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 811-03407
Fidelity Boylston Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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: | March 31 |
| |
Date of reporting period: | March 31, 2017 |
Item 1.
Reports to Stockholders
Fidelity® Multi-Manager Target Date Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Annual Report March 31, 2017 |
 |
Contents
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 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts) 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. © 2017 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity® Multi-Manager Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager Income Fund | 5.92% | 3.43% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager Income Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $11,552 | Fidelity® Multi-Manager Income Fund |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2005 Fund | 7.57% | 4.62% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2005 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $12,132 | Fidelity® Multi-Manager 2005 Fund |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2010 Fund | 9.08% | 5.55% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2010 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $12,603 | Fidelity® Multi-Manager 2010 Fund |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2015 Fund | 10.41% | 6.01% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2015 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $12,836 | Fidelity® Multi-Manager 2015 Fund |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2020 Fund | 11.28% | 6.47% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2020 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,076 | Fidelity® Multi-Manager 2020 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2025 Fund | 12.11% | 7.34% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2025 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,543 | Fidelity® Multi-Manager 2025 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2030 Fund | 14.36% | 7.97% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2030 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $13,882 | Fidelity® Multi-Manager 2030 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2035 Fund | 15.87% | 8.74% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2035 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,311 | Fidelity® Multi-Manager 2035 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2040 Fund | 15.94% | 8.84% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2040 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,367 | Fidelity® Multi-Manager 2040 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2045 Fund | 15.93% | 8.94% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2045 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,426 | Fidelity® Multi-Manager 2045 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2050 Fund | 15.90% | 8.98% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2050 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,451 | Fidelity® Multi-Manager 2050 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2055 Fund | 15.87% | 9.14% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2055 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $14,539 | Fidelity® Multi-Manager 2055 Fund |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Fidelity® Multi-Manager 2060 Fund | 15.99% | 5.92% |
A From August 5, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2060 Fund, a class of the fund, on August 5, 2014, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $11,650 | Fidelity® Multi-Manager 2060 Fund |
| $13,024 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Despite bouts of volatility, the MSCI ACWI (All Country World Index) Index of global equities gained 15.52% for the year ending March 31, 2017, surging from November onward on renewed optimism for economic growth before leveling off in March. Earlier on, sentiment had been bolstered by U.S. economic strength, a global rally in energy and other stimuli that helped establish the uptrend. Markets tumbled briefly after Brexit – the U.K.’s June vote to exit the European Union. Later, in response to President Trump’s surprise victory in November, U.S. stocks hit a series of all-time highs on expectations for reflation and fiscal stimulus. Non-U.S. markets responded similarly.
Globally, small-cap stocks bested large-caps, although this trend was reversed for the first quarter of 2017. Similarly, value- outperformed growth-oriented stocks across all market capitalizations for the full year, despite a first-quarter 2017 reversal. Regionally within the MSCI ACWI, emerging markets (+18%) and Canada (+16%) benefited from rising commodity prices. The U.S. (+17%) also outperformed, as noted. Japan (+15%) lagged the rest of the Asia Pacific group (+18%). Meanwhile, Europe (+12%) and the U.K. (+6%) battled Brexit stress for much of the year.
Among sectors, materials (+26%) was helped by promises of increased U.S. infrastructure spending plus a cyclical rebound in commodity prices that also buoyed industrials (+16%) and energy (+16%). Financials (+26%) rode an uptick in interest rates and a late rally in banks. Similarly, technology (+25%) rose on expectations of higher enterprise IT spending. Conversely, telecom services (+1%), consumer staples (+5%) and utilities (+5%) lagged as an improved backdrop for riskier assets curbed demand for dividend-rich sectors; real estate (+4%) faced the additional concern of potential future interest rate hikes. Health care (+9%) was hampered by political and regulatory uncertainty.
In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.44%. Yields rallied in reaction to Trump’s potentially stimulative and inflationary economic agenda, as well as the U.S. Federal Reserve’s December rate hike. Within the Bloomberg Barclays index, spread sectors outperformed Treasuries, led by corporate credit. Outside the index, riskier, non-core fixed-income segments such as emerging-markets and U.S. high-yield debt rose strongly; inflation-protected securities also outperformed.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2017, the share classes of each Fund posted a positive return. Results moved along a spectrum: The more conservative Fidelity Multi-Manager Income Fund gained about 6%, while longer-dated, more aggressive Funds – starting with Fidelity Multi-Manager 2035 Fund – gained about 16%. Each Fund led its respective Composite benchmark by about 1 to 2 percentage points. Versus Composites, asset allocation added substantial value for the year, most notably from underweighting the investment-grade debt asset class and overweighting emerging-markets equity. Allocations to high-yield debt also helped, offset somewhat by allocations to commodity securities that, despite a positive result, underperformed most Composites and thus generally detracted for the year. Selection effects from underlying holdings were mixed across Funds. At the individual-investment level, Strategic Advisers
® Core Income Multi-Manager Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index by nearly 2 percentage points. Strategic Advisers
® Emerging Markets Fund of Funds topped its fund-level benchmark as well. Conversely, lagging performance from our U.S. large-cap growth equity investment more than offset the positive selection effect from the Fund’s large-cap value investment. That said, it was our investment in Strategic Advisers International Multi-Manager Fund that detracted most this year, as it lagged its fund-level benchmark by a substantial amount.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Multi-Manager Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 37.6 | 37.5 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 21.0 | 17.3 |
| Fidelity Series Short-Term Credit Fund Class F | 7.0 | 9.3 |
| Strategic Advisers International Multi-Manager Fund Class F | 5.9 | 5.5 |
| Strategic Advisers Value Multi-Manager Fund Class F | 4.6 | 4.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 4.6 | 4.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 4.6 | 4.9 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.9 | 3.8 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 3.9 | 4.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 2.3 | 2.4 |
| | 95.4 | 94.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 44.4% |
| | Short-Term Funds | 28.0% |
| Six months ago |
| | Domestic Equity Funds | 17.4% |
| | International Equity Funds | 10.4% |
| | Bond Funds | 45.6% |
| | Short-Term Funds | 26.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager Income Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 17.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,345 | $17,894 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 3,892 | 49,034 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 3,146 | 40,894 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 2,528 | 24,723 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 3,276 | 49,167 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $179,773) | | | 181,712 |
|
| International Equity Funds - 10.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 4,920 | 48,903 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 5,333 | 62,879 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $103,686) | | | 111,782 |
|
| Bond Funds - 44.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 717 | 7,336 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 281 | 2,670 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 4,159 | 41,134 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 476 | 5,290 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 40,684 | 399,924 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,593 | 16,041 |
| TOTAL BOND FUNDS | | | |
| (Cost $470,717) | | | 472,395 |
|
| Short-Term Funds - 28.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 223,605 | 223,605 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 7,499 | 74,766 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $298,502) | | | 298,371 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,052,678) | | | 1,064,260 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (66) |
| NET ASSETS - 100% | | | $1,064,194 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $170,557 | $138,681 | $85,633 | $747 | $223,605 |
| Fidelity Series Commodity Strategy Fund Class F | 12,821 | 16,388 | 12,621 | -- | 17,894 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,498 | 3,289 | 2,988 | 492 | 7,336 |
| Fidelity Series Floating Rate High Income Fund Class F | 2,578 | 1,301 | 1,381 | 141 | 2,670 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 39,172 | 21,412 | 19,343 | 73 | 41,134 |
| Fidelity Series Real Estate Income Fund Class F | 4,962 | 2,788 | 2,514 | 318 | 5,290 |
| Fidelity Series Short-Term Credit Fund Class F | 92,426 | 52,934 | 70,215 | 1,253 | 74,766 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 400,970 | 195,467 | 192,325 | 10,081 | 399,924 |
| Strategic Advisers Core Multi-Manager Fund Class F | 53,445 | 26,565 | 34,177 | 526 | 49,034 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 45,826 | 22,550 | 28,179 | 495 | 48,903 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 44,598 | 24,320 | 27,494 | 336 | 40,894 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 31,145 | 10,682 | 28,570 | 1,791 | 16,041 |
| Strategic Advisers International Multi-Manager Fund Class F | 46,760 | 40,389 | 28,440 | 1,134 | 62,879 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 26,768 | 16,143 | 18,226 | 11 | 24,723 |
| Strategic Advisers Value Multi-Manager Fund Class F | 53,390 | 24,291 | 35,765 | 948 | 49,167 |
| Total | $1,031,916 | $597,200 | $587,871 | $18,346 | $1,064,260 |
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.
Fidelity® Multi-Manager Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,052,678) — See accompanying schedule | | $1,064,260 |
| Receivable for investments sold | | 22,491 |
| Receivable for fund shares sold | | 1,810 |
| Total assets | | 1,088,561 |
| Liabilities | | |
| Payable for investments purchased | $24,298 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 47 | |
| Total liabilities | | 24,367 |
| Net Assets | | $1,064,194 |
| Net Assets consist of: | | |
| Paid in capital | | $1,060,129 |
| Distributions in excess of net investment income | | (248) |
| Accumulated undistributed net realized gain (loss) on investments | | (7,269) |
| Net unrealized appreciation (depreciation) on investments | | 11,582 |
| Net Assets | | $1,064,194 |
| Multi-Manager Income: | | |
| Net Asset Value, offering price and redemption price per share ($852,606 ÷ 82,683 shares) | | $10.31 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,236 ÷ 10,301 shares) | | $10.31 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($105,352 ÷ 10,221 shares) | | $10.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $18,346 |
| Expenses | | |
| Transfer agent fees | $647 | |
| Distribution and service plan fees | 257 | |
| Independent trustees' fees and expenses | 7 | |
| Total expenses | | 911 |
| Net investment income (loss) | | 17,435 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (13,472) | |
| Capital gain distributions from underlying funds | 23,041 | |
| Total net realized gain (loss) | | 9,569 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 36,484 |
| Net gain (loss) | | 46,053 |
| Net increase (decrease) in net assets resulting from operations | | $63,488 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $17,435 | $18,510 |
| Net realized gain (loss) | 9,569 | (5,422) |
| Change in net unrealized appreciation (depreciation) | 36,484 | (25,916) |
| Net increase (decrease) in net assets resulting from operations | 63,488 | (12,828) |
| Distributions to shareholders from net investment income | (17,791) | (18,299) |
| Distributions to shareholders from net realized gain | (2,868) | (21,320) |
| Total distributions | (20,659) | (39,619) |
| Share transactions - net increase (decrease) | (10,491) | (48,542) |
| Total increase (decrease) in net assets | 32,338 | (100,989) |
| Net Assets | | |
| Beginning of period | 1,031,856 | 1,132,845 |
| End of period | $1,064,194 | $1,031,856 |
| Other Information | | |
| Undistributed net investment income end of period | $– | $881 |
| Distributions in excess of net investment income end of period | $(248) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager Income Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.91 | $10.33 | $10.29 | $10.14 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .17 | .18 | .14 | .04 |
| Net realized and unrealized gain (loss) | .43 | (.24) | .22 | .24 | .13 |
| Total from investment operations | .58 | (.07) | .40 | .38 | .17 |
| Distributions from net investment income | (.16)C | (.16) | (.19) | (.12) | (.03) |
| Distributions from net realized gain | (.03)C | (.19) | (.18) | (.11) | – |
| Total distributions | (.18)D | (.35) | (.36)E | (.23) | (.03) |
| Net asset value, end of period | $10.31 | $9.91 | $10.33 | $10.29 | $10.14 |
| Total ReturnF,G | 5.92% | (.65)% | 3.98% | 3.79% | 1.71% |
| Ratios to Average Net AssetsH,I | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .06% | .15%J |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .06% | .06%J |
| Expenses net of all reductions | .05% | .05% | .05% | .06% | .06%J |
| Net investment income (loss) | 1.46% | 1.66% | 1.77% | 1.43% | 1.52%J |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $853 | $822 | $921 | $702 | $102 |
| Portfolio turnover rateH | 49% | 44% | 23% | 40% | 0%K |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions of $.18 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.027 per share.
E Total distributions of $.36 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.177 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 Amounts do not include the activity of the Underlying Funds.
I 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 but do not include expenses of the underlying funds in which the Fund invests.
J Annualized
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager Income Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.92 | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .17 | .18 | .05 |
| Net realized and unrealized gain (loss) | .42 | (.23) | .22 | .15 |
| Total from investment operations | .57 | (.06) | .40 | .20 |
| Distributions from net investment income | (.16)C | (.16) | (.19) | (.04) |
| Distributions from net realized gain | (.03)C | (.19) | (.18) | (.06) |
| Total distributions | (.18)D | (.35) | (.36)E | (.10) |
| Net asset value, end of period | $10.31 | $9.92 | $10.33 | $10.29 |
| Total ReturnF | 5.83% | (.57)% | 3.97% | 2.00% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .05% | .05% | .06% | .06%I |
| Expenses net of fee waivers, if any | .05% | .05% | .06% | .06%I |
| Expenses net of all reductions | .05% | .05% | .06% | .06%I |
| Net investment income (loss) | 1.47% | 1.66% | 1.77% | 1.62%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $106 | $105 | $106 | $102 |
| Portfolio turnover rateG | 49% | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions of $.18 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.027 per share.
E Total distributions of $.36 per share is comprised of distributions from net investment income of $.185 and distributions from net realized gain of $.177 per share.
F Total returns for periods of less than one year are not annualized.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager Income Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.91 | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .14 | .16 | .04 |
| Net realized and unrealized gain (loss) | .44 | (.23) | .22 | .16 |
| Total from investment operations | .56 | (.09) | .38 | .20 |
| Distributions from net investment income | (.13)C | (.14) | (.16) | (.04) |
| Distributions from net realized gain | (.03)C | (.19) | (.18) | (.06) |
| Total distributions | (.16) | (.33) | (.34) | (.10) |
| Net asset value, end of period | $10.31 | $9.91 | $10.33 | $10.29 |
| Total ReturnD | 5.67% | (.90)% | 3.71% | 1.94% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .30% | .30% | .31% | .32%G |
| Expenses net of fee waivers, if any | .30% | .30% | .31% | .32%G |
| Expenses net of all reductions | .30% | .30% | .31% | .32%G |
| Net investment income (loss) | 1.22% | 1.41% | 1.52% | 1.36%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $105 | $105 | $106 | $102 |
| Portfolio turnover rateE | 49% | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 33.7 | 33.3 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 15.9 | 12.6 |
| Strategic Advisers International Multi-Manager Fund Class F | 8.4 | 8.2 |
| Strategic Advisers Value Multi-Manager Fund Class F | 6.9 | 7.2 |
| Strategic Advisers Core Multi-Manager Fund Class F | 6.9 | 7.2 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 5.7 | 6.1 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 5.6 | 5.9 |
| Fidelity Series Short-Term Credit Fund Class F | 5.3 | 6.7 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 3.5 | 3.6 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.4 | 3.3 |
| | 95.3 | 94.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 24.7% |
| | International Equity Funds | 14.0% |
| | Bond Funds | 40.1% |
| | Short-Term Funds | 21.2% |
| Six months ago |
| | Domestic Equity Funds | 25.6% |
| | International Equity Funds | 14.1% |
| | Bond Funds | 41.0% |
| | Short-Term Funds | 19.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2005 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 24.7% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,104 | $5,909 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 1,894 | 23,861 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 1,531 | 19,900 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 1,230 | 12,030 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 1,594 | 23,926 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $84,388) | | | 85,626 |
|
| International Equity Funds - 14.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 1,952 | 19,404 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 2,462 | 29,027 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $46,442) | | | 48,431 |
|
| Bond Funds - 40.1% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 230 | 2,350 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 91 | 870 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,194 | 11,811 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 153 | 1,703 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 11,900 | 116,983 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 520 | 5,236 |
| TOTAL BOND FUNDS | | | |
| (Cost $138,871) | | | 138,953 |
|
| Short-Term Funds - 21.2% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 55,252 | 55,252 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 1,853 | 18,475 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $73,760) | | | 73,727 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $343,461) | | | 346,737 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (36) |
| NET ASSETS - 100% | | | $346,701 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $39,271 | $18,791 | $2,810 | $154 | $55,252 |
| Fidelity Series Commodity Strategy Fund Class F | 4,349 | 1,609 | 362 | -- | 5,909 |
| Fidelity Series Emerging Markets Debt Fund Class F | 2,184 | 156 | 154 | 141 | 2,350 |
| Fidelity Series Floating Rate High Income Fund Class F | 850 | 48 | 76 | 39 | 870 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 11,468 | 1,231 | 895 | 18 | 11,811 |
| Fidelity Series Real Estate Income Fund Class F | 1,668 | 164 | 163 | 83 | 1,703 |
| Fidelity Series Short-Term Credit Fund Class F | 21,047 | 3,837 | 6,352 | 254 | 18,475 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 118,898 | 10,286 | 11,844 | 2,510 | 116,983 |
| Strategic Advisers Core Multi-Manager Fund Class F | 26,954 | 2,504 | 7,177 | 203 | 23,861 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 19,015 | 539 | 3,342 | 187 | 19,404 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 22,492 | 3,014 | 5,754 | 131 | 19,900 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 10,370 | 550 | 6,512 | 516 | 5,236 |
| Strategic Advisers International Multi-Manager Fund Class F | 25,864 | 4,447 | 3,428 | 415 | 29,027 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 13,500 | 2,363 | 4,092 | 5 | 12,030 |
| Strategic Advisers Value Multi-Manager Fund Class F | 26,926 | 1,720 | 7,803 | 370 | 23,926 |
| Total | $344,856 | $51,259 | $60,764 | $5,026 | $346,737 |
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.
Fidelity® Multi-Manager 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $343,461) — See accompanying schedule | | $346,737 |
| Receivable for investments sold | | 5,879 |
| Total assets | | 352,616 |
| Liabilities | | |
| Payable for investments purchased | $5,880 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 13 | |
| Total liabilities | | 5,915 |
| Net Assets | | $346,701 |
| Net Assets consist of: | | |
| Paid in capital | | $342,195 |
| Undistributed net investment income | | 686 |
| Accumulated undistributed net realized gain (loss) on investments | | 544 |
| Net unrealized appreciation (depreciation) on investments | | 3,276 |
| Net Assets | | $346,701 |
| Multi-Manager 2005: | | |
| Net Asset Value, offering price and redemption price per share ($130,294 ÷ 12,345 shares) | | $10.55 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($108,651 ÷ 10,303 shares) | | $10.55 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($107,756 ÷ 10,225 shares) | | $10.54 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $5,026 |
| Expenses | | |
| Transfer agent fees | $262 | |
| Distribution and service plan fees | 260 | |
| Independent trustees' fees and expenses | 3 | |
| Total expenses | | 525 |
| Net investment income (loss) | | 4,501 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,369) | |
| Capital gain distributions from underlying funds | 8,682 | |
| Total net realized gain (loss) | | 6,313 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 13,754 |
| Net gain (loss) | | 20,067 |
| Net increase (decrease) in net assets resulting from operations | | $24,568 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,501 | $5,519 |
| Net realized gain (loss) | 6,313 | (698) |
| Change in net unrealized appreciation (depreciation) | 13,754 | (10,838) |
| Net increase (decrease) in net assets resulting from operations | 24,568 | (6,017) |
| Distributions to shareholders from net investment income | (4,558) | (5,516) |
| Distributions to shareholders from net realized gain | (972) | (10,129) |
| Total distributions | (5,530) | (15,645) |
| Share transactions - net increase (decrease) | (17,157) | 31,453 |
| Total increase (decrease) in net assets | 1,881 | 9,791 |
| Net Assets | | |
| Beginning of period | 344,820 | 335,029 |
| End of period | $346,701 | $344,820 |
| Other Information | | |
| Undistributed net investment income end of period | $686 | $819 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2005 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.98 | $10.58 | $10.65 | $10.27 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .16 | .19 | .14 | .05 |
| Net realized and unrealized gain (loss) | .60 | (.30) | .31 | .49 | .22 |
| Total from investment operations | .75 | (.14) | .50 | .63 | .27 |
| Distributions from net investment income | (.15) | (.16) | (.19) | (.10) | – |
| Distributions from net realized gain | (.03) | (.30) | (.39) | (.15) | – |
| Total distributions | (.18) | (.46) | (.57)C | (.25) | – |
| Net asset value, end of period | $10.55 | $9.98 | $10.58 | $10.65 | $10.27 |
| Total ReturnD,E | 7.57% | (1.34)% | 4.83% | 6.18% | 2.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .07% | .06% | .05% | .06% | .15%H |
| Expenses net of fee waivers, if any | .07% | .06% | .05% | .06% | .06%H |
| Expenses net of all reductions | .07% | .06% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.42% | 1.63% | 1.76% | 1.32% | 1.63%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $130 | $133 | $120 | $115 | $103 |
| Portfolio turnover rateF | 15% | 48% | 17% | 44% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.57 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.385 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 Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2005 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.97 | $10.57 | $10.64 | $10.51 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .14 | .16 | .18 | .06 |
| Net realized and unrealized gain (loss) | .62 | (.30) | .32 | .22 |
| Total from investment operations | .76 | (.14) | .50 | .28 |
| Distributions from net investment income | (.15) | (.16) | (.18) | (.06) |
| Distributions from net realized gain | (.03) | (.30) | (.39) | (.09) |
| Total distributions | (.18) | (.46) | (.57) | (.15) |
| Net asset value, end of period | $10.55 | $9.97 | $10.57 | $10.64 |
| Total ReturnC,D | 7.67% | (1.39)% | 4.79% | 2.64% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .09% | .09% | .10% | .07%G |
| Expenses net of fee waivers, if any | .09% | .09% | .10% | .07%G |
| Expenses net of all reductions | .09% | .09% | .10% | .07%G |
| Net investment income (loss) | 1.40% | 1.59% | 1.71% | 1.90%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $109 | $106 | $108 | $103 |
| Portfolio turnover rateE | 15% | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2005 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.96 | $10.56 | $10.63 | $10.51 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .14 | .16 | .05 |
| Net realized and unrealized gain (loss) | .61 | (.31) | .31 | .21 |
| Total from investment operations | .73 | (.17) | .47 | .26 |
| Distributions from net investment income | (.12) | (.13) | (.16) | (.06) |
| Distributions from net realized gain | (.03) | (.30) | (.39) | (.09) |
| Total distributions | (.15) | (.43) | (.54)C | (.14)D |
| Net asset value, end of period | $10.54 | $9.96 | $10.56 | $10.63 |
| Total ReturnE,F | 7.41% | (1.64)% | 4.53% | 2.52% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .34% | .34% | .35% | .33%I |
| Expenses net of fee waivers, if any | .34% | .34% | .35% | .33%I |
| Expenses net of all reductions | .34% | .34% | .35% | .33%I |
| Net investment income (loss) | 1.15% | 1.34% | 1.46% | 1.65%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $108 | $105 | $107 | $103 |
| Portfolio turnover rateG | 15% | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.385 per share.
D Total distributions of $.14 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.088 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 30.3 | 29.8 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 12.1 | 9.4 |
| Strategic Advisers International Multi-Manager Fund Class F | 10.4 | 10.2 |
| Strategic Advisers Value Multi-Manager Fund Class F | 8.8 | 9.0 |
| Strategic Advisers Core Multi-Manager Fund Class F | 8.7 | 9.0 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 7.3 | 7.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 6.5 | 6.9 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4.4 | 4.5 |
| Fidelity Series Short-Term Credit Fund Class F | 4.1 | 5.0 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.8 | 2.7 |
| | 95.4 | 94.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 30.9% |
| | International Equity Funds | 16.9% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.2% |
| Six months ago |
| | Domestic Equity Funds | 31.7% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.8% |
| | Short-Term Funds | 14.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2010 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 30.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,717 | $9,183 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 3,759 | 47,365 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 3,039 | 39,502 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 2,442 | 23,879 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 3,164 | 47,492 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $161,290) | | | 167,421 |
|
| International Equity Funds - 16.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 3,524 | 35,028 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 4,796 | 56,546 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $84,224) | | | 91,574 |
|
| Bond Funds - 36.0% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 371 | 3,796 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 143 | 1,361 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,516 | 14,997 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 241 | 2,677 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 16,703 | 164,190 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 813 | 8,188 |
| TOTAL BOND FUNDS | | | |
| (Cost $194,246) | | | 195,209 |
|
| Short-Term Funds - 16.2% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 65,987 | 65,987 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 2,220 | 22,131 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $88,135) | | | 88,118 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $527,895) | | | 542,322 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (44) |
| NET ASSETS - 100% | | | $542,278 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $61,062 | $44,341 | $39,415 | $208 | $65,987 |
| Fidelity Series Commodity Strategy Fund Class F | 9,775 | 5,995 | 7,485 | -- | 9,183 |
| Fidelity Series Emerging Markets Debt Fund Class F | 4,958 | 1,189 | 2,714 | 264 | 3,796 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,952 | 457 | 1,151 | 73 | 1,361 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 21,280 | 5,891 | 12,283 | 30 | 14,997 |
| Fidelity Series Real Estate Income Fund Class F | 3,787 | 1,024 | 2,219 | 153 | 2,677 |
| Fidelity Series Short-Term Credit Fund Class F | 33,200 | 14,606 | 25,642 | 349 | 22,131 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 246,174 | 60,589 | 143,457 | 4,289 | 164,190 |
| Strategic Advisers Core Multi-Manager Fund Class F | 75,753 | 19,203 | 50,357 | 460 | 47,365 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 49,602 | 10,886 | 32,378 | 329 | 35,028 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 63,213 | 18,236 | 42,025 | 303 | 39,502 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 23,422 | 2,443 | 19,283 | 946 | 8,188 |
| Strategic Advisers International Multi-Manager Fund Class F | 75,106 | 24,787 | 48,091 | 792 | 56,546 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 37,941 | 11,081 | 26,177 | 8 | 23,879 |
| Strategic Advisers Value Multi-Manager Fund Class F | 75,674 | 17,278 | 51,382 | 853 | 47,492 |
| Total | $782,899 | $238,006 | $504,059 | $9,057 | $542,322 |
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.
