UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03221
Fidelity Charles Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
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: | March 31, 2020 |
Item 1.
Reports to Stockholders
Fidelity Asset Manager® Funds - 20%, 30%, 40%, 50%, 60%, 70%, 85%
Fidelity Advisor Asset Manager® 20%
Fidelity Advisor Asset Manager® 30%
Fidelity Advisor Asset Manager® 40%
Fidelity Advisor Asset Manager® 50%
Fidelity Advisor Asset Manager® 60%
Fidelity Advisor Asset Manager® 70%
Fidelity Advisor Asset Manager® 85%
Semi-Annual Report
March 31, 2020
Includes Fidelity and Fidelity Advisor share classes
See the inside front cover for important information about access to your fund’s shareholder reports.
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% | |
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. © 2020 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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 Money Market Central Funds.Top Five Bond Issuers as of March 31, 2020
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 14.7 |
Fannie Mae | 3.6 |
Ginnie Mae | 2.9 |
Freddie Mac | 2.4 |
Uniform Mortgage Backed Securities | 1.2 |
24.8 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 25.3% | |
AAA,AA,A | 8.5% | |
BBB | 13.7% | |
BB and Below | 3.9% | |
Not Rated | 1.1% | |
Equities | 21.1% | |
Short-Term Investments and Net Other Assets | 26.4% |
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 March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 0.8 |
Apple, Inc. | 0.6 |
Amazon.com, Inc. | 0.3 |
Alphabet, Incs. Class A | 0.3 |
Tencent Holdings Ltd. | 0.2 |
2.2 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Financials | 34.9 |
Information Technology | 4.4 |
Health Care | 4.0 |
Communication Services | 3.3 |
Real Estate | 2.8 |
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stock Class and Equity Futures | 21.1% | |
Bond Class | 51.6% | |
Short-Term Class | 27.3% |
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 Money Market Funds, was 12.7% 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 20%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 18.0% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 312,509 | $56,479,795 | |
Fidelity Consumer Discretionary Central Fund (a) | 221,383 | 61,245,528 | |
Fidelity Consumer Staples Central Fund (a) | 235,681 | 42,547,474 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 799,971 | 141,650,904 | |
Fidelity Energy Central Fund (a) | 304,303 | 15,364,272 | |
Fidelity Financials Central Fund (a) | 1,285,087 | 94,312,514 | |
Fidelity Health Care Central Fund (a) | 233,587 | 102,540,161 | |
Fidelity Industrials Central Fund (a) | 242,175 | 53,511,043 | |
Fidelity Information Technology Central Fund (a) | 407,836 | 162,065,812 | |
Fidelity International Equity Central Fund (a) | 1,685,173 | 111,962,904 | |
Fidelity Materials Central Fund (a) | 95,981 | 14,266,546 | |
Fidelity Real Estate Equity Central Fund (a) | 239,304 | 22,633,345 | |
Fidelity Utilities Central Fund (a) | 127,728 | 20,517,021 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $756,275,037) | 899,097,319 | ||
Fixed-Income Central Funds - 52.6% | |||
High Yield Fixed-Income Funds - 1.8% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 5,527,133 | 44,272,332 | |
Fidelity Floating Rate Central Fund (a) | 258,430 | 22,635,910 | |
Fidelity High Income Central Fund (a) | 237,096 | 22,436,386 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 89,344,628 | ||
Investment Grade Fixed-Income Funds - 50.8% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 3,023,336 | 310,526,815 | |
Fidelity International Credit Central Fund (a) | 521,876 | 50,214,944 | |
Fidelity Investment Grade Bond Central Fund (a) | 19,507,775 | 2,179,603,702 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 2,540,345,461 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $2,434,830,025) | 2,629,690,089 | ||
Money Market Central Funds - 25.8% | |||
Fidelity Cash Central Fund 0.29% (c) | 149,677,305 | 149,722,208 | |
Fidelity Money Market Central Fund 0.96% (c) | 1,134,056,551 | 1,133,829,739 | |
Fidelity Securities Lending Cash Central Fund 0.28% (c)(d) | 4,042,254 | 4,043,063 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $1,287,816,428) | 1,287,595,010 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.53% 4/2/20 to 4/16/20 (e) | |||
(Cost $2,569,555) | 2,570,000 | 2,569,982 | |
Shares | Value | ||
Investment Companies - 3.6% | |||
iShares 20+ Year Treasury Bond ETF | 105,743 | $17,444,423 | |
iShares Core MSCI EAFE ETF | 1,367,542 | 68,226,670 | |
iShares S&P 500 Index ETF (f) | 362,269 | 93,610,309 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $217,572,233) | 179,281,402 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $4,699,063,278) | 4,998,233,802 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (3,531,579) | ||
NET ASSETS - 100% | $4,994,702,223 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 706 | June 2020 | $29,754,370 | $(1,692,119) | $(1,692,119) |
The notional amount of futures sold as a percentage of Net Assets is 0.6%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,569,982.
(f) 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 | $754,321 |
Fidelity Communication Services Central Fund | 1,991,283 |
Fidelity Consumer Discretionary Central Fund | 1,943,096 |
Fidelity Consumer Staples Central Fund | 566,334 |
Fidelity Emerging Markets Debt Central Fund | 1,733,717 |
Fidelity Emerging Markets Equity Central Fund | 2,932,799 |
Fidelity Energy Central Fund | 311,276 |
Fidelity Financials Central Fund | 3,727,756 |
Fidelity Floating Rate Central Fund | 751,698 |
Fidelity Health Care Central Fund | 1,143,298 |
Fidelity High Income Central Fund | 856,034 |
Fidelity Industrials Central Fund | 506,055 |
Fidelity Inflation-Protected Bond Index Central Fund | 4,559,353 |
Fidelity Information Technology Central Fund | 5,437,355 |
Fidelity International Credit Central Fund | 2,067,726 |
Fidelity International Equity Central Fund | 1,278,357 |
Fidelity Investment Grade Bond Central Fund | 35,049,289 |
Fidelity Materials Central Fund | 121,006 |
Fidelity Money Market Central Fund | 10,630,532 |
Fidelity Real Estate Equity Central Fund | 1,006,188 |
Fidelity Securities Lending Cash Central Fund | 7,745 |
Fidelity Utilities Central Fund | 990,768 |
Total | $78,365,986 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $8,758,848 | $28,732 | $8,981,966 | $(963,555) | $1,157,941 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 54,167,072 | 14,331,159 | 4,287,089 | (379,802) | (7,351,545) | 56,479,795 | 3.6 |
Fidelity Consumer Discretionary Central Fund | 65,548,171 | 14,609,435 | 4,800,978 | (488,396) | (13,622,704) | 61,245,528 | 3.8 |
Fidelity Consumer Staples Central Fund | 42,517,048 | 8,916,521 | 3,249,747 | (213,269) | (5,423,079) | 42,547,474 | 3.6 |
Fidelity Emerging Markets Debt Central Fund | 49,626,992 | 5,647,594 | 3,552,593 | (265,418) | (7,184,243) | 44,272,332 | 1.8 |
Fidelity Emerging Markets Equity Central Fund | 167,530,840 | 11,313,748 | 9,036,489 | (1,296,594) | (26,860,601) | 141,650,904 | 9.5 |
Fidelity Energy Central Fund | 26,810,221 | 3,941,341 | 1,585,439 | (451,345) | (13,350,506) | 15,364,272 | 3.7 |
Fidelity Financials Central Fund | 118,672,976 | 22,459,302 | 8,343,388 | (1,220,460) | (37,255,916) | 94,312,514 | 3.9 |
Fidelity Floating Rate Central Fund | 25,374,512 | 2,711,149 | 1,778,117 | (122,758) | (3,548,876) | 22,635,910 | 1.3 |
Fidelity Health Care Central Fund | 87,505,894 | 16,128,401 | 6,815,495 | (430,924) | 6,152,285 | 102,540,161 | 3.7 |
Fidelity High Income Central Fund | 51,567,906 | 2,824,721 | 27,720,868 | 1,700,160 | (5,935,533) | 22,436,386 | 1.1 |
Fidelity Industrials Central Fund | 62,265,617 | 10,862,918 | 4,431,894 | (578,412) | (14,607,186) | 53,511,043 | 3.9 |
Fidelity Inflation-Protected Bond Index Central Fund | 267,701,164 | 77,811,613 | 34,234,795 | (55,012) | (696,155) | 310,526,815 | 21.2 |
Fidelity Information Technology Central Fund | 148,255,196 | 29,941,506 | 11,693,827 | (835,995) | (3,601,068) | 162,065,812 | 3.7 |
Fidelity International Credit Central Fund | 52,008,454 | 5,996,821 | 3,566,965 | (86,522) | (4,136,844) | 50,214,944 | 17.4 |
Fidelity International Equity Central Fund | 126,984,865 | 22,335,150 | 15,247,466 | (2,433,592) | (19,676,053) | 111,962,904 | 5.4 |
Fidelity Investment Grade Bond Central Fund | 2,123,133,926 | 308,450,355 | 231,084,196 | (4,200,285) | (16,696,098) | 2,179,603,702 | 8.8 |
Fidelity Materials Central Fund | 15,515,826 | 3,902,228 | 1,250,535 | (155,722) | (3,745,251) | 14,266,546 | 3.9 |
Fidelity Real Estate Equity Central Fund | 77,481,500 | 6,868,549 | 39,002,123 | (13,840,980) | (8,873,601) | 22,633,345 | 4.5 |
Fidelity Utilities Central Fund | 22,779,522 | 4,641,027 | 1,556,528 | (162,892) | (5,184,108) | 20,517,021 | 3.8 |
3,594,206,550 | 573,722,270 | 422,220,498 | (26,481,773) | (190,439,141) | 3,528,787,408 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $899,097,319 | $899,097,319 | $-- | $-- |
Fixed-Income Central Funds | 2,629,690,089 | 2,629,690,089 | -- | -- |
Money Market Central Funds | 1,287,595,010 | 1,287,595,010 | -- | -- |
Other Short-Term Investments and Net Other Assets | 2,569,982 | -- | 2,569,982 | -- |
Investment Companies | 179,281,402 | 179,281,402 | -- | -- |
Total Investments in Securities: | $4,998,233,802 | $4,995,663,820 | $2,569,982 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(1,692,119) | $(1,692,119) | $-- | $-- |
Total Liabilities | $(1,692,119) | $(1,692,119) | $-- | $-- |
Total Derivative Instruments: | $(1,692,119) | $(1,692,119) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $0 | $(1,692,119) |
Total Equity Risk | 0 | (1,692,119) |
Total Value of Derivatives | $0 | $(1,692,119) |
(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 | 87.3% |
United Kingdom | 2.1% |
Cayman Islands | 2.1% |
Others (Individually Less Than 1%) | 8.5% |
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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $3,901,840) — See accompanying schedule: Unaffiliated issuers (cost $220,141,788) | $181,851,384 | |
Fidelity Central Funds (cost $4,478,921,490) | 4,816,382,418 | |
Total Investment in Securities (cost $4,699,063,278) | $4,998,233,802 | |
Segregated cash with brokers for derivative instruments | 1,441,611 | |
Receivable for investments sold | 2,763,400 | |
Receivable for fund shares sold | 2,576,968 | |
Distributions receivable from Fidelity Central Funds | 62,217 | |
Prepaid expenses | 3,286 | |
Total assets | 5,005,081,284 | |
Liabilities | ||
Payable for investments purchased | $97 | |
Payable for fund shares redeemed | 3,818,499 | |
Accrued management fee | 1,713,599 | |
Distribution and service plan fees payable | 37,130 | |
Payable for daily variation margin on futures contracts | 264,750 | |
Other affiliated payables | 453,457 | |
Other payables and accrued expenses | 48,504 | |
Collateral on securities loaned | 4,043,025 | |
Total liabilities | 10,379,061 | |
Net Assets | $4,994,702,223 | |
Net Assets consist of: | ||
Paid in capital | $4,951,691,119 | |
Total accumulated earnings (loss) | 43,011,104 | |
Net Assets | $4,994,702,223 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($41,201,148 ÷ 3,209,599 shares)(a) | $12.84 | |
Maximum offering price per share (100/94.25 of $12.84) | $13.62 | |
Class M: | ||
Net Asset Value and redemption price per share ($22,987,313 ÷ 1,794,846 shares)(a) | $12.81 | |
Maximum offering price per share (100/96.50 of $12.81) | $13.27 | |
Class C: | ||
Net Asset Value and offering price per share ($21,661,640 ÷ 1,698,298 shares)(a) | $12.75 | |
Asset Manager 20%: | ||
Net Asset Value, offering price and redemption price per share ($4,860,484,375 ÷ 377,961,052 shares) | $12.86 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($34,751,957 ÷ 2,703,071 shares) | $12.86 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($13,615,790 ÷ 1,059,235 shares) | $12.85 |
(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
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $3,767,730 | |
Interest | 37,313 | |
Income from Fidelity Central Funds (including $7,745 from security lending) | 58,988,876 | |
Total income | 62,793,919 | |
Expenses | ||
Management fee | $10,601,445 | |
Transfer agent fees | 2,082,364 | |
Distribution and service plan fees | 230,076 | |
Accounting fees | 591,815 | |
Custodian fees and expenses | 3,646 | |
Independent trustees' fees and expenses | 9,587 | |
Registration fees | 110,890 | |
Audit | 25,824 | |
Legal | 7,082 | |
Interest | 2,313 | |
Miscellaneous | 16,275 | |
Total expenses before reductions | 13,681,317 | |
Expense reductions | (59,988) | |
Total expenses after reductions | 13,621,329 | |
Net investment income (loss) | 49,172,590 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 19,919,177 | |
Fidelity Central Funds | (26,466,612) | |
Futures contracts | 6,583,249 | |
Capital gain distributions from Fidelity Central Funds | 19,377,110 | |
Total net realized gain (loss) | 19,412,924 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (52,692,157) | |
Fidelity Central Funds | (190,665,765) | |
Futures contracts | (3,150,368) | |
Total change in net unrealized appreciation (depreciation) | (246,508,290) | |
Net gain (loss) | (227,095,366) | |
Net increase (decrease) in net assets resulting from operations | $(177,922,776) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $49,172,590 | $112,781,149 |
Net realized gain (loss) | 19,412,924 | 64,437,384 |
Change in net unrealized appreciation (depreciation) | (246,508,290) | 76,415,010 |
Net increase (decrease) in net assets resulting from operations | (177,922,776) | 253,633,543 |
Distributions to shareholders | (98,702,994) | (203,283,861) |
Share transactions - net increase (decrease) | 148,513,787 | 116,857,755 |
Total increase (decrease) in net assets | (128,111,983) | 167,207,437 |
Net Assets | ||
Beginning of period | 5,122,814,206 | 4,955,606,769 |
End of period | $4,994,702,223 | $5,122,814,206 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 20% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.51 | $13.40 | $13.55 | $13.24 | $12.93 | $13.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .11 | .26 | .20 | .16 | .19 | .18 |
Net realized and unrealized gain (loss) | (.55) | .36 | .11 | .37 | .59 | (.22) |
Total from investment operations | (.44) | .62 | .31 | .53 | .78 | (.04) |
Distributions from net investment income | (.11) | (.26) | (.19) | (.16) | (.20) | (.17) |
Distributions from net realized gain | (.13) | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.23)B | (.51)C | (.46) | (.22)D | (.47) | (.59) |
Net asset value, end of period | $12.84 | $13.51 | $13.40 | $13.55 | $13.24 | $12.93 |
Total ReturnE,F,G | (3.33)% | 4.85% | 2.36% | 4.08% | 6.18% | (.33)% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .83%J | .83% | .84% | .84% | .83% | .83% |
Expenses net of fee waivers, if any | .83%J | .83% | .84% | .84% | .83% | .83% |
Expenses net of all reductions | .83%J | .83% | .84% | .83% | .83% | .83% |
Net investment income (loss) | 1.55%J | 1.97% | 1.49% | 1.21% | 1.47% | 1.32% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $41,201 | $45,153 | $39,089 | $39,787 | $42,221 | $38,841 |
Portfolio turnover rateK | 34%J | 41% | 24% | 22% | 19% | 20% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.23 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.126 per share.
C 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.
D 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.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying 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 .05%.
I 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.
J Annualized
K 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.48 | $13.37 | $13.52 | $13.21 | $12.90 | $13.53 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .23 | .16 | .13 | .16 | .14 |
Net realized and unrealized gain (loss) | (.54) | .35 | .12 | .37 | .58 | (.21) |
Total from investment operations | (.45) | .58 | .28 | .50 | .74 | (.07) |
Distributions from net investment income | (.09) | (.23) | (.16) | (.12) | (.17) | (.14) |
Distributions from net realized gain | (.13) | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.22) | (.47) | (.43) | (.19) | (.43)B | (.56) |
Net asset value, end of period | $12.81 | $13.48 | $13.37 | $13.52 | $13.21 | $12.90 |
Total ReturnC,D,E | (3.45)% | 4.58% | 2.10% | 3.81% | 5.93% | (.59)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.08%H | 1.08% | 1.10% | 1.10% | 1.09% | 1.10% |
Expenses net of fee waivers, if any | 1.08%H | 1.08% | 1.10% | 1.10% | 1.09% | 1.10% |
Expenses net of all reductions | 1.08%H | 1.08% | 1.10% | 1.10% | 1.09% | 1.10% |
Net investment income (loss) | 1.30%H | 1.72% | 1.23% | .95% | 1.21% | 1.06% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $22,987 | $25,696 | $22,133 | $22,474 | $25,052 | $19,162 |
Portfolio turnover rateI | 34%H | 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 for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.43 | $13.32 | $13.47 | $13.17 | $12.85 | $13.48 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .05 | .16 | .10 | .06 | .09 | .07 |
Net realized and unrealized gain (loss) | (.55) | .36 | .11 | .36 | .60 | (.21) |
Total from investment operations | (.50) | .52 | .21 | .42 | .69 | (.14) |
Distributions from net investment income | (.06) | (.16) | (.09) | (.06) | (.10) | (.07) |
Distributions from net realized gain | (.13) | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.18)B | (.41)C | (.36) | (.12)D | (.37) | (.49) |
Net asset value, end of period | $12.75 | $13.43 | $13.32 | $13.47 | $13.17 | $12.85 |
Total ReturnE,F,G | (3.78)% | 4.06% | 1.59% | 3.25% | 5.49% | (1.09)% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | 1.59%J | 1.59% | 1.59% | 1.59% | 1.59% | 1.60% |
Expenses net of fee waivers, if any | 1.58%J | 1.59% | 1.59% | 1.59% | 1.59% | 1.60% |
Expenses net of all reductions | 1.58%J | 1.59% | 1.59% | 1.59% | 1.59% | 1.60% |
Net investment income (loss) | .80%J | 1.21% | .74% | .45% | .71% | .56% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $21,662 | $21,588 | $26,000 | $28,217 | $29,337 | $28,515 |
Portfolio turnover rateK | 34%J | 41% | 24% | 22% | 19% | 20% |
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 $.057 and distributions from net realized gain of $.126 per share.
C 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.
D 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.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying 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 .05%.
I 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.
J Annualized
K 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.54 | $13.42 | $13.57 | $13.26 | $12.94 | $13.57 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .13 | .30 | .24 | .20 | .23 | .22 |
Net realized and unrealized gain (loss) | (.56) | .37 | .12 | .37 | .60 | (.22) |
Total from investment operations | (.43) | .67 | .36 | .57 | .83 | – |
Distributions from net investment income | (.13) | (.31) | (.24) | (.20) | (.24) | (.21) |
Distributions from net realized gain | (.13) | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.25)B | (.55) | (.51) | (.26)C | (.51) | (.63) |
Net asset value, end of period | $12.86 | $13.54 | $13.42 | $13.57 | $13.26 | $12.94 |
Total ReturnD,E | (3.24)% | 5.24% | 2.68% | 4.40% | 6.58% | (.04)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .51%H | .51% | .52% | .52% | .52% | .53% |
Expenses net of fee waivers, if any | .51%H | .51% | .52% | .52% | .52% | .53% |
Expenses net of all reductions | .51%H | .51% | .51% | .52% | .52% | .52% |
Net investment income (loss) | 1.87%H | 2.29% | 1.81% | 1.52% | 1.78% | 1.63% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $4,860,484 | $4,990,188 | $4,819,671 | $4,880,833 | $4,802,797 | $4,685,019 |
Portfolio turnover rateI | 34%H | 41% | 24% | 22% | 19% | 20% |
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 $.128 and distributions from net realized gain of $.126 per share.
C 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.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $13.53 | $13.41 | $13.57 | $13.26 | $12.94 | $13.57 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .12 | .30 | .24 | .20 | .22 | .21 |
Net realized and unrealized gain (loss) | (.54) | .36 | .10 | .37 | .60 | (.21) |
Total from investment operations | (.42) | .66 | .34 | .57 | .82 | – |
Distributions from net investment income | (.12) | (.30) | (.23) | (.19) | (.24) | (.21) |
Distributions from net realized gain | (.13) | (.24) | (.27) | (.07) | (.27) | (.42) |
Total distributions | (.25) | (.54) | (.50) | (.26) | (.50)B | (.63) |
Net asset value, end of period | $12.86 | $13.53 | $13.41 | $13.57 | $13.26 | $12.94 |
Total ReturnC,D | (3.21)% | 5.18% | 2.57% | 4.35% | 6.56% | (.08)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .58%G | .56% | .55% | .56% | .57% | .57% |
Expenses net of fee waivers, if any | .58%G | .56% | .55% | .56% | .57% | .57% |
Expenses net of all reductions | .58%G | .56% | .55% | .56% | .57% | .57% |
Net investment income (loss) | 1.81%G | 2.24% | 1.78% | 1.48% | 1.73% | 1.59% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $34,752 | $25,577 | $48,713 | $50,272 | $27,315 | $16,388 |
Portfolio turnover rateH | 34%G | 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 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 .05%.
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 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 20% Class Z
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $13.53 | $13.41 |
Income from Investment Operations | ||
Net investment income (loss)B | .13 | .30 |
Net realized and unrealized gain (loss) | (.55) | .37 |
Total from investment operations | (.42) | .67 |
Distributions from net investment income | (.13) | (.31) |
Distributions from net realized gain | (.13) | (.24) |
Total distributions | (.26) | (.55) |
Net asset value, end of period | $12.85 | $13.53 |
Total ReturnC,D | (3.23)% | 5.27% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .48%G | .48%G |
Expenses net of fee waivers, if any | .48%G | .48%G |
Expenses net of all reductions | .48%G | .48%G |
Net investment income (loss) | 1.90%G | 2.32%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $13,616 | $14,613 |
Portfolio turnover rateH | 34%G | 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 .05%.
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 Money Market Central Funds.Top Five Bond Issuers as of March 31, 2020
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 14.7 |
Fannie Mae | 3.7 |
Ginnie Mae | 2.9 |
Freddie Mac | 2.4 |
Uniform Mortgage Backed Securities | 1.3 |
25.0 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 25.5% | |
AAA,AA,A | 8.5% | |
BBB | 14.0% | |
BB and Below | 3.9% | |
Not Rated | 1.2% | |
Equities | 30.6% | |
Short-Term Investments and Net Other Assets | 16.3% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Top Five Stocks as of March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 1.2 |
Apple, Inc. | 1.0 |
Amazon.com, Inc. | 0.5 |
Alphabet, Inc. Class A | 0.5 |
Facebook, Inc. Class A | 0.4 |
3.6 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Financials | 26.2 |
Information Technology | 6.3 |
Health Care | 5.6 |
Communication Services | 4.2 |
Consumer Discretionary | 3.9 |
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stock Class and Equity Futures | 30.8% | |
Bond Class | 52.1% | |
Short-Term Class | 17.1% |
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 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 30%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 27.9% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 169,719 | $30,673,254 | |
Fidelity Consumer Discretionary Central Fund (a) | 120,080 | 33,220,000 | |
Fidelity Consumer Staples Central Fund (a) | 128,828 | 23,257,253 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 391,085 | 69,249,459 | |
Fidelity Energy Central Fund (a) | 164,727 | 8,317,068 | |
Fidelity Financials Central Fund (a) | 698,605 | 51,270,589 | |
Fidelity Health Care Central Fund (a) | 127,023 | 55,760,725 | |
Fidelity Industrials Central Fund (a) | 131,777 | 29,117,340 | |
Fidelity Information Technology Central Fund (a) | 221,790 | 88,134,838 | |
Fidelity International Equity Central Fund (a) | 1,044,896 | 69,422,858 | |
Fidelity Materials Central Fund (a) | 52,052 | 7,737,046 | |
Fidelity Real Estate Equity Central Fund (a) | 82,342 | 7,787,933 | |
Fidelity Utilities Central Fund (a) | 69,566 | 11,174,397 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $469,969,962) | 485,122,760 | ||
Fixed-Income Central Funds - 53.2% | |||
High Yield Fixed-Income Funds - 1.8% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 1,955,067 | 15,660,084 | |
Fidelity Floating Rate Central Fund (a) | 90,967 | 7,967,822 | |
Fidelity High Income Central Fund (a) | 83,489 | 7,900,530 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 31,528,436 | ||
Investment Grade Fixed-Income Funds - 51.4% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 1,038,666 | 106,681,350 | |
Fidelity International Credit Central Fund (a) | 184,842 | 17,785,498 | |
Fidelity Investment Grade Bond Central Fund (a) | 6,890,189 | 769,840,820 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 894,307,668 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $891,913,598) | 925,836,104 | ||
Money Market Central Funds - 15.2% | |||
Fidelity Cash Central Fund 0.29% (c) | 55,046,612 | 55,063,126 | |
Fidelity Money Market Central Fund 0.96% (c) | 210,097,190 | 210,055,170 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $265,164,398) | 265,118,296 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.52% 4/2/20 to 4/9/20 (d) | |||
(Cost $2,349,878) | 2,350,000 | 2,349,999 | |
Shares | Value | ||
Investment Companies - 3.6% | |||
iShares 20+ Year Treasury Bond ETF | 73,872 | $12,186,664 | |
iShares Core MSCI EAFE ETF | 235,597 | 11,753,934 | |
iShares MSCI Japan ETF | 321,834 | 15,895,381 | |
iShares S&P 500 Index ETF | 87,519 | 22,614,910 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $69,041,720) | 62,450,889 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $1,698,439,556) | 1,740,878,048 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (367,877) | ||
NET ASSETS - 100% | $1,740,510,171 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 186 | June 2020 | $7,838,970 | $(445,799) | $(445,799) |
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
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, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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 $1,327,999.
