shares sold | 22,236,481 | 34,679,669 | $476,736,763 | $790,741,858 |
Reinvestment of distributions | 13,471,969 | 8,199,184 | 260,682,604 | 183,169,767 |
Shares redeemed | (34,001,960) | (34,158,241) | (732,088,853) | (778,465,644) |
Net increase (decrease) | 1,706,490 | 8,720,612 | $5,330,514 | $195,445,981 |
Class I | ||||
Shares sold | 570,797 | 592,858 | $12,336,527 | $13,509,405 |
Reinvestment of distributions | 193,412 | 134,131 | 3,744,456 | 2,997,831 |
Shares redeemed | (890,092) | (1,085,477) | (19,414,041) | (24,835,015) |
Net increase (decrease) | (125,883) | (358,488) | $(3,333,058) | $(8,327,779) |
Class Z | ||||
Shares sold | 1,173,781 | – | $25,619,376 | $– |
Reinvestment of distributions | 4,742 | – | 91,659 | – |
Shares redeemed | (60,826) | – | (1,327,749) | – |
Net increase (decrease) | 1,117,697 | – | $24,383,286 | $– |
Fidelity Asset Manager 85% | ||||
Class A | ||||
Shares sold | 1,539,093 | 1,536,559 | $28,651,994 | $30,493,171 |
Reinvestment of distributions | 312,814 | 149,653 | 5,177,085 | 2,894,292 |
Shares redeemed | (1,036,785) | (898,527) | (19,361,909) | (17,732,464) |
Net increase (decrease) | 815,122 | 787,685 | $14,467,170 | $15,654,999 |
Class M | ||||
Shares sold | 408,976 | 408,388 | $7,515,511 | $8,043,625 |
Reinvestment of distributions | 81,489 | 37,234 | 1,342,127 | 716,755 |
Shares redeemed | (288,263) | (174,891) | (5,324,572) | (3,429,871) |
Net increase (decrease) | 202,202 | 270,731 | $3,533,066 | $5,330,509 |
Class C | ||||
Shares sold | 399,353 | 679,582 | $7,283,539 | $13,185,329 |
Reinvestment of distributions | 110,678 | 56,215 | 1,805,155 | 1,070,898 |
Shares redeemed | (883,911) | (575,122) | (16,190,058) | (11,170,395) |
Net increase (decrease) | (373,880) | 160,675 | $(7,101,364) | $3,085,832 |
Asset Manager 85% | ||||
Shares sold | 16,410,898 | 34,356,371 | $305,856,561 | $685,028,247 |
Reinvestment of distributions | 6,405,540 | 3,264,850 | 106,844,397 | 63,631,927 |
Shares redeemed | (21,581,610) | (17,439,052) | (405,780,272) | (347,375,448) |
Net increase (decrease) | 1,234,828 | 20,182,169 | $6,920,686 | $401,284,726 |
Class I | ||||
Shares sold | 639,230 | 1,125,223 | $11,730,512 | $22,457,259 |
Reinvestment of distributions | 98,286 | 67,136 | 1,635,471 | 1,304,444 |
Shares redeemed | (1,367,138) | (576,135) | (25,901,193) | (11,482,388) |
Net increase (decrease) | (629,622) | 616,224 | $(12,535,210) | $12,279,315 |
Class Z | ||||
Shares sold | 1,244,769 | – | $23,601,000 | $– |
Reinvestment of distributions | 1,771 | – | 29,410 | – |
Shares redeemed | (47,887) | – | (900,899) | – |
Net increase (decrease) | 1,198,653 | – | $22,729,511 | $– |
(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to September 30, 2019.