Fidelity® Multi-Manager 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $527,895) — See accompanying schedule | | $542,322 |
| Receivable for investments sold | | 6,895 |
| Receivable for fund shares sold | | 460 |
| Total assets | | 549,677 |
| Liabilities | | |
| Payable for investments purchased | $7,355 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 21 | |
| Total liabilities | | 7,399 |
| Net Assets | | $542,278 |
| Net Assets consist of: | | |
| Paid in capital | | $542,391 |
| Undistributed net investment income | | 1,021 |
| Accumulated undistributed net realized gain (loss) on investments | | (15,561) |
| Net unrealized appreciation (depreciation) on investments | | 14,427 |
| Net Assets | | $542,278 |
| Multi-Manager 2010: | | |
| Net Asset Value, offering price and redemption price per share ($322,135 ÷ 29,898 shares) | | $10.77 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($110,531 ÷ 10,257 shares) | | $10.78 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($109,612 ÷ 10,178 shares) | | $10.77 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $9,057 |
| Expenses | | |
| Transfer agent fees | $333 | |
| Distribution and service plan fees | 263 | |
| Independent trustees' fees and expenses | 5 | |
| Total expenses | | 601 |
| Net investment income (loss) | | 8,456 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (26,427) | |
| Capital gain distributions from underlying funds | 18,936 | |
| Total net realized gain (loss) | | (7,491) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 51,900 |
| Net gain (loss) | | 44,409 |
| Net increase (decrease) in net assets resulting from operations | | $52,865 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,456 | $12,003 |
| Net realized gain (loss) | (7,491) | 8,334 |
| Change in net unrealized appreciation (depreciation) | 51,900 | (35,995) |
| Net increase (decrease) in net assets resulting from operations | 52,865 | (15,658) |
| Distributions to shareholders from net investment income | (8,819) | (12,026) |
| Distributions to shareholders from net realized gain | (6,904) | (26,838) |
| Total distributions | (15,723) | (38,864) |
| Share transactions - net increase (decrease) | (277,713) | 70,458 |
| Total increase (decrease) in net assets | (240,571) | 15,936 |
| Net Assets | | |
| Beginning of period | 782,849 | 766,913 |
| End of period | $542,278 | $782,849 |
| Other Information | | |
| Undistributed net investment income end of period | $1,021 | $1,494 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2010 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.14 | $10.87 | $10.87 | $10.35 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | .77 | (.35) | .37 | .67 | .30 |
| Total from investment operations | .91 | (.19) | .56 | .82 | .35 |
| Distributions from net investment income | (.17) | (.17) | (.17) | (.12) | – |
| Distributions from net realized gain | (.10) | (.37) | (.40) | (.18) | – |
| Total distributions | (.28)C | (.54) | (.56)D | (.30) | – |
| Net asset value, end of period | $10.77 | $10.14 | $10.87 | $10.87 | $10.35 |
| Total ReturnE,F | 9.08% | (1.85)% | 5.31% | 8.00% | 3.50% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .06% | .17%I |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .06% | .06%I |
| Expenses net of all reductions | .05% | .05% | .05% | .06% | .06%I |
| Net investment income (loss) | 1.37% | 1.58% | 1.73% | 1.45% | 1.87%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $322 | $571 | $550 | $277 | $104 |
| Portfolio turnover rateG | 37% | 32% | 15% | 24% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.28 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.102 per share.
D Total distributions of $.56 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.397 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2010 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.15 | $10.88 | $10.87 | $10.73 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .07 |
| Net realized and unrealized gain (loss) | .77 | (.35) | .38 | .25 |
| Total from investment operations | .91 | (.19) | .57 | .32 |
| Distributions from net investment income | (.18) | (.16) | (.16) | (.07) |
| Distributions from net realized gain | (.10) | (.37) | (.40) | (.11) |
| Total distributions | (.28) | (.54)C | (.56) | (.18) |
| Net asset value, end of period | $10.78 | $10.15 | $10.88 | $10.87 |
| Total ReturnD | 9.08% | (1.86)% | 5.37% | 2.97% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .06% | .06% | .07% | .07%G |
| Expenses net of fee waivers, if any | .06% | .06% | .07% | .07%G |
| Expenses net of all reductions | .06% | .06% | .07% | .07%G |
| Net investment income (loss) | 1.36% | 1.56% | 1.71% | 1.96%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $111 | $106 | $108 | $103 |
| Portfolio turnover rateE | 37% | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.371 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2010 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.14 | $10.87 | $10.87 | $10.73 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .14 | .16 | .06 |
| Net realized and unrealized gain (loss) | .76 | (.36) | .37 | .25 |
| Total from investment operations | .88 | (.22) | .53 | .31 |
| Distributions from net investment income | (.15) | (.14) | (.14) | (.07) |
| Distributions from net realized gain | (.10) | (.37) | (.40) | (.11) |
| Total distributions | (.25) | (.51) | (.53)C | (.17)D |
| Net asset value, end of period | $10.77 | $10.14 | $10.87 | $10.87 |
| Total ReturnE | 8.82% | (2.11)% | 5.01% | 2.95% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .31% | .31% | .32% | .32%H |
| Expenses net of fee waivers, if any | .31% | .31% | .32% | .32%H |
| Expenses net of all reductions | .31% | .31% | .32% | .32%H |
| Net investment income (loss) | 1.11% | 1.31% | 1.46% | 1.70%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $110 | $106 | $108 | $103 |
| Portfolio turnover rateF | 37% | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.53 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.397 per share.
D Total distributions of $.17 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.108 per share.
E Total returns for periods of less than one year are not annualized.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 26.7 | 26.2 |
| Strategic Advisers International Multi-Manager Fund Class F | 12.5 | 12.3 |
| Strategic Advisers Value Multi-Manager Fund Class F | 10.6 | 10.9 |
| Strategic Advisers Core Multi-Manager Fund Class F | 10.6 | 10.9 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 8.9 | 9.1 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 8.7 | 6.4 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.1 | 7.4 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5.4 | 5.5 |
| Fidelity Series Short-Term Credit Fund Class F | 2.9 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.0 | 1.9 |
| | 95.4 | 94.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 37.2% |
| | International Equity Funds | 19.6% |
| | Bond Funds | 31.6% |
| | Short-Term Funds | 11.6% |
| Six months ago |
| | Domestic Equity Funds | 38.0% |
| | International Equity Funds | 19.7% |
| | Bond Funds | 32.5% |
| | Short-Term Funds | 9.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2015 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 37.2% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,010 | $21,455 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 10,659 | 134,306 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 8,616 | 112,009 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 6,923 | 67,707 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 8,972 | 134,664 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $469,064) | | | 470,141 |
|
| International Equity Funds - 19.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 9,056 | 90,021 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 13,374 | 157,684 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $239,908) | | | 247,705 |
|
| Bond Funds - 31.6% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 854 | 8,732 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 333 | 3,172 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 2,507 | 24,797 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 557 | 6,185 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 34,260 | 336,772 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,896 | 19,095 |
| TOTAL BOND FUNDS | | | |
| (Cost $396,617) | | | 398,753 |
|
| Short-Term Funds - 11.6% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 110,135 | 110,135 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 3,709 | 36,975 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $147,179) | | | 147,110 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,252,768) | | | 1,263,709 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (114) |
| NET ASSETS - 100% | | | $1,263,595 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $79,055 | $75,790 | $44,710 | $347 | $110,135 |
| Fidelity Series Commodity Strategy Fund Class F | 21,585 | 9,364 | 11,258 | -- | 21,455 |
| Fidelity Series Emerging Markets Debt Fund Class F | 10,915 | 1,553 | 4,494 | 644 | 8,732 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,267 | 554 | 1,881 | 176 | 3,172 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 32,684 | 6,521 | 14,394 | 46 | 24,797 |
| Fidelity Series Real Estate Income Fund Class F | 8,341 | 1,410 | 3,718 | 378 | 6,185 |
| Fidelity Series Short-Term Credit Fund Class F | 42,482 | 22,805 | 28,161 | 575 | 36,975 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 487,943 | 76,202 | 225,891 | 9,000 | 336,772 |
| Strategic Advisers Core Multi-Manager Fund Class F | 197,019 | 32,342 | 105,073 | 1,435 | 134,306 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 118,496 | 15,678 | 61,043 | 1,131 | 90,021 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 164,402 | 34,498 | 86,380 | 916 | 112,009 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 50,996 | 5,124 | 40,824 | 2,365 | 19,095 |
| Strategic Advisers International Multi-Manager Fund Class F | 199,533 | 44,661 | 99,629 | 2,987 | 157,684 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 98,673 | 24,613 | 56,044 | 30 | 67,707 |
| Strategic Advisers Value Multi-Manager Fund Class F | 196,814 | 27,027 | 109,912 | 2,588 | 134,664 |
| Total | $1,713,205 | $378,142 | $893,412 | $22,618 | $1,263,709 |
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.
Fidelity® Multi-Manager 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,252,768) — See accompanying schedule | | $1,263,709 |
| Receivable for investments sold | | 12,606 |
| Total assets | | 1,276,315 |
| Liabilities | | |
| Payable for investments purchased | $12,359 | |
| Payable for fund shares redeemed | 250 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 88 | |
| Total liabilities | | 12,720 |
| Net Assets | | $1,263,595 |
| Net Assets consist of: | | |
| Paid in capital | | $1,260,703 |
| Undistributed net investment income | | 2,266 |
| Accumulated undistributed net realized gain (loss) on investments | | (10,315) |
| Net unrealized appreciation (depreciation) on investments | | 10,941 |
| Net Assets | | $1,263,595 |
| Multi-Manager 2015: | | |
| Net Asset Value, offering price and redemption price per share ($1,040,232 ÷ 93,783 shares) | | $11.09 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($112,146 ÷ 10,106 shares) | | $11.10 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($111,217 ÷ 10,030 shares) | | $11.09 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $22,618 |
| Expenses | | |
| Transfer agent fees | $1,216 | |
| Distribution and service plan fees | 265 | |
| Independent trustees' fees and expenses | 8 | |
| Total expenses | | 1,489 |
| Net investment income (loss) | | 21,129 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (52,434) | |
| Capital gain distributions from underlying funds | 59,577 | |
| Total net realized gain (loss) | | 7,143 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 118,203 |
| Net gain (loss) | | 125,346 |
| Net increase (decrease) in net assets resulting from operations | | $146,475 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,129 | $28,236 |
| Net realized gain (loss) | 7,143 | 16,148 |
| Change in net unrealized appreciation (depreciation) | 118,203 | (100,177) |
| Net increase (decrease) in net assets resulting from operations | 146,475 | (55,793) |
| Distributions to shareholders from net investment income | (22,535) | (28,254) |
| Distributions to shareholders from net realized gain | (6,674) | (67,187) |
| Total distributions | (29,209) | (95,441) |
| Share transactions - net increase (decrease) | (566,744) | 53,122 |
| Total increase (decrease) in net assets | (449,478) | (98,112) |
| Net Assets | | |
| Beginning of period | 1,713,073 | 1,811,185 |
| End of period | $1,263,595 | $1,713,073 |
| Other Information | | |
| Undistributed net investment income end of period | $2,266 | $3,895 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2015 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.23 | $11.04 | $10.97 | $10.36 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | .91 | (.40) | .42 | .74 | .31 |
| Total from investment operations | 1.06 | (.24) | .61 | .89 | .36 |
| Distributions from net investment income | (.15) | (.17) | (.15) | (.12) | – |
| Distributions from net realized gain | (.04) | (.40) | (.39) | (.16) | – |
| Total distributions | (.20)C | (.57) | (.54) | (.28) | – |
| Net asset value, end of period | $11.09 | $10.23 | $11.04 | $10.97 | $10.36 |
| Total ReturnD,E | 10.41% | (2.32)% | 5.70% | 8.68% | 3.60% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .08% | .08% | .09% | .10% | .21%H |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10% | .09%H |
| Expenses net of all reductions | .08% | .08% | .09% | .10% | .09%H |
| Net investment income (loss) | 1.40% | 1.53% | 1.73% | 1.44% | 1.88%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,040 | $1,500 | $1,593 | $654 | $104 |
| Portfolio turnover rateF | 25% | 37% | 16% | 38% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 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 Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2015 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.24 | $11.04 | $10.97 | $10.77 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | .91 | (.40) | .42 | .30 |
| Total from investment operations | 1.06 | (.24) | .61 | .36 |
| Distributions from net investment income | (.15) | (.16) | (.15) | (.07) |
| Distributions from net realized gain | (.04) | (.40) | (.39) | (.09) |
| Total distributions | (.20)C | (.56) | (.54) | (.16) |
| Net asset value, end of period | $11.10 | $10.24 | $11.04 | $10.97 |
| Total ReturnD,E | 10.41% | (2.24)% | 5.66% | 3.34% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .08% | .08% | .09% | .10%H |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10%H |
| Expenses net of all reductions | .08% | .08% | .09% | .10%H |
| Net investment income (loss) | 1.40% | 1.52% | 1.72% | 1.81%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $112 | $107 | $109 | $103 |
| Portfolio turnover rateF | 25% | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 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 Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2015 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.23 | $11.04 | $10.96 | $10.77 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | .91 | (.40) | .43 | .30 |
| Total from investment operations | 1.03 | (.27) | .59 | .35 |
| Distributions from net investment income | (.13) | (.14) | (.12) | (.07) |
| Distributions from net realized gain | (.04) | (.40) | (.39) | (.09) |
| Total distributions | (.17) | (.54) | (.51) | (.16) |
| Net asset value, end of period | $11.09 | $10.23 | $11.04 | $10.96 |
| Total ReturnC,D | 10.15% | (2.57)% | 5.51% | 3.22% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .33% | .33% | .34% | .36%G |
| Expenses net of fee waivers, if any | .33% | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .33% | .34% | .35%G |
| Net investment income (loss) | 1.15% | 1.27% | 1.47% | 1.56%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $111 | $106 | $109 | $103 |
| Portfolio turnover rateE | 25% | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 24.2 | 23.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 13.9 | 13.6 |
| Strategic Advisers Value Multi-Manager Fund Class F | 12.0 | 12.1 |
| Strategic Advisers Core Multi-Manager Fund Class F | 11.9 | 12.1 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 9.9 | 10.2 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.6 | 7.9 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 6.6 | 4.6 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.0 | 6.1 |
| Fidelity Series Short-Term Credit Fund Class F | 2.2 | 2.5 |
| Fidelity Series Commodity Strategy Fund Class F | 1.7 | 1.6 |
| | 96.0 | 94.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 41.5% |
| | International Equity Funds | 21.5% |
| | Bond Funds | 28.2% |
| | Short-Term Funds | 8.8% |
| Six months ago |
| | Domestic Equity Funds | 42.1% |
| | International Equity Funds | 21.5% |
| | Bond Funds | 29.3% |
| | Short-Term Funds | 7.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2020 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 41.5% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 18,446 | $98,684 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 54,511 | 686,833 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 44,062 | 572,808 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 35,403 | 346,238 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 45,880 | 688,659 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,412,634) | | | 2,393,222 |
|
| International Equity Funds - 21.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 44,082 | 438,171 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 67,878 | 800,284 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,198,950) | | | 1,238,455 |
|
| Bond Funds - 28.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 3,646 | 37,299 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 1,517 | 14,429 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 6,750 | 66,760 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 2,456 | 27,290 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 141,766 | 1,393,563 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 8,647 | 87,079 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,624,957) | | | 1,626,420 |
|
| Short-Term Funds - 8.8% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 379,743 | 379,743 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 12,769 | 127,305 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $507,190) | | | 507,048 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,743,731) | | | 5,765,145 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (341) |
| NET ASSETS - 100% | | | $5,764,804 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $156,531 | $268,095 | $44,883 | $745 | $379,743 |
| Fidelity Series Commodity Strategy Fund Class F | 55,937 | 57,789 | 18,999 | -- | 98,684 |
| Fidelity Series Emerging Markets Debt Fund Class F | 28,062 | 14,072 | 6,880 | 1,776 | 37,299 |
| Fidelity Series Floating Rate High Income Fund Class F | 11,023 | 5,736 | 2,919 | 488 | 14,429 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 47,618 | 32,157 | 13,104 | 70 | 66,760 |
| Fidelity Series Real Estate Income Fund Class F | 21,220 | 11,499 | 5,899 | 1,014 | 27,290 |
| Fidelity Series Short-Term Credit Fund Class F | 84,084 | 85,060 | 41,568 | 1,166 | 127,305 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 1,097,033 | 604,875 | 306,361 | 22,645 | 1,393,563 |
| Strategic Advisers Core Multi-Manager Fund Class F | 563,341 | 293,205 | 203,685 | 4,177 | 686,833 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 324,060 | 172,775 | 111,930 | 3,343 | 438,171 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 470,079 | 268,064 | 168,962 | 2,645 | 572,808 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 131,580 | 36,153 | 90,365 | 6,344 | 87,079 |
| Strategic Advisers International Multi-Manager Fund Class F | 573,764 | 351,111 | 172,630 | 8,977 | 800,284 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 282,137 | 175,121 | 112,347 | 92 | 346,238 |
| Strategic Advisers Value Multi-Manager Fund Class F | 562,756 | 280,890 | 218,689 | 7,473 | 688,659 |
| Total | $4,409,225 | $2,656,602 | $1,519,221 | $60,955 | $5,765,145 |
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.
Fidelity® Multi-Manager 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $5,743,731) — See accompanying schedule | | $5,765,145 |
| Receivable for investments sold | | 47,240 |
| Receivable for fund shares sold | | 1,711 |
| Total assets | | 5,814,096 |
| Liabilities | | |
| Payable for investments purchased | $48,959 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 310 | |
| Total liabilities | | 49,292 |
| Net Assets | | $5,764,804 |
| Net Assets consist of: | | |
| Paid in capital | | $5,703,279 |
| Undistributed net investment income | | 7,466 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,645 |
| Net unrealized appreciation (depreciation) on investments | | 21,414 |
| Net Assets | | $5,764,804 |
| Multi-Manager 2020: | | |
| Net Asset Value, offering price and redemption price per share ($5,539,284 ÷ 496,799 shares) | | $11.15 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($113,230 ÷ 10,156 shares) | | $11.15 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($112,290 ÷ 10,080 shares) | | $11.14 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $60,955 |
| Expenses | | |
| Transfer agent fees | $3,327 | |
| Distribution and service plan fees | 266 | |
| Independent trustees' fees and expenses | 20 | |
| Total expenses | | 3,613 |
| Net investment income (loss) | | 57,342 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (89,613) | |
| Capital gain distributions from underlying funds | 172,929 | |
| Total net realized gain (loss) | | 83,316 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 308,148 |
| Net gain (loss) | | 391,464 |
| Net increase (decrease) in net assets resulting from operations | | $448,806 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $57,342 | $62,846 |
| Net realized gain (loss) | 83,316 | 87,058 |
| Change in net unrealized appreciation (depreciation) | 308,148 | (271,767) |
| Net increase (decrease) in net assets resulting from operations | 448,806 | (121,863) |
| Distributions to shareholders from net investment income | (56,930) | (60,710) |
| Distributions to shareholders from net realized gain | (50,679) | (163,441) |
| Total distributions | (107,609) | (224,151) |
| Share transactions - net increase (decrease) | 1,014,677 | 1,358,231 |
| Total increase (decrease) in net assets | 1,355,874 | 1,012,217 |
| Net Assets | | |
| Beginning of period | 4,408,930 | 3,396,713 |
| End of period | $5,764,804 | $4,408,930 |
| Other Information | | |
| Undistributed net investment income end of period | $7,466 | $8,054 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2020 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.27 | $11.15 | $11.12 | $10.40 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.00 | (.43) | .45 | .83 | .34 |
| Total from investment operations | 1.14 | (.27) | .64 | .98 | .40 |
| Distributions from net investment income | (.14) | (.15) | (.16) | (.12) | – |
| Distributions from net realized gain | (.12) | (.46) | (.45) | (.14) | – |
| Total distributions | (.26) | (.61) | (.61) | (.26) | – |
| Net asset value, end of period | $11.15 | $10.27 | $11.15 | $11.12 | $10.40 |
| Total ReturnC,D | 11.28% | (2.56)% | 5.91% | 9.50% | 4.00% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .08% | .08% | .08% | .10% | .21%G |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .10% | .09%G |
| Expenses net of all reductions | .08% | .08% | .08% | .10% | .09%G |
| Net investment income (loss) | 1.35% | 1.51% | 1.71% | 1.41% | 1.97%G |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,539 | $4,196 | $3,178 | $1,527 | $104 |
| Portfolio turnover rateE | 35% | 29% | 19% | 51% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2020 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.27 | $11.15 | $11.11 | $10.89 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | 1.00 | (.43) | .46 | .32 |
| Total from investment operations | 1.14 | (.27) | .65 | .38 |
| Distributions from net investment income | (.14) | (.15) | (.16) | (.08) |
| Distributions from net realized gain | (.12) | (.46) | (.45) | (.09) |
| Total distributions | (.26) | (.61) | (.61) | (.16)C |
| Net asset value, end of period | $11.15 | $10.27 | $11.15 | $11.11 |
| Total ReturnD | 11.28% | (2.58)% | 5.98% | 3.55% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .08% | .09% | .09%G |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .09%G |
| Expenses net of all reductions | .08% | .08% | .09% | .09%G |
| Net investment income (loss) | 1.35% | 1.51% | 1.71% | 1.75%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $113 | $107 | $110 | $104 |
| Portfolio turnover rateE | 35% | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2020 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.26 | $11.14 | $11.11 | $10.89 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | .99 | (.43) | .45 | .33 |
| Total from investment operations | 1.11 | (.30) | .61 | .38 |
| Distributions from net investment income | (.11) | (.12) | (.13) | (.08) |
| Distributions from net realized gain | (.12) | (.46) | (.45) | (.09) |
| Total distributions | (.23) | (.58) | (.58) | (.16)C |
| Net asset value, end of period | $11.14 | $10.26 | $11.14 | $11.11 |
| Total ReturnD | 11.01% | (2.82)% | 5.63% | 3.53% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .33% | .33% | .34% | .35%G |
| Expenses net of fee waivers, if any | .33% | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .33% | .34% | .35%G |
| Net investment income (loss) | 1.10% | 1.26% | 1.46% | 1.50%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $112 | $106 | $109 | $103 |
| Portfolio turnover rateE | 35% | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 20.7 | 20.4 |
| Strategic Advisers International Multi-Manager Fund Class F | 15.2 | 15.0 |
| Strategic Advisers Value Multi-Manager Fund Class F | 13.2 | 13.4 |
| Strategic Advisers Core Multi-Manager Fund Class F | 13.2 | 13.4 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 11.0 | 11.3 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 8.0 | 8.3 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.7 | 6.7 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 4.8 | 3.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.8 |
| Fidelity Series Short-Term Credit Fund Class F | 1.6 | 1.7 |
| | 96.3 | 95.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 46.0% |
| | International Equity Funds | 23.2% |
| | Bond Funds | 24.4% |
| | Short-Term Funds | 6.4% |
| Six months ago |
| | Domestic Equity Funds | 46.6% |
| | International Equity Funds | 23.3% |
| | Bond Funds | 25.1% |
| | Short-Term Funds | 5.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2025 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 46.0% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 8,142 | $43,560 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 24,118 | 303,892 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 19,495 | 253,440 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 15,663 | 153,182 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 20,300 | 304,696 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,027,902) | | | 1,058,770 |
|
| International Equity Funds - 23.2% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 18,617 | 185,054 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 29,688 | 350,026 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $501,488) | | | 535,080 |
|
| Bond Funds - 24.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,428 | 14,604 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 606 | 5,766 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,876 | 18,557 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 981 | 10,904 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 48,470 | 476,456 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,453 | 34,776 |
| TOTAL BOND FUNDS | | | |
| (Cost $559,976) | | | 561,063 |
|
| Short-Term Funds - 6.4% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 109,946 | 109,946 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 3,766 | 37,551 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $147,534) | | | 147,497 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,236,900) | | | 2,302,410 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (216) |
| NET ASSETS - 100% | | | $2,302,194 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $52,133 | $85,531 | $27,718 | $255 | $109,946 |
| Fidelity Series Commodity Strategy Fund Class F | 24,392 | 40,308 | 22,730 | -- | 43,560 |
| Fidelity Series Emerging Markets Debt Fund Class F | 11,879 | 7,971 | 6,172 | 833 | 14,604 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,720 | 3,335 | 2,572 | 235 | 5,766 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 9,701 | 16,118 | 7,194 | 19 | 18,557 |
| Fidelity Series Real Estate Income Fund Class F | 9,219 | 6,567 | 5,080 | 498 | 10,904 |
| Fidelity Series Short-Term Credit Fund Class F | 28,055 | 28,931 | 19,310 | 403 | 37,551 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 377,754 | 297,348 | 195,779 | 9,177 | 476,456 |
| Strategic Advisers Core Multi-Manager Fund Class F | 268,916 | 181,903 | 166,674 | 2,351 | 303,892 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 148,282 | 101,340 | 92,347 | 1,747 | 185,054 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 224,397 | 164,795 | 138,226 | 1,492 | 253,440 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 56,162 | 16,763 | 43,050 | 3,006 | 34,776 |
| Strategic Advisers International Multi-Manager Fund Class F | 276,773 | 209,929 | 161,603 | 5,053 | 350,026 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 134,681 | 108,283 | 91,174 | 52 | 153,182 |
| Strategic Advisers Value Multi-Manager Fund Class F | 268,637 | 176,071 | 177,250 | 4,213 | 304,696 |
| Total | $1,895,701 | $1,445,193 | $1,156,879 | $29,334 | $2,302,410 |
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.