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 | $223,700 |
Fidelity Communication Services Central Fund | 1,137,054 |
Fidelity Consumer Discretionary Central Fund | 1,099,230 |
Fidelity Consumer Staples Central Fund | 316,868 |
Fidelity Emerging Markets Debt Central Fund | 614,518 |
Fidelity Emerging Markets Equity Central Fund | 1,432,036 |
Fidelity Energy Central Fund | 174,570 |
Fidelity Financials Central Fund | 2,103,874 |
Fidelity Floating Rate Central Fund | 265,400 |
Fidelity Health Care Central Fund | 643,799 |
Fidelity High Income Central Fund | 302,534 |
Fidelity Industrials Central Fund | 284,987 |
Fidelity Inflation-Protected Bond Index Central Fund | 1,568,999 |
Fidelity Information Technology Central Fund | 3,078,185 |
Fidelity International Credit Central Fund | 728,580 |
Fidelity International Equity Central Fund | 801,155 |
Fidelity Investment Grade Bond Central Fund | 12,337,482 |
Fidelity Materials Central Fund | 69,471 |
Fidelity Money Market Central Fund | 1,979,219 |
Fidelity Real Estate Equity Central Fund | 354,116 |
Fidelity Securities Lending Cash Central Fund | 1,636 |
Fidelity Utilities Central Fund | 560,868 |
Total | $30,078,281 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $4,421,320 | $43,236 | $4,563,105 | $(467,783) | $566,332 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 29,849,679 | 7,449,232 | 2,010,540 | (451,556) | (4,163,561) | 30,673,254 | 2.0 |
Fidelity Consumer Discretionary Central Fund | 35,863,420 | 7,820,185 | 2,230,589 | (486,213) | (7,746,803) | 33,220,000 | 2.1 |
Fidelity Consumer Staples Central Fund | 23,209,376 | 4,868,865 | 1,528,614 | (222,608) | (3,069,766) | 23,257,253 | 2.0 |
Fidelity Emerging Markets Debt Central Fund | 17,118,699 | 2,615,309 | 1,338,508 | (275,760) | (2,459,656) | 15,660,084 | 0.7 |
Fidelity Emerging Markets Equity Central Fund | 80,958,483 | 8,129,047 | 5,280,434 | (1,436,528) | (13,121,109) | 69,249,459 | 4.6 |
Fidelity Energy Central Fund | 14,611,117 | 2,258,931 | 646,602 | (423,737) | (7,482,641) | 8,317,068 | 2.0 |
Fidelity Financials Central Fund | 64,908,991 | 12,434,090 | 3,800,012 | (1,155,756) | (21,116,724) | 51,270,589 | 2.1 |
Fidelity Floating Rate Central Fund | 8,713,247 | 1,264,338 | 669,256 | (97,595) | (1,242,912) | 7,967,822 | 0.5 |
Fidelity Health Care Central Fund | 47,748,854 | 8,662,172 | 3,311,240 | (494,447) | 3,155,386 | 55,760,725 | 2.0 |
Fidelity High Income Central Fund | 17,698,975 | 1,300,917 | 9,552,500 | (348,678) | (1,198,184) | 7,900,530 | 0.4 |
Fidelity Industrials Central Fund | 34,129,524 | 5,916,100 | 2,025,177 | (565,785) | (8,337,322) | 29,117,340 | 2.1 |
Fidelity Inflation-Protected Bond Index Central Fund | 84,966,620 | 35,031,385 | 12,929,399 | (107,332) | (279,924) | 106,681,350 | 7.3 |
Fidelity Information Technology Central Fund | 81,039,910 | 16,145,943 | 5,612,304 | (1,129,089) | (2,309,622) | 88,134,838 | 2.0 |
Fidelity International Credit Central Fund | 17,922,469 | 2,735,184 | 1,339,901 | (75,331) | (1,456,923) | 17,785,498 | 6.2 |
Fidelity International Equity Central Fund | 77,119,279 | 15,736,012 | 8,496,342 | (2,688,167) | (12,247,924) | 69,422,858 | 3.4 |
Fidelity Investment Grade Bond Central Fund | 729,326,223 | 130,542,485 | 81,564,541 | (2,698,728) | (5,764,619) | 769,840,820 | 3.1 |
Fidelity Materials Central Fund | 8,631,520 | 2,013,016 | 565,286 | (189,828) | (2,152,376) | 7,737,046 | 2.1 |
Fidelity Real Estate Equity Central Fund | 26,648,248 | 3,337,973 | 13,896,732 | (5,267,660) | (3,033,896) | 7,787,933 | 1.5 |
Fidelity Utilities Central Fund | 12,503,906 | 2,504,648 | 721,670 | (168,913) | (2,943,574) | 11,174,397 | 2.1 |
1,417,389,860 | 270,809,068 | 162,082,752 | (18,751,494) | (96,405,818) | 1,410,958,864 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $485,122,760 | $485,122,760 | $-- | $-- |
Fixed-Income Central Funds | 925,836,104 | 925,836,104 | -- | -- |
Money Market Central Funds | 265,118,296 | 265,118,296 | -- | -- |
Other Short-Term Investments and Net Other Assets | 2,349,999 | -- | 2,349,999 | -- |
Investment Companies | 62,450,889 | 62,450,889 | -- | -- |
Total Investments in Securities: | $1,740,878,048 | $1,738,528,049 | $2,349,999 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(445,799) | $(445,799) | $-- | $-- |
Total Liabilities | $(445,799) | $(445,799) | $-- | $-- |
Total Derivative Instruments: | $(445,799) | $(445,799) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $0 | $(445,799) |
Total Equity Risk | 0 | (445,799) |
Total Value of Derivatives | $0 | $(445,799) |
(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 | 2.5% |
Cayman Islands | 2.4% |
Netherlands | 1.2% |
Switzerland | 1.0% |
Others (Individually Less Than 1%) | 9.1% |
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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $71,391,598) | $64,800,888 | |
Fidelity Central Funds (cost $1,627,047,958) | 1,676,077,160 | |
Total Investment in Securities (cost $1,698,439,556) | $1,740,878,048 | |
Receivable for investments sold | 1,102,116 | |
Receivable for fund shares sold | 1,543,175 | |
Distributions receivable from Fidelity Central Funds | 24,762 | |
Prepaid expenses | 1,091 | |
Total assets | 1,743,549,192 | |
Liabilities | ||
Payable for investments purchased | $1,937 | |
Payable for fund shares redeemed | 2,104,741 | |
Accrued management fee | 610,018 | |
Distribution and service plan fees payable | 35,405 | |
Payable for daily variation margin on futures contracts | 69,750 | |
Other affiliated payables | 177,281 | |
Other payables and accrued expenses | 39,889 | |
Total liabilities | 3,039,021 | |
Net Assets | $1,740,510,171 | |
Net Assets consist of: | ||
Paid in capital | $1,758,558,875 | |
Total accumulated earnings (loss) | (18,048,704) | |
Net Assets | $1,740,510,171 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($40,125,633 ÷ 3,819,767 shares)(a) | $10.50 | |
Maximum offering price per share (100/94.25 of $10.50) | $11.14 | |
Class M: | ||
Net Asset Value and redemption price per share ($16,335,913 ÷ 1,557,672 shares)(a) | $10.49 | |
Maximum offering price per share (100/96.50 of $10.49) | $10.87 | |
Class C: | ||
Net Asset Value and offering price per share ($23,937,504 ÷ 2,295,692 shares)(a) | $10.43 | |
Asset Manager 30%: | ||
Net Asset Value, offering price and redemption price per share ($1,636,793,692 ÷ 155,867,964 shares) | $10.50 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($14,018,153 ÷ 1,335,072 shares) | $10.50 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($9,299,276 ÷ 885,679 shares) | $10.50 |
(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
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $1,436,343 | |
Interest | 30,539 | |
Income from Fidelity Central Funds (including $1,636 from security lending) | 20,829,923 | |
Total income | 22,296,805 | |
Expenses | ||
Management fee | $3,769,949 | |
Transfer agent fees | 725,334 | |
Distribution and service plan fees | 217,083 | |
Accounting fees | 311,280 | |
Custodian fees and expenses | 4,011 | |
Independent trustees' fees and expenses | 3,374 | |
Registration fees | 77,458 | |
Audit | 17,224 | |
Legal | 2,454 | |
Interest | 839 | |
Miscellaneous | 5,642 | |
Total expenses before reductions | 5,134,648 | |
Expense reductions | (17,709) | |
Total expenses after reductions | 5,116,939 | |
Net investment income (loss) | 17,179,866 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,283,284 | |
Fidelity Central Funds | (18,747,325) | |
Futures contracts | 1,078,864 | |
Capital gain distributions from Fidelity Central Funds | 9,248,358 | |
Total net realized gain (loss) | (3,136,819) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (12,742,641) | |
Fidelity Central Funds | (96,445,392) | |
Futures contracts | (1,450,730) | |
Total change in net unrealized appreciation (depreciation) | (110,638,763) | |
Net gain (loss) | (113,775,582) | |
Net increase (decrease) in net assets resulting from operations | $(96,595,716) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $17,179,866 | $35,074,863 |
Net realized gain (loss) | (3,136,819) | 23,057,740 |
Change in net unrealized appreciation (depreciation) | (110,638,763) | 20,382,445 |
Net increase (decrease) in net assets resulting from operations | (96,595,716) | 78,515,048 |
Distributions to shareholders | (40,282,875) | (60,202,108) |
Share transactions - net increase (decrease) | 112,376,165 | 173,802,985 |
Total increase (decrease) in net assets | (24,502,426) | 192,115,925 |
Net Assets | ||
Beginning of period | 1,765,012,597 | 1,572,896,672 |
End of period | $1,740,510,171 | $1,765,012,597 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 30% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.24 | $11.15 | $11.11 | $10.62 | $10.19 | $10.71 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .21 | .16 | .13 | .16 | .15 |
Net realized and unrealized gain (loss) | (.60) | .27 | .21 | .51 | .60 | (.23) |
Total from investment operations | (.51) | .48 | .37 | .64 | .76 | (.08) |
Distributions from net investment income | (.09) | (.21) | (.15) | (.13) | (.17) | (.15) |
Distributions from net realized gain | (.14) | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.23) | (.39) | (.33) | (.15) | (.33) | (.44)B |
Net asset value, end of period | $10.50 | $11.24 | $11.15 | $11.11 | $10.62 | $10.19 |
Total ReturnC,D,E | (4.70)% | 4.54% | 3.40% | 6.06% | 7.61% | (.79)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .82%H | .82% | .84% | .85% | .85% | .86% |
Expenses net of fee waivers, if any | .82%H | .82% | .84% | .85% | .85% | .86% |
Expenses net of all reductions | .82%H | .82% | .84% | .85% | .85% | .86% |
Net investment income (loss) | 1.56%H | 1.91% | 1.47% | 1.24% | 1.58% | 1.45% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $40,126 | $36,978 | $28,713 | $22,457 | $23,868 | $21,424 |
Portfolio turnover rateI | 34%H | 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 for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.22 | $11.13 | $11.10 | $10.61 | $10.18 | $10.70 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .18 | .13 | .11 | .14 | .13 |
Net realized and unrealized gain (loss) | (.59) | .27 | .21 | .50 | .59 | (.23) |
Total from investment operations | (.52) | .45 | .34 | .61 | .73 | (.10) |
Distributions from net investment income | (.08) | (.18) | (.13) | (.10) | (.14) | (.12) |
Distributions from net realized gain | (.14) | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.21)B | (.36) | (.31) | (.12) | (.30) | (.42) |
Net asset value, end of period | $10.49 | $11.22 | $11.13 | $11.10 | $10.61 | $10.18 |
Total ReturnC,D,E | (4.74)% | 4.28% | 3.08% | 5.81% | 7.33% | (1.02)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.08%H | 1.09% | 1.10% | 1.11% | 1.11% | 1.12% |
Expenses net of fee waivers, if any | 1.08%H | 1.09% | 1.09% | 1.11% | 1.11% | 1.12% |
Expenses net of all reductions | 1.08%H | 1.09% | 1.09% | 1.11% | 1.11% | 1.12% |
Net investment income (loss) | 1.30%H | 1.64% | 1.21% | .98% | 1.32% | 1.18% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $16,336 | $16,252 | $14,473 | $13,023 | $11,834 | $11,098 |
Portfolio turnover rateI | 34%H | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.21 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.139 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.16 | $11.07 | $11.04 | $10.57 | $10.14 | $10.66 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .04 | .12 | .08 | .05 | .08 | .07 |
Net realized and unrealized gain (loss) | (.58) | .28 | .20 | .49 | .60 | (.22) |
Total from investment operations | (.54) | .40 | .28 | .54 | .68 | (.15) |
Distributions from net investment income | (.05) | (.12) | (.07) | (.05) | (.09) | (.07) |
Distributions from net realized gain | (.14) | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.19) | (.31)B | (.25) | (.07) | (.25) | (.37) |
Net asset value, end of period | $10.43 | $11.16 | $11.07 | $11.04 | $10.57 | $10.14 |
Total ReturnC,D,E | (4.98)% | 3.77% | 2.59% | 5.16% | 6.85% | (1.51)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.60%H | 1.60% | 1.61% | 1.61% | 1.61% | 1.62% |
Expenses net of fee waivers, if any | 1.59%H | 1.60% | 1.61% | 1.61% | 1.61% | 1.62% |
Expenses net of all reductions | 1.59%H | 1.60% | 1.61% | 1.61% | 1.61% | 1.61% |
Net investment income (loss) | .79%H | 1.13% | .70% | .47% | .82% | .69% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $23,938 | $24,224 | $24,911 | $20,979 | $21,579 | $19,621 |
Portfolio turnover rateI | 34%H | 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 for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the 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 .05%.
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 Annualized
I 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.24 | $11.15 | $11.11 | $10.63 | $10.20 | $10.71 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .24 | .20 | .17 | .20 | .19 |
Net realized and unrealized gain (loss) | (.59) | .27 | .21 | .49 | .59 | (.22) |
Total from investment operations | (.49) | .51 | .41 | .66 | .79 | (.03) |
Distributions from net investment income | (.11) | (.24) | (.19) | (.16) | (.20) | (.18) |
Distributions from net realized gain | (.14) | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.25) | (.42) | (.37) | (.18) | (.36) | (.48) |
Net asset value, end of period | $10.50 | $11.24 | $11.15 | $11.11 | $10.63 | $10.20 |
Total ReturnB,C | (4.55)% | 4.87% | 3.75% | 6.32% | 7.94% | (.38)% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .52%F | .53% | .53% | .54% | .54% | .55% |
Expenses net of fee waivers, if any | .52%F | .52% | .53% | .54% | .54% | .55% |
Expenses net of all reductions | .52%F | .52% | .53% | .53% | .53% | .54% |
Net investment income (loss) | 1.86%F | 2.21% | 1.78% | 1.55% | 1.90% | 1.76% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,636,794 | $1,661,192 | $1,480,983 | $1,139,197 | $937,285 | $820,206 |
Portfolio turnover rateG | 34%F | 34% | 18% | 24% | 24% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .05%.
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 Annualized
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 I
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.24 | $11.15 | $11.11 | $10.62 | $10.20 | $10.71 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .23 | .19 | .16 | .19 | .18 |
Net realized and unrealized gain (loss) | (.60) | .28 | .21 | .50 | .59 | (.22) |
Total from investment operations | (.50) | .51 | .40 | .66 | .78 | (.04) |
Distributions from net investment income | (.10) | (.23) | (.18) | (.15) | (.20) | (.17) |
Distributions from net realized gain | (.14) | (.18) | (.18) | (.02) | (.16) | (.30) |
Total distributions | (.24) | (.42)B | (.36) | (.17) | (.36) | (.47) |
Net asset value, end of period | $10.50 | $11.24 | $11.15 | $11.11 | $10.62 | $10.20 |
Total ReturnC,D | (4.58)% | 4.80% | 3.66% | 6.32% | 7.80% | (.46)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .60%G | .59% | .61% | .62% | .60% | .61% |
Expenses net of fee waivers, if any | .59%G | .59% | .61% | .62% | .60% | .61% |
Expenses net of all reductions | .59%G | .59% | .61% | .62% | .60% | .61% |
Net investment income (loss) | 1.79%G | 2.14% | 1.70% | 1.46% | 1.84% | 1.69% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $14,018 | $19,014 | $23,818 | $20,500 | $11,501 | $8,759 |
Portfolio turnover rateH | 34%G | 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 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 .05%.
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 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% Class Z
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.24 | $11.14 |
Income from Investment Operations | ||
Net investment income (loss)B | .11 | .24 |
Net realized and unrealized gain (loss) | (.60) | .29 |
Total from investment operations | (.49) | .53 |
Distributions from net investment income | (.11) | (.25) |
Distributions from net realized gain | (.14) | (.18) |
Total distributions | (.25) | (.43) |
Net asset value, end of period | $10.50 | $11.24 |
Total ReturnC,D | (4.54)% | 5.01% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .50%G | .50%G |
Expenses net of fee waivers, if any | .50%G | .50%G |
Expenses net of all reductions | .50%G | .50%G |
Net investment income (loss) | 1.88%G | 2.23%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $9,299 | $7,353 |
Portfolio turnover rateH | 34%G | 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 .05%.
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 Money Market Central Funds.Top Five Bond Issuers as of March 31, 2020
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 13.4 |
Fannie Mae | 3.2 |
Ginnie Mae | 2.6 |
Freddie Mac | 2.1 |
Uniform Mortgage Backed Securities | 0.7 |
22.0 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 22.5% | |
AAA,AA,A | 7.8% | |
BBB | 12.4% | |
BB and Below | 3.5% | |
Not Rated | 1.0% | |
Equities | 40.7% | |
Short-Term Investments and Net Other Assets | 12.1% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Top Five Stocks as of March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 1.6 |
Apple, Inc. | 1.4 |
Amazon.com, Inc. | 0.7 |
Alphabet, Inc. Class A | 0.6 |
Facebook, Inc. Class A | 0.5 |
4.8 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Financials | 21.2 |
Information Technology | 8.7 |
Health Care | 6.9 |
Communication Services | 4.8 |
Consumer Discretionary | 4.8 |
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stock Class and Equity Futures | 40.7% | |
Bond Class | 46.8% | |
Short-Term Class | 12.5% |
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 Money Market Funds, was 18.7% 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 40%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 37.8% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 238,101 | $43,032,010 | |
Fidelity Consumer Discretionary Central Fund (a) | 168,440 | 46,599,056 | |
Fidelity Consumer Staples Central Fund (a) | 180,347 | 32,557,979 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 474,365 | 83,995,795 | |
Fidelity Energy Central Fund (a) | 232,445 | 11,736,128 | |
Fidelity Financials Central Fund (a) | 979,881 | 71,913,479 | |
Fidelity Health Care Central Fund (a) | 177,970 | 78,125,196 | |
Fidelity Industrials Central Fund (a) | 185,053 | 40,889,208 | |
Fidelity Information Technology Central Fund (a) | 310,763 | 123,490,873 | |
Fidelity International Equity Central Fund (a) | 1,532,139 | 101,795,316 | |
Fidelity Materials Central Fund (a) | 73,216 | 10,882,841 | |
Fidelity Real Estate Equity Central Fund (a) | 83,641 | 7,910,801 | |
Fidelity Utilities Central Fund (a) | 97,340 | 15,635,726 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $630,106,148) | 668,564,408 | ||
Fixed-Income Central Funds - 47.7% | |||
High Yield Fixed-Income Funds - 1.8% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 2,025,887 | 16,227,358 | |
Fidelity Floating Rate Central Fund (a) | 93,657 | 8,203,440 | |
Fidelity High Income Central Fund (a) | 86,302 | 8,166,773 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 32,597,571 | ||
Investment Grade Fixed-Income Funds - 45.9% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 1,001,898 | 102,904,911 | |
Fidelity International Credit Central Fund (a) | 190,551 | 18,334,799 | |
Fidelity Investment Grade Bond Central Fund (a) | 6,179,008 | 690,380,581 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 811,620,291 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $814,746,031) | 844,217,862 | ||
Money Market Central Funds - 10.5% | |||
Fidelity Cash Central Fund 0.29% (c) | 58,999,996 | 59,017,696 | |
Fidelity Money Market Central Fund 0.96% (c) | 125,972,410 | 125,947,215 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $184,987,267) | 184,964,911 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.52% 4/2/20 to 4/9/20 (d) | |||
(Cost $2,809,856) | 2,810,000 | 2,809,998 | |
Shares | Value | ||
Investment Companies - 3.8% | |||
iShares 20+ Year Treasury Bond ETF | 110,451 | $18,221,102 | |
iShares Core MSCI EAFE ETF | 352,982 | 17,610,272 | |
iShares MSCI Japan ETF | 334,385 | 16,515,275 | |
iShares S&P 500 Index ETF | 61,373 | 15,858,783 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $72,634,166) | 68,205,432 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $1,705,283,468) | 1,768,762,611 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (286,088) | ||
NET ASSETS - 100% | $1,768,476,523 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 150 | June 2020 | $6,321,750 | $(359,515) | $(359,515) |
The notional amount of futures sold as a percentage of Net Assets is 0.4%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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 $964,999.
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 | $229,239 |
Fidelity Communication Services Central Fund | 1,567,205 |
Fidelity Consumer Discretionary Central Fund | 1,520,407 |
Fidelity Consumer Staples Central Fund | 438,411 |
Fidelity Emerging Markets Debt Central Fund | 622,463 |
Fidelity Emerging Markets Equity Central Fund | 1,699,811 |
Fidelity Energy Central Fund | 240,095 |
Fidelity Financials Central Fund | 2,898,378 |
Fidelity Floating Rate Central Fund | 266,763 |
Fidelity Health Care Central Fund | 887,987 |
Fidelity High Income Central Fund | 305,033 |
Fidelity Industrials Central Fund | 391,835 |
Fidelity Inflation-Protected Bond Index Central Fund | 1,507,126 |
Fidelity Information Technology Central Fund | 4,200,188 |
Fidelity International Credit Central Fund | 746,958 |
Fidelity International Equity Central Fund | 1,139,883 |
Fidelity Investment Grade Bond Central Fund | 10,966,098 |
Fidelity Materials Central Fund | 94,766 |
Fidelity Money Market Central Fund | 1,179,779 |
Fidelity Real Estate Equity Central Fund | 359,872 |
Fidelity Securities Lending Cash Central Fund | 2,124 |
Fidelity Utilities Central Fund | 770,910 |
Total | $32,035,331 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $7,756,437 | $67,506 | $8,004,539 | $(901,449) | $1,082,045 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 42,062,287 | 9,247,582 | 2,512,341 | (216,426) | (5,549,092) | 43,032,010 | 2.8 |
Fidelity Consumer Discretionary Central Fund | 50,685,069 | 9,419,261 | 2,823,037 | (235,432) | (10,446,805) | 46,599,056 | 2.9 |
Fidelity Consumer Staples Central Fund | 32,787,164 | 5,895,715 | 1,886,102 | (93,750) | (4,145,048) | 32,557,979 | 2.8 |
Fidelity Emerging Markets Debt Central Fund | 17,653,749 | 2,241,230 | 1,005,870 | (52,787) | (2,608,964) | 16,227,358 | 0.7 |
Fidelity Emerging Markets Equity Central Fund | 96,588,206 | 8,447,803 | 4,717,952 | (590,537) | (15,731,725) | 83,995,795 | 5.6 |
Fidelity Energy Central Fund | 20,599,920 | 2,518,177 | 934,830 | (231,072) | (10,216,067) | 11,736,128 | 2.8 |
Fidelity Financials Central Fund | 91,402,608 | 14,564,963 | 4,942,868 | (584,979) | (28,526,245) | 71,913,479 | 3.0 |
Fidelity Floating Rate Central Fund | 8,920,661 | 1,076,148 | 502,935 | (25,464) | (1,264,970) | 8,203,440 | 0.5 |
Fidelity Health Care Central Fund | 67,320,251 | 10,234,070 | 4,002,397 | (206,475) | 4,779,747 | 78,125,196 | 2.9 |
Fidelity High Income Central Fund | 18,158,108 | 1,113,963 | 9,609,609 | (230,827) | (1,264,862) | 8,166,773 | 0.4 |
Fidelity Industrials Central Fund | 48,127,043 | 6,866,341 | 2,615,171 | (266,032) | (11,222,973) | 40,889,208 | 3.0 |
Fidelity Inflation-Protected Bond Index Central Fund | 84,969,155 | 28,522,660 | 10,358,988 | 17,716 | (245,632) | 102,904,911 | 7.0 |
Fidelity Information Technology Central Fund | 114,160,697 | 19,458,709 | 7,019,364 | (325,724) | (2,783,445) | 123,490,873 | 2.8 |
Fidelity International Credit Central Fund | 18,490,955 | 2,369,985 | 1,008,839 | (27,636) | (1,489,666) | 18,334,799 | 6.4 |
Fidelity International Equity Central Fund | 112,273,224 | 16,699,954 | 8,536,625 | (1,445,862) | (17,195,375) | 101,795,316 | 4.9 |
Fidelity Investment Grade Bond Central Fund | 656,574,363 | 102,188,164 | 62,082,877 | (1,368,654) | (4,930,415) | 690,380,581 | 2.8 |
Fidelity Materials Central Fund | 12,030,347 | 2,558,570 | 736,172 | (86,145) | (2,883,759) | 10,882,841 | 3.0 |
Fidelity Real Estate Equity Central Fund | 27,379,308 | 2,503,583 | 13,862,050 | (5,012,765) | (3,097,275) | 7,910,801 | 1.6 |
Fidelity Utilities Central Fund | 17,552,733 | 3,058,375 | 903,738 | (91,625) | (3,980,019) | 15,635,726 | 2.9 |
1,545,492,285 | 249,052,759 | 148,066,304 | (11,975,925) | (121,720,545) | 1,512,782,270 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $668,564,408 | $668,564,408 | $-- | $-- |
Fixed-Income Central Funds | 844,217,862 | 844,217,862 | -- | -- |
Money Market Central Funds | 184,964,911 | 184,964,911 | -- | -- |
Other Short-Term Investments and Net Other Assets | 2,809,998 | -- | 2,809,998 | -- |
Investment Companies | 68,205,432 | 68,205,432 | -- | -- |
Total Investments in Securities: | $1,768,762,611 | $1,765,952,613 | $2,809,998 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(359,515) | $(359,515) | $-- | $-- |
Total Liabilities | $(359,515) | $(359,515) | $-- | $-- |
Total Derivative Instruments: | $(359,515) | $(359,515) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $0 | $(359,515) |
Total Equity Risk | 0 | (359,515) |
Total Value of Derivatives | $0 | $(359,515) |
(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 | 81.3% |
Cayman Islands | 2.7% |
United Kingdom | 2.6% |
Netherlands | 1.4% |
Switzerland | 1.2% |
Japan | 1.0% |
Others (Individually Less Than 1%) | 9.8% |
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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $75,444,022) | $71,015,430 | |
Fidelity Central Funds (cost $1,629,839,446) | 1,697,747,181 | |
Total Investment in Securities (cost $1,705,283,468) | $1,768,762,611 | |
Receivable for investments sold | 552,925 | |
Receivable for fund shares sold | 2,296,606 | |
Distributions receivable from Fidelity Central Funds | 28,617 | |
Prepaid expenses | 1,153 | |
Total assets | 1,771,641,912 | |
Liabilities | ||
Payable for investments purchased | $1,377,724 | |
Payable for fund shares redeemed | 885,478 | |
Accrued management fee | 600,002 | |
Distribution and service plan fees payable | 31,241 | |
Payable for daily variation margin on futures contracts | 56,250 | |
Other affiliated payables | 175,410 | |
Other payables and accrued expenses | 39,284 | |
Total liabilities | 3,165,389 | |
Net Assets | $1,768,476,523 | |
Net Assets consist of: | ||
Paid in capital | $1,761,121,778 | |
Total accumulated earnings (loss) | 7,354,745 | |
Net Assets | $1,768,476,523 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($38,822,018 ÷ 3,584,528 shares)(a) | $10.83 | |
Maximum offering price per share (100/94.25 of $10.83) | $11.49 | |
Class M: | ||
Net Asset Value and redemption price per share ($9,556,875 ÷ 883,786 shares)(a) | $10.81 | |
Maximum offering price per share (100/96.50 of $10.81) | $11.20 | |
Class C: | ||
Net Asset Value and offering price per share ($21,505,511 ÷ 1,996,391 shares)(a) | $10.77 | |
Asset Manager 40%: | ||
Net Asset Value, offering price and redemption price per share ($1,669,228,840 ÷ 154,137,765 shares) | $10.83 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($22,797,930 ÷ 2,104,484 shares) | $10.83 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($6,565,349 ÷ 606,093 shares) | $10.83 |
(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
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $1,510,792 | |
Interest | 33,318 | |
Income from Fidelity Central Funds (including $2,124 from security lending) | 20,487,236 | |
Total income | 22,031,346 | |
Expenses | ||
Management fee | $3,814,350 | |
Transfer agent fees | 735,312 | |
Distribution and service plan fees | 203,702 | |
Accounting fees | 314,607 | |
Custodian fees and expenses | 4,012 | |
Independent trustees' fees and expenses | 3,451 | |
Registration fees | 76,730 | |
Audit | 17,224 | |
Legal | 2,530 | |
Interest | 472 | |
Miscellaneous | 5,836 | |
Total expenses before reductions | 5,178,226 | |
Expense reductions | (14,727) | |
Total expenses after reductions | 5,163,499 | |
Net investment income (loss) | 16,867,847 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,054,880 | |
Fidelity Central Funds | (11,969,132) | |
Futures contracts | 638,954 | |
Capital gain distributions from Fidelity Central Funds | 11,548,095 | |
Total net realized gain (loss) | 4,272,797 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (10,722,788) | |
Fidelity Central Funds | (121,741,854) | |
Futures contracts | (1,406,931) | |
Total change in net unrealized appreciation (depreciation) | (133,871,573) | |
Net gain (loss) | (129,598,776) | |
Net increase (decrease) in net assets resulting from operations | $(112,730,929) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $16,867,847 | $35,405,005 |
Net realized gain (loss) | 4,272,797 | 36,829,918 |
Change in net unrealized appreciation (depreciation) | (133,871,573) | 1,121,911 |
Net increase (decrease) in net assets resulting from operations | (112,730,929) | 73,356,834 |
Distributions to shareholders | (52,671,440) | (72,896,387) |
Share transactions - net increase (decrease) | 119,198,156 | 131,600,043 |
Total increase (decrease) in net assets | (46,204,213) | 132,060,490 |
Net Assets | ||
Beginning of period | 1,814,680,736 | 1,682,620,246 |
End of period | $1,768,476,523 | $1,814,680,736 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 40% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 | $10.96 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .21 | .17 | .14 | .16 | .16 |
Net realized and unrealized gain (loss) | (.77) | .21 | .36 | .73 | .70 | (.28) |
Total from investment operations | (.68) | .42 | .53 | .87 | .86 | (.12) |
Distributions from net investment income | (.11) | (.21) | (.15) | (.13) | (.17) | (.14) |
Distributions from net realized gain | (.21) | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.31)B | (.47)C | (.33) | (.15) | (.30) | (.45) |
Net asset value, end of period | $10.83 | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 |
Total ReturnD,E,F | (5.97)% | 3.90% | 4.62% | 8.01% | 8.44% | (1.19)% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .83%I | .83% | .84% | .84% | .84% | .85% |
Expenses net of fee waivers, if any | .83%I | .83% | .84% | .84% | .84% | .85% |
Expenses net of all reductions | .83%I | .83% | .84% | .84% | .84% | .84% |
Net investment income (loss) | 1.49%I | 1.79% | 1.41% | 1.21% | 1.53% | 1.44% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $38,822 | $42,490 | $38,073 | $36,200 | $40,046 | $30,959 |
Portfolio turnover rateJ | 29%I | 36% | 17% | 20% | 22% | 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 $.107 and distributions from net realized gain of $.206 per share.