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 held |
Fidelity Asset Manager 60% | 29% |
Fidelity Asset Manager 85% | 26% |
13. Prior Fiscal Year Merger Information.
On April 27, 2018, Fidelity Asset Manager 60% (the Fund) acquired all of the assets and assumed all of the liabilities of Fidelity Global Balanced Fund and Fidelity Global Strategies Fund ("Target Funds") pursuant to an Agreement and Plan of Reorganization (the Agreements) approved by the Board of Trustees ("the Board"). The acquisition was accomplished by an exchange of shares of the Fund for corresponding shares then outstanding of each Target Fund at their respective net asset value on the acquisition date. The reorganization provided shareholders of each Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Fidelity Global Balanced Fund net assets of $470,010,359, including securities of $469,048,216 and unrealized appreciation of $2,799,938, and Fidelity Global Strategies Fund net assets of $162,277,994, including securities of $162,279,356 and unrealized appreciation of $1,167,869, were combined with the Fund's net assets of $2,278,829,037 for total net assets after the reorganization of $2,911,117,390.
Pro forma results of operations of the combined entity for the entire period ended September 30, 2018, as though the acquisitions had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net Investment income (loss) | $ 39,979,460 |
Total net realized gain (loss) | 180,297,674 |
Total change in net unrealized appreciation (depreciation) | (11,472,894) |
Net increase (decrease) in net assets resulting from operations | $208,804,240 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisitions were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that has been included in the Fund's accompanying Statement of Operations since April 27, 2018.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Charles Street Trust and the Shareholders of 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%:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of 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"), each a fund of Fidelity Charles Street Trust, including the schedules of investments, as of September 30, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2019, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 13, 2019
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 277 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as Secretary and CLO of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2019-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Vadim Zlotnikov (1962)
Year of Election or Appointment: 2019
Vice President
Mr. Zlotnikov also serves as Vice President of other funds. Mr. Zlotnikov serves as President and Chief Investment Officer of Global Asset Allocation and is an employee of Fidelity Investments (2018-present). Prior to joining Fidelity Investments, Mr. Zlotnikov served as Co-Head of Multi-Asset Solutions, Chief Market Strategist, and CIO of Systematic Strategies with AllianceBernstein (investment adviser firm, 2013-2018).
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 Fund[[s]] 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 (April 1, 2019 to September 30, 2019).
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.
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.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value April 1, 2019 | Ending Account Value September 30, 2019 | Expenses Paid During Period-B April 1, 2019 to September 30, 2019 | |