Fidelity® Multi-Manager 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $2,236,900) — See accompanying schedule | | $2,302,410 |
| Receivable for investments sold | | 9,815 |
| Receivable for fund shares sold | | 6,277 |
| Total assets | | 2,318,502 |
| Liabilities | | |
| Payable for investments purchased | $16,091 | |
| Accrued management fee | 6 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 187 | |
| Total liabilities | | 16,308 |
| Net Assets | | $2,302,194 |
| Net Assets consist of: | | |
| Paid in capital | | $2,217,997 |
| Undistributed net investment income | | 2,943 |
| Accumulated undistributed net realized gain (loss) on investments | | 15,744 |
| Net unrealized appreciation (depreciation) on investments | | 65,510 |
| Net Assets | | $2,302,194 |
| Multi-Manager 2025: | | |
| Net Asset Value, offering price and redemption price per share ($2,074,133 ÷ 183,516 shares) | | $11.30 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($114,504 ÷ 10,120 shares) | | $11.31 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($113,557 ÷ 10,044 shares) | | $11.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $29,334 |
| Expenses | | |
| Transfer agent fees | $2,107 | |
| Distribution and service plan fees | 268 | |
| Independent trustees' fees and expenses | 10 | |
| Total expenses before reductions | 2,385 | |
| Expense reductions | (95) | 2,290 |
| Net investment income (loss) | | 27,044 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (44,090) | |
| Capital gain distributions from underlying funds | 96,690 | |
| Total net realized gain (loss) | | 52,600 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 162,484 |
| Net gain (loss) | | 215,084 |
| Net increase (decrease) in net assets resulting from operations | | $242,128 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $27,044 | $21,004 |
| Net realized gain (loss) | 52,600 | 36,619 |
| Change in net unrealized appreciation (depreciation) | 162,484 | (102,762) |
| Net increase (decrease) in net assets resulting from operations | 242,128 | (45,139) |
| Distributions to shareholders from net investment income | (26,339) | (19,664) |
| Distributions to shareholders from net realized gain | (43,829) | (64,890) |
| Total distributions | (70,168) | (84,554) |
| Share transactions - net increase (decrease) | 234,706 | 870,589 |
| Total increase (decrease) in net assets | 406,666 | 740,896 |
| Net Assets | | |
| Beginning of period | 1,895,528 | 1,154,632 |
| End of period | $2,302,194 | $1,895,528 |
| Other Information | | |
| Undistributed net investment income end of period | $2,943 | $2,722 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2025 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.43 | $11.40 | $11.37 | $10.48 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .14 | .15 | .19 | .16 | .06 |
| Net realized and unrealized gain (loss) | 1.10 | (.48) | .51 | 1.06 | .42 |
| Total from investment operations | 1.24 | (.33) | .70 | 1.22 | .48 |
| Distributions from net investment income | (.14) | (.13) | (.15) | (.15) | – |
| Distributions from net realized gain | (.23) | (.51) | (.52) | (.18) | – |
| Total distributions | (.37) | (.64) | (.67) | (.33) | – |
| Net asset value, end of period | $11.30 | $10.43 | $11.40 | $11.37 | $10.48 |
| Total ReturnC,D | 12.11% | (3.05)% | 6.37% | 11.77% | 4.80% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .11% | .11% | .12% | .12% | .21%G |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .09%G |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .09%G |
| Net investment income (loss) | 1.32% | 1.37% | 1.67% | 1.49% | 2.08%G |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,074 | $1,682 | $934 | $347 | $105 |
| Portfolio turnover rateE | 56% | 17% | 21% | 88% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2025 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.44 | $11.41 | $11.37 | $11.14 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .15 | .19 | .08 |
| Net realized and unrealized gain (loss) | 1.09 | (.48) | .52 | .36 |
| Total from investment operations | 1.24 | (.33) | .71 | .44 |
| Distributions from net investment income | (.14) | (.13) | (.15) | (.09) |
| Distributions from net realized gain | (.23) | (.51) | (.52) | (.12) |
| Total distributions | (.37) | (.64) | (.67) | (.21) |
| Net asset value, end of period | $11.31 | $10.44 | $11.41 | $11.37 |
| Total ReturnC,D | 12.11% | (3.05)% | 6.41% | 3.96% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .09% | .11% | .11%G |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .10%G |
| Expenses net of all reductions | .08% | .09% | .10% | .10%G |
| Net investment income (loss) | 1.34% | 1.38% | 1.67% | 2.19%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $115 | $107 | $111 | $104 |
| Portfolio turnover rateE | 56% | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2025 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.43 | $11.40 | $11.37 | $11.14 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .16 | .07 |
| Net realized and unrealized gain (loss) | 1.10 | (.48) | .51 | .37 |
| Total from investment operations | 1.22 | (.36) | .67 | .44 |
| Distributions from net investment income | (.11) | (.10) | (.12) | (.09) |
| Distributions from net realized gain | (.23) | (.51) | (.52) | (.12) |
| Total distributions | (.34) | (.61) | (.64) | (.21) |
| Net asset value, end of period | $11.31 | $10.43 | $11.40 | $11.37 |
| Total ReturnC,D | 11.95% | (3.31)% | 6.07% | 3.94% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .33% | .34% | .36% | .37%G |
| Expenses net of fee waivers, if any | .33% | .34% | .35% | .35%G |
| Expenses net of all reductions | .33% | .34% | .35% | .35%G |
| Net investment income (loss) | 1.09% | 1.13% | 1.42% | 1.94%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $114 | $107 | $110 | $104 |
| Portfolio turnover rateE | 56% | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 18.4 | 18.3 |
| Strategic Advisers Value Multi-Manager Fund Class F | 16.2 | 16.5 |
| Strategic Advisers Core Multi-Manager Fund Class F | 16.1 | 16.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 13.5 | 13.9 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 12.2 | 10.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.1 | 9.4 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.1 | 8.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.7 | 1.6 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| | 97.6 | 98.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 55.6% |
| | International Equity Funds | 27.5% |
| | Bond Funds | 15.8% |
| | Short-Term Funds | 1.1% |
| Six months ago |
| | Domestic Equity Funds | 56.9% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 15.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Multi-Manager 2030 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 55.6% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 6,134 | $32,816 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 24,569 | 309,565 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 19,859 | 258,171 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 15,955 | 156,039 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 20,678 | 310,382 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,041,457) | | | 1,066,973 |
|
| International Equity Funds - 27.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 17,556 | 174,508 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 29,865 | 352,109 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $501,798) | | | 526,617 |
|
| Bond Funds - 15.8% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,167 | 11,939 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 506 | 4,810 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,565 | 15,479 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 819 | 9,096 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 23,739 | 233,354 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,879 | 28,987 |
| TOTAL BOND FUNDS | | | |
| (Cost $303,300) | | | 303,665 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 15,642 | 15,642 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 512 | 5,100 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $20,743) | | | 20,742 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,867,298) | | | 1,917,997 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (173) |
| NET ASSETS - 100% | | | $1,917,824 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $479 | $15,774 | $611 | $11 | $15,642 |
| Fidelity Series Commodity Strategy Fund Class F | 18,828 | 23,033 | 10,487 | -- | 32,816 |
| Fidelity Series Emerging Markets Debt Fund Class F | 9,206 | 3,929 | 1,970 | 693 | 11,939 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,660 | 1,743 | 821 | 195 | 4,810 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,578 | 10,347 | 2,383 | 15 | 15,479 |
| Fidelity Series Real Estate Income Fund Class F | 7,102 | 3,605 | 1,758 | 423 | 9,096 |
| Fidelity Series Short-Term Credit Fund Class F | 255 | 5,146 | 298 | 8 | 5,100 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 141,028 | 122,028 | 28,377 | 3,997 | 233,354 |
| Strategic Advisers Core Multi-Manager Fund Class F | 253,389 | 107,596 | 69,866 | 2,426 | 309,565 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 129,851 | 54,805 | 37,508 | 1,658 | 174,508 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 211,438 | 101,870 | 56,837 | 1,545 | 258,171 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 43,810 | 8,740 | 27,375 | 2,480 | 28,987 |
| Strategic Advisers International Multi-Manager Fund Class F | 264,490 | 133,948 | 71,342 | 5,070 | 352,109 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 126,904 | 71,035 | 42,557 | 53 | 156,039 |
| Strategic Advisers Value Multi-Manager Fund Class F | 253,127 | 100,899 | 79,603 | 4,361 | 310,382 |
| Total | $1,471,145 | $764,498 | $431,793 | $22,935 | $1,917,997 |
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.
Fidelity® Multi-Manager 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,867,298) — See accompanying schedule | | $1,917,997 |
| Receivable for investments sold | | 8,670 |
| Receivable for fund shares sold | | 11,414 |
| Receivable from investment adviser for expense reductions | | 21 |
| Total assets | | 1,938,102 |
| Liabilities | | |
| Payable for investments purchased | $20,079 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 175 | |
| Total liabilities | | 20,278 |
| Net Assets | | $1,917,824 |
| Net Assets consist of: | | |
| Paid in capital | | $1,832,551 |
| Undistributed net investment income | | 1,570 |
| Accumulated undistributed net realized gain (loss) on investments | | 33,004 |
| Net unrealized appreciation (depreciation) on investments | | 50,699 |
| Net Assets | | $1,917,824 |
| Multi-Manager 2030: | | |
| Net Asset Value, offering price and redemption price per share ($1,685,627 ÷ 149,250 shares) | | $11.29 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($116,583 ÷ 10,325 shares) | | $11.29 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($115,614 ÷ 10,249 shares) | | $11.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $22,935 |
| Expenses | | |
| Transfer agent fees | $1,935 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' fees and expenses | 9 | |
| Total expenses before reductions | 2,213 | |
| Expense reductions | (237) | 1,976 |
| Net investment income (loss) | | 20,959 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (17,022) | |
| Capital gain distributions from underlying funds | 98,800 | |
| Total net realized gain (loss) | | 81,778 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 131,168 |
| Net gain (loss) | | 212,946 |
| Net increase (decrease) in net assets resulting from operations | | $233,905 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $20,959 | $15,279 |
| Net realized gain (loss) | 81,778 | 9,998 |
| Change in net unrealized appreciation (depreciation) | 131,168 | (59,522) |
| Net increase (decrease) in net assets resulting from operations | 233,905 | (34,245) |
| Distributions to shareholders from net investment income | (20,166) | (14,250) |
| Distributions to shareholders from net realized gain | (19,157) | (83,657) |
| Total distributions | (39,323) | (97,907) |
| Share transactions - net increase (decrease) | 252,225 | 179,577 |
| Total increase (decrease) in net assets | 446,807 | 47,425 |
| Net Assets | | |
| Beginning of period | 1,471,017 | 1,423,592 |
| End of period | $1,917,824 | $1,471,017 |
| Other Information | | |
| Undistributed net investment income end of period | $1,570 | $990 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2030 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.09 | $11.31 | $11.52 | $10.50 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .19 | .06 |
| Net realized and unrealized gain (loss) | 1.31 | (.52) | .59 | 1.14 | .44 |
| Total from investment operations | 1.44 | (.41) | .74 | 1.33 | .50 |
| Distributions from net investment income | (.12) | (.12) | (.16) | (.14) | – |
| Distributions from net realized gain | (.11) | (.68) | (.79) | (.17) | – |
| Total distributions | (.24)C | (.81)D | (.95) | (.31) | – |
| Net asset value, end of period | $11.29 | $10.09 | $11.31 | $11.52 | $10.50 |
| Total ReturnE,F | 14.36% | (3.92)% | 6.71% | 12.76% | 5.00% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .12% | .12% | .11% | .13% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .09%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .09%I |
| Net investment income (loss) | 1.23% | 1.08% | 1.34% | 1.74% | 2.14%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,686 | $1,257 | $1,201 | $801 | $105 |
| Portfolio turnover rateG | 25% | 54% | 27% | 63% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.24 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.113 per share.
D Total distributions of $.81 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.684 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2030 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.09 | $11.31 | $11.51 | $11.22 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .08 |
| Net realized and unrealized gain (loss) | 1.31 | (.52) | .60 | .40 |
| Total from investment operations | 1.44 | (.41) | .75 | .48 |
| Distributions from net investment income | (.12) | (.12) | (.16) | (.08) |
| Distributions from net realized gain | (.11) | (.68) | (.79) | (.11) |
| Total distributions | (.24)C | (.81)D | (.95) | (.19) |
| Net asset value, end of period | $11.29 | $10.09 | $11.31 | $11.51 |
| Total ReturnE,F | 14.36% | (3.90)% | 6.80% | 4.32% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .09% | .10% | .11% | .11%I |
| Expenses net of fee waivers, if any | .09% | .10% | .10% | .10%I |
| Expenses net of all reductions | .09% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.24% | 1.08% | 1.34% | 2.25%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $107 | $111 | $104 |
| Portfolio turnover rateG | 25% | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.24 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.113 per share.
D Total distributions of $.81 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.684 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2030 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.08 | $11.30 | $11.51 | $11.22 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .09 | .13 | .07 |
| Net realized and unrealized gain (loss) | 1.30 | (.53) | .58 | .41 |
| Total from investment operations | 1.41 | (.44) | .71 | .48 |
| Distributions from net investment income | (.10) | (.10) | (.13) | (.08) |
| Distributions from net realized gain | (.11) | (.68) | (.79) | (.11) |
| Total distributions | (.21) | (.78) | (.92) | (.19) |
| Net asset value, end of period | $11.28 | $10.08 | $11.30 | $11.51 |
| Total ReturnC,D | 14.10% | (4.12)% | 6.44% | 4.30% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .34% | .35% | .36% | .37%G |
| Expenses net of fee waivers, if any | .34% | .35% | .35% | .35%G |
| Expenses net of all reductions | .34% | .35% | .35% | .35%G |
| Net investment income (loss) | .99% | .83% | 1.09% | 2.00%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $116 | $106 | $111 | $104 |
| Portfolio turnover rateE | 25% | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 20.8 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.4 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.4 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.4 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 1.2 | 0.5 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| | 97.6 | 98.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.4% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 4.9% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2035 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.4% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 9,274 | $49,617 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 37,964 | 478,351 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 30,687 | 398,936 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 24,551 | 240,104 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 31,885 | 478,601 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,607,876) | | | 1,645,609 |
|
| International Equity Funds - 30.7% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 25,750 | 255,957 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 45,886 | 540,999 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $756,250) | | | 796,956 |
|
| Bond Funds - 4.9% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,561 | 15,966 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 685 | 6,515 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 2,120 | 20,967 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 1,109 | 12,321 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 3,125 | 30,714 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,895 | 39,220 |
| TOTAL BOND FUNDS | | | |
| (Cost $124,246) | | | 125,703 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 20,419 | 20,419 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 615 | 6,127 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $26,546) | | | 26,546 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,514,918) | | | 2,594,814 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (222) |
| NET ASSETS - 100% | | | $2,594,592 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $574 | $21,341 | $1,495 | $14 | $20,419 |
| Fidelity Series Commodity Strategy Fund Class F | 23,073 | 38,336 | 12,908 | -- | 49,617 |
| Fidelity Series Emerging Markets Debt Fund Class F | 11,299 | 7,050 | 3,315 | 819 | 15,966 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,467 | 3,168 | 1,382 | 229 | 6,515 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 9,257 | 15,437 | 3,664 | 18 | 20,967 |
| Fidelity Series Real Estate Income Fund Class F | 8,740 | 6,202 | 2,827 | 495 | 12,321 |
| Fidelity Series Short-Term Credit Fund Class F | 287 | 6,565 | 720 | 10 | 6,127 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 8,995 | 27,289 | 5,528 | 277 | 30,714 |
| Strategic Advisers Core Multi-Manager Fund Class F | 343,740 | 220,216 | 114,304 | 3,082 | 478,351 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 168,959 | 115,172 | 63,687 | 2,120 | 255,957 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 286,826 | 200,143 | 94,341 | 1,943 | 398,936 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 52,943 | 12,619 | 30,656 | 2,861 | 39,220 |
| Strategic Advisers International Multi-Manager Fund Class F | 361,510 | 262,837 | 119,514 | 6,440 | 540,999 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 172,149 | 133,154 | 65,359 | 70 | 240,104 |
| Strategic Advisers Value Multi-Manager Fund Class F | 343,389 | 209,216 | 123,733 | 5,484 | 478,601 |
| Total | $1,796,208 | $1,278,745 | $643,433 | $23,862 | $2,594,814 |
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.
Fidelity® Multi-Manager 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $2,514,918) — See accompanying schedule | | $2,594,814 |
| Receivable for investments sold | | 21,600 |
| Receivable for fund shares sold | | 15,565 |
| Receivable from investment adviser for expense reductions | | 92 |
| Total assets | | 2,632,071 |
| Liabilities | | |
| Payable for investments purchased | $14,375 | |
| Payable for fund shares redeemed | 22,789 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 291 | |
| Total liabilities | | 37,479 |
| Net Assets | | $2,594,592 |
| Net Assets consist of: | | |
| Paid in capital | | $2,472,768 |
| Undistributed net investment income | | 1,100 |
| Accumulated undistributed net realized gain (loss) on investments | | 40,828 |
| Net unrealized appreciation (depreciation) on investments | | 79,896 |
| Net Assets | | $2,594,592 |
| Multi-Manager 2035: | | |
| Net Asset Value, offering price and redemption price per share ($2,359,923 ÷ 203,535 shares) | | $11.59 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,821 ÷ 10,159 shares) | | $11.60 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,848 ÷ 10,089 shares) | | $11.58 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $23,862 |
| Expenses | | |
| Transfer agent fees | $2,878 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 10 | |
| Total expenses before reductions | 3,158 | |
| Expense reductions | (863) | 2,295 |
| Net investment income (loss) | | 21,567 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (29,080) | |
| Capital gain distributions from underlying funds | 125,264 | |
| Total net realized gain (loss) | | 96,184 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 192,372 |
| Net gain (loss) | | 288,556 |
| Net increase (decrease) in net assets resulting from operations | | $310,123 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,567 | $14,634 |
| Net realized gain (loss) | 96,184 | 42,042 |
| Change in net unrealized appreciation (depreciation) | 192,372 | (101,836) |
| Net increase (decrease) in net assets resulting from operations | 310,123 | (45,160) |
| Distributions to shareholders from net investment income | (21,009) | (14,091) |
| Distributions to shareholders from net realized gain | (61,743) | (77,195) |
| Total distributions | (82,752) | (91,286) |
| Share transactions - net increase (decrease) | 571,163 | 736,362 |
| Total increase (decrease) in net assets | 798,534 | 599,916 |
| Net Assets | | |
| Beginning of period | 1,796,058 | 1,196,142 |
| End of period | $2,594,592 | $1,796,058 |
| Other Information | | |
| Undistributed net investment income end of period | $1,100 | $543 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2035 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.42 | $11.65 | $11.75 | $10.56 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .15 | .05 |
| Net realized and unrealized gain (loss) | 1.49 | (.59) | .64 | 1.36 | .51 |
| Total from investment operations | 1.61 | (.48) | .79 | 1.51 | .56 |
| Distributions from net investment income | (.11) | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.33) | (.64) | (.75) | (.18) | – |
| Total distributions | (.44) | (.75)C | (.89)D | (.32) | – |
| Net asset value, end of period | $11.59 | $10.42 | $11.65 | $11.75 | $10.56 |
| Total ReturnE,F | 15.87% | (4.45)% | 6.95% | 14.45% | 5.60% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .15% | .16% | .18% | .17% | .20%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.07% | 1.07% | 1.25% | 1.36% | 1.84%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,360 | $1,583 | $973 | $412 | $127 |
| Portfolio turnover rateH | 31% | 18% | 11% | 32% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.643 per share.
D Total distributions of $.89 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.745 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2035 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.43 | $11.65 | $11.75 | $11.47 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .08 |
| Net realized and unrealized gain (loss) | 1.49 | (.59) | .64 | .43 |
| Total from investment operations | 1.61 | (.47) | .79 | .51 |
| Distributions from net investment income | (.11) | (.10) | (.14) | (.09) |
| Distributions from net realized gain | (.33) | (.64) | (.75) | (.14) |
| Total distributions | (.44) | (.75)C | (.89) | (.23) |
| Net asset value, end of period | $11.60 | $10.43 | $11.65 | $11.75 |
| Total ReturnD,E | 15.86% | (4.36)% | 6.94% | 4.50% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.08% | 1.07% | 1.25% | 2.08%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 31% | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.102 and distributions from net realized gain of $.643 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2035 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.41 | $11.64 | $11.75 | $11.47 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | 1.50 | (.60) | .63 | .44 |
| Total from investment operations | 1.59 | (.51) | .75 | .51 |
| Distributions from net investment income | (.09) | (.08) | (.11) | (.09) |
| Distributions from net realized gain | (.33) | (.64) | (.75) | (.14) |
| Total distributions | (.42) | (.72) | (.86) | (.23) |
| Net asset value, end of period | $11.58 | $10.41 | $11.64 | $11.75 |
| Total ReturnC,D | 15.60% | (4.65)% | 6.58% | 4.48% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .35% | .35% | .37% | .38%G |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%G |
| Expenses net of all reductions | .35% | .35% | .35% | .35%G |
| Net investment income (loss) | .83% | .81% | 1.00% | 1.83%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateF | 31% | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 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 but do not include expenses of the underlying funds in which the Fund invests.
F Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 2.0 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| | 98.0 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2040 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 64.0% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 7,195 | $38,494 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 29,364 | 369,981 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 23,735 | 308,558 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 18,953 | 185,364 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 24,639 | 369,831 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,252,464) | | | 1,272,228 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 19,843 | 197,240 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 35,483 | 418,344 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $587,939) | | | 615,584 |
|
| Bond Funds - 4.1% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,185 | 12,126 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 525 | 4,995 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,626 | 16,078 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 850 | 9,448 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 959 | 9,426 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,986 | 30,068 |
| TOTAL BOND FUNDS | | | |
| (Cost $81,978) | | | 82,141 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 15,303 | 15,303 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 439 | 4,375 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $19,680) | | | 19,678 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,942,061) | | | 1,989,631 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (182) |
| NET ASSETS - 100% | | | $1,989,449 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $301 | $15,544 | $542 | $10 | $15,303 |
| Fidelity Series Commodity Strategy Fund Class F | 12,113 | 33,649 | 7,727 | -- | 38,494 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,035 | 7,400 | 1,810 | 529 | 12,126 |
| Fidelity Series Floating Rate High Income Fund Class F | 2,346 | 3,257 | 754 | 145 | 4,995 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 4,913 | 13,269 | 2,038 | 11 | 16,078 |
| Fidelity Series Real Estate Income Fund Class F | 4,636 | 6,247 | 1,546 | 318 | 9,448 |
| Fidelity Series Short-Term Credit Fund Class F | 151 | 4,493 | 266 | 7 | 4,375 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 4,724 | 7,017 | 2,257 | 136 | 9,426 |
| Strategic Advisers Core Multi-Manager Fund Class F | 179,585 | 232,761 | 62,540 | 2,069 | 369,981 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 88,703 | 120,387 | 34,878 | 1,628 | 197,240 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 149,643 | 204,317 | 49,971 | 1,277 | 308,558 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 27,408 | 17,417 | 17,139 | 1,715 | 30,068 |
| Strategic Advisers International Multi-Manager Fund Class F | 190,064 | 266,828 | 64,641 | 4,981 | 418,344 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 92,320 | 135,371 | 40,015 | 52 | 185,364 |
| Strategic Advisers Value Multi-Manager Fund Class F | 180,338 | 224,733 | 69,508 | 3,612 | 369,831 |
| Total | $943,280 | $1,292,690 | $355,632 | $16,490 | $1,989,631 |
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.
Fidelity® Multi-Manager 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,942,061) — See accompanying schedule | | $1,989,631 |
| Receivable for investments sold | | 5,370 |
| Receivable for fund shares sold | | 9,381 |
| Receivable from investment adviser for expense reductions | | 90 |
| Total assets | | 2,004,472 |
| Liabilities | | |
| Payable for investments purchased | $14,755 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 244 | |
| Total liabilities | | 15,023 |
| Net Assets | | $1,989,449 |
| Net Assets consist of: | | |
| Paid in capital | | $1,902,612 |
| Undistributed net investment income | | 678 |
| Accumulated undistributed net realized gain (loss) on investments | | 38,589 |
| Net unrealized appreciation (depreciation) on investments | | 47,570 |
| Net Assets | | $1,989,449 |
| Multi-Manager 2040: | | |
| Net Asset Value, offering price and redemption price per share ($1,754,697 ÷ 151,183 shares) | | $11.61 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,863 ÷ 10,151 shares) | | $11.61 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,889 ÷ 10,083 shares) | | $11.59 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,490 |
| Expenses | | |
| Transfer agent fees | $2,252 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 7 | |
| Total expenses before reductions | 2,529 | |
| Expense reductions | (973) | 1,556 |
| Net investment income (loss) | | 14,934 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,517) | |
| Capital gain distributions from underlying funds | 84,821 | |
| Total net realized gain (loss) | | 72,304 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 121,812 |
| Net gain (loss) | | 194,116 |
| Net increase (decrease) in net assets resulting from operations | | $209,050 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,934 | $8,704 |
| Net realized gain (loss) | 72,304 | 24,573 |
| Change in net unrealized appreciation (depreciation) | 121,812 | (70,157) |
| Net increase (decrease) in net assets resulting from operations | 209,050 | (36,880) |
| Distributions to shareholders from net investment income | (14,254) | (8,470) |
| Distributions to shareholders from net realized gain | (33,329) | (52,618) |
| Total distributions | (47,583) | (61,088) |
| Share transactions - net increase (decrease) | 884,796 | 273,688 |
| Total increase (decrease) in net assets | 1,046,263 | 175,720 |
| Net Assets | | |
| Beginning of period | 943,186 | 767,466 |
| End of period | $1,989,449 | $943,186 |
| Other Information | | |
| Undistributed net investment income end of period | $678 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2040 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.37 | $11.65 | $11.80 | $10.57 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.49 | (.58) | .63 | 1.39 | .51 |
| Total from investment operations | 1.62 | (.47) | .78 | 1.54 | .57 |
| Distributions from net investment income | (.10) | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.28) | (.71) | (.77) | (.17) | – |
| Total distributions | (.38) | (.81) | (.93)C | (.31) | – |
| Net asset value, end of period | $11.61 | $10.37 | $11.65 | $11.80 | $10.57 |
| Total ReturnD,E | 15.94% | (4.35)% | 6.81% | 14.75% | 5.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .19% | .21% | .23% | .21% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.18% | 1.06% | 1.28% | 1.32% | 2.04%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,755 | $730 | $544 | $307 | $106 |
| Portfolio turnover rateG | 27% | 18% | 24% | 54% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.772 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2040 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.37 | $11.65 | $11.79 | $11.49 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.48 | (.58) | .63 | .44 |
| Total from investment operations | 1.61 | (.47) | .78 | .51 |
| Distributions from net investment income | (.09) | (.10) | (.15) | (.09) |
| Distributions from net realized gain | (.28) | (.71) | (.77) | (.13) |
| Total distributions | (.37) | (.81) | (.92) | (.21)C |
| Net asset value, end of period | $11.61 | $10.37 | $11.65 | $11.79 |
| Total ReturnD,E | 15.91% | (4.36)% | 6.87% | 4.50% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .11% | .13% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.18% | 1.06% | 1.28% | 2.03%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 27% | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.126 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2040 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.36 | $11.64 | $11.79 | $11.49 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .10 | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | 1.48 | (.59) | .62 | .44 |
| Total from investment operations | 1.58 | (.50) | .74 | .51 |
| Distributions from net investment income | (.07) | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.28) | (.70) | (.77) | (.13) |
| Total distributions | (.35) | (.78) | (.89) | (.21)C |
| Net asset value, end of period | $11.59 | $10.36 | $11.64 | $11.79 |
| Total ReturnD,E | 15.62% | (4.60)% | 6.53% | 4.49% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .35% | .36% | .38% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35% | .35%H |
| Net investment income (loss) | .93% | .81% | 1.03% | 1.79%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateG | 27% | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.126 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| | 97.9 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2045 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 7,891 | $42,218 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 33,927 | 427,475 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 27,425 | 356,520 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 21,936 | 214,533 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 28,491 | 427,653 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,459,226) | | | 1,468,399 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 22,918 | 227,805 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 40,976 | 483,112 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $684,629) | | | 710,917 |
|
| Bond Funds - 4.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,396 | 14,278 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 607 | 5,770 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,878 | 18,570 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 982 | 10,912 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 1,163 | 11,431 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,438 | 34,623 |
| TOTAL BOND FUNDS | | | |
| (Cost $94,823) | | | 95,584 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 18,025 | 18,025 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 550 | 5,485 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $23,512) | | | 23,510 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,262,190) | | | 2,298,410 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (199) |
| NET ASSETS - 100% | | | $2,298,211 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $471 | $18,302 | $748 | $12 | $18,025 |
| Fidelity Series Commodity Strategy Fund Class F | 18,893 | 32,074 | 9,939 | -- | 42,218 |
| Fidelity Series Emerging Markets Debt Fund Class F | 9,450 | 6,633 | 2,602 | 726 | 14,278 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,669 | 2,958 | 1,084 | 201 | 5,770 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,681 | 13,906 | 2,963 | 16 | 18,570 |
| Fidelity Series Real Estate Income Fund Class F | 7,270 | 5,728 | 2,254 | 435 | 10,912 |
| Fidelity Series Short-Term Credit Fund Class F | 237 | 5,647 | 395 | 8 | 5,485 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 7,386 | 7,547 | 3,452 | 191 | 11,431 |
| Strategic Advisers Core Multi-Manager Fund Class F | 282,279 | 212,842 | 91,596 | 2,715 | 427,475 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 138,627 | 106,270 | 48,217 | 1,853 | 227,805 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 235,538 | 192,671 | 76,343 | 1,715 | 356,520 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 42,627 | 15,216 | 26,898 | 2,481 | 34,623 |
| Strategic Advisers International Multi-Manager Fund Class F | 297,517 | 240,676 | 86,811 | 5,861 | 483,112 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 141,368 | 125,957 | 53,082 | 61 | 214,533 |
| Strategic Advisers Value Multi-Manager Fund Class F | 281,995 | 205,106 | 102,462 | 4,843 | 427,653 |
| Total | $1,475,008 | $1,191,533 | $508,846 | $21,118 | $2,298,410 |
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.