C 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.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying 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 .05%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.80 | $11.85 | $11.65 | $10.93 | $10.37 | $10.94 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .18 | .13 | .11 | .13 | .13 |
Net realized and unrealized gain (loss) | (.76) | .21 | .37 | .73 | .70 | (.28) |
Total from investment operations | (.69) | .39 | .50 | .84 | .83 | (.15) |
Distributions from net investment income | (.09) | (.17) | (.12) | (.10) | (.14) | (.11) |
Distributions from net realized gain | (.21) | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.30) | (.44) | (.30) | (.12) | (.27) | (.42) |
Net asset value, end of period | $10.81 | $11.80 | $11.85 | $11.65 | $10.93 | $10.37 |
Total ReturnB,C,D | (6.12)% | 3.61% | 4.35% | 7.75% | 8.12% | (1.45)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | 1.09%G | 1.09% | 1.10% | 1.12% | 1.12% | 1.11% |
Expenses net of fee waivers, if any | 1.09%G | 1.09% | 1.10% | 1.11% | 1.12% | 1.11% |
Expenses net of all reductions | 1.09%G | 1.09% | 1.10% | 1.11% | 1.12% | 1.10% |
Net investment income (loss) | 1.24%G | 1.53% | 1.14% | .94% | 1.25% | 1.18% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $9,557 | $10,913 | $12,318 | $11,665 | $10,297 | $9,309 |
Portfolio turnover rateH | 29%G | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E 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 .05%.
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 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% Class C
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.75 | $11.80 | $11.61 | $10.90 | $10.34 | $10.91 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .04 | .12 | .08 | .05 | .08 | .07 |
Net realized and unrealized gain (loss) | (.75) | .21 | .35 | .73 | .70 | (.27) |
Total from investment operations | (.71) | .33 | .43 | .78 | .78 | (.20) |
Distributions from net investment income | (.06) | (.12) | (.06) | (.05) | (.09) | (.06) |
Distributions from net realized gain | (.21) | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.27) | (.38)B | (.24) | (.07) | (.22) | (.37) |
Net asset value, end of period | $10.77 | $11.75 | $11.80 | $11.61 | $10.90 | $10.34 |
Total ReturnC,D,E | (6.29)% | 3.11% | 3.77% | 7.16% | 7.62% | (1.94)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.60%H | 1.60% | 1.60% | 1.61% | 1.61% | 1.62% |
Expenses net of fee waivers, if any | 1.59%H | 1.60% | 1.60% | 1.61% | 1.61% | 1.62% |
Expenses net of all reductions | 1.59%H | 1.60% | 1.60% | 1.61% | 1.61% | 1.62% |
Net investment income (loss) | .73%H | 1.03% | .64% | .45% | .76% | .67% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $21,506 | $24,834 | $25,656 | $23,354 | $22,064 | $19,515 |
Portfolio turnover rateI | 29%H | 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 for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the 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 .05%.
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 Annualized
I 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 | $10.96 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .11 | .24 | .20 | .17 | .19 | .19 |
Net realized and unrealized gain (loss) | (.77) | .22 | .37 | .73 | .70 | (.28) |
Total from investment operations | (.66) | .46 | .57 | .90 | .89 | (.09) |
Distributions from net investment income | (.13) | (.24) | (.19) | (.16) | (.20) | (.17) |
Distributions from net realized gain | (.21) | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.33)B | (.51) | (.37) | (.18) | (.33) | (.48) |
Net asset value, end of period | $10.83 | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 |
Total ReturnC,D | (5.82)% | 4.23% | 4.95% | 8.35% | 8.76% | (.90)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .52%G | .52% | .53% | .54% | .54% | .55% |
Expenses net of fee waivers, if any | .52%G | .52% | .53% | .54% | .54% | .55% |
Expenses net of all reductions | .52%G | .52% | .53% | .53% | .54% | .54% |
Net investment income (loss) | 1.80%G | 2.10% | 1.71% | 1.52% | 1.83% | 1.74% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,669,229 | $1,704,998 | $1,577,393 | $1,344,514 | $1,084,411 | $917,607 |
Portfolio turnover rateH | 29%G | 36% | 17% | 20% | 22% | 22% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.33 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.206 per share.
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 .05%.
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 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% Class I
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 | $10.96 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .24 | .20 | .17 | .19 | .18 |
Net realized and unrealized gain (loss) | (.76) | .21 | .36 | .73 | .69 | (.27) |
Total from investment operations | (.66) | .45 | .56 | .90 | .88 | (.09) |
Distributions from net investment income | (.12) | (.24) | (.18) | (.16) | (.19) | (.17) |
Distributions from net realized gain | (.21) | (.27) | (.18) | (.02) | (.13) | (.31) |
Total distributions | (.33) | (.50)B | (.36) | (.18) | (.32) | (.48) |
Net asset value, end of period | $10.83 | $11.82 | $11.87 | $11.67 | $10.95 | $10.39 |
Total ReturnC,D | (5.84)% | 4.18% | 4.91% | 8.32% | 8.67% | (.90)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .57%G | .56% | .56% | .56% | .58% | .60% |
Expenses net of fee waivers, if any | .56%G | .56% | .56% | .56% | .58% | .60% |
Expenses net of all reductions | .56%G | .56% | .56% | .56% | .58% | .60% |
Net investment income (loss) | 1.76%G | 2.06% | 1.68% | 1.49% | 1.79% | 1.69% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $22,798 | $25,014 | $29,180 | $20,025 | $15,525 | $20,038 |
Portfolio turnover rateH | 29%G | 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 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 .05%.
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 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% Class Z
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.82 | $11.86 |
Income from Investment Operations | ||
Net investment income (loss)B | .11 | .24 |
Net realized and unrealized gain (loss) | (.76) | .23 |
Total from investment operations | (.65) | .47 |
Distributions from net investment income | (.13) | (.24) |
Distributions from net realized gain | (.21) | (.27) |
Total distributions | (.34) | (.51) |
Net asset value, end of period | $10.83 | $11.82 |
Total ReturnC,D | (5.80)% | 4.34% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .50%G | .50%G |
Expenses net of fee waivers, if any | .50%G | .50%G |
Expenses net of all reductions | .50%G | .50%G |
Net investment income (loss) | 1.83%G | 2.12%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $6,565 | $6,431 |
Portfolio turnover rateH | 29%G | 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 .05%.
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 Money Market Central Funds.Top Ten Stocks as of March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 2.0 |
Apple, Inc. | 1.7 |
Amazon.com, Inc. | 0.8 |
Alphabet, Inc. Class A | 0.8 |
Facebook, Inc. Class A | 0.6 |
Roche Holding AG (participation certificate) | 0.6 |
UnitedHealth Group, Inc. | 0.5 |
Adobe, Inc. | 0.5 |
Tencent Holdings Ltd. | 0.4 |
Capital One Financial Corp. | 0.4 |
8.3 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Financials | 16.8 |
Information Technology | 10.3 |
Health Care | 8.0 |
Communication Services | 5.4 |
Consumer Discretionary | 6.1 |
Top Five Bond Issuers as of March 31, 2020
(with maturities greater than one year) | % of fund's net assets |
U.S. Treasury Obligations | 11.9 |
Fannie Mae | 2.8 |
Ginnie Mae | 2.6 |
Freddie Mac | 1.9 |
Uniform Mortgage Backed Securities | 0.9 |
20.1 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 20.5% | |
AAA,AA,A | 6.5% | |
BBB | 10.9% | |
BB and Below | 3.3% | |
Not Rated | 1.0% | |
Equities | 50.7% | |
Short-Term Investments and Net Other Assets | 7.1% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stock Class and Equity Futures | 50.9% | |
Bond Class | 41.2% | |
Short-Term Class | 7.9% |
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 Money Market Funds, was 21.4% 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 50%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 47.4% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 1,424,149 | $257,386,506 | |
Fidelity Consumer Discretionary Central Fund (a) | 1,007,610 | 278,755,435 | |
Fidelity Consumer Staples Central Fund (a) | 1,083,200 | 195,550,144 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 2,606,803 | 461,586,562 | |
Fidelity Energy Central Fund (a) | 1,392,386 | 70,301,559 | |
Fidelity Financials Central Fund (a) | 5,862,977 | 430,283,861 | |
Fidelity Health Care Central Fund (a) | 1,065,493 | 467,730,165 | |
Fidelity Industrials Central Fund (a) | 1,103,490 | 243,827,159 | |
Fidelity Information Technology Central Fund (a) | 1,859,383 | 738,881,804 | |
Fidelity International Equity Central Fund (a) | 9,861,957 | 655,228,446 | |
Fidelity Materials Central Fund (a) | 437,094 | 64,969,716 | |
Fidelity Real Estate Equity Central Fund (a) | 395,554 | 37,411,507 | |
Fidelity Utilities Central Fund (a) | 585,596 | 94,064,245 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $3,084,957,320) | 3,995,977,109 | ||
Fixed-Income Central Funds - 42.0% | |||
High Yield Fixed-Income Funds - 1.8% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 9,787,570 | 78,398,434 | |
Fidelity Floating Rate Central Fund (a) | 449,581 | 39,378,795 | |
Fidelity High Income Central Fund (a) | 415,803 | 39,347,451 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 157,124,680 | ||
Investment Grade Fixed-Income Funds - 40.2% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 4,383,923 | 450,272,683 | |
Fidelity International Credit Central Fund (a) | 924,506 | 88,955,954 | |
Fidelity Investment Grade Bond Central Fund (a) | 25,463,400 | 2,845,025,736 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 3,384,254,373 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $3,286,102,145) | 3,541,379,053 | ||
Money Market Central Funds - 6.8% | |||
Fidelity Cash Central Fund 0.29% (c) | 296,977,504 | 297,066,597 | |
Fidelity Money Market Central Fund 0.96% (c) | 189,170,702 | 189,132,868 | |
Fidelity Securities Lending Cash Central Fund 0.28% (c)(d) | 83,248,811 | 83,265,460 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $569,485,108) | 569,464,925 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.52% 4/2/20 to 4/9/20 (e) | |||
(Cost $13,469,293) | 13,470,000 | 13,469,992 | |
Shares | Value | ||
Investment Companies - 4.6% | |||
iShares 20+ Year Treasury Bond ETF | 729,764 | $120,389,168 | |
iShares Core MSCI EAFE ETF | 1,715,320 | 85,577,315 | |
iShares MSCI Japan ETF (f) | 1,725,338 | 85,214,444 | |
iShares S&P 500 Index ETF | 372,942 | 96,368,213 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $407,038,472) | 387,549,140 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% | |||
(Cost $7,361,052,338) | 8,507,840,219 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (84,914,307) | ||
NET ASSETS - 100% | $8,422,925,912 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 556 | June 2020 | $23,432,620 | $(1,332,604) | $(1,332,604) |
The notional amount of futures sold as a percentage of Net Assets is 0.3%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,227,994.
(f) 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 | $1,131,570 |
Fidelity Communication Services Central Fund | 9,841,615 |
Fidelity Consumer Discretionary Central Fund | 9,535,491 |
Fidelity Consumer Staples Central Fund | 2,773,673 |
Fidelity Emerging Markets Debt Central Fund | 3,114,358 |
Fidelity Emerging Markets Equity Central Fund | 9,720,337 |
Fidelity Energy Central Fund | 1,513,437 |
Fidelity Financials Central Fund | 18,244,870 |
Fidelity Floating Rate Central Fund | 1,324,948 |
Fidelity Health Care Central Fund | 5,599,989 |
Fidelity High Income Central Fund | 1,519,597 |
Fidelity Industrials Central Fund | 2,461,204 |
Fidelity Inflation-Protected Bond Index Central Fund | 6,808,863 |
Fidelity Information Technology Central Fund | 26,310,426 |
Fidelity International Credit Central Fund | 3,728,020 |
Fidelity International Equity Central Fund | 7,783,932 |
Fidelity Investment Grade Bond Central Fund | 47,238,738 |
Fidelity Materials Central Fund | 590,380 |
Fidelity Money Market Central Fund | 1,921,078 |
Fidelity Real Estate Equity Central Fund | 1,810,877 |
Fidelity Securities Lending Cash Central Fund | 19,051 |
Fidelity Utilities Central Fund | 4,876,739 |
Total | $167,869,193 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $48,821,485 | $38,559 | $50,109,387 | $(5,632,044) | $6,881,387 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 270,962,401 | 34,457,919 | 12,492,697 | (983,702) | (34,557,415) | 257,386,506 | 16.5 |
Fidelity Consumer Discretionary Central Fund | 325,603,934 | 33,420,223 | 14,029,709 | (896,597) | (65,342,416) | 278,755,435 | 17.3 |
Fidelity Consumer Staples Central Fund | 211,715,427 | 19,344,101 | 9,535,136 | (515,312) | (25,458,936) | 195,550,144 | 16.6 |
Fidelity Emerging Markets Debt Central Fund | 90,593,706 | 5,056,642 | 4,155,245 | (421,771) | (12,674,898) | 78,398,434 | 3.3 |
Fidelity Emerging Markets Equity Central Fund | 556,651,884 | 18,862,450 | 23,303,898 | (3,713,390) | (86,910,484) | 461,586,562 | 30.9 |
Fidelity Energy Central Fund | 132,855,984 | 6,744,991 | 4,650,651 | (1,149,319) | (63,499,446) | 70,301,559 | 16.8 |
Fidelity Financials Central Fund | 588,924,022 | 44,697,790 | 24,476,781 | (2,949,370) | (175,911,800) | 430,283,861 | 17.7 |
Fidelity Floating Rate Central Fund | 45,518,177 | 2,295,185 | 2,076,685 | (192,934) | (6,164,948) | 39,378,795 | 2.3 |
Fidelity Health Care Central Fund | 434,669,997 | 24,211,643 | 21,244,934 | (1,176,519) | 31,269,978 | 467,730,165 | 17.1 |
Fidelity High Income Central Fund | 92,722,467 | 2,490,832 | 48,484,303 | (1,093,050) | (6,288,495) | 39,347,451 | 1.9 |
Fidelity Industrials Central Fund | 309,350,734 | 17,872,752 | 12,971,451 | (1,121,926) | (69,302,950) | 243,827,159 | 17.6 |
Fidelity Inflation-Protected Bond Index Central Fund | 421,991,665 | 74,064,535 | 44,814,098 | 86,080 | (1,055,499) | 450,272,683 | 30.8 |
Fidelity Information Technology Central Fund | 736,651,164 | 52,669,911 | 34,015,515 | (2,549,877) | (13,873,879) | 738,881,804 | 17.0 |
Fidelity International Credit Central Fund | 94,953,312 | 5,675,420 | 4,166,076 | (95,160) | (7,411,966) | 88,955,954 | 30.9 |
Fidelity International Equity Central Fund | 785,158,315 | 33,328,036 | 42,382,737 | (6,938,711) | (113,936,457) | 655,228,446 | 31.7 |
Fidelity Investment Grade Bond Central Fund | 2,880,244,015 | 283,168,456 | 290,559,259 | (5,480,094) | (22,347,382) | 2,845,025,736 | 11.5 |
Fidelity Materials Central Fund | 76,769,511 | 9,859,563 | 3,670,941 | (622,783) | (17,365,634) | 64,969,716 | 17.6 |
Fidelity Real Estate Equity Central Fund | 140,113,734 | 4,701,798 | 67,339,262 | (24,825,834) | (15,238,929) | 37,411,507 | 7.4 |
Fidelity Utilities Central Fund | 113,626,444 | 10,401,107 | 4,532,400 | (256,061) | (25,174,845) | 94,064,245 | 17.6 |
8,357,898,378 | 683,361,913 | 719,011,165 | (60,528,374) | (724,365,014) | 7,537,356,162 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $3,995,977,109 | $3,995,977,109 | $-- | $-- |
Fixed-Income Central Funds | 3,541,379,053 | 3,541,379,053 | -- | -- |
Money Market Central Funds | 569,464,925 | 569,464,925 | -- | -- |
Other Short-Term Investments and Net Other Assets | 13,469,992 | -- | 13,469,992 | -- |
Investment Companies | 387,549,140 | 387,549,140 | -- | -- |
Total Investments in Securities: | $8,507,840,219 | $8,494,370,227 | $13,469,992 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(1,332,604) | $(1,332,604) | $-- | $-- |
Total Liabilities | $(1,332,604) | $(1,332,604) | $-- | $-- |
Total Derivative Instruments: | $(1,332,604) | $(1,332,604) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $0 | $(1,332,604) |
Total Equity Risk | 0 | (1,332,604) |
Total Value of Derivatives | $0 | $(1,332,604) |
(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 | 78.6% |
United Kingdom | 2.7% |
Cayman Islands | 2.7% |
Switzerland | 1.6% |
Netherlands | 1.5% |
France | 1.5% |
Japan | 1.4% |
Germany | 1.1% |
Others (Individually Less Than 1%) | 8.9% |
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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $79,088,207) — See accompanying schedule: Unaffiliated issuers (cost $420,507,765) | $401,019,132 | |
Fidelity Central Funds (cost $6,940,544,573) | 8,106,821,087 | |
Total Investment in Securities (cost $7,361,052,338) | $8,507,840,219 | |
Receivable for investments sold | 4,839,737 | |
Receivable for fund shares sold | 3,603,378 | |
Distributions receivable from Fidelity Central Funds | 162,255 | |
Prepaid expenses | 6,043 | |
Other receivables | 229,680 | |
Total assets | 8,516,681,312 | |
Liabilities | ||
Payable for investments purchased | $2,581 | |
Payable for fund shares redeemed | 5,376,204 | |
Accrued management fee | 3,490,237 | |
Distribution and service plan fees payable | 70,100 | |
Payable for daily variation margin on futures contracts | 208,500 | |
Other affiliated payables | 1,091,240 | |
Other payables and accrued expenses | 248,938 | |
Collateral on securities loaned | 83,267,600 | |
Total liabilities | 93,755,400 | |
Net Assets | $8,422,925,912 | |
Net Assets consist of: | ||
Paid in capital | $8,098,473,720 | |
Total accumulated earnings (loss) | 324,452,192 | |
Net Assets | $8,422,925,912 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($88,136,980 ÷ 5,392,130 shares)(a) | $16.35 | |
Maximum offering price per share (100/94.25 of $16.35) | $17.35 | |
Class M: | ||
Net Asset Value and redemption price per share ($38,190,196 ÷ 2,338,981 shares)(a) | $16.33 | |
Maximum offering price per share (100/96.50 of $16.33) | $16.92 | |
Class C: | ||
Net Asset Value and offering price per share ($40,501,164 ÷ 2,500,462 shares)(a) | $16.20 | |
Asset Manager 50%: | ||
Net Asset Value, offering price and redemption price per share ($8,190,176,758 ÷ 498,779,506 shares) | $16.42 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($45,879,838 ÷ 2,799,462 shares) | $16.39 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($20,040,976 ÷ 1,223,390 shares) | $16.38 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $7,974,237 | |
Interest | 155,674 | |
Income from Fidelity Central Funds (including $19,051 from security lending) | 99,747,178 | |
Total income | 107,877,089 | |
Expenses | ||
Management fee | $22,963,624 | |
Transfer agent fees | 5,569,811 | |
Distribution and service plan fees | 467,699 | |
Accounting fees | 775,850 | |
Custodian fees and expenses | 5,495 | |
Independent trustees' fees and expenses | 17,492 | |
Registration fees | 96,603 | |
Audit | 17,223 | |
Legal | 13,145 | |
Interest | 2,718 | |
Miscellaneous | 29,589 | |
Total expenses before reductions | 29,959,249 | |
Expense reductions | (82,590) | |
Total expenses after reductions | 29,876,659 | |
Net investment income (loss) | 78,000,430 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 17,802,440 | |
Fidelity Central Funds | (60,513,618) | |
Futures contracts | (126,574) | |
Capital gain distributions from Fidelity Central Funds | 68,122,015 | |
Total net realized gain (loss) | 25,284,263 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (51,826,455) | |
Fidelity Central Funds | (724,378,282) | |
Futures contracts | (6,739,711) | |
Total change in net unrealized appreciation (depreciation) | (782,944,448) | |
Net gain (loss) | (757,660,185) | |
Net increase (decrease) in net assets resulting from operations | $(679,659,755) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $78,000,430 | $169,711,971 |
Net realized gain (loss) | 25,284,263 | 270,636,372 |
Change in net unrealized appreciation (depreciation) | (782,944,448) | (140,953,006) |
Net increase (decrease) in net assets resulting from operations | (679,659,755) | 299,395,337 |
Distributions to shareholders | (325,016,149) | (448,986,882) |
Share transactions - net increase (decrease) | 133,361,521 | 48,306,274 |
Total increase (decrease) in net assets | (871,314,383) | (101,285,271) |
Net Assets | ||
Beginning of period | 9,294,240,295 | 9,395,525,566 |
End of period | $8,422,925,912 | $9,294,240,295 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 50% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.22 | $18.58 | $18.29 | $16.91 | $16.33 | $17.99 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .12 | .28 | .23 | .19 | .23 | .23 |
Net realized and unrealized gain (loss) | (1.38) | .20 | .80 | 1.46 | 1.21 | (.50) |
Total from investment operations | (1.26) | .48 | 1.03 | 1.65 | 1.44 | (.27) |
Distributions from net investment income | (.16) | (.29) | (.21) | (.18) | (.25) | (.22) |
Distributions from net realized gain | (.45) | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.61) | (.84) | (.74) | (.27) | (.86)B | (1.39) |
Net asset value, end of period | $16.35 | $18.22 | $18.58 | $18.29 | $16.91 | $16.33 |
Total ReturnC,D,E | (7.31)% | 3.07% | 5.74% | 9.90% | 9.19% | (1.70)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .93%H | .94% | .94% | .96% | .96% | .96% |
Expenses net of fee waivers, if any | .93%H | .94% | .94% | .96% | .96% | .96% |
Expenses net of all reductions | .93%H | .94% | .94% | .95% | .96% | .95% |
Net investment income (loss) | 1.34%H | 1.57% | 1.24% | 1.08% | 1.42% | 1.34% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $88,137 | $95,542 | $86,252 | $75,623 | $77,724 | $70,616 |
Portfolio turnover rateI | 26%H | 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 for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.20 | $18.56 | $18.27 | $16.90 | $16.31 | $17.97 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .23 | .18 | .14 | .19 | .19 |
Net realized and unrealized gain (loss) | (1.39) | .21 | .80 | 1.46 | 1.22 | (.51) |
Total from investment operations | (1.29) | .44 | .98 | 1.60 | 1.41 | (.32) |
Distributions from net investment income | (.13) | (.25) | (.16) | (.14) | (.20) | (.17) |
Distributions from net realized gain | (.45) | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.58) | (.80) | (.69) | (.23) | (.82) | (1.34) |
Net asset value, end of period | $16.33 | $18.20 | $18.56 | $18.27 | $16.90 | $16.31 |
Total ReturnB,C,D | (7.43)% | 2.81% | 5.48% | 9.57% | 8.97% | (1.98)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | 1.17%G | 1.18% | 1.19% | 1.21% | 1.22% | 1.22% |
Expenses net of fee waivers, if any | 1.17%G | 1.18% | 1.19% | 1.21% | 1.22% | 1.22% |
Expenses net of all reductions | 1.17%G | 1.18% | 1.19% | 1.21% | 1.22% | 1.22% |
Net investment income (loss) | 1.10%G | 1.33% | .99% | .83% | 1.15% | 1.07% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $38,190 | $42,658 | $41,222 | $36,209 | $32,431 | $30,381 |
Portfolio turnover rateH | 26%G | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E 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 .05%.
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 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% Class C
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.05 | $18.42 | $18.15 | $16.79 | $16.21 | $17.88 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .05 | .14 | .09 | .05 | .11 | .10 |
Net realized and unrealized gain (loss) | (1.36) | .20 | .79 | 1.46 | 1.21 | (.52) |
Total from investment operations | (1.31) | .34 | .88 | 1.51 | 1.32 | (.42) |
Distributions from net investment income | (.08) | (.16) | (.08) | (.06) | (.12) | (.08) |
Distributions from net realized gain | (.45) | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.54)B | (.71) | (.61) | (.15) | (.74) | (1.25) |
Net asset value, end of period | $16.20 | $18.05 | $18.42 | $18.15 | $16.79 | $16.21 |
Total ReturnC,D,E | (7.63)% | 2.25% | 4.93% | 9.07% | 8.42% | (2.52)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.69%H | 1.69% | 1.70% | 1.72% | 1.72% | 1.72% |
Expenses net of fee waivers, if any | 1.69%H | 1.69% | 1.70% | 1.72% | 1.72% | 1.72% |
Expenses net of all reductions | 1.69%H | 1.69% | 1.70% | 1.71% | 1.72% | 1.72% |
Net investment income (loss) | .59%H | .82% | .49% | .32% | .66% | .57% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $40,501 | $46,487 | $51,337 | $41,900 | $42,706 | $42,095 |
Portfolio turnover rateI | 26%H | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.54 per share is comprised of distributions from net investment income of $.083 and distributions from net realized gain of $.452 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the 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 .05%.