Fidelity Asset Manager 20% | ||||
Class A | .83% | |||
Actual | $1,000.00 | $1,034.00 | $4.23 | |
Hypothetical-C | $1,000.00 | $1,020.91 | $4.20 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $1,032.70 | $5.50 | |
Hypothetical-C | $1,000.00 | $1,019.65 | $5.47 | |
Class C | 1.58% | |||
Actual | $1,000.00 | $1,030.10 | $8.04 | |
Hypothetical-C | $1,000.00 | $1,017.15 | $7.99 | |
Asset Manager 20% | .51% | |||
Actual | $1,000.00 | $1,036.30 | $2.60 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.59 | |
Class I | .56% | |||
Actual | $1,000.00 | $1,035.90 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,022.26 | $2.84 | |
Class Z | .49% | |||
Actual | $1,000.00 | $1,035.50 | $2.50 | |
Hypothetical-C | $1,000.00 | $1,022.61 | $2.48 | |
Fidelity Asset Manager 30% | ||||
Class A | .82% | |||
Actual | $1,000.00 | $1,036.70 | $4.19 | |
Hypothetical-C | $1,000.00 | $1,020.96 | $4.15 | |
Class M | 1.09% | |||
Actual | $1,000.00 | $1,035.50 | $5.56 | |
Hypothetical-C | $1,000.00 | $1,019.60 | $5.52 | |
Class C | 1.60% | |||
Actual | $1,000.00 | $1,033.00 | $8.15 | |
Hypothetical-C | $1,000.00 | $1,017.05 | $8.09 | |
Asset Manager 30% | .52% | |||
Actual | $1,000.00 | $1,039.20 | $2.66 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.64 | |
Class I | .59% | |||
Actual | $1,000.00 | $1,038.90 | $3.02 | |
Hypothetical-C | $1,000.00 | $1,022.11 | $2.99 | |
Class Z | .51% | |||
Actual | $1,000.00 | $1,039.50 | $2.61 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.59 | |
Fidelity Asset Manager 40% | ||||
Class A | .83% | |||
Actual | $1,000.00 | $1,038.60 | $4.24 | |
Hypothetical-C | $1,000.00 | $1,020.91 | $4.20 | |
Class M | 1.09% | |||
Actual | $1,000.00 | $1,037.20 | $5.57 | |
Hypothetical-C | $1,000.00 | $1,019.60 | $5.52 | |
Class C | 1.59% | |||
Actual | $1,000.00 | $1,033.90 | $8.11 | |
Hypothetical-C | $1,000.00 | $1,017.10 | $8.04 | |
Asset Manager 40% | .52% | |||
Actual | $1,000.00 | $1,040.10 | $2.66 | |
Hypothetical-C | $1,000.00 | $1,022.46 | $2.64 | |
Class I | .56% | |||
Actual | $1,000.00 | $1,039.70 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,022.26 | $2.84 | |
Class Z | .50% | |||
Actual | $1,000.00 | $1,039.30 | $2.56 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 | |
Fidelity Asset Manager 50% | ||||
Class A | .94% | |||
Actual | $1,000.00 | $1,038.20 | $4.80 | |
Hypothetical-C | $1,000.00 | $1,020.36 | $4.76 | |
Class M | 1.18% | |||
Actual | $1,000.00 | $1,037.00 | $6.03 | |
Hypothetical-C | $1,000.00 | $1,019.15 | $5.97 | |
Class C | 1.69% | |||
Actual | $1,000.00 | $1,034.10 | $8.62 | |
Hypothetical-C | $1,000.00 | $1,016.60 | $8.54 | |
Asset Manager 50% | .63% | |||
Actual | $1,000.00 | $1,039.50 | $3.22 | |
Hypothetical-C | $1,000.00 | $1,021.91 | $3.19 | |
Class I | .66% | |||
Actual | $1,000.00 | $1,039.40 | $3.37 | |
Hypothetical-C | $1,000.00 | $1,021.76 | $3.35 | |
Class Z | .56% | |||
Actual | $1,000.00 | $1,040.00 | $2.86 | |
Hypothetical-C | $1,000.00 | $1,022.26 | $2.84 | |
Fidelity Asset Manager 60% | ||||
Class A | 1.01% | |||
Actual | $1,000.00 | $1,037.60 | $5.16 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Class M | 1.25% | |||
Actual | $1,000.00 | $1,037.00 | $6.38 | |
Hypothetical-C | $1,000.00 | $1,018.80 | $6.33 | |
Class C | 1.75% | |||
Actual | $1,000.00 | $1,034.10 | $8.92 | |