Fidelity® Multi-Manager 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $2,262,190) — See accompanying schedule | | $2,298,410 |
| Receivable for investments sold | | 5,489 |
| Receivable for fund shares sold | | 16,172 |
| Receivable from investment adviser for expense reductions | | 129 |
| Total assets | | 2,320,200 |
| Liabilities | | |
| Payable for investments purchased | $21,666 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 299 | |
| Total liabilities | | 21,989 |
| Net Assets | | $2,298,211 |
| Net Assets consist of: | | |
| Paid in capital | | $2,228,874 |
| Undistributed net investment income | | 847 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,270 |
| Net unrealized appreciation (depreciation) on investments | | 36,220 |
| Net Assets | | $2,298,211 |
| Multi-Manager 2045: | | |
| Net Asset Value, offering price and redemption price per share ($2,063,518 ÷ 176,199 shares) | | $11.71 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,832 ÷ 10,058 shares) | | $11.72 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,861 ÷ 9,988 shares) | | $11.70 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $21,118 |
| Expenses | | |
| Transfer agent fees | $3,068 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 9 | |
| Total expenses before reductions | 3,347 | |
| Expense reductions | (1,336) | 2,011 |
| Net investment income (loss) | | 19,107 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 380 | |
| Capital gain distributions from underlying funds | 110,307 | |
| Total net realized gain (loss) | | 110,687 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 140,332 |
| Net gain (loss) | | 251,019 |
| Net increase (decrease) in net assets resulting from operations | | $270,126 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $19,107 | $14,454 |
| Net realized gain (loss) | 110,687 | 18,047 |
| Change in net unrealized appreciation (depreciation) | 140,332 | (93,334) |
| Net increase (decrease) in net assets resulting from operations | 270,126 | (60,833) |
| Distributions to shareholders from net investment income | (18,260) | (14,640) |
| Distributions to shareholders from net realized gain | (60,483) | (69,085) |
| Total distributions | (78,743) | (83,725) |
| Share transactions - net increase (decrease) | 631,964 | 452,162 |
| Total increase (decrease) in net assets | 823,347 | 307,604 |
| Net Assets | | |
| Beginning of period | 1,474,864 | 1,167,260 |
| End of period | $2,298,211 | $1,474,864 |
| Other Information | | |
| Undistributed net investment income end of period | $847 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2045 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.55 | $11.73 | $11.83 | $10.59 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.52 | (.61) | .64 | 1.42 | .53 |
| Total from investment operations | 1.64 | (.49) | .79 | 1.57 | .59 |
| Distributions from net investment income | (.11) | (.11) | (.15) | (.15) | – |
| Distributions from net realized gain | (.37) | (.59) | (.74) | (.19) | – |
| Total distributions | (.48) | (.69)C | (.89) | (.33)D | – |
| Net asset value, end of period | $11.71 | $10.55 | $11.73 | $11.83 | $10.59 |
| Total ReturnE,F | 15.93% | (4.40)% | 6.88% | 15.00% | 5.90% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .18% | .20% | .25% | .25% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.08% | 1.09% | 1.23% | 1.34% | 2.05%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,064 | $1,262 | $944 | $331 | $106 |
| Portfolio turnover rateH | 28% | 23% | 16% | 38% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.587 per share.
D Total distributions of $.33 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.187 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2045 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.56 | $11.73 | $11.83 | $11.54 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.52 | (.60) | .63 | .45 |
| Total from investment operations | 1.64 | (.48) | .78 | .52 |
| Distributions from net investment income | (.11) | (.11) | (.14) | (.09) |
| Distributions from net realized gain | (.37) | (.59) | (.74) | (.14) |
| Total distributions | (.48) | (.69)C | (.88) | (.23) |
| Net asset value, end of period | $11.72 | $10.56 | $11.73 | $11.83 |
| Total ReturnD,E | 15.91% | (4.33)% | 6.85% | 4.51% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .09% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.09% | 1.09% | 1.23% | 1.94%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 28% | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.587 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2045 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.55 | $11.73 | $11.82 | $11.54 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | 1.51 | (.60) | .65 | .45 |
| Total from investment operations | 1.60 | (.51) | .77 | .51 |
| Distributions from net investment income | (.09) | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.37) | (.58) | (.74) | (.14) |
| Total distributions | (.45)C | (.67)D | (.86) | (.23) |
| Net asset value, end of period | $11.70 | $10.55 | $11.73 | $11.82 |
| Total ReturnE,F | 15.59% | (4.65)% | 6.68% | 4.41% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .35% | .35% | .37% | .38%I |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%I |
| Expenses net of all reductions | .35% | .35% | .35% | .35%I |
| Net investment income (loss) | .83% | .84% | .98% | 1.70%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateH | 28% | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.45 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.369 per share.
D Total distributions of $.67 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.581 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.4 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.7 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| | 97.8 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.8% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.1% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2050 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.8% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 5,515 | $29,506 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 25,384 | 319,837 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 20,519 | 266,751 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 16,461 | 160,993 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 21,349 | 320,450 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,086,349) | | | 1,097,537 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 17,144 | 170,409 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 30,652 | 361,389 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $510,073) | | | 531,798 |
|
| Bond Funds - 4.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,049 | 10,731 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 454 | 4,317 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,405 | 13,892 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 735 | 8,163 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 870 | 8,548 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,581 | 25,990 |
| TOTAL BOND FUNDS | | | |
| (Cost $71,496) | | | 71,641 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 13,961 | 13,961 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 462 | 4,606 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $18,567) | | | 18,567 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,686,485) | | | 1,719,543 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (152) |
| NET ASSETS - 100% | | | $1,719,391 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $431 | $14,753 | $1,222 | $10 | $13,961 |
| Fidelity Series Commodity Strategy Fund Class F | 17,336 | 19,107 | 8,070 | -- | 29,506 |
| Fidelity Series Emerging Markets Debt Fund Class F | 8,585 | 4,258 | 2,779 | 600 | 10,731 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,358 | 1,912 | 1,151 | 167 | 4,317 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 6,986 | 10,146 | 3,183 | 13 | 13,892 |
| Fidelity Series Real Estate Income Fund Class F | 6,605 | 3,775 | 2,347 | 364 | 8,163 |
| Fidelity Series Short-Term Credit Fund Class F | 219 | 4,976 | 585 | 7 | 4,606 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 6,761 | 5,194 | 3,371 | 158 | 8,548 |
| Strategic Advisers Core Multi-Manager Fund Class F | 258,069 | 136,893 | 93,862 | 2,315 | 319,837 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 126,946 | 68,231 | 49,425 | 1,507 | 170,409 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 215,609 | 124,475 | 75,843 | 1,470 | 266,751 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 39,163 | 10,220 | 26,626 | 2,120 | 25,990 |
| Strategic Advisers International Multi-Manager Fund Class F | 272,269 | 163,801 | 99,201 | 4,890 | 361,389 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 129,729 | 84,941 | 54,138 | 51 | 160,993 |
| Strategic Advisers Value Multi-Manager Fund Class F | 258,133 | 127,733 | 100,562 | 4,150 | 320,450 |
| Total | $1,350,199 | $780,415 | $522,365 | $17,822 | $1,719,543 |
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.
Fidelity® Multi-Manager 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,686,485) — See accompanying schedule | | $1,719,543 |
| Receivable for investments sold | | 4,554 |
| Receivable for fund shares sold | | 18,797 |
| Receivable from investment adviser for expense reductions | | 116 |
| Total assets | | 1,743,010 |
| Liabilities | | |
| Payable for investments purchased | $23,349 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 246 | |
| Total liabilities | | 23,619 |
| Net Assets | | $1,719,391 |
| Net Assets consist of: | | |
| Paid in capital | | $1,663,835 |
| Undistributed net investment income | | 581 |
| Accumulated undistributed net realized gain (loss) on investments | | 21,917 |
| Net unrealized appreciation (depreciation) on investments | | 33,058 |
| Net Assets | | $1,719,391 |
| Multi-Manager 2050: | | |
| Net Asset Value, offering price and redemption price per share ($1,484,711 ÷ 129,684 shares) | | $11.45 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,827 ÷ 10,287 shares) | | $11.45 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,853 ÷ 10,216 shares) | | $11.44 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,822 |
| Expenses | | |
| Transfer agent fees | $2,714 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 8 | |
| Total expenses before reductions | 2,992 | |
| Expense reductions | (1,246) | 1,746 |
| Net investment income (loss) | | 16,076 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (15,681) | |
| Capital gain distributions from underlying funds | 93,830 | |
| Total net realized gain (loss) | | 78,149 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 126,972 |
| Net gain (loss) | | 205,121 |
| Net increase (decrease) in net assets resulting from operations | | $221,197 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,076 | $12,305 |
| Net realized gain (loss) | 78,149 | 31,574 |
| Change in net unrealized appreciation (depreciation) | 126,972 | (85,853) |
| Net increase (decrease) in net assets resulting from operations | 221,197 | (41,974) |
| Distributions to shareholders from net investment income | (15,782) | (12,018) |
| Distributions to shareholders from net realized gain | (54,737) | (76,953) |
| Total distributions | (70,519) | (88,971) |
| Share transactions - net increase (decrease) | 218,634 | 302,445 |
| Total increase (decrease) in net assets | 369,312 | 171,500 |
| Net Assets | | |
| Beginning of period | 1,350,079 | 1,178,579 |
| End of period | $1,719,391 | $1,350,079 |
| Other Information | | |
| Undistributed net investment income end of period | $581 | $287 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2050 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.37 | $11.67 | $11.85 | $10.60 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .16 | .06 |
| Net realized and unrealized gain (loss) | 1.48 | (.58) | .63 | 1.43 | .54 |
| Total from investment operations | 1.60 | (.47) | .78 | 1.59 | .60 |
| Distributions from net investment income | (.12) | (.11) | (.16) | (.15) | – |
| Distributions from net realized gain | (.41) | (.72) | (.81) | (.19) | – |
| Total distributions | (.52)C | (.83) | (.96)D | (.34) | – |
| Net asset value, end of period | $11.45 | $10.37 | $11.67 | $11.85 | $10.60 |
| Total ReturnE,F | 15.90% | (4.38)% | 6.85% | 15.13% | 6.00% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .20% | .22% | .20% | .20% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.11% | 1.06% | 1.28% | 1.38% | 2.04%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,485 | $1,137 | $956 | $611 | $106 |
| Portfolio turnover rateH | 35% | 31% | 15% | 21% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.52 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.407 per share.
D Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2050 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.37 | $11.67 | $11.85 | $11.56 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.48 | (.58) | .63 | .45 |
| Total from investment operations | 1.60 | (.47) | .78 | .52 |
| Distributions from net investment income | (.11) | (.11) | (.16) | (.09) |
| Distributions from net realized gain | (.41) | (.72) | (.81) | (.15) |
| Total distributions | (.52)C | (.83) | (.96)D | (.23)E |
| Net asset value, end of period | $11.45 | $10.37 | $11.67 | $11.85 |
| Total ReturnF,G | 15.88% | (4.39)% | 6.84% | 4.54% |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | .10% | .11% | .11% | .11%J |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%J |
| Expenses net of all reductions | .10% | .10% | .10% | .10%J |
| Net investment income (loss) | 1.11% | 1.05% | 1.28% | 1.99%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateI | 35% | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.52 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.407 per share.
D Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 per share.
E Total distributions of $.23 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.145 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 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 but do not include expenses of the underlying funds in which the Fund invests.
I Amounts do not include the activity of the Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2050 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.36 | $11.66 | $11.84 | $11.56 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | 1.49 | (.59) | .63 | .45 |
| Total from investment operations | 1.58 | (.50) | .75 | .51 |
| Distributions from net investment income | (.09) | (.09) | (.13) | (.08) |
| Distributions from net realized gain | (.41) | (.71) | (.81) | (.15) |
| Total distributions | (.50) | (.80) | (.93)C | (.23) |
| Net asset value, end of period | $11.44 | $10.36 | $11.66 | $11.84 |
| Total ReturnD,E | 15.64% | (4.62)% | 6.57% | 4.43% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .35% | .36% | .36% | .37%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35% | .35%H |
| Net investment income (loss) | .86% | .80% | 1.03% | 1.74%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateG | 35% | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.806 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.4 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.8 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.1 |
| | 97.9 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2055 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 6,400 | $34,241 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 27,678 | 348,742 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 22,373 | 290,843 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 17,899 | 175,053 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 23,247 | 348,935 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,193,430) | | | 1,197,814 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 18,702 | 185,901 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 33,441 | 394,273 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $558,822) | | | 580,174 |
|
| Bond Funds - 4.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,146 | 11,727 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 495 | 4,708 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,532 | 15,153 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 801 | 8,904 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 948 | 9,324 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,809 | 28,288 |
| TOTAL BOND FUNDS | | | |
| (Cost $77,762) | | | 78,104 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 14,755 | 14,755 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 449 | 4,473 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $19,229) | | | 19,228 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,849,243) | | | 1,875,320 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (169) |
| NET ASSETS - 100% | | | $1,875,151 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $439 | $15,028 | $712 | $10 | $14,755 |
| Fidelity Series Commodity Strategy Fund Class F | 17,731 | 23,768 | 8,328 | -- | 34,241 |
| Fidelity Series Emerging Markets Debt Fund Class F | 8,817 | 5,041 | 2,808 | 621 | 11,727 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,424 | 2,199 | 1,112 | 171 | 4,708 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,044 | 10,998 | 2,835 | 13 | 15,153 |
| Fidelity Series Real Estate Income Fund Class F | 6,737 | 4,304 | 2,274 | 370 | 8,904 |
| Fidelity Series Short-Term Credit Fund Class F | 211 | 4,626 | 361 | 7 | 4,473 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 6,894 | 5,717 | 3,252 | 161 | 9,324 |
| Strategic Advisers Core Multi-Manager Fund Class F | 263,072 | 160,266 | 94,588 | 2,343 | 348,742 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 129,496 | 81,210 | 50,555 | 1,576 | 185,901 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 219,840 | 145,946 | 78,287 | 1,480 | 290,843 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 39,820 | 12,368 | 27,131 | 2,162 | 28,288 |
| Strategic Advisers International Multi-Manager Fund Class F | 277,647 | 190,157 | 99,399 | 5,032 | 394,273 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 132,336 | 96,493 | 53,746 | 52 | 175,053 |
| Strategic Advisers Value Multi-Manager Fund Class F | 263,199 | 153,291 | 103,945 | 4,181 | 348,935 |
| Total | $1,376,707 | $911,412 | $529,333 | $18,179 | $1,875,320 |
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.
Fidelity® Multi-Manager 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,849,243) — See accompanying schedule | | $1,875,320 |
| Receivable for investments sold | | 3,806 |
| Receivable for fund shares sold | | 22,986 |
| Receivable from investment adviser for expense reductions | | 154 |
| Total assets | | 1,902,266 |
| Liabilities | | |
| Payable for investments purchased | $26,793 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 298 | |
| Total liabilities | | 27,115 |
| Net Assets | | $1,875,151 |
| Net Assets consist of: | | |
| Paid in capital | | $1,811,977 |
| Undistributed net investment income | | 464 |
| Accumulated undistributed net realized gain (loss) on investments | | 36,633 |
| Net unrealized appreciation (depreciation) on investments | | 26,077 |
| Net Assets | | $1,875,151 |
| Multi-Manager 2055: | | |
| Net Asset Value, offering price and redemption price per share ($1,640,537 ÷ 139,363 shares) | | $11.77 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,792 ÷ 10,003 shares) | | $11.78 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,822 ÷ 9,941 shares) | | $11.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $18,179 |
| Expenses | | |
| Transfer agent fees | $3,213 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 8 | |
| Total expenses before reductions | 3,491 | |
| Expense reductions | (1,707) | 1,784 |
| Net investment income (loss) | | 16,395 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (22,646) | |
| Capital gain distributions from underlying funds | 95,133 | |
| Total net realized gain (loss) | | 72,487 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 139,179 |
| Net gain (loss) | | 211,666 |
| Net increase (decrease) in net assets resulting from operations | | $228,061 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,395 | $12,241 |
| Net realized gain (loss) | 72,487 | 38,291 |
| Change in net unrealized appreciation (depreciation) | 139,179 | (97,832) |
| Net increase (decrease) in net assets resulting from operations | 228,061 | (47,300) |
| Distributions to shareholders from net investment income | (15,681) | (11,755) |
| Distributions to shareholders from net realized gain | (43,302) | (69,001) |
| Total distributions | (58,983) | (80,756) |
| Share transactions - net increase (decrease) | 329,493 | 425,655 |
| Total increase (decrease) in net assets | 498,571 | 297,599 |
| Net Assets | | |
| Beginning of period | 1,376,580 | 1,078,981 |
| End of period | $1,875,151 | $1,376,580 |
| Other Information | | |
| Undistributed net investment income end of period | $464 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2055 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.57 | $11.84 | $11.95 | $10.62 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.52 | (.59) | .64 | 1.50 | .56 |
| Total from investment operations | 1.64 | (.48) | .79 | 1.65 | .62 |
| Distributions from net investment income | (.11) | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.33) | (.68) | (.75) | (.18) | – |
| Total distributions | (.44) | (.79)C | (.90) | (.32) | – |
| Net asset value, end of period | $11.77 | $10.57 | $11.84 | $11.95 | $10.62 |
| Total ReturnD,E | 15.87% | (4.38)% | 6.83% | 15.67% | 6.20% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .23% | .25% | .26% | .24% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.10% | 1.05% | 1.26% | 1.34% | 1.98%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,641 | $1,164 | $856 | $357 | $106 |
| Portfolio turnover rateG | 35% | 15% | 11% | 19% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.683 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2055 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.57 | $11.84 | $11.95 | $11.64 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.53 | (.60) | .64 | .46 |
| Total from investment operations | 1.65 | (.48) | .79 | .53 |
| Distributions from net investment income | (.11) | (.10) | (.15) | (.08) |
| Distributions from net realized gain | (.33) | (.68) | (.75) | (.14) |
| Total distributions | (.44) | (.79)C | (.90) | (.22) |
| Net asset value, end of period | $11.78 | $10.57 | $11.84 | $11.95 |
| Total ReturnD,E | 15.97% | (4.39)% | 6.81% | 4.54% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .11% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.10% | 1.05% | 1.26% | 1.96%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 35% | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.683 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2055 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.56 | $11.83 | $11.94 | $11.64 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | 1.51 | (.59) | .64 | .45 |
| Total from investment operations | 1.60 | (.50) | .76 | .51 |
| Distributions from net investment income | (.09) | (.08) | (.12) | (.08) |
| Distributions from net realized gain | (.33) | (.68) | (.75) | (.14) |
| Total distributions | (.41)C | (.77)D | (.87) | (.21)E |
| Net asset value, end of period | $11.75 | $10.56 | $11.83 | $11.94 |
| Total ReturnF,G | 15.58% | (4.57)% | 6.54% | 4.44% |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | .35% | .36% | .37% | .38%J |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%J |
| Expenses net of all reductions | .35% | .35% | .35% | .35%J |
| Net investment income (loss) | .85% | .80% | 1.01% | 1.71%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateI | 35% | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.41 per share is comprised of distributions from net investment income of $.089 and distributions from net realized gain of $.325 per share.
D Total distributions of $.77 per share is comprised of distributions from net investment income of $.082 and distributions from net realized gain of $.683 per share.
E Total distributions of $.21 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.137 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 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 but do not include expenses of the underlying funds in which the Fund invests.
I Amounts do not include the activity of the Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.1 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.1 |
| | 98.0 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 31.0% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2060 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 2,971 | $15,896 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 12,328 | 155,333 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 9,965 | 129,544 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 7,965 | 77,901 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 10,350 | 155,349 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $514,795) | | | 534,023 |
|
| International Equity Funds - 31.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 8,331 | 82,814 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 14,899 | 175,654 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $241,268) | | | 258,468 |
|
| Bond Funds - 4.1% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 498 | 5,091 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 221 | 2,097 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 683 | 6,751 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 357 | 3,967 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 398 | 3,915 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,254 | 12,627 |
| TOTAL BOND FUNDS | | | |
| (Cost $33,750) | | | 34,448 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 6,632 | 6,632 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 179 | 1,784 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $8,415) | | | 8,416 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $798,228) | | | 835,355 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 27 |
| NET ASSETS - 100% | | | $835,382 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $157 | $6,892 | $417 | $4 | $6,632 |
| Fidelity Series Commodity Strategy Fund Class F | 6,272 | 19,135 | 9,627 | -- | 15,896 |
| Fidelity Series Emerging Markets Debt Fund Class F | 3,094 | 3,806 | 2,095 | 244 | 5,091 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,221 | 1,675 | 873 | 69 | 2,097 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2,541 | 6,895 | 2,682 | 5 | 6,751 |
| Fidelity Series Real Estate Income Fund Class F | 2,403 | 3,190 | 1,709 | 139 | 3,967 |
| Fidelity Series Short-Term Credit Fund Class F | 78 | 1,892 | 186 | 3 | 1,784 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 2,459 | 3,636 | 2,170 | 65 | 3,915 |
| Strategic Advisers Core Multi-Manager Fund Class F | 93,978 | 118,877 | 68,320 | 860 | 155,333 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 46,146 | 61,877 | 37,569 | 561 | 82,814 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 78,419 | 103,817 | 57,321 | 546 | 129,544 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 14,594 | 10,100 | 13,390 | 855 | 12,627 |
| Strategic Advisers International Multi-Manager Fund Class F | 98,771 | 137,712 | 73,472 | 1,813 | 175,654 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 47,067 | 65,922 | 37,130 | 19 | 77,901 |
| Strategic Advisers Value Multi-Manager Fund Class F | 93,886 | 116,764 | 72,360 | 1,543 | 155,349 |
| Total | $491,086 | $662,190 | $379,321 | $6,726 | $835,355 |
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.
Fidelity® Multi-Manager 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $798,228) — See accompanying schedule | | $835,355 |
| Cash | | 119 |
| Receivable for investments sold | | 2,580 |
| Receivable for fund shares sold | | 2,586 |
| Receivable from investment adviser for expense reductions | | 64 |
| Total assets | | 840,704 |
| Liabilities | | |
| Payable for investments purchased | $5,183 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 116 | |
| Total liabilities | | 5,322 |
| Net Assets | | $835,382 |
| Net Assets consist of: | | |
| Paid in capital | | $790,888 |
| Undistributed net investment income | | 68 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,299 |
| Net unrealized appreciation (depreciation) on investments | | 37,127 |
| Net Assets | | $835,382 |
| Multi-Manager 2060: | | |
| Net Asset Value, offering price and redemption price per share ($614,411 ÷ 60,265 shares) | | $10.20 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($110,853 ÷ 10,869 shares) | | $10.20 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($110,118 ÷ 10,817 shares) | | $10.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $6,726 |
| Expenses | | |
| Transfer agent fees | $1,012 | |
| Distribution and service plan fees | 254 | |
| Independent trustees' fees and expenses | 4 | |
| Total expenses before reductions | 1,270 | |
| Expense reductions | (398) | 872 |
| Net investment income (loss) | | 5,854 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,317) | |
| Capital gain distributions from underlying funds | 34,811 | |
| Total net realized gain (loss) | | 22,494 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 73,829 |
| Net gain (loss) | | 96,323 |
| Net increase (decrease) in net assets resulting from operations | | $102,177 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,854 | $4,003 |
| Net realized gain (loss) | 22,494 | 14,202 |
| Change in net unrealized appreciation (depreciation) | 73,829 | (33,708) |
| Net increase (decrease) in net assets resulting from operations | 102,177 | (15,503) |
| Distributions to shareholders from net investment income | (5,635) | (3,886) |
| Distributions to shareholders from net realized gain | (20,433) | (22,886) |
| Total distributions | (26,068) | (26,772) |
| Share transactions - net increase (decrease) | 268,267 | 185,709 |
| Total increase (decrease) in net assets | 344,376 | 143,434 |
| Net Assets | | |
| Beginning of period | 491,006 | 347,572 |
| End of period | $835,382 | $491,006 |
| Other Information | | |
| Undistributed net investment income end of period | $68 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2060 Fund
| Years ended March 31, | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $9.23 | $10.33 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .10 | .10 | .08 |
| Net realized and unrealized gain (loss) | 1.33 | (.52) | .42 |
| Total from investment operations | 1.43 | (.42) | .50 |
| Distributions from net investment income | (.10) | (.09) | (.08) |
| Distributions from net realized gain | (.36) | (.60) | (.09) |
| Total distributions | (.46) | (.68)C | (.17) |
| Net asset value, end of period | $10.20 | $9.23 | $10.33 |
| Total ReturnD,E | 15.99% | (4.37)% | 5.02% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .19% | .20% | .15%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | .99% | 1.07% | 1.14%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $614 | $290 | $138 |
| Portfolio turnover rateG | 60% | 8% | 13%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.68 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.596 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2060 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $9.24 | $10.34 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .10 | .10 | .08 |
| Net realized and unrealized gain (loss) | 1.32 | (.52) | .43 |
| Total from investment operations | 1.42 | (.42) | .51 |
| Distributions from net investment income | (.10) | (.08) | (.08) |
| Distributions from net realized gain | (.36) | (.60) | (.09) |
| Total distributions | (.46) | (.68) | (.17) |
| Net asset value, end of period | $10.20 | $9.24 | $10.34 |
| Total ReturnC,D | 15.85% | (4.38)% | 5.12% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .12% | .14% | .14%G |
| Expenses net of fee waivers, if any | .10% | .10% | .10%G |
| Expenses net of all reductions | .10% | .10% | .10%G |
| Net investment income (loss) | .99% | 1.08% | 1.13%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $111 | $100 | $105 |
| Portfolio turnover rateF | 60% | 8% | 13%G |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
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 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 but do not include expenses of the underlying funds in which the Fund invests.
F Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2060 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $9.23 | $10.33 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .07 | .08 | .06 |
| Net realized and unrealized gain (loss) | 1.33 | (.52) | .43 |
| Total from investment operations | 1.40 | (.44) | .49 |
| Distributions from net investment income | (.08) | (.07) | (.07) |
| Distributions from net realized gain | (.36) | (.60) | (.09) |
| Total distributions | (.45)C | (.66)D | (.16) |
| Net asset value, end of period | $10.18 | $9.23 | $10.33 |
| Total ReturnE,F | 15.55% | (4.57)% | 4.91% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .37% | .39% | .38%I |
| Expenses net of fee waivers, if any | .35% | .35% | .35%I |
| Expenses net of all reductions | .35% | .35% | .35%I |
| Net investment income (loss) | .74% | .82% | .89%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $110 | $100 | $105 |
| Portfolio turnover rateH | 60% | 8% | 13%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.45 per share is comprised of distributions from net investment income of $.081 and distributions from net realized gain of $.364 per share.
D Total distributions of $.66 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.596 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2017
1. Organization.
Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (the Funds)(formerly Strategic Advisers Multi-Manager Target Date Funds) are funds of Fidelity Boylston 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 Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in affiliated mutual funds and may also invest in unaffiliated mutual funds (the Underlying Funds). The Funds are available only to certain employer-sponsored retirement plans and certain Fidelity brokerage or mutual fund accounts. Each Fund offers Multi-Manager, Class L and Class N 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. 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. 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. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from 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 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. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2017, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. For Fidelity Multi-Manager Income Fund, these differences resulted in distribution reclassifications.