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 Annualized
I 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.30 | $18.66 | $18.37 | $16.98 | $16.39 | $18.06 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .15 | .33 | .29 | .24 | .28 | .29 |
Net realized and unrealized gain (loss) | (1.39) | .21 | .80 | 1.47 | 1.22 | (.52) |
Total from investment operations | (1.24) | .54 | 1.09 | 1.71 | 1.50 | (.23) |
Distributions from net investment income | (.18) | (.35) | (.26) | (.24) | (.30) | (.27) |
Distributions from net realized gain | (.45) | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.64)B | (.90) | (.80)C | (.32)D | (.91)E | (1.44) |
Net asset value, end of period | $16.42 | $18.30 | $18.66 | $18.37 | $16.98 | $16.39 |
Total ReturnF,G | (7.19)% | 3.37% | 6.05% | 10.26% | 9.56% | (1.45)% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | .62%J | .63% | .63% | .65% | .65% | .66% |
Expenses net of fee waivers, if any | .62%J | .63% | .63% | .64% | .65% | .66% |
Expenses net of all reductions | .62%J | .63% | .63% | .64% | .65% | .65% |
Net investment income (loss) | 1.65%J | 1.88% | 1.55% | 1.39% | 1.72% | 1.63% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $8,190,177 | $9,026,444 | $9,140,811 | $8,324,452 | $7,566,062 | $7,504,374 |
Portfolio turnover rateK | 26%J | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $.64 per share is comprised of distributions from net investment income of $.184 and distributions from net realized gain of $.452 per share.
C 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.
D 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.
E 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.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H 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 .05%.
I 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.
J Annualized
K 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.26 | $18.62 | $18.33 | $16.95 | $16.36 | $18.03 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .15 | .33 | .28 | .24 | .27 | .28 |
Net realized and unrealized gain (loss) | (1.39) | .20 | .80 | 1.46 | 1.23 | (.52) |
Total from investment operations | (1.24) | .53 | 1.08 | 1.70 | 1.50 | (.24) |
Distributions from net investment income | (.18) | (.34) | (.26) | (.23) | (.29) | (.26) |
Distributions from net realized gain | (.45) | (.55) | (.53) | (.09) | (.62) | (1.17) |
Total distributions | (.63) | (.89) | (.79) | (.32) | (.91) | (1.43) |
Net asset value, end of period | $16.39 | $18.26 | $18.62 | $18.33 | $16.95 | $16.36 |
Total ReturnB,C | (7.17)% | 3.33% | 6.02% | 10.17% | 9.53% | (1.50)% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .66%F | .66% | .67% | .68% | .70% | .70% |
Expenses net of fee waivers, if any | .66%F | .66% | .67% | .68% | .70% | .70% |
Expenses net of all reductions | .66%F | .66% | .67% | .68% | .70% | .69% |
Net investment income (loss) | 1.62%F | 1.85% | 1.52% | 1.35% | 1.68% | 1.59% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $45,880 | $62,141 | $75,904 | $42,497 | $39,673 | $33,434 |
Portfolio turnover rateG | 26%F | 37% | 15% | 20% | 19% | 17% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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 .05%.
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 Annualized
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 Z
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $18.26 | $18.59 |
Income from Investment Operations | ||
Net investment income (loss)B | .16 | .35 |
Net realized and unrealized gain (loss) | (1.40) | .23 |
Total from investment operations | (1.24) | .58 |
Distributions from net investment income | (.19) | (.36) |
Distributions from net realized gain | (.45) | (.55) |
Total distributions | (.64) | (.91) |
Net asset value, end of period | $16.38 | $18.26 |
Total ReturnC,D | (7.17)% | 3.61% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .55%G | .55%G |
Expenses net of fee waivers, if any | .55%G | .55%G |
Expenses net of all reductions | .55%G | .55%G |
Net investment income (loss) | 1.73%G | 1.96%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $20,041 | $20,968 |
Portfolio turnover rateH | 26%G | 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 .05%.
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 Money Market Central Funds.Top Ten Stocks as of March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 2.5 |
Apple, Inc. | 2.1 |
Amazon.com, Inc. | 1.0 |
Alphabet, Inc. Class A | 0.9 |
Facebook, Inc. Class A | 0.8 |
Roche Holding AG (participation certificate) | 0.8 |
UnitedHealth Group, Inc. | 0.6 |
Adobe, Inc. | 0.6 |
Tencent Holdings Ltd. | 0.5 |
Capital One Financial Corp. | 0.5 |
10.3 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Financials | 14.2 |
Information Technology | 12.1 |
Health Care | 9.1 |
Consumer Discretionary | 6.9 |
Communication Services | 5.9 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 18.0% | |
AAA,AA,A | 5.8% | |
BBB | 9.1% | |
BB and Below | 2.9% | |
Not Rated | 0.9% | |
Equities | 60.3% | |
Short-Term Investments and Net Other Assets | 3.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stock Class and Equity Futures | 61.3% | |
Bond Class | 35.6% | |
Short-Term Class | 3.1% |
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 Money Market Funds, was 23.2% 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 60%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 56.2% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 568,528 | $102,749,995 | |
Fidelity Consumer Discretionary Central Fund (a) | 402,844 | 111,446,856 | |
Fidelity Consumer Staples Central Fund (a) | 432,519 | 78,082,596 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 967,566 | 171,326,939 | |
Fidelity Energy Central Fund (a) | 551,840 | 27,862,422 | |
Fidelity Financials Central Fund (a) | 2,340,382 | 171,760,635 | |
Fidelity Health Care Central Fund (a) | 425,804 | 186,919,588 | |
Fidelity Industrials Central Fund (a) | 441,739 | 97,606,695 | |
Fidelity Information Technology Central Fund (a) | 742,701 | 295,134,341 | |
Fidelity International Equity Central Fund (a) | 3,698,226 | 245,710,134 | |
Fidelity Materials Central Fund (a) | 174,678 | 25,964,081 | |
Fidelity Real Estate Equity Central Fund (a) | 129,731 | 12,269,958 | |
Fidelity Utilities Central Fund (a) | 233,451 | 37,499,163 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $1,471,958,196) | 1,564,333,403 | ||
Fixed-Income Central Funds - 36.3% | |||
High Yield Fixed-Income Funds - 1.8% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 3,183,848 | 25,502,625 | |
Fidelity Floating Rate Central Fund (a) | 150,929 | 13,219,860 | |
Fidelity High Income Central Fund (a) | 139,823 | 13,231,445 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 51,953,930 | ||
Investment Grade Fixed-Income Funds - 34.5% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 1,410,805 | 144,903,764 | |
Fidelity International Credit Central Fund (a) | 296,789 | 28,557,004 | |
Fidelity Investment Grade Bond Central Fund (a) | 7,047,487 | 787,415,714 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 960,876,482 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $974,871,092) | 1,012,830,412 | ||
Money Market Central Funds - 1.6% | |||
Fidelity Cash Central Fund 0.29% (c) | 40,827,238 | 40,839,486 | |
Fidelity Securities Lending Cash Central Fund 0.28% (c)(d) | 4,166,977 | 4,167,811 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $45,006,930) | 45,007,297 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.52% 4/2/20 to 4/9/20 (e) | |||
(Cost $4,749,758) | 4,750,000 | 4,749,997 | |
Shares | Value | ||
Investment Companies - 5.9% | |||
iShares 20+ Year Treasury Bond ETF | 309,824 | $51,111,665 | |
iShares Core MSCI EAFE ETF | 1,233,928 | 61,560,668 | |
iShares MSCI Japan ETF (f) | 563,589 | 27,835,661 | |
iShares S&P 500 Index ETF | 89,452 | 23,114,397 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $175,761,462) | 163,622,391 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $2,672,347,438) | 2,790,543,500 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (5,194,086) | ||
NET ASSETS - 100% | $2,785,349,414 |
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) | 137 | June 2020 | $17,602,445 | $(773,004) | $(773,004) |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 191 | June 2020 | 8,049,695 | (457,783) | (457,783) |
TOTAL FUTURES CONTRACTS | $(1,230,787) |
The notional amount of futures purchased as a percentage of Net Assets is 0.6%
The notional amount of futures sold as a percentage of Net Assets is 0.3%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,845,998.
(f) 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 | $217,674 |
Fidelity Communication Services Central Fund | 3,919,332 |
Fidelity Consumer Discretionary Central Fund | 3,817,192 |
Fidelity Consumer Staples Central Fund | 1,109,852 |
Fidelity Emerging Markets Debt Central Fund | 1,002,848 |
Fidelity Emerging Markets Equity Central Fund | 3,556,048 |
Fidelity Energy Central Fund | 599,413 |
Fidelity Financials Central Fund | 7,297,445 |
Fidelity Floating Rate Central Fund | 440,704 |
Fidelity Health Care Central Fund | 2,237,308 |
Fidelity High Income Central Fund | 506,414 |
Fidelity Industrials Central Fund | 986,457 |
Fidelity Inflation-Protected Bond Index Central Fund | 2,165,626 |
Fidelity Information Technology Central Fund | 10,562,541 |
Fidelity International Credit Central Fund | 1,182,622 |
Fidelity International Equity Central Fund | 2,871,399 |
Fidelity Investment Grade Bond Central Fund | 12,712,672 |
Fidelity Materials Central Fund | 236,591 |
Fidelity Real Estate Equity Central Fund | 598,844 |
Fidelity Securities Lending Cash Central Fund | 20,005 |
Fidelity Utilities Central Fund | 1,930,409 |
Total | $57,971,396 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $15,917,632 | $67,730 | $16,390,279 | $(1,819,164) | $2,224,081 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 106,167,767 | 16,846,871 | 5,407,711 | (679,460) | (14,177,472) | 102,749,995 | 6.6 |
Fidelity Consumer Discretionary Central Fund | 128,356,170 | 16,285,130 | 6,043,269 | (565,857) | (26,585,318) | 111,446,856 | 6.9 |
Fidelity Consumer Staples Central Fund | 83,499,614 | 9,586,816 | 4,212,160 | (309,471) | (10,482,203) | 78,082,596 | 6.6 |
Fidelity Emerging Markets Debt Central Fund | 28,733,528 | 2,773,429 | 1,678,882 | (189,067) | (4,136,383) | 25,502,625 | 1.1 |
Fidelity Emerging Markets Equity Central Fund | 202,689,185 | 13,959,812 | 10,669,747 | (2,298,679) | (32,353,632) | 171,326,939 | 11.5 |
Fidelity Energy Central Fund | 51,781,439 | 4,187,130 | 1,928,814 | (586,552) | (25,590,781) | 27,862,422 | 6.6 |
Fidelity Financials Central Fund | 232,025,574 | 24,456,294 | 11,170,624 | (2,357,267) | (71,193,342) | 171,760,635 | 7.1 |
Fidelity Floating Rate Central Fund | 14,893,624 | 1,328,217 | 840,220 | (93,797) | (2,067,964) | 13,219,860 | 0.8 |
Fidelity Health Care Central Fund | 171,030,936 | 14,314,190 | 9,348,988 | (1,053,357) | 11,976,807 | 186,919,588 | 6.8 |
Fidelity High Income Central Fund | 30,335,088 | 1,405,997 | 15,996,549 | (276,538) | (2,236,553) | 13,231,445 | 0.7 |
Fidelity Industrials Central Fund | 121,938,637 | 10,361,523 | 5,540,988 | (876,787) | (28,275,690) | 97,606,695 | 7.1 |
Fidelity Inflation-Protected Bond Index Central Fund | 132,243,107 | 28,831,415 | 15,829,255 | (27,985) | (313,518) | 144,903,764 | 9.9 |
Fidelity Information Technology Central Fund | 289,704,552 | 30,317,502 | 16,423,706 | (2,171,984) | (6,292,023) | 295,134,341 | 6.8 |
Fidelity International Credit Central Fund | 29,711,418 | 2,962,134 | 1,686,061 | (72,085) | (2,358,402) | 28,557,004 | 9.9 |
Fidelity International Equity Central Fund | 285,691,604 | 29,331,416 | 21,722,597 | (4,946,198) | (42,644,091) | 245,710,134 | 11.9 |
Fidelity Investment Grade Bond Central Fund | 790,581,145 | 121,133,577 | 115,099,432 | (3,092,177) | (6,107,399) | 787,415,714 | 3.2 |
Fidelity Materials Central Fund | 30,269,377 | 4,736,818 | 1,564,312 | (247,926) | (7,229,876) | 25,964,081 | 7.1 |
Fidelity Real Estate Equity Central Fund | 45,907,288 | 3,254,714 | 23,256,439 | (8,644,533) | (4,991,072) | 12,269,958 | 2.4 |
Fidelity Utilities Central Fund | 44,309,417 | 5,437,610 | 1,950,823 | (247,173) | (10,049,868) | 37,499,163 | 7.0 |
2,835,787,102 | 341,578,325 | 286,760,856 | (30,556,057) | (282,884,699) | 2,577,163,815 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $1,564,333,403 | $1,564,333,403 | $-- | $-- |
Fixed-Income Central Funds | 1,012,830,412 | 1,012,830,412 | -- | -- |
Money Market Central Funds | 45,007,297 | 45,007,297 | -- | -- |
Other Short-Term Investments and Net Other Assets | 4,749,997 | -- | 4,749,997 | -- |
Investment Companies | 163,622,391 | 163,622,391 | -- | -- |
Total Investments in Securities: | $2,790,543,500 | $2,785,793,503 | $4,749,997 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(1,230,787) | $(1,230,787) | $-- | $-- |
Total Liabilities | $(1,230,787) | $(1,230,787) | $-- | $-- |
Total Derivative Instruments: | $(1,230,787) | $(1,230,787) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $0 | $(1,230,787) |
Total Equity Risk | 0 | (1,230,787) |
Total Value of Derivatives | $0 | $(1,230,787) |
(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 | 76.8% |
United Kingdom | 3.0% |
Cayman Islands | 2.8% |
Switzerland | 1.8% |
France | 1.6% |
Netherlands | 1.6% |
Japan | 1.5% |
Germany | 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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $3,951,200) — See accompanying schedule: Unaffiliated issuers (cost $180,511,220) | $168,372,388 | |
Fidelity Central Funds (cost $2,491,836,218) | 2,622,171,112 | |
Total Investment in Securities (cost $2,672,347,438) | $2,790,543,500 | |
Foreign currency held at value (cost $3,528) | 3,136 | |
Receivable for investments sold | 4,961,346 | |
Receivable for fund shares sold | 1,042,202 | |
Dividends receivable | 59,414 | |
Distributions receivable from Fidelity Central Funds | 14,396 | |
Prepaid expenses | 1,977 | |
Other receivables | 2,595 | |
Total assets | 2,796,628,566 | |
Liabilities | ||
Payable for investments purchased | $11,341 | |
Payable for fund shares redeemed | 4,905,561 | |
Accrued management fee | 1,286,937 | |
Distribution and service plan fees payable | 90,541 | |
Payable for daily variation margin on futures contracts | 355,900 | |
Other affiliated payables | 416,533 | |
Other payables and accrued expenses | 52,339 | |
Collateral on securities loaned | 4,160,000 | |
Total liabilities | 11,279,152 | |
Net Assets | $2,785,349,414 | |
Net Assets consist of: | ||
Paid in capital | $2,822,934,968 | |
Total accumulated earnings (loss) | (37,585,554) | |
Net Assets | $2,785,349,414 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($110,765,905 ÷ 9,946,019 shares)(a) | $11.14 | |
Maximum offering price per share (100/94.25 of $11.14) | $11.82 | |
Class M: | ||
Net Asset Value and redemption price per share ($43,224,139 ÷ 3,901,566 shares)(a) | $11.08 | |
Maximum offering price per share (100/96.50 of $11.08) | $11.48 | |
Class C: | ||
Net Asset Value and offering price per share ($56,070,235 ÷ 5,121,049 shares)(a) | $10.95 | |
Asset Manager 60%: | ||
Net Asset Value, offering price and redemption price per share ($2,514,422,726 ÷ 224,834,755 shares) | $11.18 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($45,527,367 ÷ 4,067,320 shares) | $11.19 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($15,339,042 ÷ 1,371,883 shares) | $11.18 |
(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
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $2,904,798 | |
Interest | 44,917 | |
Income from Fidelity Central Funds (including $20,005 from security lending) | 32,074,258 | |
Total income | 35,023,973 | |
Expenses | ||
Management fee | $8,476,800 | |
Transfer agent fees | 1,862,831 | |
Distribution and service plan fees | 619,343 | |
Accounting fees | 596,615 | |
Custodian fees and expenses | 7,162 | |
Independent trustees' fees and expenses | 5,817 | |
Registration fees | 86,952 | |
Audit | 18,635 | |
Legal | 7,318 | |
Interest | 703 | |
Miscellaneous | 9,839 | |
Total expenses before reductions | 11,692,015 | |
Expense reductions | (193,171) | |
Total expenses after reductions | 11,498,844 | |
Net investment income (loss) | 23,525,129 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,698,585 | |
Fidelity Central Funds | (30,546,180) | |
Foreign currency transactions | 522 | |
Futures contracts | (4,398,144) | |
Capital gain distributions from Fidelity Central Funds | 25,897,138 | |
Total net realized gain (loss) | (3,348,079) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (21,861,355) | |
Fidelity Central Funds | (282,884,338) | |
Assets and liabilities in foreign currencies | 647 | |
Futures contracts | (2,557,891) | |
Total change in net unrealized appreciation (depreciation) | (307,302,937) | |
Net gain (loss) | (310,651,016) | |
Net increase (decrease) in net assets resulting from operations | $(287,125,887) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $23,525,129 | $49,033,979 |
Net realized gain (loss) | (3,348,079) | 92,559,135 |
Change in net unrealized appreciation (depreciation) | (307,302,937) | (63,422,390) |
Net increase (decrease) in net assets resulting from operations | (287,125,887) | 78,170,724 |
Distributions to shareholders | (130,212,248) | (115,058,389) |
Share transactions - net increase (decrease) | 154,871,279 | 68,787,056 |
Total increase (decrease) in net assets | (262,466,856) | 31,899,391 |
Net Assets | ||
Beginning of period | 3,047,816,270 | 3,015,916,879 |
End of period | $2,785,349,414 | $3,047,816,270 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 60% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.68 | $12.92 | $12.42 | $11.24 | $10.60 | $11.53 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .08 | .17 | .14 | .11 | .14 | .14 |
Net realized and unrealized gain (loss) | (1.12) | .06 | .69 | 1.21 | .90 | (.39) |
Total from investment operations | (1.04) | .23 | .83 | 1.32 | 1.04 | (.25) |
Distributions from net investment income | (.17) | (.15) | (.11) | (.12) | (.15) | (.12) |
Distributions from net realized gain | (.33) | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.50) | (.47) | (.33) | (.14) | (.40) | (.68) |
Net asset value, end of period | $11.14 | $12.68 | $12.92 | $12.42 | $11.24 | $10.60 |
Total ReturnB,C,D | (8.77)% | 2.24% | 6.80% | 11.86% | 10.10% | (2.36)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | 1.01%G | 1.02% | 1.02% | 1.03% | 1.03% | 1.04% |
Expenses net of fee waivers, if any | 1.00%G | 1.01% | 1.01% | 1.03% | 1.03% | 1.03% |
Expenses net of all reductions | 1.00%G | 1.01% | 1.01% | 1.02% | 1.03% | 1.03% |
Net investment income (loss) | 1.21%G | 1.40% | 1.12% | .98% | 1.30% | 1.20% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $110,766 | $128,269 | $130,729 | $59,049 | $59,027 | $53,879 |
Portfolio turnover rateH | 29%G | 39% | 18%I | 18% | 21% | 22% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E 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 .05%.
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 Annualized
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% Class M
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.60 | $12.84 | $12.34 | $11.17 | $10.55 | $11.48 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .14 | .11 | .09 | .11 | .11 |
Net realized and unrealized gain (loss) | (1.12) | .06 | .70 | 1.19 | .88 | (.39) |
Total from investment operations | (1.06) | .20 | .81 | 1.28 | .99 | (.28) |
Distributions from net investment income | (.13) | (.12) | (.08) | (.09) | (.13) | (.09) |
Distributions from net realized gain | (.33) | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.46) | (.44) | (.31)B | (.11) | (.37)C | (.65) |
Net asset value, end of period | $11.08 | $12.60 | $12.84 | $12.34 | $11.17 | $10.55 |
Total ReturnD,E,F | (8.90)% | 2.01% | 6.60% | 11.58% | 9.68% | (2.63)% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.27%I | 1.28% | 1.28% | 1.28% | 1.29% | 1.29% |
Expenses net of fee waivers, if any | 1.24%I | 1.25% | 1.26% | 1.28% | 1.29% | 1.29% |
Expenses net of all reductions | 1.24%I | 1.25% | 1.26% | 1.27% | 1.28% | 1.28% |
Net investment income (loss) | .97%I | 1.15% | .87% | .73% | 1.04% | .94% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $43,224 | $49,997 | $55,343 | $20,860 | $16,763 | $16,210 |
Portfolio turnover rateJ | 29%I | 39% | 18%K | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying 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 .05%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K 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 C
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.42 | $12.67 | $12.18 | $11.04 | $10.42 | $11.35 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .03 | .08 | .05 | .03 | .06 | .05 |
Net realized and unrealized gain (loss) | (1.11) | .06 | .69 | 1.17 | .88 | (.38) |
Total from investment operations | (1.08) | .14 | .74 | 1.20 | .94 | (.33) |
Distributions from net investment income | (.06) | (.07) | (.02) | (.04) | (.08) | (.04) |
Distributions from net realized gain | (.33) | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.39) | (.39) | (.25)B | (.06) | (.32)C | (.60) |
Net asset value, end of period | $10.95 | $12.42 | $12.67 | $12.18 | $11.04 | $10.42 |
Total ReturnD,E,F | (9.13)% | 1.47% | 6.09% | 10.94% | 9.27% | (3.08)% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.80%I | 1.81% | 1.79% | 1.78% | 1.78% | 1.80% |
Expenses net of fee waivers, if any | 1.75%I | 1.76% | 1.76% | 1.78% | 1.78% | 1.79% |
Expenses net of all reductions | 1.75%I | 1.76% | 1.76% | 1.78% | 1.78% | 1.79% |
Net investment income (loss) | .46%I | .64% | .37% | .23% | .54% | .44% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $56,070 | $67,955 | $86,887 | $37,384 | $34,037 | $30,147 |
Portfolio turnover rateJ | 29%I | 39% | 18%K | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying 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 .05%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
K 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.75 | $12.98 | $12.47 | $11.29 | $10.66 | $11.59 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .21 | .18 | .15 | .17 | .17 |
Net realized and unrealized gain (loss) | (1.13) | .06 | .70 | 1.21 | .90 | (.39) |
Total from investment operations | (1.03) | .27 | .88 | 1.36 | 1.07 | (.22) |
Distributions from net investment income | (.21) | (.18) | (.15) | (.15) | (.19) | (.16) |
Distributions from net realized gain | (.33) | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.54) | (.50) | (.37) | (.18)B | (.44) | (.71)C |
Net asset value, end of period | $11.18 | $12.75 | $12.98 | $12.47 | $11.29 | $10.66 |
Total ReturnD,E | (8.68)% | 2.60% | 7.17% | 12.19% | 10.31% | (2.03)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .69%H | .70% | .70% | .71% | .71% | .72% |
Expenses net of fee waivers, if any | .68%H | .69% | .70% | .71% | .71% | .72% |
Expenses net of all reductions | .68%H | .69% | .70% | .71% | .71% | .71% |
Net investment income (loss) | 1.53%H | 1.71% | 1.44% | 1.30% | 1.61% | 1.51% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,514,423 | $2,727,092 | $2,679,353 | $1,821,025 | $1,426,502 | $1,275,181 |
Portfolio turnover rateI | 29%H | 39% | 18%J | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $12.76 | $12.99 | $12.48 | $11.30 | $10.66 | $11.59 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .21 | .18 | .15 | .17 | .17 |
Net realized and unrealized gain (loss) | (1.14) | .05 | .70 | 1.20 | .90 | (.39) |
Total from investment operations | (1.04) | .26 | .88 | 1.35 | 1.07 | (.22) |
Distributions from net investment income | (.20) | (.17) | (.14) | (.15) | (.18) | (.15) |
Distributions from net realized gain | (.33) | (.32) | (.22) | (.02) | (.25) | (.56) |
Total distributions | (.53) | (.49) | (.37)B | (.17) | (.43) | (.71) |
Net asset value, end of period | $11.19 | $12.76 | $12.99 | $12.48 | $11.30 | $10.66 |
Total ReturnC,D | (8.71)% | 2.56% | 7.12% | 12.16% | 10.37% | (2.08)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .75%G | .75% | .75% | .75% | .75% | .76% |
Expenses net of fee waivers, if any | .72%G | .73% | .74% | .74% | .74% | .76% |
Expenses net of all reductions | .72%G | .73% | .74% | .74% | .74% | .75% |
Net investment income (loss) | 1.48%G | 1.67% | 1.39% | 1.26% | 1.58% | 1.47% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $45,527 | $55,379 | $63,604 | $26,423 | $18,651 | $15,574 |
Portfolio turnover rateH | 29%G | 39% | 18%I | 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 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 .05%.
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 Annualized
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% Class Z
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $12.76 | $12.97 |
Income from Investment Operations | ||
Net investment income (loss)B | .10 | .22 |
Net realized and unrealized gain (loss) | (1.13) | .08 |
Total from investment operations | (1.03) | .30 |
Distributions from net investment income | (.22) | (.19) |
Distributions from net realized gain | (.33) | (.32) |
Total distributions | (.55) | (.51) |
Net asset value, end of period | $11.18 | $12.76 |
Total ReturnC,D | (8.68)% | 2.86% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .62%G | .63%G |
Expenses net of fee waivers, if any | .62%G | .63%G |
Expenses net of all reductions | .62%G | .63%G |
Net investment income (loss) | 1.58%G | 1.77%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $15,339 | $19,124 |
Portfolio turnover rateH | 29%G | 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 .05%.