Hypothetical-C | $1,000.00 | $1,016.29 | $8.85 | |
Asset Manager 60% | .69% | |||
Actual | $1,000.00 | $1,040.00 | $3.53 | |
Hypothetical-C | $1,000.00 | $1,021.61 | $3.50 | |
Class I | .73% | |||
Actual | $1,000.00 | $1,039.10 | $3.73 | |
Hypothetical-C | $1,000.00 | $1,021.41 | $3.70 | |
Class Z | .64% | |||
Actual | $1,000.00 | $1,040.80 | $3.27 | |
Hypothetical-C | $1,000.00 | $1,021.86 | $3.24 | |
Fidelity Asset Manager 70% | ||||
Class A | 1.00% | |||
Actual | $1,000.00 | $1,036.90 | $5.11 | |
Hypothetical-C | $1,000.00 | $1,020.05 | $5.06 | |
Class M | 1.24% | |||
Actual | $1,000.00 | $1,035.50 | $6.33 | |
Hypothetical-C | $1,000.00 | $1,018.85 | $6.28 | |
Class C | 1.74% | |||
Actual | $1,000.00 | $1,032.80 | $8.87 | |
Hypothetical-C | $1,000.00 | $1,016.34 | $8.80 | |
Asset Manager 70% | .69% | |||
Actual | $1,000.00 | $1,038.70 | $3.53 | |
Hypothetical-C | $1,000.00 | $1,021.61 | $3.50 | |
Class I | .72% | |||
Actual | $1,000.00 | $1,038.20 | $3.68 | |
Hypothetical-C | $1,000.00 | $1,021.46 | $3.65 | |
Class Z | .62% | |||
Actual | $1,000.00 | $1,038.70 | $3.17 | |
Hypothetical-C | $1,000.00 | $1,021.96 | $3.14 | |
Fidelity Asset Manager 85% | ||||
Class A | 1.01% | |||
Actual | $1,000.00 | $1,036.50 | $5.16 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Class M | 1.27% | |||
Actual | $1,000.00 | $1,035.10 | $6.48 | |
Hypothetical-C | $1,000.00 | $1,018.70 | $6.43 | |
Class C | 1.77% | |||
Actual | $1,000.00 | $1,032.80 | $9.02 | |
Hypothetical-C | $1,000.00 | $1,016.19 | $8.95 | |
Asset Manager 85% | .70% | |||
Actual | $1,000.00 | $1,037.80 | $3.58 | |
Hypothetical-C | $1,000.00 | $1,021.56 | $3.55 | |
Class I | .74% | |||
Actual | $1,000.00 | $1,037.90 | $3.78 | |
Hypothetical-C | $1,000.00 | $1,021.36 | $3.75 | |
Class Z | .63% | |||
Actual | $1,000.00 | $1,038.50 | $3.22 | |
Hypothetical-C | $1,000.00 | $1,021.91 | $3.19 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 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 .005% to .05%.
C 5% return per year before expenses
Distributions (Unaudited)
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended September 30, 2019, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Asset Manager 20% | $59,871,333 |
Fidelity Asset Manager 30% | $26,395,062 |
Fidelity Asset Manager 40% | $39,937,906 |
Fidelity Asset Manager 50% | $272,543,553 |
Fidelity Asset Manager 60% | $95,870,116 |
Fidelity Asset Manager 70% | $222,518,561 |
Fidelity Asset Manager 85% | $117,411,179 |
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax
Fidelity Asset Manager 20% | |
Class A | 13.54% |
Class M | 13.54% |
Class C | 13.54% |
Asset Manager 20% | 13.54% |
Class I | 13.54% |
Class Z | 13.54% |
Fidelity Asset Manager 30% | |
Class A | 11.80% |
Class M | 11.80% |
Class C | 11.80% |
Asset Manager 30% | 11.80% |
Class I | 11.80% |
Class Z | 11.80% |
Fidelity Asset Manager 40% | |
Class A | 9.59% |
Class M | 9.59% |
Class C | 9.59% |
Asset Manager 40% | 9.59% |
Class I | 9.59% |
Class Z | 9.59% |
Fidelity Asset Manager 50% | |
Class A | 7.90% |
Class M | 7.90% |
Class C | 7.90% |
Asset Manager 50% | 7.90% |
Class I | 7.90% |
Class Z | 7.90% |
Fidelity Asset Manager 60% | |
Class A | 6.16% |
Class M | 6.16% |
Class C | 6.16% |
Asset Manager 60% | 6.16% |
Class I | 6.16% |
Class Z | 6.16% |
Fidelity Asset Manager 70% | |
Class A | 4.39% |
Class M | 4.39% |
Class C | 4.39% |
Asset Manager 70% | 4.39% |
Class I | 4.39% |
Class Z | 4.39% |