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, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Fidelity Multi-Manager Income Fund | $1,056,528 | $18,540 | $(10,808) | $7,732 |
| Fidelity Multi-Manager 2005 Fund | 345,567 | 7,710 | (6,540) | 1,170 |
| Fidelity Multi-Manager 2010 Fund | 529,682 | 17,831 | (5,191) | 12,640 |
| Fidelity Multi-Manager 2015 Fund | 1,257,347 | 30,299 | (23,937) | 6,362 |
| Fidelity Multi-Manager 2020 Fund | 5,772,649 | 113,857 | (121,361) | (7,504) |
| Fidelity Multi-Manager 2025 Fund | 2,275,055 | 73,645 | (46,290) | 27,355 |
| Fidelity Multi-Manager 2030 Fund | 1,888,934 | 80,782 | (51,719) | 29,063 |
| Fidelity Multi-Manager 2035 Fund | 2,540,287 | 113,110 | (58,583) | 54,527 |
| Fidelity Multi-Manager 2040 Fund | 1,959,409 | 81,213 | (50,991) | 30,222 |
| Fidelity Multi-Manager 2045 Fund | 2,296,729 | 74,883 | (73,202) | 1,681 |
| Fidelity Multi-Manager 2050 Fund | 1,718,622 | 59,068 | (58,147) | 921 |
| Fidelity Multi-Manager 2055 Fund | 1,869,708 | 68,553 | (62,941) | 5,612 |
| Fidelity Multi-Manager 2060 Fund | 801,501 | 38,699 | (4,845) | 33,854 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments |
| Fidelity Multi-Manager Income Fund | $525 | $– | $(4,192) | $7,732 |
| Fidelity Multi-Manager 2005 Fund | 686 | 2,651 | – | 1,170 |
| Fidelity Multi-Manager 2010 Fund | 1,020 | – | (13,775) | 12,640 |
| Fidelity Multi-Manager 2015 Fund | 2,265 | – | (5,737) | 6,362 |
| Fidelity Multi-Manager 2020 Fund | 7,466 | 61,563 | – | (7,504) |
| Fidelity Multi-Manager 2025 Fund | 2,943 | 53,898 | – | 27,355 |
| Fidelity Multi-Manager 2030 Fund | 1,569 | 54,639 | – | 29,063 |
| Fidelity Multi-Manager 2035 Fund | 1,638 | 65,661 | – | 54,527 |
| Fidelity Multi-Manager 2040 Fund | 1,482 | 55,134 | – | 30,222 |
| Fidelity Multi-Manager 2045 Fund | 1,911 | 65,746 | – | 1,681 |
| Fidelity Multi-Manager 2050 Fund | 1,526 | 53,108 | – | 921 |
| Fidelity Multi-Manager 2055 Fund | 465 | 57,099 | – | 5,612 |
| Fidelity Multi-Manager 2060 Fund | 67 | 10,571 | – | 33,854 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | No expiration | | | |
| | Short-term | Long-term | Total no expiration | Total capital loss carryfoward |
| Fidelity Multi-Manager Income Fund | $(4,192) | $– | $(4,192) | $(4,192) |
| Fidelity Multi-Manager 2010 Fund | (773) | (13,002) | (13,775) | (13,775) |
| Fidelity Multi-Manager 2015 Fund | (4,185) | (1,552) | (5,737) | (5,737) |
The tax character of distributions paid was as follows:
| March 31, 2017 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Multi-Manager Income Fund | $20,659 | $– | $20,659 |
| Fidelity Multi-Manager 2005 Fund | 5,530 | – | 5,530 |
| Fidelity Multi-Manager 2010 Fund | 10,372 | 5,351 | 15,723 |
| Fidelity Multi-Manager 2015 Fund | 27,456 | 1,753 | 29,209 |
| Fidelity Multi-Manager 2020 Fund | 70,980 | 36,629 | 107,609 |
| Fidelity Multi-Manager 2025 Fund | 33,557 | 36,611 | 70,168 |
| Fidelity Multi-Manager 2030 Fund | 26,438 | 12,885 | 39,323 |
| Fidelity Multi-Manager 2035 Fund | 28,723 | 54,029 | 82,752 |
| Fidelity Multi-Manager 2040 Fund | 20,149 | 27,434 | 47,583 |
| Fidelity Multi-Manager 2045 Fund | 25,276 | 53,467 | 78,743 |
| Fidelity Multi-Manager 2050 Fund | 21,467 | 49,052 | 70,519 |
| Fidelity Multi-Manager 2055 Fund | 21,458 | 37,525 | 58,983 |
| Fidelity Multi-Manager 2060 Fund | 7,740 | 18,328 | 26,068 |
| March 31, 2016 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Multi-Manager Income Fund | $19,725 | $19,894 | $39,619 |
| Fidelity Multi-Manager 2005 Fund | 6,232 | 9,413 | 15,645 |
| Fidelity Multi-Manager 2010 Fund | 13,839 | 25,025 | 38,864 |
| Fidelity Multi-Manager 2015 Fund | 34,902 | 60,539 | 95,441 |
| Fidelity Multi-Manager 2020 Fund | 73,932 | 150,219 | 224,151 |
| Fidelity Multi-Manager 2025 Fund | 23,436 | 61,118 | 84,554 |
| Fidelity Multi-Manager 2030 Fund | 18,745 | 79,162 | 97,907 |
| Fidelity Multi-Manager 2035 Fund | 17,566 | 73,720 | 91,286 |
| Fidelity Multi-Manager 2040 Fund | 12,578 | 48,510 | 61,088 |
| Fidelity Multi-Manager 2045 Fund | 18,132 | 65,593 | 83,725 |
| Fidelity Multi-Manager 2050 Fund | 15,687 | 73,284 | 88,971 |
| Fidelity Multi-Manager 2055 Fund | 15,440 | 65,316 | 80,756 |
| Fidelity Multi-Manager 2060 Fund | 5,086 | 21,686 | 26,772 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Multi-Manager Income Fund | 597,200 | 587,871 |
| Fidelity Multi-Manager 2005 Fund | 51,259 | 60,764 |
| Fidelity Multi-Manager 2010 Fund | 238,006 | 504,059 |
| Fidelity Multi-Manager 2015 Fund | 378,142 | 893,412 |
| Fidelity Multi-Manager 2020 Fund | 2,656,602 | 1,519,221 |
| Fidelity Multi-Manager 2025 Fund | 1,445,193 | 1,156,879 |
| Fidelity Multi-Manager 2030 Fund | 764,498 | 431,793 |
| Fidelity Multi-Manager 2035 Fund | 1,278,745 | 643,433 |
| Fidelity Multi-Manager 2040 Fund | 1,292,690 | 355,632 |
| Fidelity Multi-Manager 2045 Fund | 1,191,533 | 508,846 |
| Fidelity Multi-Manager 2050 Fund | 780,415 | 522,365 |
| Fidelity Multi-Manager 2055 Fund | 911,412 | 529,333 |
| Fidelity Multi-Manager 2060 Fund | 662,190 | 379,321 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of Fidelity Management & Research Company (FMR), provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding distribution and service fees, transfer agent fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Each Fund's Class N pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class N's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Funds and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
| | Service
Fee | Total Fees | Retained
by FDC |
| Fidelity Multi-Manager Income Fund | | | |
| Class N | .25% | $ 257 | $ 257 |
| Fidelity Multi-Manager 2005 Fund | | | |
| Class N | .25% | $ 260 | $ 260 |
| Fidelity Multi-Manager 2010 Fund | | | |
| Class N | .25% | $ 263 | $ 263 |
| Fidelity Multi-Manager 2015 Fund | | | |
| Class N | .25% | $ 265 | $ 265 |
| Fidelity Multi-Manager 2020 Fund | | | |
| Class N | .25% | $ 266 | $ 266 |
| Fidelity Multi-Manager 2025 Fund | | | |
| Class N | .25% | $ 268 | $268 |
| Fidelity Multi-Manager 2030 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Fidelity Multi-Manager 2035 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2040 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2045 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2050 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2055 Fund | | | |
| Class N | .25% | $ 270 | $ 270 |
| Fidelity Multi-Manager 2060 Fund | | | |
| Class N | .25% | $ 254 | $ 254 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| | Amount | % of
Class-Level Average
Net Assets |
| Fidelity Multi-Manager Income Fund | | |
| Multi-Manager Income | $544 | .05 |
| Class L | 52 | .05 |
| Class N | 51 | .05 |
| | $647 | |
| Fidelity Multi-Manager 2005 Fund | | |
| Multi-Manager 2005 | $83 | .06 |
| Class L | 90 | .09 |
| Class N | 89 | .09 |
| | $262 | |
| Fidelity Multi-Manager 2010 Fund | | |
| Multi-Manager 2010 | $202 | .05 |
| Class L | 66 | .06 |
| Class N | 65 | .06 |
| | $333 | |
| Fidelity Multi-Manager 2015 Fund | | |
| Multi-Manager 2015 | $1,043 | .08 |
| Class L | 87 | .08 |
| Class N | 86 | .08 |
| | $1,216 | |
| Fidelity Multi-Manager 2020 Fund | | |
| Multi-Manager 2020 | $3,165 | .08 |
| Class L | 81 | .08 |
| Class N | 81 | .08 |
| | $3,327 | |
| Fidelity Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | $1,929 | .10 |
| Class L | 89 | .08 |
| Class N | 89 | .08 |
| | $2,107 | |
| Fidelity Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | $1,740 | .12 |
| Class L | 98 | .09 |
| Class N | 97 | .09 |
| | $1,935 | |
| Fidelity Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | $2,671 | .15 |
| Class L | 104 | .10 |
| Class N | 103 | .10 |
| | $2,878 | |
| Fidelity Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | $2,030 | .19 |
| Class L | 111 | .10 |
| Class N | 111 | .10 |
| | $2,252 | |
| Fidelity Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | $2,858 | .18 |
| Class L | 105 | .10 |
| Class N | 105 | .10 |
| | $3,068 | |
| Fidelity Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | $2,500 | .20 |
| Class L | 107 | .10 |
| Class N | 107 | .10 |
| | $2,714 | |
| Fidelity Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | $3,000 | .23 |
| Class L | 107 | .10 |
| Class N | 106 | .10 |
| | $3,213 | |
| Fidelity Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | $772 | .19 |
| Class L | 120 | .12 |
| Class N | 120 | .12 |
| | $1,012 | |
5. Expense Reductions.
The investment adviser contractually agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2018. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes of each applicable Fund were in reimbursement during the period:
| | Expense
Limitations | Reimbursement |
| Fidelity Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | .10% | $95 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | .10% | $237 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | .10% | $863 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | .10% | $967 |
| Class L | .10% | 3 |
| Class N | .35% | 3 |
| Fidelity Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | .10% | $1,296 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | .10% | $1,246 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | .10% | $1,707 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | .10% | $360 |
| Class L | .10% | 19 |
| Class N | .35% | 19 |
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. During the period, these credits reduced the expenses by the following amounts:
| Fidelity Multi-Manager 2045 Fund | $40 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
March 31, 2017 | Year ended
March 31, 2016 |
| Fidelity Multi-Manager Income Fund | | |
| From net investment income | | |
| Multi-Manager Income | $14,871 | $15,176 |
| Class L | 1,592 | 1,685 |
| Class N | 1,328 | 1,438 |
| Total | $17,791 | $18,299 |
| From net realized gain | | |
| Multi-Manager Income | $2,324 | $17,414 |
| Class L | 273 | 1,957 |
| Class N | 271 | 1,949 |
| Total | $2,868 | $21,320 |
| Fidelity Multi-Manager 2005 Fund | | |
| From net investment income | | |
| Multi-Manager 2005 | $1,825 | $2,539 |
| Class L | 1,502 | 1,625 |
| Class N | 1,231 | 1,352 |
| Total | $4,558 | $5,516 |
| From net realized gain | | |
| Multi-Manager 2005 | $364 | $3,986 |
| Class L | 305 | 3,076 |
| Class N | 303 | 3,067 |
| Total | $972 | $10,129 |
| Fidelity Multi-Manager 2010 Fund | | |
| From net investment income | | |
| Multi-Manager 2010 | $5,567 | $8,965 |
| Class L | 1,761 | 1,670 |
| Class N | 1,491 | 1,391 |
| Total | $8,819 | $12,026 |
| From net realized gain | | |
| Multi-Manager 2010 | $4,867 | $19,386 |
| Class L | 1,021 | 3,731 |
| Class N | 1,016 | 3,721 |
| Total | $6,904 | $26,838 |
| Fidelity Multi-Manager 2015 Fund | | |
| From net investment income | | |
| Multi-Manager 2015 | $19,795 | $25,199 |
| Class L | 1,503 | 1,661 |
| Class N | 1,237 | 1,394 |
| Total | $22,535 | $28,254 |
| From net realized gain | | |
| Multi-Manager 2015 | $5,801 | $59,222 |
| Class L | 438 | 3,988 |
| Class N | 435 | 3,977 |
| Total | $6,674 | $67,187 |
| Fidelity Multi-Manager 2020 Fund | | |
| From net investment income | | |
| Multi-Manager 2020 | $54,436 | $58,011 |
| Class L | 1,380 | 1,482 |
| Class N | 1,114 | 1,217 |
| Total | $56,930 | $60,710 |
| From net realized gain | | |
| Multi-Manager 2020 | $48,280 | $154,346 |
| Class L | 1,203 | 4,554 |
| Class N | 1,196 | 4,541 |
| Total | $50,679 | $163,441 |
| Fidelity Multi-Manager 2025 Fund | | |
| From net investment income | | |
| Multi-Manager 2025 | $23,916 | $17,411 |
| Class L | 1,343 | 1,267 |
| Class N | 1,080 | 986 |
| Total | $26,339 | $19,664 |
| From net realized gain | | |
| Multi-Manager 2025 | $39,275 | $54,834 |
| Class L | 2,283 | 5,035 |
| Class N | 2,271 | 5,021 |
| Total | $43,829 | $64,890 |
| Fidelity Multi-Manager 2030 Fund | | |
| From net investment income | | |
| Multi-Manager 2030 | $17,968 | $11,967 |
| Class L | 1,233 | 1,265 |
| Class N | 965 | 1,018 |
| Total | $20,166 | $14,250 |
| From net realized gain | | |
| Multi-Manager 2030 | $16,879 | $70,000 |
| Class L | 1,142 | 6,838 |
| Class N | 1,136 | 6,819 |
| Total | $19,157 | $83,657 |
| Fidelity Multi-Manager 2035 Fund | | |
| From net investment income | | |
| Multi-Manager 2035 | $19,096 | $12,275 |
| Class L | 1,077 | 1,013 |
| Class N | 836 | 803 |
| Total | $21,009 | $14,091 |
| From net realized gain | | |
| Multi-Manager 2035 | $55,222 | $64,720 |
| Class L | 3,283 | 6,246 |
| Class N | 3,238 | 6,229 |
| Total | $61,743 | $77,195 |
| Fidelity Multi-Manager 2040 Fund | | |
| From net investment income | | |
| Multi-Manager 2040 | $12,607 | $6,618 |
| Class L | 925 | 1,027 |
| Class N | 722 | 825 |
| Total | $14,254 | $8,470 |
| From net realized gain | | |
| Multi-Manager 2040 | $27,834 | $38,980 |
| Class L | 2,754 | 6,862 |
| Class N | 2,741 | 6,776 |
| Total | $33,329 | $52,618 |
| Fidelity Multi-Manager 2045 Fund | | |
| From net investment income | | |
| Multi-Manager 2045 | $16,411 | $12,787 |
| Class L | 1,024 | 1,031 |
| Class N | 825 | 822 |
| Total | $18,260 | $14,640 |
| From net realized gain | | |
| Multi-Manager 2045 | $53,307 | $57,849 |
| Class L | 3,612 | 5,654 |
| Class N | 3,564 | 5,582 |
| Total | $60,483 | $69,085 |
| Fidelity Multi-Manager 2050 Fund | | |
| From net investment income | | |
| Multi-Manager 2050 | $13,759 | $10,018 |
| Class L | 1,123 | 1,106 |
| Class N | 900 | 894 |
| Total | $15,782 | $12,018 |
| From net realized gain | | |
| Multi-Manager 2050 | $46,725 | $63,137 |
| Class L | 4,026 | 6,937 |
| Class N | 3,986 | 6,879 |
| Total | $54,737 | $76,953 |
| Fidelity Multi-Manager 2055 Fund | | |
| From net investment income | | |
| Multi-Manager 2055 | $13,743 | $9,947 |
| Class L | 1,073 | 1,008 |
| Class N | 865 | 800 |
| Total | $15,681 | $11,755 |
| From net realized gain | | |
| Multi-Manager 2055 | $37,018 | $55,964 |
| Class L | 3,149 | 6,527 |
| Class N | 3,135 | 6,510 |
| Total | $43,302 | $69,001 |
| Fidelity Multi-Manager 2060 Fund | | |
| From net investment income | | |
| Multi-Manager 2060 | $3,747 | $2,311 |
| Class L | 1,040 | 888 |
| Class N | 848 | 687 |
| Total | $5,635 | $3,886 |
| From net realized gain | | |
| Multi-Manager 2060 | $12,836 | $10,623 |
| Class L | 3,804 | 6,135 |
| Class N | 3,793 | 6,128 |
| Total | $20,433 | $22,886 |
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended March 31, 2017 | Year ended March 31, 2016 | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Fidelity Multi-Manager Income Fund | | | | |
| Multi-Manager Income | | | | |
| Shares sold | 46,915 | 11,399 | $472,923 | $113,683 |
| Reinvestment of distributions | 1,700 | 3,251 | 17,195 | 32,590 |
| Shares redeemed | (48,806) | (20,904) | (493,950) | (201,844) |
| Net increase (decrease) | (191) | (6,254) | $(3,832) | $(55,571) |
| Class L | | | | |
| Reinvestment of distributions | 184 | 363 | $1,865 | $3,642 |
| Shares redeemed | (513) | – | (5,076) | – |
| Net increase (decrease) | (329) | 363 | $(3,211) | $3,642 |
| Class N | | | | |
| Reinvestment of distributions | 158 | 338 | $1,599 | $3,387 |
| Shares redeemed | (511) | – | (5,047) | – |
| Net increase (decrease) | (353) | 338 | $(3,448) | $3,387 |
| Fidelity Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | | | | |
| Shares sold | 203 | 9,150 | $2,083 | $93,793 |
| Reinvestment of distributions | 215 | 645 | 2,189 | 6,525 |
| Shares redeemed | (1,434) | (7,808) | (14,619) | (77,985) |
| Net increase (decrease) | (1,016) | 1,987 | $(10,347) | $22,333 |
| Class L | | | | |
| Reinvestment of distributions | 177 | 463 | $1,807 | $4,701 |
| Shares redeemed | (513) | – | (5,090) | – |
| Net increase (decrease) | (336) | 463 | $(3,283) | $4,701 |
| Class N | | | | |
| Reinvestment of distributions | 151 | 435 | $1,534 | $4,419 |
| Shares redeemed | (510) | – | (5,061) | – |
| Net increase (decrease) | (359) | 435 | $(3,527) | $4,419 |
| Fidelity Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | | | | |
| Shares sold | 14,829 | 10,422 | $152,555 | $110,816 |
| Reinvestment of distributions | 1,020 | 2,726 | 10,434 | 28,351 |
| Shares redeemed | (42,194) | (7,541) | (435,825) | (79,222) |
| Net increase (decrease) | (26,345) | 5,607 | $(272,836) | $59,945 |
| Class L | | | | |
| Reinvestment of distributions | 271 | 519 | $2,782 | $5,401 |
| Shares redeemed | (505) | – | (5,097) | – |
| Net increase (decrease) | (234) | 519 | $(2,315) | $5,401 |
| Class N | | | | |
| Reinvestment of distributions | 244 | 491 | $2,507 | $5,112 |
| Shares redeemed | (503) | – | (5,069) | – |
| Net increase (decrease) | (259) | 491 | $(2,562) | $5,112 |
| Fidelity Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | | | | |
| Shares sold | 15,680 | 32,066 | $168,417 | $343,602 |
| Reinvestment of distributions | 2,425 | 7,990 | 25,596 | 84,421 |
| Shares redeemed | (70,921) | (37,772) | (754,201) | (385,921) |
| Net increase (decrease) | (52,816) | 2,284 | $(560,188) | $42,102 |
| Class L | | | | |
| Reinvestment of distributions | 184 | 534 | $1,941 | $5,649 |
| Shares redeemed | (502) | – | (5,099) | – |
| Net increase (decrease) | (318) | 534 | $(3,158) | $5,649 |
| Class N | | | | |
| Reinvestment of distributions | 158 | 507 | $1,672 | $5,371 |
| Shares redeemed | (500) | – | (5,070) | – |
| Net increase (decrease) | (342) | 507 | $(3,398) | $5,371 |
| Fidelity Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | | | | |
| Shares sold | 182,067 | 156,312 | $1,980,452 | $1,694,454 |
| Reinvestment of distributions | 9,830 | 20,068 | 102,716 | 212,357 |
| Shares redeemed | (103,698) | (52,653) | (1,063,211) | (560,374) |
| Net increase (decrease) | 88,199 | 123,727 | $1,019,957 | $1,346,437 |
| Class L | | | | |
| Reinvestment of distributions | 247 | 567 | $2,583 | $6,036 |
| Shares redeemed | (501) | – | (5,101) | – |
| Net increase (decrease) | (254) | 567 | $(2,518) | $6,036 |
| Class N | | | | |
| Reinvestment of distributions | 221 | 541 | $2,310 | $5,758 |
| Shares redeemed | (499) | – | (5,072) | – |
| Net increase (decrease) | (278) | 541 | $(2,762) | $5,758 |
| Fidelity Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | | | | |
| Shares sold | 118,715 | 76,777 | $1,290,403 | $829,793 |
| Reinvestment of distributions | 5,939 | 6,677 | $63,191 | $72,245 |
| Shares redeemed | (102,394) | (4,097) | (1,115,672) | (43,758) |
| Net increase (decrease) | 22,260 | 79,357 | $237,922 | $858,280 |
| Class L | | | | |
| Reinvestment of distributions | 341 | 577 | $3,626 | $6,302 |
| Shares redeemed | (494) | – | (5,111) | – |
| Net increase (decrease) | (153) | 577 | $(1,485) | $6,302 |
| Class N | | | | |
| Reinvestment of distributions | 315 | 550 | $3,351 | $6,007 |
| Shares redeemed | (492) | – | (5,082) | – |
| Net increase (decrease) | (177) | 550 | $(1,731) | $6,007 |
| Fidelity Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | | | | |
| Shares sold | 53,159 | 74,942 | $561,061 | $775,264 |
| Reinvestment of distributions | 3,263 | 7,670 | 34,847 | 81,967 |
| Shares redeemed | (31,769) | (64,261) | (338,013) | (693,594) |
| Net increase (decrease) | 24,653 | 18,351 | $257,895 | $163,637 |
| Class L | | | | |
| Reinvestment of distributions | 223 | 761 | $2,375 | $8,103 |
| Shares redeemed | (510) | – | (5,087) | – |
| Net increase (decrease) | (287) | 761 | $(2,712) | $8,103 |
| Class N | | | | |
| Reinvestment of distributions | 197 | 735 | $2,101 | $7,837 |
| Shares redeemed | (508) | – | (5,059) | – |
| Net increase (decrease) | (311) | 735 | $(2,958) | $7,837 |
| Fidelity Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | | | | |
| Shares sold | 98,635 | 77,261 | $1,082,907 | $824,537 |
| Reinvestment of distributions | 6,922 | 6,983 | 74,318 | 76,995 |
| Shares redeemed | (53,871) | (15,936) | (584,388) | (179,461) |
| Net increase (decrease) | 51,686 | 68,308 | $572,837 | $722,071 |
| Class L | | | | |
| Reinvestment of distributions | 407 | 654 | $4,360 | $7,259 |
| Shares redeemed | (493) | – | (5,068) | – |
| Net increase (decrease) | (86) | 654 | $(708) | $7,259 |
| Class N | | | | |
| Reinvestment of distributions | 381 | 633 | $4,074 | $7,032 |
| Shares redeemed | (491) | – | (5,040) | – |
| Net increase (decrease) | (110) | 633 | $(966) | $7,032 |
| Fidelity Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | | | | |
| Shares sold | 107,559 | 30,701 | $1,175,333 | $332,212 |
| Reinvestment of distributions | 3,767 | 4,142 | 40,441 | 45,598 |
| Shares redeemed | (30,550) | (11,151) | (328,012) | (119,612) |
| Net increase (decrease) | 80,776 | 23,692 | $887,762 | $258,198 |
| Class L | | | | |
| Reinvestment of distributions | 346 | 713 | $3,679 | $7,889 |
| Shares redeemed | (495) | – | (5,068) | – |
| Net increase (decrease) | (149) | 713 | $(1,389) | $7,889 |
| Class N | | | | |
| Reinvestment of distributions | 327 | 687 | $3,463 | $7,601 |
| Shares redeemed | (493) | – | (5,040) | – |
| Net increase (decrease) | (166) | 687 | $(1,577) | $7,601 |
| Fidelity Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | | | | |
| Shares sold | 96,309 | 58,212 | $1,071,451 | $630,540 |
| Reinvestment of distributions | 6,406 | 6,357 | 69,718 | 70,636 |
| Shares redeemed | (46,068) | (25,485) | (508,122) | (262,103) |
| Net increase (decrease) | 56,647 | 39,084 | $633,047 | $439,073 |
| Class L | | | | |
| Reinvestment of distributions | 427 | 597 | $4,636 | $6,685 |
| Shares redeemed | (487) | – | (5,069) | – |
| Net increase (decrease) | (60) | 597 | $(433) | $6,685 |
| Class N | | | | |
| Reinvestment of distributions | 405 | 572 | $4,389 | $6,404 |
| Shares redeemed | (485) | – | (5,039) | – |
| Net increase (decrease) | (80) | 572 | $(650) | $6,404 |
| Fidelity Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | | | | |
| Shares sold | 63,204 | 52,504 | $688,219 | $560,155 |
| Reinvestment of distributions | 5,694 | 6,608 | 60,484 | 73,155 |
| Shares redeemed | (48,866) | (31,341) | (529,999) | (346,681) |
| Net increase (decrease) | 20,032 | 27,771 | $218,704 | $286,629 |
| Class L | | | | |
| Reinvestment of distributions | 485 | 727 | $5,149 | $8,043 |
| Shares redeemed | (495) | – | (5,066) | – |
| Net increase (decrease) | (10) | 727 | $83 | $8,043 |
| Class N | | | | |
| Reinvestment of distributions | 461 | 702 | $4,886 | $7,773 |
| Shares redeemed | (493) | – | (5,039) | – |
| Net increase (decrease) | (32) | 702 | $(153) | $7,773 |
| Fidelity Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | | | | |
| Shares sold | 72,087 | 45,428 | $801,316 | $496,282 |
| Reinvestment of distributions | 4,677 | 5,889 | 50,761 | 65,911 |
| Shares redeemed | (47,501) | (13,518) | (520,703) | (151,383) |
| Net increase (decrease) | 29,263 | 37,799 | $331,374 | $410,810 |
| Class L | | | | |
| Reinvestment of distributions | 390 | 670 | $4,222 | $7,535 |
| Shares redeemed | (487) | – | (5,066) | – |
| Net increase (decrease) | (97) | 670 | $(844) | $7,535 |
| Class N | | | | |
| Reinvestment of distributions | 370 | 649 | $4,000 | $7,310 |
| Shares redeemed | (484) | – | (5,037) | – |
| Net increase (decrease) | (114) | 649 | $(1,037) | $7,310 |
| Fidelity Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | | | | |
| Shares sold | 61,118 | 17,277 | $594,539 | $163,354 |
| Reinvestment of distributions | 1,751 | 1,332 | 16,583 | 12,934 |
| Shares redeemed | (34,062) | (464) | (342,824) | (4,417) |
| Net increase (decrease) | 28,807 | 18,145 | $268,298 | $171,871 |
| Class L | | | | |
| Reinvestment of distributions | 512 | 713 | $4,844 | $7,023 |
| Shares redeemed | (523) | – | (4,767) | – |
| Net increase (decrease) | (11) | 713 | $77 | $7,023 |
| Class N | | | | |
| Reinvestment of distributions | 492 | 691 | $4,641 | $6,815 |
| Shares redeemed | (522) | – | (4,749) | – |
| Net increase (decrease) | (30) | 691 | $(108) | $6,815 |
8. 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 the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares of the following Funds:
| | Affiliated |
| Fidelity Multi-Manager Income Fund | 21% |
| Fidelity Multi-Manager 2005 Fund | 93% |
| Fidelity Multi-Manager 2010 Fund | 53% |
| Fidelity Multi-Manager 2015 Fund | 21% |
| Fidelity Multi-Manager 2025 Fund | 12% |
| Fidelity Multi-Manager 2030 Fund | 16% |
| Fidelity Multi-Manager 2035 Fund | 11% |
| Fidelity Multi-Manager 2040 Fund | 15% |
| Fidelity Multi-Manager 2045 Fund | 14% |
| Fidelity Multi-Manager 2050 Fund | 15% |
| Fidelity Multi-Manager 2055 Fund | 13% |
| Fidelity Multi-Manager 2060 Fund | 36% |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Boylston Street Trust and the Shareholders of Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (formerly Strategic Advisers Multi-Manager Target Date Funds):