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 Money Market Central Funds.Top Ten Stocks as of March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 2.9 |
Apple, Inc. | 2.5 |
Amazon.com, Inc. | 1.2 |
Alphabet, Inc. Class A | 1.1 |
Facebook, Inc. Class A | 0.9 |
Roche Holding AG (participation certificate) | 0.9 |
UnitedHealth Group, Inc. | 0.7 |
Adobe, Inc. | 0.7 |
Tencent Holdings Ltd. | 0.6 |
Capital One Financial Corp. | 0.5 |
12.0 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Information Technology | 14.4 |
Financials | 13.5 |
Health Care | 10.3 |
Consumer Discretionary | 7.6 |
Communication Services | 6.4 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 13.7% | |
AAA,AA,A | 3.9% | |
BBB | 5.4% | |
BB and Below | 2.3% | |
Not Rated | 0.7% | |
Equities | 71.0% | |
Short-Term Investments and Net Other Assets | 3.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stock Class and Equity Futures | 71.7% | |
Bond Class | 24.8% | |
Short-Term Class | 3.5% |
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Money Market Funds, was 25.1% 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 70%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 66.4% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 1,124,423 | $203,217,012 | |
Fidelity Consumer Discretionary Central Fund (a) | 795,821 | 220,163,811 | |
Fidelity Consumer Staples Central Fund (a) | 853,753 | 154,127,996 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 1,827,401 | 323,577,893 | |
Fidelity Energy Central Fund (a) | 1,096,041 | 55,339,106 | |
Fidelity Financials Central Fund (a) | 4,634,586 | 340,132,275 | |
Fidelity Health Care Central Fund (a) | 840,545 | 368,982,328 | |
Fidelity Industrials Central Fund (a) | 872,488 | 192,785,053 | |
Fidelity Information Technology Central Fund (a) | 1,467,128 | 583,007,375 | |
Fidelity International Equity Central Fund (a) | 7,503,412 | 498,526,691 | |
Fidelity Materials Central Fund (a) | 344,380 | 51,188,658 | |
Fidelity Real Estate Equity Central Fund (a) | 215,574 | 20,388,960 | |
Fidelity Utilities Central Fund (a) | 460,186 | 73,919,715 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $2,398,907,626) | 3,085,356,873 | ||
Fixed-Income Central Funds - 25.4% | |||
High Yield Fixed-Income Funds - 1.9% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 5,450,247 | 43,656,478 | |
Fidelity Floating Rate Central Fund (a) | 254,905 | 22,327,156 | |
Fidelity High Income Central Fund (a) | 236,214 | 22,352,913 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 88,336,547 | ||
Investment Grade Fixed-Income Funds - 23.5% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 2,390,676 | 245,546,375 | |
Fidelity International Credit Central Fund (a) | 499,890 | 48,099,399 | |
Fidelity Investment Grade Bond Central Fund (a) | 7,116,203 | 795,093,374 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 1,088,739,148 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $1,131,040,738) | 1,177,075,695 | ||
Money Market Central Funds - 2.7% | |||
Fidelity Cash Central Fund 0.29% (c) | 76,452,323 | 76,475,259 | |
Fidelity Money Market Central Fund 0.96% (c) | 8,972 | 8,971 | |
Fidelity Securities Lending Cash Central Fund 0.28% (c)(d) | 50,592,009 | 50,602,128 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $127,086,360) | 127,086,358 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.52% 4/2/20 to 4/9/20 (e) | |||
(Cost $7,939,592) | 7,940,000 | 7,939,995 | |
Shares | Value | ||
Investment Companies - 6.4% | |||
iShares 20+ Year Treasury Bond ETF | 524,954 | $86,601,661 | |
iShares Core MSCI EAFE ETF | 2,456,484 | 122,553,986 | |
iShares MSCI Japan ETF (f) | 973,146 | 48,063,681 | |
iShares S&P 500 Index ETF | 160,917 | 41,580,953 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $325,709,435) | 298,800,281 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $3,990,683,751) | 4,696,259,202 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (52,068,379) | ||
NET ASSETS - 100% | $4,644,190,823 |
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) | 182 | June 2020 | $23,384,270 | $(1,026,911) | $(1,026,911) |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 336 | June 2020 | 14,160,720 | (805,315) | (805,315) |
TOTAL FUTURES CONTRACTS | $(1,832,226) |
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
The notional amount of futures sold as a percentage of Net Assets is 0.3%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,253,996.
(f) 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 | $441,488 |
Fidelity Communication Services Central Fund | 7,851,800 |
Fidelity Consumer Discretionary Central Fund | 7,638,178 |
Fidelity Consumer Staples Central Fund | 2,209,169 |
Fidelity Emerging Markets Debt Central Fund | 1,724,918 |
Fidelity Emerging Markets Equity Central Fund | 6,776,909 |
Fidelity Energy Central Fund | 1,203,410 |
Fidelity Financials Central Fund | 14,595,168 |
Fidelity Floating Rate Central Fund | 746,775 |
Fidelity Health Care Central Fund | 4,474,550 |
Fidelity High Income Central Fund | 858,028 |
Fidelity Industrials Central Fund | 1,964,960 |
Fidelity Inflation-Protected Bond Index Central Fund | 3,698,704 |
Fidelity Information Technology Central Fund | 20,997,460 |
Fidelity International Credit Central Fund | 2,008,157 |
Fidelity International Equity Central Fund | 5,888,597 |
Fidelity Investment Grade Bond Central Fund | 12,987,757 |
Fidelity Materials Central Fund | 465,922 |
Fidelity Money Market Central Fund | 8,784 |
Fidelity Real Estate Equity Central Fund | 1,023,574 |
Fidelity Securities Lending Cash Central Fund | 21,109 |
Fidelity Utilities Central Fund | 3,875,439 |
Total | $101,460,856 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $32,647,589 | $117,371 | $33,651,238 | $(3,678,143) | $4,564,421 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 214,706,153 | 26,059,643 | 9,467,750 | (615,651) | (27,465,383) | 203,217,012 | 13.1 |
Fidelity Consumer Discretionary Central Fund | 259,168,069 | 24,370,340 | 10,679,519 | (226,905) | (52,468,174) | 220,163,811 | 13.7 |
Fidelity Consumer Staples Central Fund | 167,998,481 | 13,918,025 | 7,192,745 | (325,892) | (20,269,873) | 154,127,996 | 13.1 |
Fidelity Emerging Markets Debt Central Fund | 50,124,298 | 3,044,882 | 2,287,051 | (148,508) | (7,077,143) | 43,656,478 | 1.8 |
Fidelity Emerging Markets Equity Central Fund | 387,591,447 | 15,338,134 | 16,563,296 | (1,821,826) | (60,966,566) | 323,577,893 | 21.7 |
Fidelity Energy Central Fund | 105,217,969 | 4,913,397 | 3,592,601 | (908,011) | (50,291,648) | 55,339,106 | 13.2 |
Fidelity Financials Central Fund | 468,510,330 | 32,535,364 | 18,877,023 | (2,622,077) | (139,414,319) | 340,132,275 | 14.0 |
Fidelity Floating Rate Central Fund | 25,630,848 | 1,407,274 | 1,144,798 | (84,283) | (3,481,885) | 22,327,156 | 1.3 |
Fidelity Health Care Central Fund | 345,447,334 | 15,387,920 | 16,076,024 | (512,827) | 24,735,925 | 368,982,328 | 13.5 |
Fidelity High Income Central Fund | 52,270,910 | 1,492,430 | 27,262,861 | (616,203) | (3,531,363) | 22,352,913 | 1.1 |
Fidelity Industrials Central Fund | 246,122,879 | 12,402,936 | 9,881,761 | (620,980) | (55,238,021) | 192,785,053 | 13.9 |
Fidelity Inflation-Protected Bond Index Central Fund | 228,872,976 | 41,133,901 | 23,980,619 | 53,602 | (533,485) | 245,546,375 | 16.8 |
Fidelity Information Technology Central Fund | 585,401,625 | 36,925,993 | 27,020,347 | (964,387) | (11,335,509) | 583,007,375 | 13.4 |
Fidelity International Credit Central Fund | 51,087,935 | 3,332,477 | 2,289,276 | (36,434) | (3,995,303) | 48,099,399 | 16.7 |
Fidelity International Equity Central Fund | 594,388,542 | 28,105,757 | 33,921,221 | (3,103,292) | (86,943,095) | 498,526,691 | 24.1 |
Fidelity Investment Grade Bond Central Fund | 828,735,842 | 152,051,391 | 175,236,744 | (3,750,836) | (6,706,279) | 795,093,374 | 3.2 |
Fidelity Materials Central Fund | 60,235,086 | 7,821,713 | 2,796,157 | (467,012) | (13,604,972) | 51,188,658 | 13.9 |
Fidelity Real Estate Equity Central Fund | 79,036,568 | 2,912,630 | 38,902,924 | (14,234,368) | (8,422,946) | 20,388,960 | 4.0 |
Fidelity Utilities Central Fund | 89,802,096 | 7,594,972 | 3,429,114 | (142,381) | (19,905,858) | 73,919,715 | 13.8 |
4,872,996,977 | 430,866,550 | 464,253,069 | (34,826,414) | (542,351,476) | 4,262,432,568 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $3,085,356,873 | $3,085,356,873 | $-- | $-- |
Fixed-Income Central Funds | 1,177,075,695 | 1,177,075,695 | -- | -- |
Money Market Central Funds | 127,086,358 | 127,086,358 | -- | -- |
Other Short-Term Investments and Net Other Assets | 7,939,995 | -- | 7,939,995 | -- |
Investment Companies | 298,800,281 | 298,800,281 | -- | -- |
Total Investments in Securities: | $4,696,259,202 | $4,688,319,207 | $7,939,995 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(1,832,226) | $(1,832,226) | $-- | $-- |
Total Liabilities | $(1,832,226) | $(1,832,226) | $-- | $-- |
Total Derivative Instruments: | $(1,832,226) | $(1,832,226) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $0 | $(1,832,226) |
Total Equity Risk | 0 | (1,832,226) |
Total Value of Derivatives | $0 | $(1,832,226) |
(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 | 74.9% |
United Kingdom | 3.0% |
Cayman Islands | 2.6% |
Switzerland | 2.0% |
Japan | 1.8% |
France | 1.8% |
Netherlands | 1.5% |
Germany | 1.4% |
Korea (South) | 1.0% |
Canada | 1.0% |
Others (Individually Less Than 1%) | 9.0% |
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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $48,061,409) — See accompanying schedule: Unaffiliated issuers (cost $333,649,027) | $306,740,276 | |
Fidelity Central Funds (cost $3,657,034,724) | 4,389,518,926 | |
Total Investment in Securities (cost $3,990,683,751) | $4,696,259,202 | |
Receivable for investments sold | 2,001,934 | |
Receivable for fund shares sold | 5,891,147 | |
Distributions receivable from Fidelity Central Funds | 26,909 | |
Prepaid expenses | 3,431 | |
Other receivables | 46,543 | |
Total assets | 4,704,229,166 | |
Liabilities | ||
Payable for investments purchased | $3,779,629 | |
Payable for fund shares redeemed | 2,204,141 | |
Accrued management fee | 2,123,963 | |
Distribution and service plan fees payable | 84,772 | |
Payable for daily variation margin on futures contracts | 503,650 | |
Other affiliated payables | 668,967 | |
Other payables and accrued expenses | 72,021 | |
Collateral on securities loaned | 50,601,200 | |
Total liabilities | 60,038,343 | |
Net Assets | $4,644,190,823 | |
Net Assets consist of: | ||
Paid in capital | $4,417,981,670 | |
Total accumulated earnings (loss) | 226,209,153 | |
Net Assets | $4,644,190,823 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($142,789,297 ÷ 7,514,291 shares)(a) | $19.00 | |
Maximum offering price per share (100/94.25 of $19.00) | $20.16 | |
Class M: | ||
Net Asset Value and redemption price per share ($56,538,803 ÷ 2,974,382 shares)(a) | $19.01 | |
Maximum offering price per share (100/96.50 of $19.01) | $19.70 | |
Class C: | ||
Net Asset Value and offering price per share ($34,593,103 ÷ 1,826,589 shares)(a) | $18.94 | |
Asset Manager 70%: | ||
Net Asset Value, offering price and redemption price per share ($4,329,117,572 ÷ 227,486,097 shares) | $19.03 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($59,180,710 ÷ 3,108,352 shares) | $19.04 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($21,971,338 ÷ 1,155,743 shares) | $19.01 |
(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
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $5,540,118 | |
Interest | 71,458 | |
Income from Fidelity Central Funds (including $21,109 from security lending) | 51,285,284 | |
Total income | 56,896,860 | |
Expenses | ||
Management fee | $14,440,075 | |
Transfer agent fees | 3,213,653 | |
Distribution and service plan fees | 584,627 | |
Accounting fees | 691,915 | |
Custodian fees and expenses | 4,890 | |
Independent trustees' fees and expenses | 9,996 | |
Registration fees | 71,993 | |
Audit | 17,224 | |
Legal | 7,759 | |
Interest | 1,249 | |
Miscellaneous | 16,874 | |
Total expenses before reductions | 19,060,255 | |
Expense reductions | (71,178) | |
Total expenses after reductions | 18,989,077 | |
Net investment income (loss) | 37,907,783 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 10,312,468 | |
Fidelity Central Funds | (34,821,276) | |
Futures contracts | (7,490,258) | |
Capital gain distributions from Fidelity Central Funds | 50,175,572 | |
Total net realized gain (loss) | 18,176,506 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (44,708,005) | |
Fidelity Central Funds | (542,351,515) | |
Futures contracts | (3,944,660) | |
Total change in net unrealized appreciation (depreciation) | (591,004,180) | |
Net gain (loss) | (572,827,674) | |
Net increase (decrease) in net assets resulting from operations | $(534,919,891) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $37,907,783 | $79,323,993 |
Net realized gain (loss) | 18,176,506 | 225,584,843 |
Change in net unrealized appreciation (depreciation) | (591,004,180) | (235,858,957) |
Net increase (decrease) in net assets resulting from operations | (534,919,891) | 69,049,879 |
Distributions to shareholders | (278,845,625) | (282,804,003) |
Share transactions - net increase (decrease) | 199,445,062 | 28,857,702 |
Total increase (decrease) in net assets | (614,320,454) | (184,896,422) |
Net Assets | ||
Beginning of period | 5,258,511,277 | 5,443,407,699 |
End of period | $4,644,190,823 | $5,258,511,277 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 70% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.21 | $23.27 | $22.26 | $19.78 | $18.84 | $21.24 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .12 | .27 | .23 | .19 | .22 | .22 |
Net realized and unrealized gain (loss) | (2.22) | (.17) | 1.59 | 2.53 | 1.70 | (.80) |
Total from investment operations | (2.10) | .10 | 1.82 | 2.72 | 1.92 | (.58) |
Distributions from net investment income | (.28) | (.25) | (.19) | (.20) | (.25) | (.22) |
Distributions from net realized gain | (.83) | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.11) | (1.16) | (.81) | (.24) | (.98) | (1.82) |
Net asset value, end of period | $19.00 | $22.21 | $23.27 | $22.26 | $19.78 | $18.84 |
Total ReturnB,C,D | (10.25)% | 1.16% | 8.31% | 13.89% | 10.57% | (2.96)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .99%G | 1.00% | 1.00% | 1.02% | 1.02% | 1.03% |
Expenses net of fee waivers, if any | .99%G | 1.00% | 1.00% | 1.01% | 1.02% | 1.03% |
Expenses net of all reductions | .99%G | 1.00% | 1.00% | 1.01% | 1.02% | 1.02% |
Net investment income (loss) | 1.12%G | 1.25% | .99% | .90% | 1.17% | 1.07% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $142,789 | $166,280 | $155,622 | $146,562 | $146,585 | $134,849 |
Portfolio turnover rateH | 29%G | 41% | 21% | 19% | 21% | 20% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E 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 .05%.
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 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% Class M
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.19 | $23.24 | $22.25 | $19.77 | $18.82 | $21.22 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .22 | .17 | .13 | .17 | .17 |
Net realized and unrealized gain (loss) | (2.22) | (.17) | 1.58 | 2.54 | 1.70 | (.80) |
Total from investment operations | (2.12) | .05 | 1.75 | 2.67 | 1.87 | (.63) |
Distributions from net investment income | (.23) | (.19) | (.14) | (.15) | (.20) | (.16) |
Distributions from net realized gain | (.83) | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.06) | (1.10) | (.76) | (.19) | (.92)B | (1.77)C |
Net asset value, end of period | $19.01 | $22.19 | $23.24 | $22.25 | $19.77 | $18.82 |
Total ReturnD,E,F | (10.33)% | .90% | 7.99% | 13.63% | 10.31% | (3.25)% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.24%I | 1.24% | 1.25% | 1.27% | 1.28% | 1.29% |
Expenses net of fee waivers, if any | 1.23%I | 1.24% | 1.25% | 1.27% | 1.28% | 1.28% |
Expenses net of all reductions | 1.23%I | 1.24% | 1.25% | 1.27% | 1.28% | 1.28% |
Net investment income (loss) | .87%I | 1.01% | .74% | .64% | .91% | .81% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $56,539 | $63,064 | $61,587 | $53,245 | $48,149 | $46,685 |
Portfolio turnover rateJ | 29%I | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying 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 .05%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.03 | $23.06 | $22.08 | $19.63 | $18.69 | $21.08 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .04 | .11 | .05 | .03 | .08 | .06 |
Net realized and unrealized gain (loss) | (2.22) | (.15) | 1.57 | 2.51 | 1.69 | (.78) |
Total from investment operations | (2.18) | (.04) | 1.62 | 2.54 | 1.77 | (.72) |
Distributions from net investment income | (.08) | (.07) | (.03) | (.05) | (.10) | (.07) |
Distributions from net realized gain | (.83) | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (.91) | (.99)B | (.64)C | (.09) | (.83) | (1.67) |
Net asset value, end of period | $18.94 | $22.03 | $23.06 | $22.08 | $19.63 | $18.69 |
Total ReturnD,E,F | (10.56)% | .42% | 7.46% | 13.00% | 9.78% | (3.69)% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.75%I | 1.75% | 1.75% | 1.77% | 1.78% | 1.79% |
Expenses net of fee waivers, if any | 1.74%I | 1.75% | 1.75% | 1.77% | 1.78% | 1.78% |
Expenses net of all reductions | 1.74%I | 1.75% | 1.75% | 1.77% | 1.78% | 1.78% |
Net investment income (loss) | .36%I | .50% | .24% | .14% | .41% | .32% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $34,593 | $42,547 | $63,398 | $59,046 | $56,605 | $52,860 |
Portfolio turnover rateJ | 29%I | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying 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 .05%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.27 | $23.33 | $22.33 | $19.84 | $18.89 | $21.30 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .16 | .34 | .30 | .25 | .28 | .28 |
Net realized and unrealized gain (loss) | (2.22) | (.17) | 1.58 | 2.54 | 1.71 | (.80) |
Total from investment operations | (2.06) | .17 | 1.88 | 2.79 | 1.99 | (.52) |
Distributions from net investment income | (.35) | (.31) | (.26) | (.26) | (.31) | (.28) |
Distributions from net realized gain | (.83) | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.18) | (1.23)B | (.88) | (.30) | (1.04) | (1.89)C |
Net asset value, end of period | $19.03 | $22.27 | $23.33 | $22.33 | $19.84 | $18.89 |
Total ReturnD,E | (10.11)% | 1.51% | 8.57% | 14.25% | 10.97% | (2.69)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .68%H | .69% | .69% | .71% | .72% | .72% |
Expenses net of fee waivers, if any | .68%H | .69% | .69% | .71% | .71% | .72% |
Expenses net of all reductions | .68%H | .69% | .69% | .70% | .71% | .71% |
Net investment income (loss) | 1.43%H | 1.56% | 1.30% | 1.20% | 1.48% | 1.38% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $4,329,118 | $4,893,270 | $5,088,118 | $4,673,798 | $3,996,905 | $3,745,336 |
Portfolio turnover rateI | 29%H | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.27 | $23.33 | $22.33 | $19.85 | $18.90 | $21.31 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .15 | .33 | .29 | .24 | .28 | .27 |
Net realized and unrealized gain (loss) | (2.21) | (.17) | 1.58 | 2.54 | 1.70 | (.80) |
Total from investment operations | (2.06) | .16 | 1.87 | 2.78 | 1.98 | (.53) |
Distributions from net investment income | (.34) | (.30) | (.25) | (.26) | (.30) | (.27) |
Distributions from net realized gain | (.83) | (.91) | (.62) | (.04) | (.73) | (1.60) |
Total distributions | (1.17) | (1.22)B | (.87) | (.30) | (1.03) | (1.88)C |
Net asset value, end of period | $19.04 | $22.27 | $23.33 | $22.33 | $19.85 | $18.90 |
Total ReturnD,E | (10.10)% | 1.46% | 8.53% | 14.22% | 10.92% | (2.73)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .72%H | .72% | .72% | .74% | .74% | .76% |
Expenses net of fee waivers, if any | .71%H | .72% | .72% | .74% | .74% | .76% |
Expenses net of all reductions | .71%H | .72% | .72% | .73% | .74% | .75% |
Net investment income (loss) | 1.39%H | 1.53% | 1.27% | 1.17% | 1.45% | 1.34% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $59,181 | $68,475 | $74,682 | $79,461 | $42,321 | $42,581 |
Portfolio turnover rateI | 29%H | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $22.26 | $23.29 |
Income from Investment Operations | ||
Net investment income (loss)B | .17 | .35 |
Net realized and unrealized gain (loss) | (2.22) | (.13) |
Total from investment operations | (2.05) | .22 |
Distributions from net investment income | (.37) | (.34) |
Distributions from net realized gain | (.83) | (.91) |
Total distributions | (1.20) | (1.25) |
Net asset value, end of period | $19.01 | $22.26 |
Total ReturnC,D | (10.07)% | 1.78% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .61%G | .62%G |
Expenses net of fee waivers, if any | .60%G | .61%G |
Expenses net of all reductions | .60%G | .61%G |
Net investment income (loss) | 1.50%G | 1.64%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $21,971 | $24,876 |
Portfolio turnover rateH | 29%G | 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 .05%.
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 Money Market Central Funds.Top Ten Stocks as of March 31, 2020
% of fund's net assets | |
Microsoft Corp. | 3.5 |
Apple, Inc. | 3.1 |
Amazon.com, Inc. | 1.4 |
Alphabet, Inc. Class A | 1.4 |
Facebook, Inc. Class A | 1.1 |
Roche Holding AG (participation certificate) | 1.0 |
UnitedHealth Group, Inc. | 0.8 |
Adobe, Inc. | 0.8 |
Tencent Holdings Ltd. | 0.6 |
Capital One Financial Corp. | 0.6 |
14.3 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Information Technology | 17.0 |
Health Care | 11.8 |
Financials | 11.8 |
Consumer Discretionary | 8.1 |
Industrials | 7.9 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 4.2% | |
AAA,AA,A | 0.9% | |
BBB | 1.4% | |
BB and Below | 0.5% | |
Not Rated | 0.2% | |
Equities | 86.3% | |
Short-Term Investments and Net Other Assets | 6.5% |
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 March 31, 2020 | ||
Stock Class and Equity Futures | 87.9% | |
Bond Class | 6.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 5.7% |
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 Money Market Funds, was 26.8% 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 Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Fidelity Asset Manager® 85%
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 80.2% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 660,251 | $119,327,211 | |
Fidelity Consumer Discretionary Central Fund (a) | 467,061 | 129,212,393 | |
Fidelity Consumer Staples Central Fund (a) | 502,029 | 90,631,338 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 1,004,750 | 177,911,154 | |
Fidelity Energy Central Fund (a) | 639,643 | 32,295,567 | |
Fidelity Financials Central Fund (a) | 2,723,462 | 199,874,859 | |
Fidelity Health Care Central Fund (a) | 493,186 | 216,498,684 | |
Fidelity Industrials Central Fund (a) | 511,154 | 112,944,518 | |
Fidelity Information Technology Central Fund (a) | 860,982 | 342,137,221 | |
Fidelity International Equity Central Fund (a) | 4,434,830 | 294,650,087 | |
Fidelity Materials Central Fund (a) | 202,906 | 30,160,000 | |
Fidelity Real Estate Equity Central Fund (a) | 103,299 | 9,769,977 | |
Fidelity Utilities Central Fund (a) | 270,229 | 43,406,919 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $1,538,839,764) | 1,798,819,928 | ||
Fixed-Income Central Funds - 6.5% | |||
Investment Grade Fixed-Income Funds - 6.5% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 407,177 | 41,821,142 | |
Fidelity International Credit Central Fund (a) | 250,769 | 24,128,991 | |
Fidelity Investment Grade Bond Central Fund (a) | 717,752 | 80,194,402 | |
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $141,964,154) | 146,144,535 | ||
Money Market Central Funds - 5.8% | |||
Fidelity Cash Central Fund 0.29% (c) | 104,448,993 | 104,480,328 | |
Fidelity Securities Lending Cash Central Fund 0.28% (c)(d) | 24,576,424 | 24,581,339 | |
TOTAL MONEY MARKET CENTRAL FUNDS | |||
(Cost $129,056,908) | 129,061,667 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.63% to 1.55% 5/7/20 to 6/4/20 (e) | |||
(Cost $2,945,946) | 2,950,000 | 2,949,525 | |
Shares | Value | ||
Investment Companies - 8.5% | |||
iShares 20+ Year Treasury Bond ETF | 357,584 | $58,990,631 | |
iShares Core MSCI EAFE ETF | 1,091,738 | 54,466,809 | |
iShares MSCI Japan ETF (f) | 472,757 | 23,349,468 | |
iShares S&P 500 Index ETF | 207,047 | 53,500,945 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $206,513,068) | 190,307,853 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $2,019,319,840) | 2,267,283,508 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (25,051,319) | ||
NET ASSETS - 100% | $2,242,232,189 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 325 | June 2020 | $25,338,625 | $2,668,954 | $2,668,954 |
Sold | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 3 | June 2020 | 126,435 | (7,190) | (7,190) |
TOTAL FUTURES CONTRACTS | $2,661,764 |
The notional amount of futures purchased as a percentage of Net Assets is 1.1%
The notional amount of futures sold as a percentage of Net Assets is 0.0%
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, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,949,525.