Fidelity Asset Manager 85% | |
Class A | 2.76% |
Class M | 2.76% |
Class C | 2.76% |
Asset Manager 85% | 2.76% |
Class I | 2.76% |
Class Z | 2.76% |
The funds hereby designate the amounts noted below as distributions paid during the period January 1, 2019 to September 30, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders:
Fidelity Asset Manager 20% | $68,024,130 |
Fidelity Asset Manager 30% | $21,079,603 |
Fidelity Asset Manager 40% | $16,098,535 |
Fidelity Asset Manager 50% | $75,709,972 |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
Class A | Class M | Class C | Retail | Class I | Class Z | |
Fidelity Asset Manager 20% | ||||||
December 2018 | 5% | 5% | 5% | 4% | 4% | 4% |
February 2019 | 11% | 13% | 26% | 9% | 9% | 9% |
March 2019 | 11% | 13% | 22% | 9% | 10% | 9% |
April 2019 | 11% | 13% | 25% | 9% | 10% | 9% |
May 2019 | 11% | 12% | 17% | 9% | 10% | 9% |
June 2019 | 11% | 13% | 19% | 9% | 9% | 9% |
July 2019 | 11% | 12% | 16% | 9% | 10% | 9% |
August 2019 | 11% | 13% | 17% | 9% | 9% | 9% |
September 2019 | 11% | 14% | 23% | 9% | 11% | 9% |
Fidelity Asset Manager 30% | ||||||
November 2018 | 6% | 6% | 10% | 5% | 5% | 5% |
December 2018 | 8% | 8% | 9% | 7% | 7% | 7% |
February 2019 | 20% | 25% | 51% | 16% | 17% | 16% |
March 2019 | 20% | 24% | 44% | 16% | 17% | 16% |
April 2019 | 19% | 23% | 42% | 16% | 17% | 16% |
May 2019 | 18% | 20% | 30% | 16% | 16% | 15% |
June 2019 | 18% | 21% | 30% | 16% | 16% | 15% |
July 2019 | 17% | 20% | 24% | 16% | 16% | 15% |
August 2019 | 19% | 22% | 33% | 16% | 17% | 16% |
September 2019 | 19% | 24% | 44% | 16% | 17% | 15% |
Fidelity Asset Manager 40% | ||||||
December 2018 | 10% | 10% | 12% | 9% | 9% | 9% |
April 2019 | 37% | 50% | 100% | 29% | 30% | 28% |
July 2019 | 33% | 38% | 52% | 29% | 30% | 29% |
Fidelity Asset Manager 50% | ||||||
December 2018 | 12% | 13% | 16% | 11% | 12% | 11% |
April 2019 | 54% | 81% | –% | 40% | 40% | 37% |
July 2019 | 47% | 53% | 74% | 40% | 42% | 39% |
Fidelity Asset Manager 60% | ||||||
December 2018 | 33% | 38% | 56% | 28% | 28% | 27% |
Fidelity Asset Manager 70% | ||||||
December 2018 | 39% | 47% | 78% | 33% | 34% | 31% |
Fidelity Asset Manager 85% | ||||||
December 2018 | 64% | 81% | 100% | 52% | 55% | 48% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Class A | Class M | Class C | Retail | Class I | Class Z | |
Fidelity Asset Manager 20% | ||||||
December 2018 | 12% | 13% | 14% | 11% | 12% | 11% |
February 2019 | 22% | 26% | 51% | 19% | 19% | 17% |
March 2019 | 22% | 26% | 43% | 19% | 19% | 18% |
April 2019 | 22% | 25% | 50% | 19% | 20% | 19% |
May 2019 | 22% | 24% | 33% | 19% | 19% | 19% |
June 2019 | 22% | 25% | 37% | 19% | 19% | 19% |
July 2019 | 21% | 24% | 31% | 19% | 19% | 19% |
August 2019 | 21% | 25% | 34% | 19% | 19% | 19% |
September 2019 | 22% | 28% | 44% | 19% | 21% | 19% |
Fidelity Asset Manager 30% | ||||||
November 2018 | 13% | 15% | 22% | 11% | 12% | 11% |
December 2018 | 17% | 19% | 22% | 16% | 16% | 16% |
February 2019 | 39% | 49% | 98% | 30% | 33% | 30% |
March 2019 | 39% | 47% | 85% | 31% | 33% | 31% |
April 2019 | 38% | 44% | 81% | 31% | 33% | 31% |
May 2019 | 34% | 39% | 58% | 31% | 31% | 29% |
June 2019 | 36% | 40% | 58% | 31% | 31% | 29% |
July 2019 | 33% | 38% | 47% | 31% | 31% | 30% |
August 2019 | 37% | 43% | 65% | 31% | 33% | 31% |
September 2019 | 37% | 47% | 86% | 31% | 32% | 29% |
Fidelity Asset Manager 40% | ||||||
December 2018 | 21% | 22% | 26% | 19% | 19% | 19% |