We have audited the accompanying statements of assets and liabilities of Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (the Funds), each a fund of the Fidelity Boylston Street Trust, including the schedules of investments, as of March 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund as of March 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 23, 2017
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 244 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2007
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2007
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Interim Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including 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, 2016 to March 31, 2017).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates 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
October 1, 2016 | Ending
Account Value
March 31, 2017 | Expenses Paid
During Period-B
October 1, 2016
to March 31, 2017 |
| Fidelity Multi-Manager Income Fund | | | | |
| Multi-Manager Income | .06% | | | |
| Actual | | $1,000.00 | $1,016.70 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.63 | $.30 |
| Class L | .05% | | | |
| Actual | | $1,000.00 | $1,016.80 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.68 | $.25 |
| Class N | .30% | | | |
| Actual | | $1,000.00 | $1,016.50 | $1.51 |
| Hypothetical-C | | $1,000.00 | $1,023.44 | $1.51 |
| Fidelity Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | .06% | | | |
| Actual | | $1,000.00 | $1,027.30 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.63 | $.30 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,028.20 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.48 | $.45 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,026.40 | $1.72 |
| Hypothetical-C | | $1,000.00 | $1,023.24 | $1.72 |
| Fidelity Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | .05% | | | |
| Actual | | $1,000.00 | $1,036.00 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.68 | $.25 |
| Class L | .07% | | | |
| Actual | | $1,000.00 | $1,036.10 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.58 | $.35 |
| Class N | .32% | | | |
| Actual | | $1,000.00 | $1,035.10 | $1.62 |
| Hypothetical-C | | $1,000.00 | $1,023.34 | $1.61 |
| Fidelity Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | .08% | | | |
| Actual | | $1,000.00 | $1,044.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,044.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,043.90 | $1.68 |
| Hypothetical-C | | $1,000.00 | $1,023.29 | $1.66 |
| Fidelity Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | .08% | | | |
| Actual | | $1,000.00 | $1,049.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,049.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,049.00 | $1.69 |
| Hypothetical-C | | $1,000.00 | $1,023.29 | $1.66 |
| Fidelity Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | .10% | | | |
| Actual | | $1,000.00 | $1,056.00 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,055.10 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,055.10 | $1.69 |
| Hypothetical-C | | $1,000.00 | $1,023.29 | $1.66 |
| Fidelity Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | .10% | | | |
| Actual | | $1,000.00 | $1,070.40 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,070.40 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.48 | $.45 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,069.50 | $1.75 |
| Hypothetical-C | | $1,000.00 | $1,023.24 | $1.72 |
| Fidelity Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | .10% | | | |
| Actual | | $1,000.00 | $1,081.50 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,081.40 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.50 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | .10% | | | |
| Actual | | $1,000.00 | $1,082.50 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,082.20 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.40 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | .10% | | | |
| Actual | | $1,000.00 | $1,081.40 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,082.20 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.40 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | .10% | | | |
| Actual | | $1,000.00 | $1,081.90 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,081.80 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.90 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | .10% | | | |
| Actual | | $1,000.00 | $1,081.20 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,082.10 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.30 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | .10% | | | |
| Actual | | $1,000.00 | $1,082.50 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,081.30 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.60 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| | | | | |
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 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Multi-Manager Income Fund | | | | |
| Multi-Manager Income | 05/08/17 | 05/05/17 | $0.003 | $0.000 |
| Class L | 05/08/17 | 05/05/17 | $0.003 | $0.000 |
| Class N | 05/08/17 | 05/05/17 | $0.001 | $0.000 |
| Fidelity Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | 05/15/17 | 05/12/17 | $0.026 | $0.082 |
| Class L | 05/15/17 | 05/12/17 | $0.025 | $0.082 |
| Class N | 05/15/17 | 05/12/17 | $0.019 | $0.082 |
| Fidelity Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | 05/15/17 | 05/12/17 | $0.024 | $0.000 |
| Class L | 05/15/17 | 05/12/17 | $0.024 | $0.000 |
| Class N | 05/15/17 | 05/12/17 | $0.017 | $0.000 |
| Fidelity Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | 05/15/17 | 05/12/17 | $0.022 | $0.000 |
| Class L | 05/15/17 | 05/12/17 | $0.023 | $0.000 |
| Class N | 05/15/17 | 05/12/17 | $0.016 | $0.000 |
| Fidelity Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | 05/15/17 | 05/12/17 | $0.016 | $0.113 |
| Class L | 05/15/17 | 05/12/17 | $0.016 | $0.113 |
| Class N | 05/15/17 | 05/12/17 | $0.009 | $0.113 |
| Fidelity Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | 05/15/17 | 05/12/17 | $0.016 | $0.247 |
| Class L | 05/15/17 | 05/12/17 | $0.016 | $0.247 |
| Class N | 05/15/17 | 05/12/17 | $0.009 | $0.247 |
| Fidelity Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | 05/15/17 | 05/12/17 | $0.010 | $0.261 |
| Class L | 05/15/17 | 05/12/17 | $0.009 | $0.261 |
| Class N | 05/15/17 | 05/12/17 | $0.003 | $0.261 |
| Fidelity Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | 05/15/17 | 05/12/17 | $0.005 | $0.262 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.262 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.258 |
| Fidelity Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | 05/15/17 | 05/12/17 | $0.004 | $0.326 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.326 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.322 |
| Fidelity Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | 05/15/17 | 05/12/17 | $0.004 | $0.312 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.312 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.308 |
| Fidelity Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | 05/15/17 | 05/12/17 | $0.004 | $0.354 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.354 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.350 |
| Fidelity Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | 05/15/17 | 05/12/17 | $0.005 | $0.354 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.354 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.354 |
| Fidelity Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | 05/15/17 | 05/12/17 | $0.003 | $0.130 |
| Class L | 05/15/17 | 05/12/17 | $0.003 | $0.130 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.130 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2017, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Multi-Manager 2005 Fund | $2,651 |
| Fidelity Multi-Manager 2020 Fund | $61,563 |
| Fidelity Multi-Manager 2025 Fund | $73,566 |
| Fidelity Multi-Manager 2030 Fund | $67,523 |
| Fidelity Multi-Manager 2035 Fund | $98,174 |
| Fidelity Multi-Manager 2040 Fund | $69,490 |
| Fidelity Multi-Manager 2045 Fund | $101,359 |
| Fidelity Multi-Manager 2050 Fund | $84,328 |
| Fidelity Multi-Manager 2055 Fund | $75,962 |
| Fidelity Multi-Manager 2060 Fund | $22,249 |
|
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Fidelity Multi-Manager Income Fund | 7.07% |
| Fidelity Multi-Manager 2005 Fund | 5.30% |
| Fidelity Multi-Manager 2010 Fund | 3.80% |
| Fidelity Multi-Manager 2015 Fund | 2.82% |
| Fidelity Multi-Manager 2020 Fund | 2.30% |
| Fidelity Multi-Manager 2025 Fund | 1.66% |
| Fidelity Multi-Manager 2030 Fund | 0.78% |
| Fidelity Multi-Manager 2035 Fund | 0.20% |
| Fidelity Multi-Manager 2040 Fund | 0.20% |
| Fidelity Multi-Manager 2045 Fund | 0.19% |
| Fidelity Multi-Manager 2050 Fund | 0.18% |
| Fidelity Multi-Manager 2055 Fund | 0.18% |
| Fidelity Multi-Manager 2060 Fund | 0.18% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Retail | Class L | Class N |
| Fidelity Multi-Manager Income Fund | | | |
| April 2016 | 2% | 2% | 3% |
| May 2016 | 12% | 12% | 19% |
| June 2016 | 13% | 13% | 17% |
| July 2016 | 13% | 13% | 15% |
| August 2016 | 13% | 13% | 14% |
| September 2016 | 13% | 13% | 16% |
| October 2016 | 13% | 13% | 16% |
| November 2016 | 13% | 13% | 16% |
| December 2016 | 13% | 13% | 13% |
| February 2017 | 0% | 0% | 0% |
| March 2017 | 0% | 0% | 0% |
| Fidelity Multi-Manager 2005 Fund | | | |
| May 2016 | 1% | 1% | 2% |
| December 2016 | 18% | 18% | 20% |
| Fidelity Multi-Manager 2010 Fund | | | |
| May 2016 | 2% | 2% | 2% |
| December 2016 | 21% | 21% | 24% |
| Fidelity Multi-Manager 2015 Fund | | | |
| May 2016 | 2% | 2% | 3% |
| December 2016 | 26% | 26% | 29% |
| Fidelity Multi-Manager 2020 Fund | | | |
| May 2016 | 2% | 2% | 3% |
| December 2016 | 28% | 28% | 32% |
| Fidelity Multi-Manager 2025 Fund | | | |
| May 2016 | 3% | 3% | 5% |
| December 2016 | 32% | 32% | 36% |
| Fidelity Multi-Manager 2030 Fund | | | |
| May 2016 | 7% | 7% | 21% |
| December 2016 | 39% | 39% | 45% |
| Fidelity Multi-Manager 2035 Fund | | | |
| May 2016 | 12% | 12% | 0% |
| December 2016 | 45% | 45% | 53% |
| Fidelity Multi-Manager 2040 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 42% | 43% | 50% |
| Fidelity Multi-Manager 2045 Fund | | | |
| May 2016 | 16% | 16% | 0% |
| December 2016 | 44% | 45% | 51% |
| Fidelity Multi-Manager 2050 Fund | | | |
| May 2016 | 20% | 25% | 0% |
| December 2016 | 45% | 45% | 52% |
| Fidelity Multi-Manager 2055 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 45% | 45% | 52% |
| Fidelity Multi-Manager 2060 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 45% | 45% | 52% |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| | Retail | Class L | Class N |
| Fidelity Multi-Manager Income Fund | | | |
| April 2016 | 5% | 5% | 6% |
| May 2016 | 23% | 23% | 35% |
| June 2016 | 24% | 24% | 31% |
| July 2016 | 24% | 24% | 29% |
| August 2016 | 24% | 24% | 27% |
| September 2016 | 24% | 24% | 29% |
| October 2016 | 24% | 24% | 30% |
| November 2016 | 24% | 24% | 30% |
| December 2016 | 24% | 24% | 25% |
| February 2017 | 0% | 0% | 0% |
| March 2017 | 0% | 0% | 0% |
| Fidelity Multi-Manager 2005 Fund | | | |
| May 2016 | 3% | 3% | 4% |
| December 2016 | 35% | 35% | 40% |
| Fidelity Multi-Manager 2010 Fund | | | |
| May 2016 | 3% | 3% | 4% |
| December 2016 | 36% | 36% | 40% |
| Fidelity Multi-Manager 2015 Fund | | | |
| May 2016 | 4% | 4% | 5% |
| December 2016 | 46% | 46% | 52% |
| Fidelity Multi-Manager 2020 Fund | | | |
| May 2016 | 5% | 5% | 6% |
| December 2016 | 51% | 51% | 58% |
| Fidelity Multi-Manager 2025 Fund | | | |
| May 2016 | 7% | 7% | 10% |
| December 2016 | 57% | 57% | 65% |
| Fidelity Multi-Manager 2030 Fund | | | |
| May 2016 | 13% | 13% | 37% |
| December 2016 | 70% | 70% | 80% |
| Fidelity Multi-Manager 2035 Fund | | | |
| May 2016 | 21% | 21% | 0% |
| December 2016 | 80% | 80% | 93% |
| Fidelity Multi-Manager 2040 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 79% | 81% | 94% |
| Fidelity Multi-Manager 2045 Fund | | | |
| May 2016 | 29% | 29% | 0% |
| December 2016 | 79% | 79% | 91% |
| Fidelity Multi-Manager 2050 Fund | | | |
| May 2016 | 35% | 44% | 0% |
| December 2016 | 79% | 79% | 90% |
| Fidelity Multi-Manager 2055 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 79% | 79% | 91% |
| Fidelity Multi-Manager 2060 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 79% | 79% | 91% |
|
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Multi-Manager Income Fund | | | |
| Multi-Manager Income | 12/31/14 | $0.0373 | $0.0032 |
| | 12/31/15 | $0.0164 | $0.0019 |
| | 12/30/16 | $0.0195 | $0.0028 |
| Class L | 12/31/14 | $0.0373 | $0.0032 |
| | 12/31/15 | $0.0164 | $0.0019 |
| | 12/30/16 | $0.0198 | $0.0028 |
| Class N | 12/31/14 | $0.0354 | $0.0032 |
| | 12/31/15 | $0.0151 | $0.0019 |
| | 12/30/16 | $0.0186 | $0.0028 |
| Fidelity Multi-Manager 2005 Fund | | | |
| Multi-Manager 2005 | 12/31/14 | $0.0700 | $0.0029 |
| | 12/31/15 | $0.0271 | $0.0029 |
| | 12/30/16 | $0.0248 | $0.0035 |
| Class L | 12/31/14 | $0.0689 | $0.0029 |
| | 12/31/15 | $0.0266 | $0.0029 |
| | 12/30/16 | $0.0246 | $0.0035 |
| Class N | 12/31/14 | $0.0631 | $0.0029 |
| | 12/31/15 | $0.0231 | $0.0029 |
| | 12/30/16 | $0.0216 | $0.0035 |
| Fidelity Multi-Manager 2010 Fund | | | |
| Multi-Manager 2010 | 12/31/14 | $0.0759 | $0.0066 |
| | 12/31/15 | $0.0348 | $0.0037 |
| | 12/30/16 | $0.0302 | $0.0042 |
| Class L | 12/31/14 | $0.0750 | $0.0066 |
| | 12/31/15 | $0.0346 | $0.0037 |
| | 12/30/16 | $0.0304 | $0.0042 |
| Class N | 12/31/14 | $0.0689 | $0.0066 |
| | 12/31/15 | $0.0303 | $0.0037 |
| | 12/30/16 | $0.0272 | $0.0042 |
| Fidelity Multi-Manager 2015 Fund | | | |
| Multi-Manager 2015 | 12/31/14 | $0.0888 | $0.0081 |
| | 12/31/15 | $0.0415 | $0.0044 |
| | 12/30/16 | $0.0359 | $0.0050 |
| Class L | 12/31/14 | $0.0876 | $0.0081 |
| | 12/31/15 | $0.0415 | $0.0044 |
| | 12/30/16 | $0.0359 | $0.0050 |
| Class N | 12/31/14 | $0.0794 | $0.0081 |
| | 12/31/15 | $0.0365 | $0.0044 |
| | 12/30/16 | $0.0315 | $0.0050 |
| Fidelity Multi-Manager 2020 Fund | | | |
| Multi-Manager 2020 | 12/31/14 | $0.1034 | $0.0093 |
| | 12/31/15 | $0.0429 | $0.0049 |
| | 12/30/16 | $0.0386 | $0.0054 |
| Class L | 12/31/14 | $0.1026 | $0.0093 |
| | 12/31/15 | $0.0426 | $0.0049 |
| | 12/30/16 | $0.0386 | $0.0054 |
| Class N | 12/31/14 | $0.0942 | $0.0093 |
| | 12/31/15 | $0.0372 | $0.0049 |
| | 12/30/16 | $0.0337 | $0.0054 |
| Fidelity Multi-Manager 2025 Fund | | | |
| Multi-Manager 2025 | 12/31/14 | $0.1236 | $0.0113 |
| | 12/31/15 | $0.0470 | $0.0054 |
| | 12/30/16 | $0.0442 | $0.0060 |
| Class L | 12/31/14 | $0.1217 | $0.0113 |
| | 12/31/15 | $0.0467 | $0.0054 |
| | 12/30/16 | $0.0445 | $0.0060 |
| Class N | 12/31/14 | $0.1118 | $0.0113 |
| | 12/31/15 | $0.0396 | $0.0054 |
| | 12/30/16 | $0.0389 | $0.0060 |
| Fidelity Multi-Manager 2030 Fund | | | |
| Multi-Manager 2030 | 12/31/14 | $0.1597 | $0.0137 |
| | 12/31/15 | $0.0643 | $0.0064 |
| | 12/30/16 | $0.0520 | $0.0070 |
| Class L | 12/31/14 | $0.1597 | $0.0137 |
| | 12/31/15 | $0.0651 | $0.0064 |
| | 12/30/16 | $0.0520 | $0.0070 |
| Class N | 12/31/14 | $0.1495 | $0.0137 |
| | 12/31/15 | $0.0568 | $0.0064 |
| | 12/30/16 | $0.0454 | $0.0070 |
| Fidelity Multi-Manager 2035 Fund | | | |
| Multi-Manager 2035 | 12/31/14 | $0.1632 | $0.0145 |
| | 12/31/15 | $0.0663 | $0.0073 |
| | 12/30/16 | $0.0575 | $0.0077 |
| Class L | 12/31/14 | $0.1632 | $0.0145 |
| | 12/31/15 | $0.0658 | $0.0073 |
| | 12/30/16 | $0.0575 | $0.0077 |
| Class N | 12/31/14 | $0.1520 | $0.0145 |
| | 12/31/15 | $0.0555 | $0.0073 |
| | 12/30/16 | $0.0495 | $0.0077 |
| Fidelity Multi-Manager 2040 Fund | | | |
| Multi-Manager 2040 | 12/31/14 | $0.1723 | $0.0150 |
| | 12/31/15 | $0.0681 | $0.0072 |
| | 12/30/16 | $0.0575 | $0.0077 |
| Class L | 12/31/14 | $0.1713 | $0.0150 |
| | 12/31/15 | $0.0676 | $0.0072 |
| | 12/30/16 | $0.0563 | $0.0077 |
| Class N | 12/31/14 | $0.1605 | $0.0150 |
| | 12/31/15 | $0.0580 | $0.0072 |
| | 12/30/16 | $0.0483 | $0.0077 |
| Fidelity Multi-Manager 2045 Fund | | | |
| Multi-Manager 2045 | 12/31/14 | $0.1640 | $0.0146 |
| | 12/31/15 | $0.0658 | $0.0073 |
| | 12/30/16 | $0.0579 | $0.0077 |
| Class L | 12/31/14 | $0.1626 | $0.0146 |
| | 12/31/15 | $0.0648 | $0.0073 |
| | 12/30/16 | $0.0576 | $0.0077 |
| Class N | 12/31/14 | $0.1521 | $0.0146 |
| | 12/31/15 | $0.0546 | $0.0073 |
| | 12/30/16 | $0.0499 | $0.0077 |
| Fidelity Multi-Manager 2050 Fund | | | |
| Multi-Manager 2050 | 12/31/14 | $0.1722 | $0.0150 |
| | 12/31/15 | $0.0711 | $0.0074 |
| | 12/30/16 | $0.0602 | $0.0080 |
| Class L | 12/31/14 | $0.1717 | $0.0150 |
| | 12/31/15 | $0.0711 | $0.0074 |
| | 12/30/16 | $0.0598 | $0.0080 |
| Class N | 12/31/14 | $0.1605 | $0.0150 |
| | 12/31/15 | $0.0610 | $0.0074 |
| | 12/30/16 | $0.0523 | $0.0080 |
| Fidelity Multi-Manager 2055 Fund | | | |
| Multi-Manager 2055 | 12/31/14 | $0.1662 | $0.0150 |
| | 12/31/15 | $0.0682 | $0.0073 |
| | 12/30/16 | $0.0602 | $0.0080 |
| Class L | 12/31/14 | $0.1652 | $0.0150 |
| | 12/31/15 | $0.0677 | $0.0073 |
| | 12/30/16 | $0.0602 | $0.0080 |
| Class N | 12/31/14 | $0.1538 | $0.0150 |
| | 12/31/15 | $0.0577 | $0.0073 |
| | 12/30/16 | $0.0522 | $0.0080 |
| Fidelity Multi-Manager 2060 Fund | | | |
| Multi-Manager 2060 | 12/30/16 | $0.0539 | $0.0070 |
| Class L | 12/30/16 | $0.0535 | $0.0070 |
| Class N | 12/30/16 | $0.0467 | $0.0070 |
|
The funds will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.
OLF-ANN-0517
1.954274.104
Fidelity® Multi-Manager Target Date Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Class L & Class N
Annual Report March 31, 2017 |
|
Contents
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.
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A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Fidelity® Multi-Manager Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 5.83% | 3.42% |
| Class N | 5.67% | 3.23% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager Income Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager Income Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $11,549 | Fidelity® Multi-Manager Income Fund - Class L |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 7.67% | 4.60% |
| Class N | 7.41% | 4.39% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2005 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2005 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2005 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,123 | Fidelity® Multi-Manager 2005 Fund - Class L |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 9.08% | 5.57% |
| Class N | 8.82% | 5.35% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2010 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2010 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2014, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2010 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,608 | Fidelity® Multi-Manager 2010 Fund - Class L |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 10.41% | 6.02% |
| Class N | 10.15% | 5.81% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2015 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2015 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2015 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,841 | Fidelity® Multi-Manager 2015 Fund - Class L |
| $10,829 | Bloomberg Barclays U.S. Aggregate Bond Index |
Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.
Fidelity® Multi-Manager 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 11.28% | 6.46% |
| Class N | 11.01% | 6.25% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2020 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2020 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2020 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $13,071 | Fidelity® Multi-Manager 2020 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 12.11% | 7.35% |
| Class N | 11.95% | 7.16% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2025 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2025 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2025 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $13,547 | Fidelity® Multi-Manager 2025 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 14.36% | 7.97% |
| Class N | 14.10% | 7.76% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2030 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2030 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2030 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $13,884 | Fidelity® Multi-Manager 2030 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 15.86% | 8.75% |
| Class N | 15.60% | 8.53% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2035 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2035 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2035 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $14,320 | Fidelity® Multi-Manager 2035 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 15.91% | 8.82% |
| Class N | 15.62% | 8.60% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2040 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2040 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2040 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $14,357 | Fidelity® Multi-Manager 2040 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 15.91% | 8.95% |
| Class N | 15.59% | 8.73% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2045 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2045 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2045 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $14,430 | Fidelity® Multi-Manager 2045 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 15.88% | 8.97% |
| Class N | 15.64% | 8.77% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2050 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2050 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2050 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $14,446 | Fidelity® Multi-Manager 2050 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 15.97% | 9.15% |
| Class N | 15.58% | 8.93% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Fidelity® Multi-Manager 2055 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Fidelity® Multi-Manager 2055 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2055 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $14,546 | Fidelity® Multi-Manager 2055 Fund - Class L |
| $17,910 | S&P 500® Index |
Fidelity® Multi-Manager 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2017 | Past 1 year | Life of fundA |
| Class L | 15.85% | 5.91% |
| Class N | 15.55% | 5.64% |
A From August 5, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Multi-Manager 2060 Fund - Class L on August 5, 2014, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $11,646 | Fidelity® Multi-Manager 2060 Fund - Class L |
| $13,024 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Despite bouts of volatility, the MSCI ACWI (All Country World Index) Index of global equities gained 15.52% for the year ending March 31, 2017, surging from November onward on renewed optimism for economic growth before leveling off in March. Earlier on, sentiment had been bolstered by U.S. economic strength, a global rally in energy and other stimuli that helped establish the uptrend. Markets tumbled briefly after Brexit – the U.K.’s June vote to exit the European Union. Later, in response to President Trump’s surprise victory in November, U.S. stocks hit a series of all-time highs on expectations for reflation and fiscal stimulus. Non-U.S. markets responded similarly.
Globally, small-cap stocks bested large-caps, although this trend was reversed for the first quarter of 2017. Similarly, value- outperformed growth-oriented stocks across all market capitalizations for the full year, despite a first-quarter 2017 reversal. Regionally within the MSCI ACWI, emerging markets (+18%) and Canada (+16%) benefited from rising commodity prices. The U.S. (+17%) also outperformed, as noted. Japan (+15%) lagged the rest of the Asia Pacific group (+18%). Meanwhile, Europe (+12%) and the U.K. (+6%) battled Brexit stress for much of the year.
Among sectors, materials (+26%) was helped by promises of increased U.S. infrastructure spending plus a cyclical rebound in commodity prices that also buoyed industrials (+16%) and energy (+16%). Financials (+26%) rode an uptick in interest rates and a late rally in banks. Similarly, technology (+25%) rose on expectations of higher enterprise IT spending. Conversely, telecom services (+1%), consumer staples (+5%) and utilities (+5%) lagged as an improved backdrop for riskier assets curbed demand for dividend-rich sectors; real estate (+4%) faced the additional concern of potential future interest rate hikes. Health care (+9%) was hampered by political and regulatory uncertainty.