(f) 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 | $520,549 |
Fidelity Communication Services Central Fund | 4,511,477 |
Fidelity Consumer Discretionary Central Fund | 4,371,974 |
Fidelity Consumer Staples Central Fund | 1,263,550 |
Fidelity Emerging Markets Debt Central Fund | 234,660 |
Fidelity Emerging Markets Equity Central Fund | 3,646,182 |
Fidelity Energy Central Fund | 685,263 |
Fidelity Financials Central Fund | 8,367,754 |
Fidelity Floating Rate Central Fund | 125,271 |
Fidelity Health Care Central Fund | 2,569,214 |
Fidelity High Income Central Fund | 140,900 |
Fidelity Industrials Central Fund | 1,121,230 |
Fidelity Inflation-Protected Bond Index Central Fund | 410,242 |
Fidelity Information Technology Central Fund | 12,120,822 |
Fidelity International Credit Central Fund | 982,836 |
Fidelity International Equity Central Fund | 3,354,542 |
Fidelity Investment Grade Bond Central Fund | 1,762,349 |
Fidelity Materials Central Fund | 267,787 |
Fidelity Real Estate Equity Central Fund | 491,632 |
Fidelity Securities Lending Cash Central Fund | 20,515 |
Fidelity Utilities Central Fund | 2,227,865 |
Total | $49,196,614 |
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 | Sales Proceeds | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Commodity Strategy Central Fund | $18,010,309 | $8,827 | $18,524,615 | $(2,005,483) | $2,510,962 | $-- | 0.0 |
Fidelity Communication Services Central Fund | 121,146,428 | 21,340,193 | 6,308,073 | (367,151) | (16,484,186) | 119,327,211 | 7.7 |
Fidelity Consumer Discretionary Central Fund | 145,851,157 | 21,626,424 | 7,194,008 | (220,560) | (30,850,620) | 129,212,393 | 8.0 |
Fidelity Consumer Staples Central Fund | 94,912,045 | 12,724,264 | 4,724,113 | (238,980) | (12,041,878) | 90,631,338 | 7.7 |
Fidelity Emerging Markets Debt Central Fund | 23,998,807 | 404,382 | 24,454,865 | (312,977) | 364,653 | -- | 0.0 |
Fidelity Emerging Markets Equity Central Fund | 209,258,176 | 14,102,507 | 10,515,923 | (1,636,090) | (33,297,516) | 177,911,154 | 11.9 |
Fidelity Energy Central Fund | 59,111,288 | 5,556,332 | 2,485,315 | (711,351) | (29,175,387) | 32,295,567 | 7.7 |
Fidelity Financials Central Fund | 264,480,828 | 31,801,827 | 12,554,835 | (1,403,581) | (82,449,380) | 199,874,859 | 8.2 |
Fidelity Floating Rate Central Fund | 12,352,802 | 209,941 | 12,470,417 | (175,177) | 82,851 | -- | 0.0 |
Fidelity Health Care Central Fund | 195,374,361 | 19,507,096 | 10,896,222 | (618,332) | 13,131,781 | 216,498,684 | 7.9 |
Fidelity High Income Central Fund | 25,117,089 | 224,574 | 25,194,187 | 621,943 | (769,419) | -- | 0.0 |
Fidelity Industrials Central Fund | 138,134,573 | 14,388,952 | 6,681,701 | (595,090) | (32,302,216) | 112,944,518 | 8.2 |
Fidelity Inflation-Protected Bond Index Central Fund | 103,551,980 | 23,472,784 | 85,227,024 | 2,013,911 | (1,990,509) | 41,821,142 | 2.9 |
Fidelity Information Technology Central Fund | 330,757,551 | 39,038,281 | 18,593,307 | (1,410,226) | (7,655,078) | 342,137,221 | 7.9 |
Fidelity International Credit Central Fund | 25,069,783 | 2,309,232 | 1,247,489 | (16,203) | (1,986,332) | 24,128,991 | 8.4 |
Fidelity International Equity Central Fund | 337,777,369 | 31,565,436 | 20,672,502 | (2,611,194) | (51,409,022) | 294,650,087 | 14.2 |
Fidelity Investment Grade Bond Central Fund | 166,457,516 | 9,082,228 | 93,826,648 | 10,905 | (1,529,599) | 80,194,402 | 0.3 |
Fidelity Materials Central Fund | 34,050,837 | 6,398,190 | 1,908,612 | (357,016) | (8,023,399) | 30,160,000 | 8.2 |
Fidelity Real Estate Equity Central Fund | 38,179,205 | 2,365,410 | 19,615,010 | (7,094,377) | (4,065,251) | 9,769,977 | 1.9 |
Fidelity Utilities Central Fund | 50,854,081 | 6,619,736 | 2,341,084 | (60,016) | (11,665,798) | 43,406,919 | 8.1 |
2,394,446,185 | 262,746,616 | 385,435,950 | (17,187,045) | (309,605,343) | 1,944,964,463 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2020, 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 | $1,798,819,928 | $1,798,819,928 | $-- | $-- |
Fixed-Income Central Funds | 146,144,535 | 146,144,535 | -- | -- |
Money Market Central Funds | 129,061,667 | 129,061,667 | -- | -- |
Other Short-Term Investments and Net Other Assets | 2,949,525 | -- | 2,949,525 | -- |
Investment Companies | 190,307,853 | 190,307,853 | -- | -- |
Total Investments in Securities: | $2,267,283,508 | $2,264,333,983 | $2,949,525 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $2,668,954 | $2,668,954 | $-- | $-- |
Total Assets | $2,668,954 | $2,668,954 | $-- | $-- |
Liabilities | ||||
Futures Contracts | $(7,190) | $(7,190) | $-- | $-- |
Total Liabilities | $(7,190) | $(7,190) | $-- | $-- |
Total Derivative Instruments: | $2,661,764 | $2,661,764 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2020. 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) | $2,668,954 | $(7,190) |
Total Equity Risk | 2,668,954 | (7,190) |
Total Value of Derivatives | $2,668,954 | $(7,190) |
(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 | 73.2% |
United Kingdom | 3.1% |
Cayman Islands | 2.7% |
Switzerland | 2.3% |
Japan | 2.2% |
France | 2.2% |
Netherlands | 1.7% |
Germany | 1.5% |
Canada | 1.2% |
Korea (South) | 1.1% |
Others (Individually Less Than 1%) | 8.8% |
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 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
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $23,346,653) — See accompanying schedule: Unaffiliated issuers (cost $209,459,014) | $193,257,378 | |
Fidelity Central Funds (cost $1,809,860,826) | 2,074,026,130 | |
Total Investment in Securities (cost $2,019,319,840) | $2,267,283,508 | |
Segregated cash with brokers for derivative instruments | 242,245 | |
Receivable for investments sold | 1,046,987 | |
Receivable for fund shares sold | 2,496,785 | |
Distributions receivable from Fidelity Central Funds | 53,118 | |
Prepaid expenses | 1,672 | |
Total assets | 2,271,124,315 | |
Liabilities | ||
Payable for investments purchased | $1,848,988 | |
Payable for fund shares redeemed | 784,329 | |
Accrued management fee | 1,025,831 | |
Distribution and service plan fees payable | 67,525 | |
Payable for daily variation margin on futures contracts | 191,831 | |
Other affiliated payables | 355,785 | |
Other payables and accrued expenses | 37,437 | |
Collateral on securities loaned | 24,580,400 | |
Total liabilities | 28,892,126 | |
Net Assets | $2,242,232,189 | |
Net Assets consist of: | ||
Paid in capital | $2,206,656,681 | |
Total accumulated earnings (loss) | 35,575,508 | |
Net Assets | $2,242,232,189 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($111,525,160 ÷ 6,921,378 shares)(a) | $16.11 | |
Maximum offering price per share (100/94.25 of $16.11) | $17.09 | |
Class M: | ||
Net Asset Value and redemption price per share ($31,350,925 ÷ 1,958,295 shares)(a) | $16.01 | |
Maximum offering price per share (100/96.50 of $16.01) | $16.59 | |
Class C: | ||
Net Asset Value and offering price per share ($35,797,952 ÷ 2,259,302 shares)(a) | $15.84 | |
Asset Manager 85%: | ||
Net Asset Value, offering price and redemption price per share ($2,015,868,330 ÷ 123,896,628 shares) | $16.27 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($26,447,009 ÷ 1,629,394 shares) | $16.23 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($21,242,813 ÷ 1,311,832 shares) | $16.19 |
(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
Six months ended March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $3,105,000 | |
Interest | 29,946 | |
Income from Fidelity Central Funds (including $20,515 from security lending) | 22,613,041 | |
Total income | 25,747,987 | |
Expenses | ||
Management fee | $7,037,177 | |
Transfer agent fees | 1,711,274 | |
Distribution and service plan fees | 462,475 | |
Accounting fees | 391,875 | |
Custodian fees and expenses | 4,238 | |
Independent trustees' fees and expenses | 4,868 | |
Registration fees | 61,896 | |
Audit | 17,224 | |
Legal | 3,977 | |
Miscellaneous | 8,271 | |
Total expenses before reductions | 9,703,275 | |
Expense reductions | (69,918) | |
Total expenses after reductions | 9,633,357 | |
Net investment income (loss) | 16,114,630 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,316,199 | |
Fidelity Central Funds | (17,185,382) | |
Futures contracts | (15,121,819) | |
Capital gain distributions from Fidelity Central Funds | 26,583,573 | |
Total net realized gain (loss) | (1,407,429) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (25,014,014) | |
Fidelity Central Funds | (309,600,584) | |
Futures contracts | 2,694,868 | |
Total change in net unrealized appreciation (depreciation) | (331,919,730) | |
Net gain (loss) | (333,327,159) | |
Net increase (decrease) in net assets resulting from operations | $(317,212,529) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2020 (Unaudited) | Year ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $16,114,630 | $32,979,401 |
Net realized gain (loss) | (1,407,429) | 113,853,957 |
Change in net unrealized appreciation (depreciation) | (331,919,730) | (144,599,362) |
Net increase (decrease) in net assets resulting from operations | (317,212,529) | 2,233,996 |
Distributions to shareholders | (144,716,034) | (118,486,707) |
Share transactions - net increase (decrease) | 163,153,432 | 28,013,859 |
Total increase (decrease) in net assets | (298,775,131) | (88,238,852) |
Net Assets | ||
Beginning of period | 2,541,007,320 | 2,629,246,172 |
End of period | $2,242,232,189 | $2,541,007,320 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Asset Manager 85% Class A
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $19.30 | $20.36 | $19.02 | $16.45 | $15.42 | $17.64 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .20 | .16 | .13 | .14 | .14 |
Net realized and unrealized gain (loss) | (2.23) | (.37) | 1.77 | 2.61 | 1.59 | (.77) |
Total from investment operations | (2.14) | (.17) | 1.93 | 2.74 | 1.73 | (.63) |
Distributions from net investment income | (.22) | (.17) | (.14) | (.13) | (.17) | (.17) |
Distributions from net realized gain | (.84) | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (1.05)B | (.89) | (.59) | (.17)C | (.70) | (1.59)D |
Net asset value, end of period | $16.11 | $19.30 | $20.36 | $19.02 | $16.45 | $15.42 |
Total ReturnE,F,G | (12.10)% | (.11)% | 10.29% | 16.83% | 11.62% | (3.86)% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | 1.00%J | 1.01% | 1.02% | 1.04% | 1.05% | 1.05% |
Expenses net of fee waivers, if any | 1.00%J | 1.01% | 1.02% | 1.04% | 1.05% | 1.05% |
Expenses net of all reductions | 1.00%J | 1.01% | 1.02% | 1.03% | 1.05% | 1.04% |
Net investment income (loss) | .96%J | 1.06% | .80% | .74% | .90% | .85% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $111,525 | $125,168 | $115,447 | $92,868 | $78,147 | $66,006 |
Portfolio turnover rateK | 44%J | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.05 per share is comprised of distributions from net investment income of $.219 and distributions from net realized gain of $.835 per share.
C 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.
D Total distributions of $.159 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $1.427 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying 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 .05%.
I 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.
J Annualized
K 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $19.17 | $20.22 | $18.91 | $16.34 | $15.32 | $17.56 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .07 | .15 | .10 | .08 | .10 | .10 |
Net realized and unrealized gain (loss) | (2.22) | (.36) | 1.75 | 2.61 | 1.58 | (.78) |
Total from investment operations | (2.15) | (.21) | 1.85 | 2.69 | 1.68 | (.68) |
Distributions from net investment income | (.18) | (.13) | (.09) | (.07) | (.13) | (.13) |
Distributions from net realized gain | (.84) | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (1.01)B | (.84)C | (.54) | (.12) | (.66) | (1.56) |
Net asset value, end of period | $16.01 | $19.17 | $20.22 | $18.91 | $16.34 | $15.32 |
Total ReturnD,E,F | (12.20)% | (.35)% | 9.94% | 16.54% | 11.31% | (4.21)% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.26%I | 1.27% | 1.29% | 1.31% | 1.32% | 1.33% |
Expenses net of fee waivers, if any | 1.26%I | 1.27% | 1.29% | 1.31% | 1.32% | 1.33% |
Expenses net of all reductions | 1.26%I | 1.27% | 1.29% | 1.31% | 1.32% | 1.32% |
Net investment income (loss) | .70%I | .80% | .53% | .46% | .63% | .57% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $31,351 | $33,611 | $31,371 | $24,207 | $19,582 | $18,991 |
Portfolio turnover rateJ | 44%I | 47% | 24% | 23% | 22% | 29% |
A Calculated based on average shares outstanding during the period.
B Total distributions of $1.01 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.835 per share.
C 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.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying 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 .05%.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $18.92 | $19.95 | $18.65 | $16.14 | $15.14 | $17.37 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .02 | .06 | .01 | –B | .02 | .02 |
Net realized and unrealized gain (loss) | (2.21) | (.35) | 1.74 | 2.56 | 1.57 | (.76) |
Total from investment operations | (2.19) | (.29) | 1.75 | 2.56 | 1.59 | (.74) |
Distributions from net investment income | (.06) | (.02) | –B | (.01) | (.06) | (.06) |
Distributions from net realized gain | (.84) | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (.89)C | (.74) | (.45) | (.05)D | (.59) | (1.49) |
Net asset value, end of period | $15.84 | $18.92 | $19.95 | $18.65 | $16.14 | $15.14 |
Total ReturnE,F,G | (12.46)% | (.88)% | 9.51% | 15.94% | 10.80% | (4.62)% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | 1.77%J | 1.77% | 1.77% | 1.79% | 1.80% | 1.81% |
Expenses net of fee waivers, if any | 1.76%J | 1.77% | 1.77% | 1.79% | 1.80% | 1.81% |
Expenses net of all reductions | 1.76%J | 1.77% | 1.77% | 1.78% | 1.80% | 1.80% |
Net investment income (loss) | .19%J | .30% | .05% | (.01)% | .15% | .10% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $35,798 | $40,909 | $50,588 | $44,313 | $38,916 | $34,590 |
Portfolio turnover rateK | 44%J | 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 $.89 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.835 per share.
D 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.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees and expenses of any underlying 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 .05%.
I 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.
J Annualized
K 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%
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $19.50 | $20.56 | $19.20 | $16.60 | $15.56 | $17.79 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .12 | .26 | .22 | .19 | .19 | .20 |
Net realized and unrealized gain (loss) | (2.24) | (.38) | 1.78 | 2.63 | 1.60 | (.78) |
Total from investment operations | (2.12) | (.12) | 2.00 | 2.82 | 1.79 | (.58) |
Distributions from net investment income | (.27) | (.23) | (.19) | (.17) | (.22) | (.23) |
Distributions from net realized gain | (.84) | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (1.11) | (.94)B | (.64) | (.22) | (.75) | (1.65)C |
Net asset value, end of period | $16.27 | $19.50 | $20.56 | $19.20 | $16.60 | $15.56 |
Total ReturnD,E | (11.95)% | .21% | 10.62% | 17.20% | 11.92% | (3.54)% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .70%H | .71% | .71% | .73% | .74% | .75% |
Expenses net of fee waivers, if any | .69%H | .71% | .71% | .73% | .74% | .75% |
Expenses net of all reductions | .69%H | .71% | .71% | .73% | .74% | .74% |
Net investment income (loss) | 1.26%H | 1.36% | 1.11% | 1.05% | 1.21% | 1.16% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,015,868 | $2,278,919 | $2,377,705 | $1,832,601 | $1,454,033 | $1,350,006 |
Portfolio turnover rateI | 44%H | 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 for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .05%.
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 Annualized
I 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
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $19.45 | $20.50 | $19.15 | $16.55 | $15.51 | $17.74 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .12 | .25 | .21 | .18 | .19 | .19 |
Net realized and unrealized gain (loss) | (2.24) | (.37) | 1.78 | 2.63 | 1.60 | (.76) |
Total from investment operations | (2.12) | (.12) | 1.99 | 2.81 | 1.79 | (.57) |
Distributions from net investment income | (.26) | (.21) | (.19) | (.16) | (.21) | (.23) |
Distributions from net realized gain | (.84) | (.72) | (.45) | (.05) | (.53) | (1.43) |
Total distributions | (1.10) | (.93) | (.64) | (.21) | (.75)B | (1.66) |
Net asset value, end of period | $16.23 | $19.45 | $20.50 | $19.15 | $16.55 | $15.51 |
Total ReturnC,D | (11.98)% | .15% | 10.58% | 17.16% | 11.93% | (3.52)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .73%G | .74% | .75% | .76% | .75% | .76% |
Expenses net of fee waivers, if any | .73%G | .74% | .75% | .76% | .75% | .76% |
Expenses net of all reductions | .73%G | .74% | .75% | .75% | .75% | .75% |
Net investment income (loss) | 1.23%G | 1.33% | 1.07% | 1.02% | 1.20% | 1.15% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $26,447 | $39,115 | $54,135 | $38,765 | $40,747 | $38,697 |
Portfolio turnover rateH | 44%G | 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 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 .05%.
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 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% Class Z
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |
2020 | 2019 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $19.43 | $20.45 |
Income from Investment Operations | ||
Net investment income (loss)B | .13 | .27 |
Net realized and unrealized gain (loss) | (2.24) | (.32) |
Total from investment operations | (2.11) | (.05) |
Distributions from net investment income | (.30) | (.25) |
Distributions from net realized gain | (.84) | (.72) |
Total distributions | (1.13)C | (.97) |
Net asset value, end of period | $16.19 | $19.43 |
Total ReturnD,E | (11.95)% | .54% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .61%H | .62%H |
Expenses net of fee waivers, if any | .61%H | .62%H |
Expenses net of all reductions | .61%H | .62%H |
Net investment income (loss) | 1.35%H | 1.45%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $21,243 | $23,286 |
Portfolio turnover rateI | 44%H | 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 distributions of $1.13 per share is comprised of distributions from net investment income of $.296 and distributions from net realized gain of $.835 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 .05%.
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. 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.
H Annualized
I 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 (Unaudited)
For the period ended March 31, 2020
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. 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.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of each Fund. These strategies are consistent with the investment objectives of each Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of each Fund. The following summarizes the Funds' investment in each Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Equity Central Funds | FMR | 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 | FMR | Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets. | Foreign Securities Restricted Securities | Less than .005% |
Fidelity Emerging Markets Equity Central Fund | FMR | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Foreign Securities Futures | .05% |
Fidelity International Equity Central Fund | FMR | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Delayed Delivery & When Issued Securities Foreign Securities Futures | .01% |
Fidelity Floating Rate Central Fund | FMR | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .005% |
Fidelity High Income Central Fund | FMR | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .005% |
Fidelity Inflation-Protected Bond Index Central Fund | FMR | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. | Less than .005% | |
Fidelity Investment Grade Bond Central Fund | FMR | Seeks a high level of income by normally investing in investment–grade debt securities. | Delayed Delivery & When Issued Securities Restricted Securities Swaps | Less than .005% |
Fidelity Real Estate Equity Central Fund | FMR | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. | Foreign Securities Restricted Securities | Less than .005% to .01% |
Fidelity International Credit Central Fund | FMR | Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts. | Foreign Securities Futures Options Restricted Securities Swaps Forward Foreign Currency Contracts | .01% |
Fidelity Money Market Central Funds | FMR | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% 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 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 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 March 31, 2020, 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% | $229,680 |
Fidelity Asset Manager 70% | 46,543 |
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying 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% | $4,951,661,389 | $193,478,186 | $(148,597,892) | $44,880,294 |
Fidelity Asset Manager 30% | 1,754,172,230 | 66,148,980 | (79,888,961) | (13,739,981) |
Fidelity Asset Manager 40% | 1,765,229,987 | 89,412,632 | (86,239,523) | 3,173,109 |
Fidelity Asset Manager 50% | 8,195,572,682 | 692,313,496 | (381,378,563) | 310,934,933 |
Fidelity Asset Manager 60% | 2,816,809,504 | 185,186,885 | (212,683,676) | (27,496,791) |
Fidelity Asset Manager 70% | 4,468,868,293 | 486,794,774 | (261,236,091) | 225,558,683 |
Fidelity Asset Manager 85% | 2,230,064,780 | 225,225,469 | (185,344,977) | 39,880,492 |
Certain of the Funds elected 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) |
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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Asset Manager 20% | 842,576,587 | 670,208,158 |
Fidelity Asset Manager 30% | 360,009,599 | 269,600,795 |
Fidelity Asset Manager 40% | 334,733,075 | 250,252,876 |
Fidelity Asset Manager 50% | 1,184,657,099 | 1,272,852,196 |
Fidelity Asset Manager 60% | 522,868,080 | 451,018,892 |
Fidelity Asset Manager 70% | 787,172,829 | 767,044,982 |
Fidelity Asset Manager 85% | 557,824,788 | 610,272,028 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
Individual Rate | Group Rate | Total | |
Fidelity Asset Manager 20% | .30% | .10% | .40% |
Fidelity Asset Manager 30% | .30% | .10% | .40% |
Fidelity Asset Manager 40% | .30% | .10% | .40% |
Fidelity Asset Manager 50% | .25% | .23% | .48% |
Fidelity Asset Manager 60% | .30% | .23% | .53% |
Fidelity Asset Manager 70% | .30% | .23% | .53% |
Fidelity Asset Manager 85% | .30% | .23% | .53% |
The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Fidelity Asset Manager 20% | ||||
Class A | -% | .25% | $56,656 | $1,974 |
Class M | .25% | .25% | 65,760 | 292 |
Class C | .75% | .25% | 107,660 | 13,691 |
$230,076 | $15,957 | |||
Fidelity Asset Manager 30% | ||||
Class A | -% | .25% | $50,252 | $3,591 |
Class M | .25% | .25% | 41,322 | 4 |
Class C | .75% | .25% | 125,509 | 22,226 |
$217,083 | $25,821 | |||
Fidelity Asset Manager 40% | ||||
Class A | -% | .25% | $53,926 | $1,953 |
Class M | .25% | .25% | 27,484 | 83 |
Class C | .75% | .25% | 122,292 | 14,232 |
$203,702 | $16,268 | |||
Fidelity Asset Manager 50% | ||||
Class A | -% | .25% | $123,064 | $2,818 |
Class M | .25% | .25% | 110,290 | 240 |
Class C | .75% | .25% | 234,345 | 37,518 |
$467,699 | $40,576 | |||
Fidelity Asset Manager 60% | ||||
Class A | -% | .25% | $160,066 | $1,952 |
Class M | .25% | .25% | 127,490 | 60 |
Class C | .75% | .25% | 331,787 | 29,051 |
$619,343 | $31,063 | |||
Fidelity Asset Manager 70% | ||||
Class A | -% | .25% | $212,161 | $2,165 |
Class M | .25% | .25% | 161,982 | 1,436 |
Class C | .75% | .25% | 210,484 | 26,854 |
$584,627 | $30,455 | |||
Fidelity Asset Manager 85% | ||||
Class A | -% | .25% | $162,579 | $1,527 |
Class M | .25% | .25% | 91,124 | – |
Class C | .75% | .25% | 208,772 | 34,451 |
$462,475 | $35,978 |
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 | $7,504 |
Class M | 3,137 |
Class C(a) | 820 |
$11,461 | |
Fidelity Asset Manager 30% | |
Class A | $13,655 |
Class M | 1,146 |
Class C(a) | 2,252 |
$17,053 | |
Fidelity Asset Manager 40% | |
Class A | $9,027 |
Class M | 1,874 |
Class C(a) | 480 |
$11,381 | |
Fidelity Asset Manager 50% | |
Class A | $22,683 |
Class M | 6,123 |
Class C(a) | 2,304 |
$31,110 | |
Fidelity Asset Manager 60% | |
Class A | $26,016 |
Class M | 4,602 |
Class C(a) | 2,326 |
$32,944 | |
Fidelity Asset Manager 70% | |
Class A | $41,153 |
Class M | 6,936 |
Class C(a) | 1,980 |
$50,069 | |
Fidelity Asset Manager 85% | |
Class A | $71,654 |
Class M | 5,390 |
Class C(a) | 3,404 |
$80,448 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class Z from .046% to .044% for Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85%. For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Fidelity Asset Manager 20% | ||
Class A | $33,323 | .15 |
Class M | 19,714 | .15 |
Class C | 16,748 | .16 |
Asset Manager 20% | 1,987,206 | .08 |
Class I | 21,839 | .15 |
Class Z | 3,534 | .05 |
$2,082,364 | ||
Fidelity Asset Manager 30% | ||
Class A | $25,241 | .13 |
Class M | 11,275 | .14 |
Class C | 18,392 | .15 |
Asset Manager 30% | 654,893 | .07 |
Class I | 13,640 | .15 |
Class Z | 1,893 | .05 |
$725,334 | ||
Fidelity Asset Manager 40% | ||
Class A | $28,829 | .13 |
Class M | 7,715 | .14 |
Class C | 18,099 | .15 |
Asset Manager 40% | 663,610 | .07 |
Class I | 15,455 | .12 |
Class Z | 1,604 | .05 |
$735,312 | ||
Fidelity Asset Manager 50% | ||
Class A | $86,118 | .18 |
Class M | 36,401 | .17 |
Class C | 42,510 | .18 |
Asset Manager 50% | 5,355,059 | .12 |
Class I | 45,005 | .15 |
Class Z | 4,718 | .04 |
$5,569,811 | ||
Fidelity Asset Manager 60% | ||
Class A | $114,993 | .18 |
Class M | 47,103 | .18 |
Class C | 73,440 | .22 |
Asset Manager 60% | 1,577,038 | .11 |
Class I | 46,131 | .17 |
Class Z | 4,126 | .04 |
$1,862,831 | ||
Fidelity Asset Manager 70% | ||
Class A | $148,244 | .18 |
Class M | 54,996 | .17 |
Class C | 38,024 | .18 |
Asset Manager 70% | 2,914,926 | .12 |
Class I | 52,107 | .15 |
Class Z | 5,356 | .04 |
$3,213,653 | ||
Fidelity Asset Manager 85% | ||
Class A | $116,465 | .18 |
Class M | 33,989 | .19 |
Class C | 40,220 | .19 |
Asset Manager 85% | 1,487,814 | .13 |
Class I | 27,369 | .16 |
Class Z | 5,417 | .04 |
$1,711,274 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Asset Manager 20% | .02 |
Fidelity Asset Manager 30% | .03 |
Fidelity Asset Manager 40% | .03 |
Fidelity Asset Manager 50% | .02 |
Fidelity Asset Manager 60% | .04 |
Fidelity Asset Manager 70% | .03 |
Fidelity Asset Manager 85% | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Asset Manager 20% | $1,677 |
Fidelity Asset Manager 30% | 143 |
Fidelity Asset Manager 40% | 146 |
Fidelity Asset Manager 50% | 1,086 |
Fidelity Asset Manager 60% | 759 |
Fidelity Asset Manager 70% | 1,839 |
Fidelity Asset Manager 85% | 1,367 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, each fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Asset Manager 20% | Borrower | $46,929,000 | 1.77% | $2,313 |
Fidelity Asset Manager 30% | Borrower | $17,028,000 | 1.77% | $839 |
Fidelity Asset Manager 40% | Borrower | $9,567,000 | 1.77% | $472 |
Fidelity Asset Manager 50% | Borrower | $55,146,000 | 1.77% | $2,718 |
Fidelity Asset Manager 60% | Borrower | $14,267,000 | 1.77% | $703 |
Fidelity Asset Manager 70% | Borrower | $25,347,000 | 1.77% | $1,249 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Reallocation of Underlying Fund Investments. During the prior 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 non-taxable exchanges of those investments for shares of Fidelity Communication Services Central Fund. 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 |
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:
Amount | |
Fidelity Asset Manager 20% | $9,596 |
Fidelity Asset Manager 30% | 3,361 |
Fidelity Asset Manager 40% | 3,432 |
Fidelity Asset Manager 50% | 17,387 |
Fidelity Asset Manager 60% | 5,783 |
Fidelity Asset Manager 70% | 9,904 |
Fidelity Asset Manager 85% | 4,827 |
During the period, there were no borrowings 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. 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% | $835 |
Fidelity Asset Manager 30% | $178 |
Fidelity Asset Manager 40% | $232 |
Fidelity Asset Manager 50% | $2,086 |
Fidelity Asset Manager 60% | $2,145 |
Fidelity Asset Manager 70% | $2,291 |
Fidelity Asset Manager 85% | $2,225 |
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.