April 2019 | 71% | 97% | 100% | 56% | 58% | 55% |
July 2019 | 64% | 74% | 100% | 56% | 59% | 55% |
Fidelity Asset Manager 50% | ||||||
December 2018 | 25% | 27% | 32% | 23% | 24% | 23% |
April 2019 | 100% | 100% | –% | 78% | 78% | 72% |
July 2019 | 90% | 100% | 100% | 78% | 80% | 76% |
Fidelity Asset Manager 60% | ||||||
December 2018 | 59% | 68% | 100% | 51% | 52% | 48% |
Fidelity Asset Manager 70% | ||||||
December 2018 | 72% | 86% | 100% | 60% | 62% | 57% |
Fidelity Asset Manager 85% | ||||||
December 2018 | 92% | 100% | 100% | 74% | 79% | 69% |
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
Pay Date | Income | Taxes | |
Fidelity Asset Manager 20% | |||
Class A | 12/31/2018 | $0.0114 | $0.0019 |
Class M | 12/31/2018 | $0.0107 | $0.0019 |
Class C | 12/31/2018 | $0.0096 | $0.0019 |
Asset Manager 20% | 12/31/2018 | $0.0121 | $0.0019 |
Class I | 12/31/2018 | $0.0120 | $0.0019 |
Class Z | 12/31/2018 | $0.0122 | $0.0019 |
Fidelity Asset Manager 30% | |||
Class A | 12/31/2018 | $0.0119 | $0.0023 |
Class M | 12/31/2018 | $0.0111 | $0.0023 |
Class C | 12/31/2018 | $0.0096 | $0.0023 |
Asset Manager 30% | 12/31/2018 | $0.0128 | $0.0023 |
Class I | 12/31/2018 | $0.0127 | $0.0023 |
Class Z | 12/31/2018 | $0.0130 | $0.0023 |
Fidelity Asset Manager 40% | |||
Class A | 12/31/2018 | $0.0154 | $0.0032 |
Class M | 12/31/2018 | $0.0143 | $0.0032 |
Class C | 12/31/2018 | $0.0123 | $0.0032 |
Asset Manager 40% | 12/31/2018 | $0.0169 | $0.0032 |
Class I | 12/31/2018 | $0.0167 | $0.0032 |
Class Z | 12/31/2018 | $0.0170 | $0.0032 |
Fidelity Asset Manager 50% | |||
Class A | 12/31/2018 | $0.0287 | $0.0061 |
Class M | 12/31/2018 | $0.0266 | $0.0061 |
Class C | 12/31/2018 | $0.0226 | $0.0061 |
Asset Manager 50% | 12/31/2018 | $0.0313 | $0.0061 |
Class I | 12/31/2018 | $0.0306 | $0.0061 |
Class Z | 12/31/2018 | $0.0322 | $0.0061 |
Fidelity Asset Manager 60% | |||
Class A | 12/31/2018 | $0.0227 | $0.0051 |
Class M | 12/31/2018 | $0.0196 | $0.0051 |
Class C | 12/31/2018 | $0.0133 | $0.0051 |
Asset Manager 60% | 12/31/2018 | $0.0266 | $0.0051 |
Class I | 12/31/2018 | $0.0260 | $0.0051 |
Class Z | 12/31/2018 | $0.0279 | $0.0051 |
Fidelity Asset Manager 70% | |||
Class A | 12/31/2018 | $0.0468 | $0.0108 |
Class M | 12/31/2018 | $0.0389 | $0.0108 |
Class C | 12/31/2018 | $0.0238 | $0.0108 |
Asset Manager 70% | 12/31/2018 | $0.0560 | $0.0108 |
Class I | 12/31/2018 | $0.0547 | $0.0108 |
Class Z | 12/31/2018 | $0.0595 | $0.0108 |
Fidelity Asset Manager 85% | |||
Class A | 12/31/2018 | $0.0407 | $0.0098 |
Class M | 12/31/2018 | $0.0321 | $0.0098 |
Class C | 12/31/2018 | $0.0136 | $0.0098 |
Asset Manager 85% | 12/31/2018 | $0.0504 | $0.0098 |
Class I | 12/31/2018 | $0.0472 | $0.0098 |
Class Z | 12/31/2018 | $0.0547 | $0.0098 |
The funds will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Asset Manager 20%
Fidelity Asset Manager 30%
Fidelity Asset Manager 40%
Fidelity Asset Manager 50%
Fidelity Asset Manager 60%
Fidelity Asset Manager 70%
Fidelity Asset Manager 85%