In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.44%. Yields rallied in reaction to Trump’s potentially stimulative and inflationary economic agenda, as well as the U.S. Federal Reserve’s December rate hike. Within the Bloomberg Barclays index, spread sectors outperformed Treasuries, led by corporate credit. Outside the index, riskier, non-core fixed-income segments such as emerging-markets and U.S. high-yield debt rose strongly; inflation-protected securities also outperformed.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2017, the share classes of each Fund posted a positive return. Results moved along a spectrum: The more conservative Fidelity Multi-Manager Income Fund gained about 6%, while longer-dated, more aggressive Funds – starting with Fidelity Multi-Manager 2035 Fund – gained about 16%. Each Fund led its respective Composite benchmark by about 1 to 2 percentage points. Versus Composites, asset allocation added substantial value for the year, most notably from underweighting the investment-grade debt asset class and overweighting emerging-markets equity. Allocations to high-yield debt also helped, offset somewhat by allocations to commodity securities that, despite a positive result, underperformed most Composites and thus generally detracted for the year. Selection effects from underlying holdings were mixed across Funds. At the individual-investment level, Strategic Advisers
® Core Income Multi-Manager Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index by nearly 2 percentage points. Strategic Advisers
® Emerging Markets Fund of Funds topped its fund-level benchmark as well. Conversely, lagging performance from our U.S. large-cap growth equity investment more than offset the positive selection effect from the Fund’s large-cap value investment. That said, it was our investment in Strategic Advisers International Multi-Manager Fund that detracted most this year, as it lagged its fund-level benchmark by a substantial amount.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Multi-Manager Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 37.6 | 37.5 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 21.0 | 17.3 |
| Fidelity Series Short-Term Credit Fund Class F | 7.0 | 9.3 |
| Strategic Advisers International Multi-Manager Fund Class F | 5.9 | 5.5 |
| Strategic Advisers Value Multi-Manager Fund Class F | 4.6 | 4.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 4.6 | 4.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 4.6 | 4.9 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.9 | 3.8 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 3.9 | 4.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 2.3 | 2.4 |
| | 95.4 | 94.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 17.1% |
| | International Equity Funds | 10.5% |
| | Bond Funds | 44.4% |
| | Short-Term Funds | 28.0% |
| Six months ago |
| | Domestic Equity Funds | 17.4% |
| | International Equity Funds | 10.4% |
| | Bond Funds | 45.6% |
| | Short-Term Funds | 26.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager Income Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 17.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,345 | $17,894 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 3,892 | 49,034 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 3,146 | 40,894 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 2,528 | 24,723 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 3,276 | 49,167 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $179,773) | | | 181,712 |
|
| International Equity Funds - 10.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 4,920 | 48,903 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 5,333 | 62,879 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $103,686) | | | 111,782 |
|
| Bond Funds - 44.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 717 | 7,336 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 281 | 2,670 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 4,159 | 41,134 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 476 | 5,290 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 40,684 | 399,924 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,593 | 16,041 |
| TOTAL BOND FUNDS | | | |
| (Cost $470,717) | | | 472,395 |
|
| Short-Term Funds - 28.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 223,605 | 223,605 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 7,499 | 74,766 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $298,502) | | | 298,371 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,052,678) | | | 1,064,260 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (66) |
| NET ASSETS - 100% | | | $1,064,194 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $170,557 | $138,681 | $85,633 | $747 | $223,605 |
| Fidelity Series Commodity Strategy Fund Class F | 12,821 | 16,388 | 12,621 | -- | 17,894 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,498 | 3,289 | 2,988 | 492 | 7,336 |
| Fidelity Series Floating Rate High Income Fund Class F | 2,578 | 1,301 | 1,381 | 141 | 2,670 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 39,172 | 21,412 | 19,343 | 73 | 41,134 |
| Fidelity Series Real Estate Income Fund Class F | 4,962 | 2,788 | 2,514 | 318 | 5,290 |
| Fidelity Series Short-Term Credit Fund Class F | 92,426 | 52,934 | 70,215 | 1,253 | 74,766 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 400,970 | 195,467 | 192,325 | 10,081 | 399,924 |
| Strategic Advisers Core Multi-Manager Fund Class F | 53,445 | 26,565 | 34,177 | 526 | 49,034 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 45,826 | 22,550 | 28,179 | 495 | 48,903 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 44,598 | 24,320 | 27,494 | 336 | 40,894 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 31,145 | 10,682 | 28,570 | 1,791 | 16,041 |
| Strategic Advisers International Multi-Manager Fund Class F | 46,760 | 40,389 | 28,440 | 1,134 | 62,879 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 26,768 | 16,143 | 18,226 | 11 | 24,723 |
| Strategic Advisers Value Multi-Manager Fund Class F | 53,390 | 24,291 | 35,765 | 948 | 49,167 |
| Total | $1,031,916 | $597,200 | $587,871 | $18,346 | $1,064,260 |
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.
Fidelity® Multi-Manager Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,052,678) — See accompanying schedule | | $1,064,260 |
| Receivable for investments sold | | 22,491 |
| Receivable for fund shares sold | | 1,810 |
| Total assets | | 1,088,561 |
| Liabilities | | |
| Payable for investments purchased | $24,298 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 47 | |
| Total liabilities | | 24,367 |
| Net Assets | | $1,064,194 |
| Net Assets consist of: | | |
| Paid in capital | | $1,060,129 |
| Distributions in excess of net investment income | | (248) |
| Accumulated undistributed net realized gain (loss) on investments | | (7,269) |
| Net unrealized appreciation (depreciation) on investments | | 11,582 |
| Net Assets | | $1,064,194 |
| Multi-Manager Income: | | |
| Net Asset Value, offering price and redemption price per share ($852,606 ÷ 82,683 shares) | | $10.31 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,236 ÷ 10,301 shares) | | $10.31 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($105,352 ÷ 10,221 shares) | | $10.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $18,346 |
| Expenses | | |
| Transfer agent fees | $647 | |
| Distribution and service plan fees | 257 | |
| Independent trustees' fees and expenses | 7 | |
| Total expenses | | 911 |
| Net investment income (loss) | | 17,435 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (13,472) | |
| Capital gain distributions from underlying funds | 23,041 | |
| Total net realized gain (loss) | | 9,569 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 36,484 |
| Net gain (loss) | | 46,053 |
| Net increase (decrease) in net assets resulting from operations | | $63,488 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $17,435 | $18,510 |
| Net realized gain (loss) | 9,569 | (5,422) |
| Change in net unrealized appreciation (depreciation) | 36,484 | (25,916) |
| Net increase (decrease) in net assets resulting from operations | 63,488 | (12,828) |
| Distributions to shareholders from net investment income | (17,791) | (18,299) |
| Distributions to shareholders from net realized gain | (2,868) | (21,320) |
| Total distributions | (20,659) | (39,619) |
| Share transactions - net increase (decrease) | (10,491) | (48,542) |
| Total increase (decrease) in net assets | 32,338 | (100,989) |
| Net Assets | | |
| Beginning of period | 1,031,856 | 1,132,845 |
| End of period | $1,064,194 | $1,031,856 |
| Other Information | | |
| Undistributed net investment income end of period | $– | $881 |
| Distributions in excess of net investment income end of period | $(248) | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager Income Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.91 | $10.33 | $10.29 | $10.14 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .17 | .18 | .14 | .04 |
| Net realized and unrealized gain (loss) | .43 | (.24) | .22 | .24 | .13 |
| Total from investment operations | .58 | (.07) | .40 | .38 | .17 |
| Distributions from net investment income | (.16)C | (.16) | (.19) | (.12) | (.03) |
| Distributions from net realized gain | (.03)C | (.19) | (.18) | (.11) | – |
| Total distributions | (.18)D | (.35) | (.36)E | (.23) | (.03) |
| Net asset value, end of period | $10.31 | $9.91 | $10.33 | $10.29 | $10.14 |
| Total ReturnF,G | 5.92% | (.65)% | 3.98% | 3.79% | 1.71% |
| Ratios to Average Net AssetsH,I | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .06% | .15%J |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .06% | .06%J |
| Expenses net of all reductions | .05% | .05% | .05% | .06% | .06%J |
| Net investment income (loss) | 1.46% | 1.66% | 1.77% | 1.43% | 1.52%J |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $853 | $822 | $921 | $702 | $102 |
| Portfolio turnover rateH | 49% | 44% | 23% | 40% | 0%K |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions of $.18 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.027 per share.
E Total distributions of $.36 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.177 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 Amounts do not include the activity of the Underlying Funds.
I 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 but do not include expenses of the underlying funds in which the Fund invests.
J Annualized
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager Income Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.92 | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .17 | .18 | .05 |
| Net realized and unrealized gain (loss) | .42 | (.23) | .22 | .15 |
| Total from investment operations | .57 | (.06) | .40 | .20 |
| Distributions from net investment income | (.16)C | (.16) | (.19) | (.04) |
| Distributions from net realized gain | (.03)C | (.19) | (.18) | (.06) |
| Total distributions | (.18)D | (.35) | (.36)E | (.10) |
| Net asset value, end of period | $10.31 | $9.92 | $10.33 | $10.29 |
| Total ReturnF | 5.83% | (.57)% | 3.97% | 2.00% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .05% | .05% | .06% | .06%I |
| Expenses net of fee waivers, if any | .05% | .05% | .06% | .06%I |
| Expenses net of all reductions | .05% | .05% | .06% | .06%I |
| Net investment income (loss) | 1.47% | 1.66% | 1.77% | 1.62%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $106 | $105 | $106 | $102 |
| Portfolio turnover rateG | 49% | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions of $.18 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.027 per share.
E Total distributions of $.36 per share is comprised of distributions from net investment income of $.185 and distributions from net realized gain of $.177 per share.
F Total returns for periods of less than one year are not annualized.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager Income Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.91 | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .14 | .16 | .04 |
| Net realized and unrealized gain (loss) | .44 | (.23) | .22 | .16 |
| Total from investment operations | .56 | (.09) | .38 | .20 |
| Distributions from net investment income | (.13)C | (.14) | (.16) | (.04) |
| Distributions from net realized gain | (.03)C | (.19) | (.18) | (.06) |
| Total distributions | (.16) | (.33) | (.34) | (.10) |
| Net asset value, end of period | $10.31 | $9.91 | $10.33 | $10.29 |
| Total ReturnD | 5.67% | (.90)% | 3.71% | 1.94% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .30% | .30% | .31% | .32%G |
| Expenses net of fee waivers, if any | .30% | .30% | .31% | .32%G |
| Expenses net of all reductions | .30% | .30% | .31% | .32%G |
| Net investment income (loss) | 1.22% | 1.41% | 1.52% | 1.36%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $105 | $105 | $106 | $102 |
| Portfolio turnover rateE | 49% | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 33.7 | 33.3 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 15.9 | 12.6 |
| Strategic Advisers International Multi-Manager Fund Class F | 8.4 | 8.2 |
| Strategic Advisers Value Multi-Manager Fund Class F | 6.9 | 7.2 |
| Strategic Advisers Core Multi-Manager Fund Class F | 6.9 | 7.2 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 5.7 | 6.1 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 5.6 | 5.9 |
| Fidelity Series Short-Term Credit Fund Class F | 5.3 | 6.7 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 3.5 | 3.6 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.4 | 3.3 |
| | 95.3 | 94.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 24.7% |
| | International Equity Funds | 14.0% |
| | Bond Funds | 40.1% |
| | Short-Term Funds | 21.2% |
| Six months ago |
| | Domestic Equity Funds | 25.6% |
| | International Equity Funds | 14.1% |
| | Bond Funds | 41.0% |
| | Short-Term Funds | 19.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2005 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 24.7% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,104 | $5,909 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 1,894 | 23,861 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 1,531 | 19,900 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 1,230 | 12,030 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 1,594 | 23,926 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $84,388) | | | 85,626 |
|
| International Equity Funds - 14.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 1,952 | 19,404 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 2,462 | 29,027 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $46,442) | | | 48,431 |
|
| Bond Funds - 40.1% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 230 | 2,350 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 91 | 870 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,194 | 11,811 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 153 | 1,703 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 11,900 | 116,983 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 520 | 5,236 |
| TOTAL BOND FUNDS | | | |
| (Cost $138,871) | | | 138,953 |
|
| Short-Term Funds - 21.2% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 55,252 | 55,252 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 1,853 | 18,475 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $73,760) | | | 73,727 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $343,461) | | | 346,737 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (36) |
| NET ASSETS - 100% | | | $346,701 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $39,271 | $18,791 | $2,810 | $154 | $55,252 |
| Fidelity Series Commodity Strategy Fund Class F | 4,349 | 1,609 | 362 | -- | 5,909 |
| Fidelity Series Emerging Markets Debt Fund Class F | 2,184 | 156 | 154 | 141 | 2,350 |
| Fidelity Series Floating Rate High Income Fund Class F | 850 | 48 | 76 | 39 | 870 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 11,468 | 1,231 | 895 | 18 | 11,811 |
| Fidelity Series Real Estate Income Fund Class F | 1,668 | 164 | 163 | 83 | 1,703 |
| Fidelity Series Short-Term Credit Fund Class F | 21,047 | 3,837 | 6,352 | 254 | 18,475 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 118,898 | 10,286 | 11,844 | 2,510 | 116,983 |
| Strategic Advisers Core Multi-Manager Fund Class F | 26,954 | 2,504 | 7,177 | 203 | 23,861 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 19,015 | 539 | 3,342 | 187 | 19,404 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 22,492 | 3,014 | 5,754 | 131 | 19,900 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 10,370 | 550 | 6,512 | 516 | 5,236 |
| Strategic Advisers International Multi-Manager Fund Class F | 25,864 | 4,447 | 3,428 | 415 | 29,027 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 13,500 | 2,363 | 4,092 | 5 | 12,030 |
| Strategic Advisers Value Multi-Manager Fund Class F | 26,926 | 1,720 | 7,803 | 370 | 23,926 |
| Total | $344,856 | $51,259 | $60,764 | $5,026 | $346,737 |
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.
Fidelity® Multi-Manager 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $343,461) — See accompanying schedule | | $346,737 |
| Receivable for investments sold | | 5,879 |
| Total assets | | 352,616 |
| Liabilities | | |
| Payable for investments purchased | $5,880 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 13 | |
| Total liabilities | | 5,915 |
| Net Assets | | $346,701 |
| Net Assets consist of: | | |
| Paid in capital | | $342,195 |
| Undistributed net investment income | | 686 |
| Accumulated undistributed net realized gain (loss) on investments | | 544 |
| Net unrealized appreciation (depreciation) on investments | | 3,276 |
| Net Assets | | $346,701 |
| Multi-Manager 2005: | | |
| Net Asset Value, offering price and redemption price per share ($130,294 ÷ 12,345 shares) | | $10.55 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($108,651 ÷ 10,303 shares) | | $10.55 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($107,756 ÷ 10,225 shares) | | $10.54 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $5,026 |
| Expenses | | |
| Transfer agent fees | $262 | |
| Distribution and service plan fees | 260 | |
| Independent trustees' fees and expenses | 3 | |
| Total expenses | | 525 |
| Net investment income (loss) | | 4,501 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (2,369) | |
| Capital gain distributions from underlying funds | 8,682 | |
| Total net realized gain (loss) | | 6,313 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 13,754 |
| Net gain (loss) | | 20,067 |
| Net increase (decrease) in net assets resulting from operations | | $24,568 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,501 | $5,519 |
| Net realized gain (loss) | 6,313 | (698) |
| Change in net unrealized appreciation (depreciation) | 13,754 | (10,838) |
| Net increase (decrease) in net assets resulting from operations | 24,568 | (6,017) |
| Distributions to shareholders from net investment income | (4,558) | (5,516) |
| Distributions to shareholders from net realized gain | (972) | (10,129) |
| Total distributions | (5,530) | (15,645) |
| Share transactions - net increase (decrease) | (17,157) | 31,453 |
| Total increase (decrease) in net assets | 1,881 | 9,791 |
| Net Assets | | |
| Beginning of period | 344,820 | 335,029 |
| End of period | $346,701 | $344,820 |
| Other Information | | |
| Undistributed net investment income end of period | $686 | $819 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2005 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $9.98 | $10.58 | $10.65 | $10.27 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .16 | .19 | .14 | .05 |
| Net realized and unrealized gain (loss) | .60 | (.30) | .31 | .49 | .22 |
| Total from investment operations | .75 | (.14) | .50 | .63 | .27 |
| Distributions from net investment income | (.15) | (.16) | (.19) | (.10) | – |
| Distributions from net realized gain | (.03) | (.30) | (.39) | (.15) | – |
| Total distributions | (.18) | (.46) | (.57)C | (.25) | – |
| Net asset value, end of period | $10.55 | $9.98 | $10.58 | $10.65 | $10.27 |
| Total ReturnD,E | 7.57% | (1.34)% | 4.83% | 6.18% | 2.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .07% | .06% | .05% | .06% | .15%H |
| Expenses net of fee waivers, if any | .07% | .06% | .05% | .06% | .06%H |
| Expenses net of all reductions | .07% | .06% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.42% | 1.63% | 1.76% | 1.32% | 1.63%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $130 | $133 | $120 | $115 | $103 |
| Portfolio turnover rateF | 15% | 48% | 17% | 44% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.57 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.385 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 Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2005 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.97 | $10.57 | $10.64 | $10.51 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .14 | .16 | .18 | .06 |
| Net realized and unrealized gain (loss) | .62 | (.30) | .32 | .22 |
| Total from investment operations | .76 | (.14) | .50 | .28 |
| Distributions from net investment income | (.15) | (.16) | (.18) | (.06) |
| Distributions from net realized gain | (.03) | (.30) | (.39) | (.09) |
| Total distributions | (.18) | (.46) | (.57) | (.15) |
| Net asset value, end of period | $10.55 | $9.97 | $10.57 | $10.64 |
| Total ReturnC,D | 7.67% | (1.39)% | 4.79% | 2.64% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .09% | .09% | .10% | .07%G |
| Expenses net of fee waivers, if any | .09% | .09% | .10% | .07%G |
| Expenses net of all reductions | .09% | .09% | .10% | .07%G |
| Net investment income (loss) | 1.40% | 1.59% | 1.71% | 1.90%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $109 | $106 | $108 | $103 |
| Portfolio turnover rateE | 15% | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2005 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $9.96 | $10.56 | $10.63 | $10.51 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .14 | .16 | .05 |
| Net realized and unrealized gain (loss) | .61 | (.31) | .31 | .21 |
| Total from investment operations | .73 | (.17) | .47 | .26 |
| Distributions from net investment income | (.12) | (.13) | (.16) | (.06) |
| Distributions from net realized gain | (.03) | (.30) | (.39) | (.09) |
| Total distributions | (.15) | (.43) | (.54)C | (.14)D |
| Net asset value, end of period | $10.54 | $9.96 | $10.56 | $10.63 |
| Total ReturnE,F | 7.41% | (1.64)% | 4.53% | 2.52% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .34% | .34% | .35% | .33%I |
| Expenses net of fee waivers, if any | .34% | .34% | .35% | .33%I |
| Expenses net of all reductions | .34% | .34% | .35% | .33%I |
| Net investment income (loss) | 1.15% | 1.34% | 1.46% | 1.65%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $108 | $105 | $107 | $103 |
| Portfolio turnover rateG | 15% | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.385 per share.
D Total distributions of $.14 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.088 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 30.3 | 29.8 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 12.1 | 9.4 |
| Strategic Advisers International Multi-Manager Fund Class F | 10.4 | 10.2 |
| Strategic Advisers Value Multi-Manager Fund Class F | 8.8 | 9.0 |
| Strategic Advisers Core Multi-Manager Fund Class F | 8.7 | 9.0 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 7.3 | 7.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 6.5 | 6.9 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4.4 | 4.5 |
| Fidelity Series Short-Term Credit Fund Class F | 4.1 | 5.0 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.8 | 2.7 |
| | 95.4 | 94.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 30.9% |
| | International Equity Funds | 16.9% |
| | Bond Funds | 36.0% |
| | Short-Term Funds | 16.2% |
| Six months ago |
| | Domestic Equity Funds | 31.7% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.8% |
| | Short-Term Funds | 14.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2010 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 30.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,717 | $9,183 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 3,759 | 47,365 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 3,039 | 39,502 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 2,442 | 23,879 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 3,164 | 47,492 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $161,290) | | | 167,421 |
|
| International Equity Funds - 16.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 3,524 | 35,028 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 4,796 | 56,546 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $84,224) | | | 91,574 |
|
| Bond Funds - 36.0% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 371 | 3,796 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 143 | 1,361 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,516 | 14,997 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 241 | 2,677 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 16,703 | 164,190 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 813 | 8,188 |
| TOTAL BOND FUNDS | | | |
| (Cost $194,246) | | | 195,209 |
|
| Short-Term Funds - 16.2% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 65,987 | 65,987 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 2,220 | 22,131 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $88,135) | | | 88,118 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $527,895) | | | 542,322 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (44) |
| NET ASSETS - 100% | | | $542,278 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $61,062 | $44,341 | $39,415 | $208 | $65,987 |
| Fidelity Series Commodity Strategy Fund Class F | 9,775 | 5,995 | 7,485 | -- | 9,183 |
| Fidelity Series Emerging Markets Debt Fund Class F | 4,958 | 1,189 | 2,714 | 264 | 3,796 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,952 | 457 | 1,151 | 73 | 1,361 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 21,280 | 5,891 | 12,283 | 30 | 14,997 |
| Fidelity Series Real Estate Income Fund Class F | 3,787 | 1,024 | 2,219 | 153 | 2,677 |
| Fidelity Series Short-Term Credit Fund Class F | 33,200 | 14,606 | 25,642 | 349 | 22,131 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 246,174 | 60,589 | 143,457 | 4,289 | 164,190 |
| Strategic Advisers Core Multi-Manager Fund Class F | 75,753 | 19,203 | 50,357 | 460 | 47,365 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 49,602 | 10,886 | 32,378 | 329 | 35,028 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 63,213 | 18,236 | 42,025 | 303 | 39,502 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 23,422 | 2,443 | 19,283 | 946 | 8,188 |
| Strategic Advisers International Multi-Manager Fund Class F | 75,106 | 24,787 | 48,091 | 792 | 56,546 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 37,941 | 11,081 | 26,177 | 8 | 23,879 |
| Strategic Advisers Value Multi-Manager Fund Class F | 75,674 | 17,278 | 51,382 | 853 | 47,492 |
| Total | $782,899 | $238,006 | $504,059 | $9,057 | $542,322 |
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.
Fidelity® Multi-Manager 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $527,895) — See accompanying schedule | | $542,322 |
| Receivable for investments sold | | 6,895 |
| Receivable for fund shares sold | | 460 |
| Total assets | | 549,677 |
| Liabilities | | |
| Payable for investments purchased | $7,355 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 21 | |
| Total liabilities | | 7,399 |
| Net Assets | | $542,278 |
| Net Assets consist of: | | |
| Paid in capital | | $542,391 |
| Undistributed net investment income | | 1,021 |
| Accumulated undistributed net realized gain (loss) on investments | | (15,561) |
| Net unrealized appreciation (depreciation) on investments | | 14,427 |
| Net Assets | | $542,278 |
| Multi-Manager 2010: | | |
| Net Asset Value, offering price and redemption price per share ($322,135 ÷ 29,898 shares) | | $10.77 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($110,531 ÷ 10,257 shares) | | $10.78 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($109,612 ÷ 10,178 shares) | | $10.77 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $9,057 |
| Expenses | | |
| Transfer agent fees | $333 | |
| Distribution and service plan fees | 263 | |
| Independent trustees' fees and expenses | 5 | |
| Total expenses | | 601 |
| Net investment income (loss) | | 8,456 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (26,427) | |
| Capital gain distributions from underlying funds | 18,936 | |
| Total net realized gain (loss) | | (7,491) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 51,900 |
| Net gain (loss) | | 44,409 |
| Net increase (decrease) in net assets resulting from operations | | $52,865 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,456 | $12,003 |
| Net realized gain (loss) | (7,491) | 8,334 |
| Change in net unrealized appreciation (depreciation) | 51,900 | (35,995) |
| Net increase (decrease) in net assets resulting from operations | 52,865 | (15,658) |
| Distributions to shareholders from net investment income | (8,819) | (12,026) |
| Distributions to shareholders from net realized gain | (6,904) | (26,838) |
| Total distributions | (15,723) | (38,864) |
| Share transactions - net increase (decrease) | (277,713) | 70,458 |
| Total increase (decrease) in net assets | (240,571) | 15,936 |
| Net Assets | | |
| Beginning of period | 782,849 | 766,913 |
| End of period | $542,278 | $782,849 |
| Other Information | | |
| Undistributed net investment income end of period | $1,021 | $1,494 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2010 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.14 | $10.87 | $10.87 | $10.35 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | .77 | (.35) | .37 | .67 | .30 |
| Total from investment operations | .91 | (.19) | .56 | .82 | .35 |
| Distributions from net investment income | (.17) | (.17) | (.17) | (.12) | – |
| Distributions from net realized gain | (.10) | (.37) | (.40) | (.18) | – |
| Total distributions | (.28)C | (.54) | (.56)D | (.30) | – |
| Net asset value, end of period | $10.77 | $10.14 | $10.87 | $10.87 | $10.35 |
| Total ReturnE,F | 9.08% | (1.85)% | 5.31% | 8.00% | 3.50% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .05% | .05% | .05% | .06% | .17%I |
| Expenses net of fee waivers, if any | .05% | .05% | .05% | .06% | .06%I |
| Expenses net of all reductions | .05% | .05% | .05% | .06% | .06%I |
| Net investment income (loss) | 1.37% | 1.58% | 1.73% | 1.45% | 1.87%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $322 | $571 | $550 | $277 | $104 |
| Portfolio turnover rateG | 37% | 32% | 15% | 24% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.28 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.102 per share.
D Total distributions of $.56 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.397 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2010 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.15 | $10.88 | $10.87 | $10.73 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .07 |
| Net realized and unrealized gain (loss) | .77 | (.35) | .38 | .25 |
| Total from investment operations | .91 | (.19) | .57 | .32 |
| Distributions from net investment income | (.18) | (.16) | (.16) | (.07) |
| Distributions from net realized gain | (.10) | (.37) | (.40) | (.11) |
| Total distributions | (.28) | (.54)C | (.56) | (.18) |
| Net asset value, end of period | $10.78 | $10.15 | $10.88 | $10.87 |
| Total ReturnD | 9.08% | (1.86)% | 5.37% | 2.97% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .06% | .06% | .07% | .07%G |
| Expenses net of fee waivers, if any | .06% | .06% | .07% | .07%G |
| Expenses net of all reductions | .06% | .06% | .07% | .07%G |
| Net investment income (loss) | 1.36% | 1.56% | 1.71% | 1.96%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $111 | $106 | $108 | $103 |
| Portfolio turnover rateE | 37% | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.371 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2010 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.14 | $10.87 | $10.87 | $10.73 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .14 | .16 | .06 |
| Net realized and unrealized gain (loss) | .76 | (.36) | .37 | .25 |
| Total from investment operations | .88 | (.22) | .53 | .31 |
| Distributions from net investment income | (.15) | (.14) | (.14) | (.07) |
| Distributions from net realized gain | (.10) | (.37) | (.40) | (.11) |
| Total distributions | (.25) | (.51) | (.53)C | (.17)D |
| Net asset value, end of period | $10.77 | $10.14 | $10.87 | $10.87 |
| Total ReturnE | 8.82% | (2.11)% | 5.01% | 2.95% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .31% | .31% | .32% | .32%H |
| Expenses net of fee waivers, if any | .31% | .31% | .32% | .32%H |
| Expenses net of all reductions | .31% | .31% | .32% | .32%H |
| Net investment income (loss) | 1.11% | 1.31% | 1.46% | 1.70%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $110 | $106 | $108 | $103 |
| Portfolio turnover rateF | 37% | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.53 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.397 per share.
D Total distributions of $.17 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.108 per share.