Custodian credits | Transfer Agent credits | |
Fidelity Asset Manager 20% | $20 | $– |
Fidelity Asset Manager 20% - Class C | – | 17 |
Fidelity Asset Manager 30% | 118 | – |
Fidelity Asset Manager 30% - Class C | – | 35 |
Fidelity Asset Manager 40% | 16 | – |
Fidelity Asset Manager 40% - Class C | – | 15 |
Fidelity Asset Manager 50% | 72 | – |
Fidelity Asset Manager 50% - Class C | – | 51 |
Fidelity Asset Manager 50% - Asset Manager 50% | – | 5,269 |
Fidelity Asset Manager 50% - Class I | – | 4 |
Fidelity Asset Manager 60% | 75 | – |
Fidelity Asset Manager 60% - Class C | – | 205 |
Fidelity Asset Manager 60% - Class I | – | 1 |
Fidelity Asset Manager 70% | 48 | – |
Fidelity Asset Manager 70% - Class C | – | 101 |
Fidelity Asset Manager 70% - Class I | – | 19 |
Fidelity Asset Manager 85% - Class I | – | 17 |
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses as follows:
Fund-Level Amount | |
Fidelity Asset Manager 20% | $5,251 |
Fidelity Asset Manager 30% | 1,872 |
Fidelity Asset Manager 40% | 1,916 |
Fidelity Asset Manager 50% | 19,313 |
Fidelity Asset Manager 60% | 6,443 |
Fidelity Asset Manager 70% | 11,093 |
Fidelity Asset Manager 85% | 5,387 |
In addition, during the period the investment advisor reimbursed and/or waived a portion of class-level operating expenses for Fidelity Asset Manager 60% as follows:
Class A | $6,913 |
Class M | 6,280 |
Class C | 18,191 |
Asset Manager 60% | 129,169 |
Class I | 6,013 |
In addition, during the period the investment adviser or an affiliate reimbursed certain Funds for an operational error which is included in the accompanying Statements of Operations as follows:
Amount | |
Fidelity Asset Manager 20% | $54,700 |
Fidelity Asset Manager 30% | 15,684 |
Fidelity Asset Manager 40% | 12,780 |
Fidelity Asset Manager 50% | 57,881 |
Fidelity Asset Manager 60% | 19,881 |
Fidelity Asset Manager 70% | 59,917 |
Fidelity Asset Manager 85% | 64,514 |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended March 31, 2020 | Year ended September 30, 2019(a) | |
Fidelity Asset Manager 20% | ||
Distributions to shareholders | ||
Class A | $781,716 | $1,570,089 |
Class M | 426,799 | 853,990 |
Class C | 288,863 | 750,350 |
Asset Manager 20% | 96,397,289 | 197,910,628 |
Class I | 535,448 | 2,102,579 |
Class Z | 272,879 | 96,225 |
Total | $98,702,994 | $203,283,861 |
Fidelity Asset Manager 30% | ||
Distributions to shareholders | ||
Class A | $809,953 | $1,064,432 |
Class M | 302,065 | 465,273 |
Class C | 420,514 | 649,283 |
Asset Manager 30% | 38,192,603 | 57,158,889 |
Class I | 403,521 | 838,803 |
Class Z | 154,219 | 25,428 |
Total | $40,282,875 | $60,202,108 |
Fidelity Asset Manager 40% | ||
Distributions to shareholders | ||
Class A | $1,128,393 | $1,545,456 |
Class M | 272,529 | 435,794 |
Class C | 545,036 | 842,658 |
Asset Manager 40% | 49,798,279 | 68,760,660 |
Class I | 723,247 | 1,275,964 |
Class Z | 203,956 | 35,855 |
Total | $52,671,440 | $72,896,387 |
Fidelity Asset Manager 50% | ||
Distributions to shareholders | ||
Class A | $3,223,903 | $3,996,439 |
Class M | 1,388,942 | 1,784,787 |
Class C | 1,374,102 | 1,996,139 |
Asset Manager 50% | 316,286,379 | 438,008,262 |
Class I | 1,988,231 | 3,132,584 |
Class Z | 754,592 | 68,671 |
Total | $325,016,149 | $448,986,882 |
Fidelity Asset Manager 60% | ||
Distributions to shareholders | ||
Class A | $4,887,126 | $4,620,358 |
Class M | 1,798,452 | 1,832,629 |
Class C | 2,040,018 | 2,563,749 |
Asset Manager 60% | 118,388,823 | 103,779,288 |
Class I | 2,275,067 | 2,198,007 |
Class Z | 822,762 | 64,358 |
Total | $130,212,248 | $115,058,389 |
Fidelity Asset Manager 70% | ||
Distributions to shareholders | ||
Class A | $8,330,466 | $7,809,044 |
Class M | 3,020,563 | 2,855,665 |
Class C | 1,699,457 | 2,669,934 |
Asset Manager 70% | 260,996,019 | 265,505,010 |
Class I | 3,504,873 | 3,847,572 |
Class Z | 1,294,247 | 116,778 |
Total | $278,845,625 | $282,804,003 |
Fidelity Asset Manager 85% | ||
Distributions to shareholders | ||
Class A | $6,897,565 | $5,200,546 |
Class M | 1,918,803 | 1,347,043 |
Class C | 1,881,183 | 1,821,178 |
Asset Manager 85% | 130,727,910 | 108,378,709 |
Class I | 1,813,683 | 1,684,051 |
Class Z | 1,476,890 | 55,180 |
Total | $144,716,034 | $118,486,707 |
(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 | |
Six months ended March 31, 2020 | Year ended September 30, 2019(a) | Six months ended March 31, 2020 | Year ended September 30, 2019(a) | |
Fidelity Asset Manager 20% | ||||
Class A | ||||
Shares sold | 467,116 | 1,076,995 | $6,253,917 | $14,164,488 |
Reinvestment of distributions | 55,657 | 119,700 | 757,205 | 1,541,758 |
Shares redeemed | (654,676) | (772,609) | (8,699,887) | (10,227,558) |
Net increase (decrease) | (131,903) | 424,086 | $(1,688,765) | $5,478,688 |
Class M | ||||
Shares sold | 231,887 | 525,062 | $3,144,743 | $6,854,314 |
Reinvestment of distributions | 31,441 | 66,514 | 426,798 | 853,929 |
Shares redeemed | (374,371) | (341,369) | (4,923,436) | (4,504,638) |
Net increase (decrease) | (111,043) | 250,207 | $(1,351,895) | $3,203,605 |
Class C | ||||
Shares sold | 303,525 | 402,887 | $4,020,448 | $5,242,455 |
Reinvestment of distributions | 21,024 | 58,472 | 284,302 | 743,631 |
Shares redeemed | (233,801) | (806,464) | (3,111,140) | (10,531,960) |
Net increase (decrease) | 90,748 | (345,105) | $1,193,610 | $(4,545,874) |
Asset Manager 20% | ||||
Shares sold | 58,853,223 | 66,149,537 | $797,608,563 | $871,652,401 |
Reinvestment of distributions | 6,875,228 | 14,872,126 | 93,633,421 | 191,983,773 |
Shares redeemed | (56,437,916) | (71,506,369) | (751,247,860) | (941,269,313) |
Net increase (decrease) | 9,290,535 | 9,515,294 | $139,994,124 | $122,366,861 |
Class I | ||||
Shares sold | 1,149,563 | 2,345,273 | $15,225,908 | $30,866,592 |
Reinvestment of distributions | 36,617 | 155,469 | 498,710 | 2,005,770 |
Shares redeemed | (373,299) | (4,242,395) | (4,954,763) | (56,989,755) |
Net increase (decrease) | 812,881 | (1,741,653) | $10,769,855 | $(24,117,393) |
Class Z | ||||
Shares sold | 307,374 | 1,171,455 | $3,995,079 | $15,700,808 |
Reinvestment of distributions | 18,359 | 6,689 | 249,993 | 87,392 |
Shares redeemed | (346,437) | (98,205) | (4,648,214) | (1,316,332) |
Net increase (decrease) | (20,704) | 1,079,939 | $(403,142) | $14,471,868 |
Fidelity Asset Manager 30% | ||||
Class A | ||||
Shares sold | 843,336 | 1,220,772 | $9,511,413 | $13,341,328 |
Reinvestment of distributions | 69,697 | 98,431 | 793,039 | 1,045,047 |
Shares redeemed | (382,136) | (605,637) | (4,202,198) | (6,632,447) |
Net increase (decrease) | 530,897 | 713,566 | $6,102,254 | $7,753,928 |
Class M | ||||
Shares sold | 353,328 | 543,815 | $3,976,380 | $5,910,874 |
Reinvestment of distributions | 26,562 | 43,923 | 301,887 | 464,829 |
Shares redeemed | (270,075) | (439,927) | (3,017,511) | (4,775,700) |
Net increase (decrease) | 109,815 | 147,811 | $1,260,756 | $1,600,003 |
Class C | ||||
Shares sold | 375,182 | 592,679 | $4,157,115 | $6,424,554 |
Reinvestment of distributions | 37,190 | 61,860 | 420,506 | 647,237 |
Shares redeemed | (286,409) | (734,303) | (3,187,344) | (7,898,531) |
Net increase (decrease) | 125,963 | (79,764) | $1,390,277 | $(826,740) |
Asset Manager 30% | ||||
Shares sold | 31,986,654 | 40,462,622 | $361,815,396 | $441,835,826 |
Reinvestment of distributions | 3,289,147 | 5,259,826 | 37,387,777 | 55,858,340 |
Shares redeemed | (27,209,091) | (30,790,576) | (294,416,940) | (334,859,982) |
Net increase (decrease) | 8,066,710 | 14,931,872 | $104,786,233 | $162,834,184 |
Class I | ||||
Shares sold | 369,368 | 739,663 | $4,137,109 | $7,965,553 |
Reinvestment of distributions | 32,781 | 73,108 | 372,610 | 773,701 |
Shares redeemed | (758,828) | (1,257,954) | (8,231,431) | (13,589,898) |
Net increase (decrease) | (356,679) | (445,183) | $(3,721,712) | $(4,850,644) |
Class Z | ||||
Shares sold | 613,971 | 700,893 | $6,722,589 | $7,806,101 |
Reinvestment of distributions | 12,577 | 2,177 | 142,934 | 23,697 |
Shares redeemed | (395,157) | (48,782) | (4,307,166) | (537,544) |
Net increase (decrease) | 231,391 | 654,288 | $2,558,357 | $7,292,254 |
Fidelity Asset Manager 40% | ||||
Class A | ||||
Shares sold | 501,483 | 880,005 | $5,952,687 | $10,047,509 |
Reinvestment of distributions | 94,209 | 140,646 | 1,127,503 | 1,544,493 |
Shares redeemed | (607,253) | (632,691) | (6,878,174) | (7,230,104) |
Net increase (decrease) | (11,561) | 387,960 | $202,016 | $4,361,898 |
Class M | ||||
Shares sold | 85,834 | 150,421 | $1,022,365 | $1,707,007 |
Reinvestment of distributions | 22,519 | 39,754 | 269,341 | 434,340 |
Shares redeemed | (149,683) | (304,960) | (1,714,682) | (3,473,210) |
Net increase (decrease) | (41,330) | (114,785) | $(422,976) | $(1,331,863) |
Class C | ||||
Shares sold | 329,337 | 750,123 | $3,920,680 | $8,467,907 |
Reinvestment of distributions | 45,591 | 77,656 | 544,320 | 840,965 |
Shares redeemed | (491,735) | (888,099) | (5,735,345) | (10,095,911) |
Net increase (decrease) | (116,807) | (60,320) | $(1,270,345) | $(787,039) |
Asset Manager 40% | ||||
Shares sold | 28,579,468 | 35,364,642 | $332,601,198 | $403,093,364 |
Reinvestment of distributions | 4,075,004 | 6,109,794 | 48,717,017 | 67,189,214 |
Shares redeemed | (22,821,389) | (30,082,193) | (261,450,318) | (343,351,558) |
Net increase (decrease) | 9,833,083 | 11,392,243 | $119,867,897 | $126,931,020 |
Class I | ||||
Shares sold | 455,539 | 1,403,118 | $5,325,918 | $16,068,114 |
Reinvestment of distributions | 43,788 | 107,467 | 523,481 | 1,176,252 |
Shares redeemed | (511,296) | (1,852,592) | (5,807,806) | (21,121,738) |
Net increase (decrease) | (11,969) | (342,007) | $41,593 | $(3,877,372) |
Class Z | ||||
Shares sold | 428,803 | 645,200 | $5,130,909 | $7,464,738 |
Reinvestment of distributions | 15,681 | 2,221 | 187,498 | 24,784 |
Shares redeemed | (382,476) | (103,336) | (4,538,436) | (1,186,123) |
Net increase (decrease) | 62,008 | 544,085 | $779,971 | $6,303,399 |
Fidelity Asset Manager 50% | ||||
Class A | ||||
Shares sold | 686,151 | 1,443,505 | $12,429,609 | $25,457,008 |
Reinvestment of distributions | 169,326 | 231,706 | 3,132,347 | 3,872,049 |
Shares redeemed | (707,873) | (1,073,579) | (12,489,718) | (18,901,055) |
Net increase (decrease) | 147,604 | 601,632 | $3,072,238 | $10,428,002 |
Class M | ||||
Shares sold | 334,005 | 667,143 | $6,033,356 | $11,752,837 |
Reinvestment of distributions | 74,900 | 107,157 | 1,385,119 | 1,783,386 |
Shares redeemed | (414,111) | (651,653) | (7,453,094) | (11,566,385) |
Net increase (decrease) | (5,206) | 122,647 | $(34,619) | $1,969,838 |
Class C | ||||
Shares sold | 412,430 | 1,305,395 | $7,443,229 | $22,806,142 |
Reinvestment of distributions | 72,389 | 117,916 | 1,331,226 | 1,935,521 |
Shares redeemed | (559,197) | (1,636,010) | (9,986,957) | (28,595,591) |
Net increase (decrease) | (74,378) | (212,699) | $(1,212,502) | $(3,853,928) |
Asset Manager 50% | ||||
Shares sold | 38,373,614 | 54,785,784 | $709,150,455 | $966,130,506 |
Reinvestment of distributions | 16,528,018 | 25,288,314 | 306,789,271 | 425,023,390 |
Shares redeemed | (49,407,764) | (76,778,644) | (875,784,359) | (1,359,748,171) |
Net increase (decrease) | 5,493,868 | 3,295,454 | $140,155,367 | $31,405,725 |
Class I | ||||
Shares sold | 420,294 | 1,454,781 | $7,671,742 | $25,370,030 |
Reinvestment of distributions | 102,172 | 167,220 | 1,893,093 | 2,808,958 |
Shares redeemed | (1,125,406) | (2,296,004) | (19,694,450) | (40,444,579) |
Net increase (decrease) | (602,940) | (674,003) | $(10,129,615) | $(12,265,591) |
Class Z | ||||
Shares sold | 311,372 | 1,281,072 | $5,622,853 | $22,995,157 |
Reinvestment of distributions | 39,596 | 2,953 | 733,260 | 49,780 |
Shares redeemed | (276,100) | (135,503) | (4,845,461) | (2,422,709) |
Net increase (decrease) | 74,868 | 1,148,522 | $1,510,652 | $20,622,228 |
Fidelity Asset Manager 60% | ||||
Class A | ||||
Shares sold | 888,707 | 1,961,876 | $11,279,976 | $23,979,037 |
Reinvestment of distributions | 373,649 | 411,701 | 4,838,750 | 4,590,464 |
Shares redeemed | (1,429,495) | (2,380,876) | (17,878,640) | (29,058,912) |
Net increase (decrease) | (167,139) | (7,299) | $(1,759,914) | $(489,411) |
Class M | ||||
Shares sold | 388,144 | 500,974 | $4,779,905 | $6,117,219 |
Reinvestment of distributions | 139,189 | 164,098 | 1,794,101 | 1,821,484 |
Shares redeemed | (592,945) | (1,008,020) | (7,480,426) | (12,281,935) |
Net increase (decrease) | (65,612) | (342,948) | $(906,420) | $(4,343,232) |
Class C | ||||
Shares sold | 339,486 | 941,240 | $4,205,123 | $11,217,922 |
Reinvestment of distributions | 158,223 | 231,593 | 2,018,918 | 2,542,893 |
Shares redeemed | (846,315) | (2,562,163) | (10,412,323) | (30,607,485) |
Net increase (decrease) | (348,606) | (1,389,330) | $(4,188,282) | $(16,846,670) |
Asset Manager 60% | ||||
Shares sold | 29,417,893 | 40,571,133 | $381,656,755 | $494,494,742 |
Reinvestment of distributions | 8,944,044 | 9,083,022 | 116,272,570 | 101,548,182 |
Shares redeemed | (27,345,136) | (42,208,495) | (331,818,714) | (517,322,203) |
Net increase (decrease) | 11,016,801 | 7,445,660 | $166,110,611 | $78,720,721 |
Class I | ||||
Shares sold | 523,677 | 1,213,753 | $6,761,349 | $14,876,598 |
Reinvestment of distributions | 168,860 | 190,817 | 2,196,874 | 2,135,246 |
Shares redeemed | (964,455) | (1,961,572) | (11,957,272) | (23,947,526) |
Net increase (decrease) | (271,918) | (557,002) | $(2,999,049) | $(6,935,682) |
Class Z | ||||
Shares sold | 135,682 | 1,643,355 | $1,738,208 | $20,494,674 |
Reinvestment of distributions | 62,040 | 5,016 | 805,905 | 56,082 |
Shares redeemed | (324,861) | (149,349) | (3,929,780) | (1,869,426) |
Net increase (decrease) | (127,139) | 1,499,022 | $(1,385,667) | $18,681,330 |
Fidelity Asset Manager 70% | ||||
Class A | ||||
Shares sold | 593,372 | 1,662,490 | $12,909,940 | $35,520,153 |
Reinvestment of distributions | 355,332 | 388,496 | 8,048,258 | 7,517,406 |
Shares redeemed | (922,156) | (1,251,913) | (20,054,716) | (26,764,008) |
Net increase (decrease) | 26,548 | 799,073 | $903,482 | $16,273,551 |
Class M | ||||
Shares sold | 232,834 | 455,301 | $5,222,575 | $9,738,075 |
Reinvestment of distributions | 132,379 | 146,493 | 3,001,040 | 2,837,567 |
Shares redeemed | (232,731) | (410,098) | (5,193,216) | (8,759,862) |
Net increase (decrease) | 132,482 | 191,696 | $3,030,399 | $3,815,780 |
Class C | ||||
Shares sold | 124,285 | 376,088 | $2,723,702 | $7,978,727 |
Reinvestment of distributions | 73,995 | 136,642 | 1,673,759 | 2,637,190 |
Shares redeemed | (302,893) | (1,330,309) | (6,411,501) | (28,228,288) |
Net increase (decrease) | (104,613) | (817,579) | $(2,014,040) | $(17,612,371) |
Asset Manager 70% | ||||
Shares sold | 16,366,045 | 22,236,481 | $367,598,542 | $476,736,763 |
Reinvestment of distributions | 11,312,502 | 13,471,969 | 256,341,296 | 260,682,604 |
Shares redeemed | (19,958,079) | (34,001,960) | (427,825,528) | (732,088,853) |
Net increase (decrease) | 7,720,468 | 1,706,490 | $196,114,310 | $5,330,514 |
Class I | ||||
Shares sold | 354,375 | 570,797 | $7,389,261 | $12,336,527 |
Reinvestment of distributions | 149,933 | 193,412 | 3,400,479 | 3,744,456 |
Shares redeemed | (470,621) | (890,092) | (10,220,389) | (19,414,041) |
Net increase (decrease) | 33,687 | (125,883) | $569,351 | $(3,333,058) |
Class Z | ||||
Shares sold | 152,879 | 1,173,781 | $3,186,882 | $25,619,376 |
Reinvestment of distributions | 56,034 | 4,742 | 1,268,608 | 91,659 |
Shares redeemed | (170,867) | (60,826) | (3,613,930) | (1,327,749) |
Net increase (decrease) | 38,046 | 1,117,697 | $841,560 | $24,383,286 |
Fidelity Asset Manager 85% | ||||
Class A | ||||
Shares sold | 726,619 | 1,539,093 | $13,446,127 | $28,651,994 |
Reinvestment of distributions | 345,662 | 312,814 | 6,864,842 | 5,177,085 |
Shares redeemed | (635,946) | (1,036,785) | (12,208,457) | (19,361,909) |
Net increase (decrease) | 436,335 | 815,122 | $8,102,512 | $14,467,170 |
Class M | ||||
Shares sold | 286,444 | 408,976 | $5,602,396 | $7,515,511 |
Reinvestment of distributions | 96,860 | 81,489 | 1,912,018 | 1,342,127 |
Shares redeemed | (178,382) | (288,263) | (3,367,877) | (5,324,572) |
Net increase (decrease) | 204,922 | 202,202 | $4,146,537 | $3,533,066 |
Class C | ||||
Shares sold | 337,437 | 399,353 | $6,293,026 | $7,283,539 |
Reinvestment of distributions | 95,347 | 110,678 | 1,864,988 | 1,805,155 |
Shares redeemed | (335,942) | (883,911) | (6,209,079) | (16,190,058) |
Net increase (decrease) | 96,842 | (373,880) | $1,948,935 | $(7,101,364) |
Asset Manager 85% | ||||
Shares sold | 12,913,134 | 16,410,898 | $254,327,740 | $305,856,561 |
Reinvestment of distributions | 6,423,778 | 6,405,540 | 128,732,513 | 106,844,397 |
Shares redeemed | (12,295,889) | (21,581,610) | (229,470,868) | (405,780,272) |
Net increase (decrease) | 7,041,023 | 1,234,828 | $153,589,385 | $6,920,686 |
Class I | ||||
Shares sold | 233,987 | 639,230 | $4,419,108 | $11,730,512 |
Reinvestment of distributions | 88,373 | 98,286 | 1,766,573 | 1,635,471 |
Shares redeemed | (704,134) | (1,367,138) | (13,307,897) | (25,901,193) |
Net increase (decrease) | (381,774) | (629,622) | $(7,122,216) | $(12,535,210) |
Class Z | ||||
Shares sold | 449,540 | 1,244,769 | $8,492,991 | $23,601,000 |
Reinvestment of distributions | 72,240 | 1,771 | 1,440,458 | 29,410 |
Shares redeemed | (408,601) | (47,887) | (7,445,170) | (900,899) |
Net increase (decrease) | 113,179 | 1,198,653 | $2,488,279 | $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% | 32% |
Fidelity Asset Manager 70% | 25% |
Fidelity Asset Manager 85% | 28% |
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Shareholder Expense Example
The Funds invest in Fidelity Central Funds, which are open-end investment companies with similar investment objectives to those of the Funds, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Funds presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Funds also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Funds' annualized expense ratio used to calculate either the actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2019 to March 31, 2020).
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 October 1, 2019 | Ending Account Value March 31, 2020 | Expenses Paid During Period-B October 1, 2019 to March 31, 2020 | |
Fidelity Asset Manager 20% | ||||
Class A | .83% | |||
Actual | $1,000.00 | $966.70 | $4.08 | |
Hypothetical-C | $1,000.00 | $1,020.85 | $4.19 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $965.50 | $5.31 | |
Hypothetical-C | $1,000.00 | $1,019.60 | $5.45 | |
Class C | 1.58% | |||
Actual | $1,000.00 | $962.20 | $7.75 | |
Hypothetical-C | $1,000.00 | $1,017.10 | $7.97 | |
Asset Manager 20% | .51% | |||
Actual | $1,000.00 | $967.60 | $2.51 | |
Hypothetical-C | $1,000.00 | $1,022.45 | $2.58 | |
Class I | .58% | |||
Actual | $1,000.00 | $967.90 | $2.85 | |
Hypothetical-C | $1,000.00 | $1,022.10 | $2.93 | |
Class Z | .48% | |||
Actual | $1,000.00 | $967.70 | $2.36 | |
Hypothetical-C | $1,000.00 | $1,022.60 | $2.43 | |
Fidelity Asset Manager 30% | ||||
Class A | .82% | |||
Actual | $1,000.00 | $953.00 | $4.00 | |
Hypothetical-C | $1,000.00 | $1,020.90 | $4.14 | |
Class M | 1.08% | |||
Actual | $1,000.00 | $952.60 | $5.27 | |
Hypothetical-C | $1,000.00 | $1,019.60 | $5.45 | |
Class C | 1.59% | |||
Actual | $1,000.00 | $950.20 | $7.75 | |
Hypothetical-C | $1,000.00 | $1,017.05 | $8.02 | |
Asset Manager 30% | .52% | |||
Actual | $1,000.00 | $954.50 | $2.54 | |
Hypothetical-C | $1,000.00 | $1,022.40 | $2.63 | |
Class I | .59% | |||
Actual | $1,000.00 | $954.20 | $2.88 | |
Hypothetical-C | $1,000.00 | $1,022.05 | $2.98 | |
Class Z | .50% | |||
Actual | $1,000.00 | $954.60 | $2.44 | |
Hypothetical-C | $1,000.00 | $1,022.50 | $2.53 | |
Fidelity Asset Manager 40% | ||||
Class A | .83% | |||
Actual | $1,000.00 | $940.30 | $4.03 | |
Hypothetical-C | $1,000.00 | $1,020.85 | $4.19 | |
Class M | 1.09% | |||
Actual | $1,000.00 | $938.80 | $5.28 | |
Hypothetical-C | $1,000.00 | $1,019.55 | $5.50 | |
Class C | 1.59% | |||
Actual | $1,000.00 | $937.10 | $7.70 | |
Hypothetical-C | $1,000.00 | $1,017.05 | $8.02 | |
Asset Manager 40% | .52% | |||
Actual | $1,000.00 | $941.80 | $2.52 | |
Hypothetical-C | $1,000.00 | $1,022.40 | $2.63 | |
Class I | .56% | |||
Actual | $1,000.00 | $941.60 | $2.72 | |
Hypothetical-C | $1,000.00 | $1,022.20 | $2.83 | |
Class Z | .50% | |||
Actual | $1,000.00 | $942.00 | $2.43 | |
Hypothetical-C | $1,000.00 | $1,022.50 | $2.53 | |
Fidelity Asset Manager 50% | ||||
Class A | .93% | |||
Actual | $1,000.00 | $926.90 | $4.48 | |
Hypothetical-C | $1,000.00 | $1,020.35 | $4.70 | |
Class M | 1.17% | |||
Actual | $1,000.00 | $925.70 | $5.63 | |
Hypothetical-C | $1,000.00 | $1,019.15 | $5.91 | |
Class C | 1.69% | |||
Actual | $1,000.00 | $923.70 | $8.13 | |
Hypothetical-C | $1,000.00 | $1,016.55 | $8.52 | |
Asset Manager 50% | .62% | |||
Actual | $1,000.00 | $928.10 | $2.99 | |
Hypothetical-C | $1,000.00 | $1,021.90 | $3.13 | |
Class I | .66% | |||
Actual | $1,000.00 | $928.30 | $3.18 | |
Hypothetical-C | $1,000.00 | $1,021.70 | $3.34 | |
Class Z | .55% | |||
Actual | $1,000.00 | $928.30 | $2.65 | |
Hypothetical-C | $1,000.00 | $1,022.25 | $2.78 | |
Fidelity Asset Manager 60% | ||||
Class A | 1.00% | |||
Actual | $1,000.00 | $912.30 | $4.78 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.05 | |
Class M | 1.24% | |||
Actual | $1,000.00 | $911.00 | $5.92 | |
Hypothetical-C | $1,000.00 | $1,018.80 | $6.26 | |
Class C | 1.75% | |||
Actual | $1,000.00 | $908.70 | $8.35 | |
Hypothetical-C | $1,000.00 | $1,016.25 | $8.82 | |
Asset Manager 60% | .68% | |||
Actual | $1,000.00 | $913.20 | $3.25 | |
Hypothetical-C | $1,000.00 | $1,021.60 | $3.44 | |
Class I | .72% | |||
Actual | $1,000.00 | $912.90 | $3.44 | |
Hypothetical-C | $1,000.00 | $1,021.40 | $3.64 | |
Class Z | .62% | |||
Actual | $1,000.00 | $913.20 | $2.97 | |
Hypothetical-C | $1,000.00 | $1,021.90 | $3.13 | |
Fidelity Asset Manager 70% | ||||
Class A | .99% | |||
Actual | $1,000.00 | $897.50 | $4.70 | |
Hypothetical-C | $1,000.00 | $1,020.05 | $5.00 | |
Class M | 1.23% | |||
Actual | $1,000.00 | $896.70 | $5.83 | |
Hypothetical-C | $1,000.00 | $1,018.85 | $6.21 | |
Class C | 1.74% | |||
Actual | $1,000.00 | $894.40 | $8.24 | |
Hypothetical-C | $1,000.00 | $1,016.30 | $8.77 | |
Asset Manager 70% | .68% | |||
Actual | $1,000.00 | $898.90 | $3.23 | |
Hypothetical-C | $1,000.00 | $1,021.60 | $3.44 | |
Class I | .71% | |||
Actual | $1,000.00 | $899.00 | $3.37 | |
Hypothetical-C | $1,000.00 | $1,021.45 | $3.59 | |
Class Z | .60% | |||
Actual | $1,000.00 | $899.30 | $2.85 | |
Hypothetical-C | $1,000.00 | $1,022.00 | $3.03 | |
Fidelity Asset Manager 85% | ||||
Class A | 1.00% | |||
Actual | $1,000.00 | $879.00 | $4.70 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.05 | |
Class M | 1.26% | |||
Actual | $1,000.00 | $878.00 | $5.92 | |
Hypothetical-C | $1,000.00 | $1,018.70 | $6.36 | |
Class C | 1.76% | |||
Actual | $1,000.00 | $875.40 | $8.25 | |
Hypothetical-C | $1,000.00 | $1,016.20 | $8.87 | |
Asset Manager 85% | .69% | |||
Actual | $1,000.00 | $880.50 | $3.24 | |
Hypothetical-C | $1,000.00 | $1,021.55 | $3.49 | |
Class I | .73% | |||
Actual | $1,000.00 | $880.20 | $3.43 | |
Hypothetical-C | $1,000.00 | $1,021.35 | $3.69 | |
Class Z | .61% | |||
Actual | $1,000.00 | $880.50 | $2.87 | |
Hypothetical-C | $1,000.00 | $1,021.95 | $3.08 |
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/ 366 (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
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AR-SANN-0520
1.878280.112
Fidelity® Health Savings Fund
Semi-Annual Report
March 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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
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. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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 Money Market Central Funds.Top Ten Holdings as of March 31, 2020
% of fund's net assets | |
Fidelity International Bond Index Fund | 18.5 |
Fidelity Long-Term Treasury Bond Index Fund | 10.8 |
Microsoft Corp. | 1.1 |
JPMorgan BetaBuilders Japan ETF | 1.0 |
Apple, Inc. | 0.9 |
Amazon.com, Inc. | 0.4 |
Alphabet, Inc. Class A | 0.4 |
Roche Holding AG (participation certificate) | 0.4 |
Facebook, Inc. Class A | 0.3 |
Tencent Holdings Ltd. | 0.3 |
34.1 |
Top Five Market Sectors as of March 31, 2020
% of fund's net assets | |
Financials | 8.2 |
Information Technology | 5.8 |
Health Care | 4.4 |
Consumer Discretionary | 3.6 |
Communication Services | 3.3 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 24.1% | |
AAA,AA,A | 4.5% | |
BBB | 4.7% | |
BB and Below | 6.9% | |
Not Rated | 1.4% | |
Equities | 57.1% | |
Short-Term Investments and Net Other Assets | 1.3% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of March 31, 2020 | ||
Stocks, Investment Companies and Equity Futures | 27.8% | |
Bonds | 70.1% | |
Other Investments | 0.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.3% |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Money Market Funds, was 19.7% of net assets.