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2019 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Approval of Amended and Restated Advisory Contracts. At its September 2019 meeting, the Board also unanimously determined to approve amended and restated management contracts and sub-advisory agreements (Amended and Restated Contracts) in connection with an upcoming consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, Fidelity Investments Money Management, Inc. (FIMM) and FMR Co., Inc. (FMRC) expect to merge with and into FMR and, after the merger, FMR expects to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreements with FIMM and FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the funds' group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more appropriate securities market indices, including a customized blended index that reflects the respective weights of the fund's asset classes (each a benchmark index) and a peer group of funds with similar objectives (peer group), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.Fidelity Asset Manager 20%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534595504.jpg)
Fidelity Asset Manager 30%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534595740.jpg)
Fidelity Asset Manager 40%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534595833.jpg)
Fidelity Asset Manager 50%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534595925.jpg)
Fidelity Asset Manager 60%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534596016.jpg)
Fidelity Asset Manager 70%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534596108.jpg)
Fidelity Asset Manager 85%
![](https://capedge.com/proxy/N-CSR/0001379491-19-004962/img534596198.jpg)
AR-ANN-1119
1.878277.111
Item 2.
Code of Ethics
As of the end of the period, September 30, 2019, Fidelity Charles Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to 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% for services rendered to (the “Fund(s)”):
Services Billed by Deloitte Entities
September 30, 2019 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Asset Manager 20% | $24,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 30% | $24,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 40% | $24,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 50% | $24,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 60% | $41,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 70% | $24,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 85% | $24,000 | $- | $5,100 | $700 |
September 30, 2018 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Asset Manager 20% | $22,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 30% | $22,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 40% | $22,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 50% | $22,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 60% | $26,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 70% | $22,000 | $- | $5,100 | $700 |
Fidelity Asset Manager 85% | $22,000 | $- | $5,100 | $700 |
AAmounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
September 30, 2019A | September 30, 2018A | |
Audit-Related Fees | $290,000 | $5,000 |
Tax Fees | $- | $5,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | September 30, 2019A | September 30, 2018A |
Deloitte Entities | $610,000 | $520,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
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 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 trust’s 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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Charles Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | November 26, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | November 26, 2019 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | November 26, 2019 |