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Central Funds - 27.4% | |||
Shares | Value | ||
Fidelity Communication Services Central Fund (a) | 196 | $35,475 | |
Fidelity Consumer Discretionary Central Fund (a) | 140 | 38,854 | |
Fidelity Consumer Staples Central Fund (a) | 144 | 25,937 | |
Fidelity Emerging Markets Equity Central Fund (a)(b) | 480 | 84,950 | |
Fidelity Energy Central Fund (a) | 265 | 13,368 | |
Fidelity Financials Central Fund (a) | 922 | 67,701 | |
Fidelity Health Care Central Fund (a) | 141 | 61,991 | |
Fidelity Industrials Central Fund (a) | 168 | 37,229 | |
Fidelity Information Technology Central Fund (a) | 256 | 101,763 | |
Fidelity International Equity Central Fund (a) | 1,765 | 117,255 | |
Fidelity Materials Central Fund (a) | 61 | 9,057 | |
Fidelity Real Estate Equity Central Fund (a) | 109 | 10,271 | |
Fidelity Utilities Central Fund (a) | 84 | 13,458 | |
TOTAL EQUITY CENTRAL FUNDS | |||
(Cost $715,339) | 617,309 | ||
Fixed-Income Central Funds - 42.3% | |||
High Yield Fixed-Income Funds - 11.0% | |||
Fidelity Emerging Markets Debt Central Fund (a) | 28,242 | 226,222 | |
Fidelity Floating Rate Central Fund (a) | 118 | 10,335 | |
Fidelity High Income Central Fund (a) | 109 | 10,307 | |
TOTAL HIGH YIELD FIXED-INCOME FUNDS | 246,864 | ||
Investment Grade Fixed-Income Funds - 31.3% | |||
Fidelity Inflation-Protected Bond Index Central Fund (a) | 3,584 | 368,100 | |
Fidelity Investment Grade Bond Central Fund (a) | 3,026 | 338,062 | |
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS | 706,162 | ||
TOTAL FIXED-INCOME CENTRAL FUNDS | |||
(Cost $1,000,444) | 953,026 | ||
Investment Companies - 1.0% | |||
JPMorgan BetaBuilders Japan ETF | |||
(Cost $23,958) | 1,108 | 22,681 | |
Fixed-Income Funds - 29.3% | |||
Fidelity International Bond Index Fund (c) | 42,404 | 415,985 | |
Fidelity Long-Term Treasury Bond Index Fund (c) | 14,265 | 244,495 | |
TOTAL FIXED-INCOME FUNDS | |||
(Cost $654,689) | 660,480 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $2,394,430) | 2,253,496 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (977) | ||
NET ASSETS - 100% | $2,252,519 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(b) Non-income producing
(c) Affiliated Fund
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Consumer Discretionary Central Fund | $18 |
Fidelity Consumer Staples Central Fund | 30 |
Fidelity Emerging Markets Debt Central Fund | 870 |
Fidelity Emerging Markets Equity Central Fund | 35 |
Fidelity Energy Central Fund | 30 |
Fidelity Financials Central Fund | 129 |
Fidelity Floating Rate Central Fund | 44 |
Fidelity Health Care Central Fund | 38 |
Fidelity High Income Central Fund | 53 |
Fidelity Industrials Central Fund | 42 |
Fidelity Inflation-Protected Bond Index Central Fund | 113 |
Fidelity Information Technology Central Fund | 799 |
Fidelity International Equity Central Fund | 116 |
Fidelity Investment Grade Bond Central Fund | 620 |
Fidelity Real Estate Equity Central Fund | 9 |
Fidelity Utilities Central Fund | 31 |
Total | $2,977 |
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.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Communication Services Central Fund | $-- | $40,268 | $51 | $(8) | $(4,734) | $35,475 | 0.0% |
Fidelity Consumer Discretionary Central Fund | -- | 46,459 | 1,272 | (265) | (6,068) | 38,854 | 0.0% |
Fidelity Consumer Staples Central Fund | -- | 29,346 | 464 | (71) | (2,874) | 25,937 | 0.0% |
Fidelity Emerging Markets Debt Central Fund | -- | 259,060 | 1,104 | (3) | (31,731) | 226,222 | 0.0% |
Fidelity Emerging Markets Equity Central Fund | -- | 102,238 | 756 | (183) | (16,349) | 84,950 | 0.0% |
Fidelity Energy Central Fund | -- | 18,275 | 260 | (151) | (4,496) | 13,368 | 0.0% |
Fidelity Financials Central Fund | -- | 90,921 | 4,808 | (1,756) | (16,656) | 67,701 | 0.0% |
Fidelity Floating Rate Central Fund | -- | 11,546 | 3 | -- | (1,208) | 10,335 | 0.0% |
Fidelity Health Care Central Fund | -- | 69,470 | 4,114 | (336) | (3,029) | 61,991 | 0.0% |
Fidelity High Income Central Fund | -- | 11,693 | 3 | (1) | (1,382) | 10,307 | 0.0% |
Fidelity Industrials Central Fund | -- | 46,600 | 2,338 | (627) | (6,406) | 37,229 | 0.0% |
Fidelity Inflation-Protected Bond Index Central Fund | -- | 383,259 | 10,279 | (127) | (4,753) | 368,100 | 0.0% |
Fidelity Information Technology Central Fund | -- | 119,269 | 2,673 | (475) | (14,358) | 101,763 | 0.0% |
Fidelity International Equity Central Fund | -- | 162,726 | 26,018 | (1,693) | (17,760) | 117,255 | 0.0% |
Fidelity Investment Grade Bond Central Fund | -- | 371,514 | 23,516 | (1,592) | (8,344) | 338,062 | 0.0% |
Fidelity Materials Central Fund | -- | 10,919 | 536 | (127) | (1,199) | 9,057 | 0.0% |
Fidelity Real Estate Equity Central Fund | -- | 32,568 | 14,468 | (5,585) | (2,244) | 10,271 | 0.0% |
Fidelity Utilities Central Fund | -- | 16,977 | 1,352 | (310) | (1,857) | 13,458 | 0.0% |
Total | $-- | $1,823,108 | $94,015 | $(13,310) | $(145,448) | $1,570,335 |
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity International Bond Index Fund | $-- | $429,576 | $2,951 | $-- | $(12) | $(10,628) | $415,985 |
Fidelity Long-Term Treasury Bond Index Fund | -- | 286,145 | 59,520 | 427 | 1,451 | 16,419 | 244,495 |
Total | $-- | $715,721 | $62,471 | $427 | $1,439 | $5,791 | $660,480 |
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.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $23,958) | $22,681 | |
Fidelity Central Funds (cost $1,715,783) | 1,570,335 | |
Other affiliated issuers (cost $654,689) | 660,480 | |
Total Investment in Securities (cost $2,394,430) | $2,253,496 | |
Cash | 1,327 | |
Receivable for investments sold | 56,546 | |
Receivable for fund shares sold | 17,036 | |
Dividends receivable | 427 | |
Total assets | 2,328,832 | |
Liabilities | ||
Payable for investments purchased | $75,135 | |
Payable for fund shares redeemed | 498 | |
Accrued management fee | 680 | |
Total liabilities | 76,313 | |
Net Assets | $2,252,519 | |
Net Assets consist of: | ||
Paid in capital | $2,402,528 | |
Total accumulated earnings (loss) | (150,009) | |
Net Assets | $2,252,519 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Health Savings Fund: | ||
Net Asset Value, offering price and redemption price per share ($1,051,708 ÷ 113,313 shares) | $9.28 | |
Class K: | ||
Net Asset Value, offering price and redemption price per share ($1,200,811 ÷ 129,368 shares) | $9.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
For the period March 3, 2020 (commencement of operations) to March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends (including $427 earned from other affiliated issuers) | $427 | |
Income from Fidelity Central Funds | 2,977 | |
Total income | 3,404 | |
Expenses | ||
Management fee | $680 | |
Commitment fees | 16 | |
Total expenses | 696 | |
Net investment income (loss) | 2,708 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 88 | |
Fidelity Central Funds | (13,310) | |
Other affiliated issuers | 1,439 | |
Total net realized gain (loss) | (11,783) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (1,277) | |
Fidelity Central Funds | (145,448) | |
Other affiliated issuers | 5,791 | |
Total change in net unrealized appreciation (depreciation) | (140,934) | |
Net gain (loss) | (152,717) | |
Net increase (decrease) in net assets resulting from operations | $(150,009) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the period March 3, 2020 (commencement of operations) to March 31, 2020 (Unaudited) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $2,708 |
Net realized gain (loss) | (11,783) |
Change in net unrealized appreciation (depreciation) | (140,934) |
Net increase (decrease) in net assets resulting from operations | (150,009) |
Share transactions - net increase (decrease) | 2,402,528 |
Total increase (decrease) in net assets | 2,252,519 |
Net Assets | |
Beginning of period | – |
End of period | $2,252,519 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Health Savings Fund
Six months ended (Unaudited) March 31, | |
2020 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.00 |
Income from Investment Operations | |
Net investment income (loss)B | .01 |
Net realized and unrealized gain (loss) | (.73) |
Total from investment operations | (.72) |
Net asset value, end of period | $9.28 |
Total ReturnC | (7.20)% |
Ratios to Average Net AssetsD,E | |
Expenses before reductions | .46%F |
Expenses net of fee waivers, if any | .46%F |
Expenses net of all reductions | .46%F |
Net investment income (loss) | 1.53%F |
Supplemental Data | |
Net assets, end of period (000 omitted) | $1,052 |
Portfolio turnover rateG | 7%H |
A For the period March 3, 2020 (commencement of operations) to March 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 of any underlying non-money market Fidelity Central Funds ranged from less than .005% to .05%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Health Savings Fund Class K
Six months ended (Unaudited) March 31, | |
2020 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.00 |
Income from Investment Operations | |
Net investment income (loss)B | .01 |
Net realized and unrealized gain (loss) | (.73) |
Total from investment operations | (.72) |
Net asset value, end of period | $9.28 |
Total ReturnC | (7.20)% |
Ratios to Average Net AssetsD,E | |
Expenses before reductions | .36%F |
Expenses net of fee waivers, if any | .36%F |
Expenses net of all reductions | .36%F |
Net investment income (loss) | 1.63%F |
Supplemental Data | |
Net assets, end of period (000 omitted) | $1,201 |
Portfolio turnover rateG | 7%H |
A For the period March 3, 2020 (commencement of operations) to March 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
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 of any underlying non-money market Fidelity Central Funds ranged from less than .005% to .05%.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2020
1. Organization.
Fidelity Health Savings Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Fidelity Health Savings Fund and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Equity Central Funds | FMR | 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 | FMR | Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets. | Foreign Securities Restricted Securities | Less than .005% |
Fidelity Emerging Markets Equity Central Fund | FMR | Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. | Foreign Securities Futures | .05% |
Fidelity International Equity Central Fund | FMR | Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. | Delayed Delivery & When Issued Securities Foreign Securities Futures | .01% |
Fidelity Floating Rate Central Fund | FMR | Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .005% |
Fidelity High Income Central Fund | FMR | Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. | Loans & Direct Debt Instruments Restricted Securities | Less than .005% |
Fidelity Inflation-Protected Bond Index Central Fund | FMR | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. | Less than .005% | |
Fidelity Investment Grade Bond Central Fund | FMR | Seeks a high level of income by normally investing in investment–grade debt securities. | Delayed Delivery & When Issued Securities Restricted Securities Swaps | Less than .005% |
Fidelity Real Estate Equity Central Fund | FMR | Seeks above-average income and long-term capital growth by investing primarily in equity securities of issuers in the real estate industry. | Foreign Securities Restricted Securities | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The 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 Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows. Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
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.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to 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. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Although not included, in the Fund's expenses, the Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $23,444 |
Gross unrealized depreciation | (169,359) |
Net unrealized appreciation (depreciation) | $(145,915) |
Tax cost | $2,399,411 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Health Savings Fund | 2,562,786 | 156,486 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:
Annual % of Class-Level Average Net Assets | |
Fidelity Health Savings Fund | .45% |
Class K | .35% |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. 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 Commitment fees on the Statement of Operations, and are as follows:
Amount | |
Fidelity Health Savings Fund | $16 |
During the period, there were no borrowings on this line of credit.
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Dollars | |
Six months ended March 31, 2020(a) | Six months ended March 31, 2020 (a) | |
Fidelity Health Savings Fund | ||
Shares sold | 113,367 | $1,125,767 |
Shares redeemed | (54) | (498) |
Net increase (decrease) | 113,313 | $1,125,269 |
Class K | ||
Shares sold | 129,368 | $1,277,259 |
Net increase (decrease) | 129,368 | $1,277,259 |
(a) For the period March 3, 2020 (commencement of operations) to March 31, 2020.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of approximately 89% of the total outstanding shares of the Fund. Subsequent to period end, the Fund completed significant subscription transactions with unaffiliated shareholders. As a result of these transactions, as of May 7, 2020, the investment adviser or its affiliates were the owners of record of 75% of the total outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 3, 2020 to March 31, 2020). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (October 1, 2019 to March 31, 2020).
Actual Expenses
The first line of the accompanying table for each class of the 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. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying mutual funds and exchange-traded funds (ETFs) (the Underlying Funds), the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the 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. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the Underlying Funds, the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value | Ending Account Value March 31, 2020 | Expenses Paid During Period | |
Fidelity Health Savings Fund | .46% | |||
Actual | $1,000.00 | $928.00 | $.36-B | |
Hypothetical-C | $1,000.00 | $1,022.70 | $2.33-D | |
Class K | .36% | |||
Actual | $1,000.00 | $928.00 | $.28-B | |
Hypothetical-C | $1,000.00 | $1,023.20 | $1.82-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 29/366 (to reflect the period March 3, 2020 to March 31, 2020). 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 non-money market 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
D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Health Savings Fund
At its January 2020 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR, and also considered the fund's investment objectives, strategies, and related investment philosophies. 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 the fund.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 risk management, compliance, and technology and operationscapabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be 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 the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.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 Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered FMR's strength in managing asset allocation funds, which the Board is familiar with through its supervision of other Fidelity funds.Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's proposed class-level management fee rate out of which FMR will pay all operating expenses of the fund, with certain limited exceptions. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of each class of the fund. The Board noted that the fund's proposed management fee rate ranks above the median of its competitor funds because the majority of such competitor funds do not have top-level management fees. The Board also considered that the projected total expense ratio of each class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure, with the competitors' total net expenses including acquired fund fees and expenses.Based on its review, the Board concluded that the management fee and the projected total expense ratio of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.HSF-SANN-0520
1.9897538.100
Fidelity® Health Savings Index Fund
Semi-Annual Report
March 31, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
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
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 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. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
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 Money Market Central Funds.Top Ten Holdings as of March 31, 2020
% of fund's net assets | |
Fidelity International Bond Index Fund | 18.6 |
Fidelity Total Market Index Fund | 18.0 |
Fidelity U.S. Bond Index Fund | 15.0 |
Fidelity Long-Term Treasury Bond Index Fund | 10.9 |
iShares JPMorgan USD Emerging Markets Bond ETF | 9.9 |
Fidelity International Index Fund | 5.2 |
Fidelity Emerging Markets Index Fund | 3.8 |
JPMorgan BetaBuilders Japan ETF | 1.0 |
Fidelity Real Estate Index Fund | 0.4 |
Invesco Senior Loan ETF | 0.4 |
83.2 |
Quality Diversification (% of fund's net assets)
As of March 31, 2020 | ||
U.S. Government and U.S. Government Agency Obligations | 16.4% | |
Equities | 83.6% |
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 March 31, 2020 | ||
Stocks, Investment Companies and Equity Futures | 39.1% | |
Bonds | 60.9% |
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Money Market Funds, was 12.95% of net assets.
Schedule of Investments March 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Equity Funds - 27.4% | |||
Shares | Value | ||
Fidelity Emerging Markets Index Fund (a) | 9,183 | $76,766 | |
Fidelity International Index Fund (a) | 3,176 | 105,045 | |
Fidelity Real Estate Index Fund (a) | 754 | 9,125 | |
Fidelity Total Market Index Fund (a) | 5,084 | 363,969 | |
TOTAL EQUITY FUNDS | |||
(Cost $651,620) | 554,905 | ||
Fixed-Income Central Funds - 16.4% | |||
Investment Grade Fixed-Income Funds - 16.4% | |||
Fidelity Inflation-Protected Bond Index Central Fund (b) | |||
(Cost $336,688) | 3,233 | 332,057 | |
Investment Companies - 11.7% | |||
Invesco Senior Loan ETF | 426 | 8,716 | |
iShares iBoxx $ High Yield Corporate Bond ETF | 111 | 8,555 | |
iShares JPMorgan USD Emerging Markets Bond ETF | 2,069 | 200,031 | |
JPMorgan BetaBuilders Japan ETF | 1,007 | 20,613 | |
TOTAL INVESTMENT COMPANIES | |||
(Cost $271,858) | 237,915 | ||
Fixed-Income Funds - 44.5% | |||
Fidelity International Bond Index Fund (a) | 38,377 | 376,474 | |
Fidelity Long-Term Treasury Bond Index Fund (a) | 12,868 | 220,558 | |
Fidelity U.S. Bond Index Fund (a) | 24,818 | 304,513 | |
TOTAL FIXED-INCOME FUNDS | |||
(Cost $896,458) | 901,545 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $2,156,624) | 2,026,422 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 405 | ||
NET ASSETS - 100% | $2,026,827 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Affiliated Fund
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
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 | 8 |
Fidelity Inflation-Protected Bond Index Central Fund | 107 |
Total | $115 |
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.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Inflation-Protected Bond Index Central Fund | $-- | $348,382 | $11,539 | $(155) | $(4,631) | $332,057 | 0.0% |
Total | $-- | $348,382 | $11,539 | $(155) | $(4,631) | $332,057 |
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Emerging Markets Index Fund | $-- | $114,074 | $22,094 | $-- | $(445) | $(14,769) | $76,766 |
Fidelity International Bond Index Fund | -- | 393,892 | 7,393 | -- | (219) | (9,806) | 376,474 |
Fidelity International Index Fund | -- | 147,207 | 23,312 | -- | (1,211) | (17,639) | 105,045 |
Fidelity Long-Term Treasury Bond Index Fund | -- | 263,530 | 60,492 | 406 | 2,452 | 15,068 | 220,558 |
Fidelity Real Estate Index Fund | -- | 31,346 | 13,420 | 18 | (6,008) | (2,793) | 9,125 |
Fidelity Total Market Index Fund | -- | 447,973 | 18,576 | -- | (3,913) | (61,515) | 363,969 |
Fidelity U.S. Bond Index Fund | -- | 536,182 | 231,584 | 521 | 89 | (174) | 304,513 |
Total | $-- | $1,934,204 | $376,871 | $945 | $(9,255) | $(91,628) | $1,456,450 |
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.
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $271,858) | $237,915 | |
Fidelity Central Funds (cost $336,688) | 332,057 | |
Other affiliated issuers (cost $1,548,078) | 1,456,450 | |
Total Investment in Securities (cost $2,156,624) | $2,026,422 | |
Cash | 1,083 | |
Receivable for investments sold | 55,789 | |
Receivable for fund shares sold | 2,353 | |
Dividends receivable | 927 | |
Distributions receivable from Fidelity Central Funds | 9 | |
Total assets | 2,086,583 | |
Liabilities | ||
Payable for investments purchased | $59,593 | |
Accrued management fee | 163 | |
Total liabilities | 59,756 | |
Net Assets | $2,026,827 | |
Net Assets consist of: | ||
Paid in capital | $2,167,591 | |
Total accumulated earnings (loss) | (140,764) | |
Net Assets | $2,026,827 | |
Net Asset Value, offering price and redemption price per share ($2,026,827 ÷ 217,787 shares) | $9.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
For the period March 2, 2020 (commencement of operations) to March 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends (including $945 earned from other affiliated issuers) | $980 | |
Income from Fidelity Central Funds | 115 | |
Total income | 1,095 | |
Expenses | ||
Management fee | $245 | |
Commitment fees | 15 | |
Total expenses before reductions | 260 | |
Expense reductions | (82) | |
Total expenses after reductions | 178 | |
Net investment income (loss) | 917 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (2,069) | |
Fidelity Central Funds | (155) | |
Other affiliated issuers | (9,255) | |
Total net realized gain (loss) | (11,479) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (33,943) | |
Fidelity Central Funds | (4,631) | |
Other affiliated issuers | (91,628) | |
Total change in net unrealized appreciation (depreciation) | (130,202) | |
Net gain (loss) | (141,681) | |
Net increase (decrease) in net assets resulting from operations | $(140,764) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the period March 2, 2020 (commencement of operations) to March 31, 2020 (Unaudited) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $917 |
Net realized gain (loss) | (11,479) |
Change in net unrealized appreciation (depreciation) | (130,202) |
Net increase (decrease) in net assets resulting from operations | (140,764) |
Share transactions | |
Proceeds from sales of shares | 2,167,650 |
Cost of shares redeemed | (59) |
Net increase (decrease) in net assets resulting from share transactions | 2,167,591 |
Total increase (decrease) in net assets | 2,026,827 |
Net Assets | |
Beginning of period | – |
End of period | $2,026,827 |
Other Information | |
Shares | |
Sold | 217,793 |
Redeemed | (6) |
Net increase (decrease) | 217,787 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Health Savings Index Fund
Six months ended (Unaudited) March 31, | |
2020 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.00 |
Income from Investment Operations | |
Net investment income (loss)B | –C |
Net realized and unrealized gain (loss) | (.69) |
Total from investment operations | (.69) |
Net asset value, end of period | $9.31 |
Total ReturnD,E | (6.90)% |
Ratios to Average Net AssetsF,G | |
Expenses before reductions | .16%H |
Expenses net of fee waivers, if any | .11%H |
Expenses net of all reductions | .11%H |
Net investment income (loss) | .56%H |
Supplemental Data | |
Net assets, end of period (000 omitted) | $2,027 |
Portfolio turnover rateI | 20%J |
A For the period March 2, 2020 (commencement of operations) to March 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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 of any underlying non-money market Fidelity Central Funds were less than .005%.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2020
1. Organization.
Fidelity Health Savings Index Fund (the Fund) is a fund of Fidelity Charles Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the Fund. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the Fund. The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Inflation-Protected Bond Index Central Fund | FMR | Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives. | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The 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 Fund's Schedule of Investments lists each of the Underlying Funds as an investment of the Fund but does not include the underlying holdings of each Underlying Fund. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the 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. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows. Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
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.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $21,805 |
Gross unrealized depreciation | (159,006) |
Net unrealized appreciation (depreciation) | $(137,201) |
Tax cost | $2,163,623 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Health Savings Index Fund | 2,567,953 | 399,762 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .15% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. 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 Commitment fees on the Statement of Operations, and are as follows:
Amount | |
Fidelity Health Savings Index Fund | $15 |
During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
The investment adviser contractually agreed to waive the Fund's management fee in an amount equal to .05% of average net assets until January 31, 2022. For the period, management fees were reduced by $82.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of approximately 95% of the total outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 2, 2020 to March 31, 2020). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (October 1, 2019 to March 31, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying mutual funds and exchange-traded funds (ETFs) (the Underlying Funds), the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the Underlying Funds, the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value | Ending Account Value March 31, 2020 | Expenses Paid During Period | |
Actual | .11% | $1,000.00 | $931.00 | $.09-B |
Hypothetical-C | $1,000.00 | $1,024.45 | $.56-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/366 (to reflect the period March 2, 2020 to March 31, 2020). 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 non-money market Fidelity Central Funds as of their most recent fiscal half year were less than .005%.
C 5% return per year before expenses
D Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Health Savings Index Fund
At its January 2020 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR, and also considered the fund's investment objectives, strategies, and related investment philosophies. 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 the fund.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 risk management, compliance, and technology and operationscapabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be 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 the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.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 Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered FMR's strength in managing asset allocation funds, which the Board is familiar with through its supervision of other Fidelity funds.Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's proposed class-level management fee rate out of which FMR will pay all operating expenses of the fund, with certain limited exceptions. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of the fund. The Board noted that FMR has contractually agreed to waive 0.05% of the fund's management fee through January 31, 2022. The Board noted that the fund's proposed management fee rate (before the application of any management fee waiver) ranks above the median of its competitor funds because the majority of such competitor funds do not have top-level management fees. The Board also considered that the projected total expense ratio of the fund (taking into account the management fee waiver discussed above) is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure, with the competitors' total net expenses including acquired fund fees and expenses.Based on its review, the Board concluded that the fund's management fee and projected total expense ratio of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.Economies of Scale. The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.HSI-SANN-0520
1.9897520.100
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Charles Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Charles Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Charles Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | May 22, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | May 22, 2020 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | May 22, 2020 |