E Total returns for periods of less than one year are not annualized.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 26.7 | 26.2 |
| Strategic Advisers International Multi-Manager Fund Class F | 12.5 | 12.3 |
| Strategic Advisers Value Multi-Manager Fund Class F | 10.6 | 10.9 |
| Strategic Advisers Core Multi-Manager Fund Class F | 10.6 | 10.9 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 8.9 | 9.1 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 8.7 | 6.4 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.1 | 7.4 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5.4 | 5.5 |
| Fidelity Series Short-Term Credit Fund Class F | 2.9 | 3.4 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.0 | 1.9 |
| | 95.4 | 94.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 37.2% |
| | International Equity Funds | 19.6% |
| | Bond Funds | 31.6% |
| | Short-Term Funds | 11.6% |
| Six months ago |
| | Domestic Equity Funds | 38.0% |
| | International Equity Funds | 19.7% |
| | Bond Funds | 32.5% |
| | Short-Term Funds | 9.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2015 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 37.2% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,010 | $21,455 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 10,659 | 134,306 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 8,616 | 112,009 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 6,923 | 67,707 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 8,972 | 134,664 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $469,064) | | | 470,141 |
|
| International Equity Funds - 19.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 9,056 | 90,021 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 13,374 | 157,684 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $239,908) | | | 247,705 |
|
| Bond Funds - 31.6% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 854 | 8,732 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 333 | 3,172 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 2,507 | 24,797 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 557 | 6,185 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 34,260 | 336,772 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,896 | 19,095 |
| TOTAL BOND FUNDS | | | |
| (Cost $396,617) | | | 398,753 |
|
| Short-Term Funds - 11.6% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 110,135 | 110,135 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 3,709 | 36,975 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $147,179) | | | 147,110 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,252,768) | | | 1,263,709 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (114) |
| NET ASSETS - 100% | | | $1,263,595 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $79,055 | $75,790 | $44,710 | $347 | $110,135 |
| Fidelity Series Commodity Strategy Fund Class F | 21,585 | 9,364 | 11,258 | -- | 21,455 |
| Fidelity Series Emerging Markets Debt Fund Class F | 10,915 | 1,553 | 4,494 | 644 | 8,732 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,267 | 554 | 1,881 | 176 | 3,172 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 32,684 | 6,521 | 14,394 | 46 | 24,797 |
| Fidelity Series Real Estate Income Fund Class F | 8,341 | 1,410 | 3,718 | 378 | 6,185 |
| Fidelity Series Short-Term Credit Fund Class F | 42,482 | 22,805 | 28,161 | 575 | 36,975 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 487,943 | 76,202 | 225,891 | 9,000 | 336,772 |
| Strategic Advisers Core Multi-Manager Fund Class F | 197,019 | 32,342 | 105,073 | 1,435 | 134,306 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 118,496 | 15,678 | 61,043 | 1,131 | 90,021 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 164,402 | 34,498 | 86,380 | 916 | 112,009 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 50,996 | 5,124 | 40,824 | 2,365 | 19,095 |
| Strategic Advisers International Multi-Manager Fund Class F | 199,533 | 44,661 | 99,629 | 2,987 | 157,684 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 98,673 | 24,613 | 56,044 | 30 | 67,707 |
| Strategic Advisers Value Multi-Manager Fund Class F | 196,814 | 27,027 | 109,912 | 2,588 | 134,664 |
| Total | $1,713,205 | $378,142 | $893,412 | $22,618 | $1,263,709 |
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.
Fidelity® Multi-Manager 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,252,768) — See accompanying schedule | | $1,263,709 |
| Receivable for investments sold | | 12,606 |
| Total assets | | 1,276,315 |
| Liabilities | | |
| Payable for investments purchased | $12,359 | |
| Payable for fund shares redeemed | 250 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 88 | |
| Total liabilities | | 12,720 |
| Net Assets | | $1,263,595 |
| Net Assets consist of: | | |
| Paid in capital | | $1,260,703 |
| Undistributed net investment income | | 2,266 |
| Accumulated undistributed net realized gain (loss) on investments | | (10,315) |
| Net unrealized appreciation (depreciation) on investments | | 10,941 |
| Net Assets | | $1,263,595 |
| Multi-Manager 2015: | | |
| Net Asset Value, offering price and redemption price per share ($1,040,232 ÷ 93,783 shares) | | $11.09 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($112,146 ÷ 10,106 shares) | | $11.10 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($111,217 ÷ 10,030 shares) | | $11.09 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $22,618 |
| Expenses | | |
| Transfer agent fees | $1,216 | |
| Distribution and service plan fees | 265 | |
| Independent trustees' fees and expenses | 8 | |
| Total expenses | | 1,489 |
| Net investment income (loss) | | 21,129 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (52,434) | |
| Capital gain distributions from underlying funds | 59,577 | |
| Total net realized gain (loss) | | 7,143 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 118,203 |
| Net gain (loss) | | 125,346 |
| Net increase (decrease) in net assets resulting from operations | | $146,475 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,129 | $28,236 |
| Net realized gain (loss) | 7,143 | 16,148 |
| Change in net unrealized appreciation (depreciation) | 118,203 | (100,177) |
| Net increase (decrease) in net assets resulting from operations | 146,475 | (55,793) |
| Distributions to shareholders from net investment income | (22,535) | (28,254) |
| Distributions to shareholders from net realized gain | (6,674) | (67,187) |
| Total distributions | (29,209) | (95,441) |
| Share transactions - net increase (decrease) | (566,744) | 53,122 |
| Total increase (decrease) in net assets | (449,478) | (98,112) |
| Net Assets | | |
| Beginning of period | 1,713,073 | 1,811,185 |
| End of period | $1,263,595 | $1,713,073 |
| Other Information | | |
| Undistributed net investment income end of period | $2,266 | $3,895 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2015 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.23 | $11.04 | $10.97 | $10.36 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .15 | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | .91 | (.40) | .42 | .74 | .31 |
| Total from investment operations | 1.06 | (.24) | .61 | .89 | .36 |
| Distributions from net investment income | (.15) | (.17) | (.15) | (.12) | – |
| Distributions from net realized gain | (.04) | (.40) | (.39) | (.16) | – |
| Total distributions | (.20)C | (.57) | (.54) | (.28) | – |
| Net asset value, end of period | $11.09 | $10.23 | $11.04 | $10.97 | $10.36 |
| Total ReturnD,E | 10.41% | (2.32)% | 5.70% | 8.68% | 3.60% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .08% | .08% | .09% | .10% | .21%H |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10% | .09%H |
| Expenses net of all reductions | .08% | .08% | .09% | .10% | .09%H |
| Net investment income (loss) | 1.40% | 1.53% | 1.73% | 1.44% | 1.88%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,040 | $1,500 | $1,593 | $654 | $104 |
| Portfolio turnover rateF | 25% | 37% | 16% | 38% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 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 Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2015 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.24 | $11.04 | $10.97 | $10.77 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | .91 | (.40) | .42 | .30 |
| Total from investment operations | 1.06 | (.24) | .61 | .36 |
| Distributions from net investment income | (.15) | (.16) | (.15) | (.07) |
| Distributions from net realized gain | (.04) | (.40) | (.39) | (.09) |
| Total distributions | (.20)C | (.56) | (.54) | (.16) |
| Net asset value, end of period | $11.10 | $10.24 | $11.04 | $10.97 |
| Total ReturnD,E | 10.41% | (2.24)% | 5.66% | 3.34% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .08% | .08% | .09% | .10%H |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .10%H |
| Expenses net of all reductions | .08% | .08% | .09% | .10%H |
| Net investment income (loss) | 1.40% | 1.52% | 1.72% | 1.81%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $112 | $107 | $109 | $103 |
| Portfolio turnover rateF | 25% | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.20 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.044 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 Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2015 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.23 | $11.04 | $10.96 | $10.77 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | .91 | (.40) | .43 | .30 |
| Total from investment operations | 1.03 | (.27) | .59 | .35 |
| Distributions from net investment income | (.13) | (.14) | (.12) | (.07) |
| Distributions from net realized gain | (.04) | (.40) | (.39) | (.09) |
| Total distributions | (.17) | (.54) | (.51) | (.16) |
| Net asset value, end of period | $11.09 | $10.23 | $11.04 | $10.96 |
| Total ReturnC,D | 10.15% | (2.57)% | 5.51% | 3.22% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .33% | .33% | .34% | .36%G |
| Expenses net of fee waivers, if any | .33% | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .33% | .34% | .35%G |
| Net investment income (loss) | 1.15% | 1.27% | 1.47% | 1.56%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $111 | $106 | $109 | $103 |
| Portfolio turnover rateE | 25% | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 24.2 | 23.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 13.9 | 13.6 |
| Strategic Advisers Value Multi-Manager Fund Class F | 12.0 | 12.1 |
| Strategic Advisers Core Multi-Manager Fund Class F | 11.9 | 12.1 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 9.9 | 10.2 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.6 | 7.9 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 6.6 | 4.6 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.0 | 6.1 |
| Fidelity Series Short-Term Credit Fund Class F | 2.2 | 2.5 |
| Fidelity Series Commodity Strategy Fund Class F | 1.7 | 1.6 |
| | 96.0 | 94.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 41.5% |
| | International Equity Funds | 21.5% |
| | Bond Funds | 28.2% |
| | Short-Term Funds | 8.8% |
| Six months ago |
| | Domestic Equity Funds | 42.1% |
| | International Equity Funds | 21.5% |
| | Bond Funds | 29.3% |
| | Short-Term Funds | 7.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2020 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 41.5% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 18,446 | $98,684 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 54,511 | 686,833 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 44,062 | 572,808 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 35,403 | 346,238 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 45,880 | 688,659 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,412,634) | | | 2,393,222 |
|
| International Equity Funds - 21.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 44,082 | 438,171 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 67,878 | 800,284 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $1,198,950) | | | 1,238,455 |
|
| Bond Funds - 28.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 3,646 | 37,299 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 1,517 | 14,429 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 6,750 | 66,760 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 2,456 | 27,290 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 141,766 | 1,393,563 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 8,647 | 87,079 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,624,957) | | | 1,626,420 |
|
| Short-Term Funds - 8.8% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 379,743 | 379,743 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 12,769 | 127,305 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $507,190) | | | 507,048 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $5,743,731) | | | 5,765,145 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (341) |
| NET ASSETS - 100% | | | $5,764,804 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $156,531 | $268,095 | $44,883 | $745 | $379,743 |
| Fidelity Series Commodity Strategy Fund Class F | 55,937 | 57,789 | 18,999 | -- | 98,684 |
| Fidelity Series Emerging Markets Debt Fund Class F | 28,062 | 14,072 | 6,880 | 1,776 | 37,299 |
| Fidelity Series Floating Rate High Income Fund Class F | 11,023 | 5,736 | 2,919 | 488 | 14,429 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 47,618 | 32,157 | 13,104 | 70 | 66,760 |
| Fidelity Series Real Estate Income Fund Class F | 21,220 | 11,499 | 5,899 | 1,014 | 27,290 |
| Fidelity Series Short-Term Credit Fund Class F | 84,084 | 85,060 | 41,568 | 1,166 | 127,305 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 1,097,033 | 604,875 | 306,361 | 22,645 | 1,393,563 |
| Strategic Advisers Core Multi-Manager Fund Class F | 563,341 | 293,205 | 203,685 | 4,177 | 686,833 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 324,060 | 172,775 | 111,930 | 3,343 | 438,171 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 470,079 | 268,064 | 168,962 | 2,645 | 572,808 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 131,580 | 36,153 | 90,365 | 6,344 | 87,079 |
| Strategic Advisers International Multi-Manager Fund Class F | 573,764 | 351,111 | 172,630 | 8,977 | 800,284 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 282,137 | 175,121 | 112,347 | 92 | 346,238 |
| Strategic Advisers Value Multi-Manager Fund Class F | 562,756 | 280,890 | 218,689 | 7,473 | 688,659 |
| Total | $4,409,225 | $2,656,602 | $1,519,221 | $60,955 | $5,765,145 |
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.
Fidelity® Multi-Manager 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $5,743,731) — See accompanying schedule | | $5,765,145 |
| Receivable for investments sold | | 47,240 |
| Receivable for fund shares sold | | 1,711 |
| Total assets | | 5,814,096 |
| Liabilities | | |
| Payable for investments purchased | $48,959 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 310 | |
| Total liabilities | | 49,292 |
| Net Assets | | $5,764,804 |
| Net Assets consist of: | | |
| Paid in capital | | $5,703,279 |
| Undistributed net investment income | | 7,466 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,645 |
| Net unrealized appreciation (depreciation) on investments | | 21,414 |
| Net Assets | | $5,764,804 |
| Multi-Manager 2020: | | |
| Net Asset Value, offering price and redemption price per share ($5,539,284 ÷ 496,799 shares) | | $11.15 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($113,230 ÷ 10,156 shares) | | $11.15 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($112,290 ÷ 10,080 shares) | | $11.14 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $60,955 |
| Expenses | | |
| Transfer agent fees | $3,327 | |
| Distribution and service plan fees | 266 | |
| Independent trustees' fees and expenses | 20 | |
| Total expenses | | 3,613 |
| Net investment income (loss) | | 57,342 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (89,613) | |
| Capital gain distributions from underlying funds | 172,929 | |
| Total net realized gain (loss) | | 83,316 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 308,148 |
| Net gain (loss) | | 391,464 |
| Net increase (decrease) in net assets resulting from operations | | $448,806 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $57,342 | $62,846 |
| Net realized gain (loss) | 83,316 | 87,058 |
| Change in net unrealized appreciation (depreciation) | 308,148 | (271,767) |
| Net increase (decrease) in net assets resulting from operations | 448,806 | (121,863) |
| Distributions to shareholders from net investment income | (56,930) | (60,710) |
| Distributions to shareholders from net realized gain | (50,679) | (163,441) |
| Total distributions | (107,609) | (224,151) |
| Share transactions - net increase (decrease) | 1,014,677 | 1,358,231 |
| Total increase (decrease) in net assets | 1,355,874 | 1,012,217 |
| Net Assets | | |
| Beginning of period | 4,408,930 | 3,396,713 |
| End of period | $5,764,804 | $4,408,930 |
| Other Information | | |
| Undistributed net investment income end of period | $7,466 | $8,054 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2020 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.27 | $11.15 | $11.12 | $10.40 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.00 | (.43) | .45 | .83 | .34 |
| Total from investment operations | 1.14 | (.27) | .64 | .98 | .40 |
| Distributions from net investment income | (.14) | (.15) | (.16) | (.12) | – |
| Distributions from net realized gain | (.12) | (.46) | (.45) | (.14) | – |
| Total distributions | (.26) | (.61) | (.61) | (.26) | – |
| Net asset value, end of period | $11.15 | $10.27 | $11.15 | $11.12 | $10.40 |
| Total ReturnC,D | 11.28% | (2.56)% | 5.91% | 9.50% | 4.00% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .08% | .08% | .08% | .10% | .21%G |
| Expenses net of fee waivers, if any | .08% | .08% | .08% | .10% | .09%G |
| Expenses net of all reductions | .08% | .08% | .08% | .10% | .09%G |
| Net investment income (loss) | 1.35% | 1.51% | 1.71% | 1.41% | 1.97%G |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $5,539 | $4,196 | $3,178 | $1,527 | $104 |
| Portfolio turnover rateE | 35% | 29% | 19% | 51% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2020 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.27 | $11.15 | $11.11 | $10.89 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .14 | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | 1.00 | (.43) | .46 | .32 |
| Total from investment operations | 1.14 | (.27) | .65 | .38 |
| Distributions from net investment income | (.14) | (.15) | (.16) | (.08) |
| Distributions from net realized gain | (.12) | (.46) | (.45) | (.09) |
| Total distributions | (.26) | (.61) | (.61) | (.16)C |
| Net asset value, end of period | $11.15 | $10.27 | $11.15 | $11.11 |
| Total ReturnD | 11.28% | (2.58)% | 5.98% | 3.55% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .08% | .09% | .09%G |
| Expenses net of fee waivers, if any | .08% | .08% | .09% | .09%G |
| Expenses net of all reductions | .08% | .08% | .09% | .09%G |
| Net investment income (loss) | 1.35% | 1.51% | 1.71% | 1.75%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $113 | $107 | $110 | $104 |
| Portfolio turnover rateE | 35% | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2020 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.26 | $11.14 | $11.11 | $10.89 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | .99 | (.43) | .45 | .33 |
| Total from investment operations | 1.11 | (.30) | .61 | .38 |
| Distributions from net investment income | (.11) | (.12) | (.13) | (.08) |
| Distributions from net realized gain | (.12) | (.46) | (.45) | (.09) |
| Total distributions | (.23) | (.58) | (.58) | (.16)C |
| Net asset value, end of period | $11.14 | $10.26 | $11.14 | $11.11 |
| Total ReturnD | 11.01% | (2.82)% | 5.63% | 3.53% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .33% | .33% | .34% | .35%G |
| Expenses net of fee waivers, if any | .33% | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .33% | .34% | .35%G |
| Net investment income (loss) | 1.10% | 1.26% | 1.46% | 1.50%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $112 | $106 | $109 | $103 |
| Portfolio turnover rateE | 35% | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 20.7 | 20.4 |
| Strategic Advisers International Multi-Manager Fund Class F | 15.2 | 15.0 |
| Strategic Advisers Value Multi-Manager Fund Class F | 13.2 | 13.4 |
| Strategic Advisers Core Multi-Manager Fund Class F | 13.2 | 13.4 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 11.0 | 11.3 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 8.0 | 8.3 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.7 | 6.7 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 4.8 | 3.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.8 |
| Fidelity Series Short-Term Credit Fund Class F | 1.6 | 1.7 |
| | 96.3 | 95.3 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 46.0% |
| | International Equity Funds | 23.2% |
| | Bond Funds | 24.4% |
| | Short-Term Funds | 6.4% |
| Six months ago |
| | Domestic Equity Funds | 46.6% |
| | International Equity Funds | 23.3% |
| | Bond Funds | 25.1% |
| | Short-Term Funds | 5.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2025 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 46.0% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 8,142 | $43,560 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 24,118 | 303,892 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 19,495 | 253,440 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 15,663 | 153,182 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 20,300 | 304,696 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,027,902) | | | 1,058,770 |
|
| International Equity Funds - 23.2% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 18,617 | 185,054 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 29,688 | 350,026 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $501,488) | | | 535,080 |
|
| Bond Funds - 24.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,428 | 14,604 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 606 | 5,766 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,876 | 18,557 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 981 | 10,904 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 48,470 | 476,456 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,453 | 34,776 |
| TOTAL BOND FUNDS | | | |
| (Cost $559,976) | | | 561,063 |
|
| Short-Term Funds - 6.4% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 109,946 | 109,946 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 3,766 | 37,551 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $147,534) | | | 147,497 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,236,900) | | | 2,302,410 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (216) |
| NET ASSETS - 100% | | | $2,302,194 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $52,133 | $85,531 | $27,718 | $255 | $109,946 |
| Fidelity Series Commodity Strategy Fund Class F | 24,392 | 40,308 | 22,730 | -- | 43,560 |
| Fidelity Series Emerging Markets Debt Fund Class F | 11,879 | 7,971 | 6,172 | 833 | 14,604 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,720 | 3,335 | 2,572 | 235 | 5,766 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 9,701 | 16,118 | 7,194 | 19 | 18,557 |
| Fidelity Series Real Estate Income Fund Class F | 9,219 | 6,567 | 5,080 | 498 | 10,904 |
| Fidelity Series Short-Term Credit Fund Class F | 28,055 | 28,931 | 19,310 | 403 | 37,551 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 377,754 | 297,348 | 195,779 | 9,177 | 476,456 |
| Strategic Advisers Core Multi-Manager Fund Class F | 268,916 | 181,903 | 166,674 | 2,351 | 303,892 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 148,282 | 101,340 | 92,347 | 1,747 | 185,054 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 224,397 | 164,795 | 138,226 | 1,492 | 253,440 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 56,162 | 16,763 | 43,050 | 3,006 | 34,776 |
| Strategic Advisers International Multi-Manager Fund Class F | 276,773 | 209,929 | 161,603 | 5,053 | 350,026 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 134,681 | 108,283 | 91,174 | 52 | 153,182 |
| Strategic Advisers Value Multi-Manager Fund Class F | 268,637 | 176,071 | 177,250 | 4,213 | 304,696 |
| Total | $1,895,701 | $1,445,193 | $1,156,879 | $29,334 | $2,302,410 |
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.
Fidelity® Multi-Manager 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $2,236,900) — See accompanying schedule | | $2,302,410 |
| Receivable for investments sold | | 9,815 |
| Receivable for fund shares sold | | 6,277 |
| Total assets | | 2,318,502 |
| Liabilities | | |
| Payable for investments purchased | $16,091 | |
| Accrued management fee | 6 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 187 | |
| Total liabilities | | 16,308 |
| Net Assets | | $2,302,194 |
| Net Assets consist of: | | |
| Paid in capital | | $2,217,997 |
| Undistributed net investment income | | 2,943 |
| Accumulated undistributed net realized gain (loss) on investments | | 15,744 |
| Net unrealized appreciation (depreciation) on investments | | 65,510 |
| Net Assets | | $2,302,194 |
| Multi-Manager 2025: | | |
| Net Asset Value, offering price and redemption price per share ($2,074,133 ÷ 183,516 shares) | | $11.30 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($114,504 ÷ 10,120 shares) | | $11.31 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($113,557 ÷ 10,044 shares) | | $11.31 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $29,334 |
| Expenses | | |
| Transfer agent fees | $2,107 | |
| Distribution and service plan fees | 268 | |
| Independent trustees' fees and expenses | 10 | |
| Total expenses before reductions | 2,385 | |
| Expense reductions | (95) | 2,290 |
| Net investment income (loss) | | 27,044 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (44,090) | |
| Capital gain distributions from underlying funds | 96,690 | |
| Total net realized gain (loss) | | 52,600 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 162,484 |
| Net gain (loss) | | 215,084 |
| Net increase (decrease) in net assets resulting from operations | | $242,128 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $27,044 | $21,004 |
| Net realized gain (loss) | 52,600 | 36,619 |
| Change in net unrealized appreciation (depreciation) | 162,484 | (102,762) |
| Net increase (decrease) in net assets resulting from operations | 242,128 | (45,139) |
| Distributions to shareholders from net investment income | (26,339) | (19,664) |
| Distributions to shareholders from net realized gain | (43,829) | (64,890) |
| Total distributions | (70,168) | (84,554) |
| Share transactions - net increase (decrease) | 234,706 | 870,589 |
| Total increase (decrease) in net assets | 406,666 | 740,896 |
| Net Assets | | |
| Beginning of period | 1,895,528 | 1,154,632 |
| End of period | $2,302,194 | $1,895,528 |
| Other Information | | |
| Undistributed net investment income end of period | $2,943 | $2,722 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2025 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.43 | $11.40 | $11.37 | $10.48 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .14 | .15 | .19 | .16 | .06 |
| Net realized and unrealized gain (loss) | 1.10 | (.48) | .51 | 1.06 | .42 |
| Total from investment operations | 1.24 | (.33) | .70 | 1.22 | .48 |
| Distributions from net investment income | (.14) | (.13) | (.15) | (.15) | – |
| Distributions from net realized gain | (.23) | (.51) | (.52) | (.18) | – |
| Total distributions | (.37) | (.64) | (.67) | (.33) | – |
| Net asset value, end of period | $11.30 | $10.43 | $11.40 | $11.37 | $10.48 |
| Total ReturnC,D | 12.11% | (3.05)% | 6.37% | 11.77% | 4.80% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .11% | .11% | .12% | .12% | .21%G |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .09%G |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .09%G |
| Net investment income (loss) | 1.32% | 1.37% | 1.67% | 1.49% | 2.08%G |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,074 | $1,682 | $934 | $347 | $105 |
| Portfolio turnover rateE | 56% | 17% | 21% | 88% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2025 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.44 | $11.41 | $11.37 | $11.14 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .15 | .19 | .08 |
| Net realized and unrealized gain (loss) | 1.09 | (.48) | .52 | .36 |
| Total from investment operations | 1.24 | (.33) | .71 | .44 |
| Distributions from net investment income | (.14) | (.13) | (.15) | (.09) |
| Distributions from net realized gain | (.23) | (.51) | (.52) | (.12) |
| Total distributions | (.37) | (.64) | (.67) | (.21) |
| Net asset value, end of period | $11.31 | $10.44 | $11.41 | $11.37 |
| Total ReturnC,D | 12.11% | (3.05)% | 6.41% | 3.96% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .09% | .11% | .11%G |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .10%G |
| Expenses net of all reductions | .08% | .09% | .10% | .10%G |
| Net investment income (loss) | 1.34% | 1.38% | 1.67% | 2.19%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $115 | $107 | $111 | $104 |
| Portfolio turnover rateE | 56% | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2025 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.43 | $11.40 | $11.37 | $11.14 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .16 | .07 |
| Net realized and unrealized gain (loss) | 1.10 | (.48) | .51 | .37 |
| Total from investment operations | 1.22 | (.36) | .67 | .44 |
| Distributions from net investment income | (.11) | (.10) | (.12) | (.09) |
| Distributions from net realized gain | (.23) | (.51) | (.52) | (.12) |
| Total distributions | (.34) | (.61) | (.64) | (.21) |
| Net asset value, end of period | $11.31 | $10.43 | $11.40 | $11.37 |
| Total ReturnC,D | 11.95% | (3.31)% | 6.07% | 3.94% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .33% | .34% | .36% | .37%G |
| Expenses net of fee waivers, if any | .33% | .34% | .35% | .35%G |
| Expenses net of all reductions | .33% | .34% | .35% | .35%G |
| Net investment income (loss) | 1.09% | 1.13% | 1.42% | 1.94%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $114 | $107 | $110 | $104 |
| Portfolio turnover rateE | 56% | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 18.4 | 18.3 |
| Strategic Advisers Value Multi-Manager Fund Class F | 16.2 | 16.5 |
| Strategic Advisers Core Multi-Manager Fund Class F | 16.1 | 16.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 13.5 | 13.9 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 12.2 | 10.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.1 | 9.4 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.1 | 8.3 |
| Fidelity Series Commodity Strategy Fund Class F | 1.7 | 1.6 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| | 97.6 | 98.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 55.6% |
| | International Equity Funds | 27.5% |
| | Bond Funds | 15.8% |
| | Short-Term Funds | 1.1% |
| Six months ago |
| | Domestic Equity Funds | 56.9% |
| | International Equity Funds | 27.7% |
| | Bond Funds | 15.4% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Multi-Manager 2030 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 55.6% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 6,134 | $32,816 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 24,569 | 309,565 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 19,859 | 258,171 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 15,955 | 156,039 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 20,678 | 310,382 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,041,457) | | | 1,066,973 |
|
| International Equity Funds - 27.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 17,556 | 174,508 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 29,865 | 352,109 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $501,798) | | | 526,617 |
|
| Bond Funds - 15.8% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,167 | 11,939 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 506 | 4,810 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,565 | 15,479 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 819 | 9,096 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 23,739 | 233,354 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,879 | 28,987 |
| TOTAL BOND FUNDS | | | |
| (Cost $303,300) | | | 303,665 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 15,642 | 15,642 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 512 | 5,100 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $20,743) | | | 20,742 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,867,298) | | | 1,917,997 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (173) |
| NET ASSETS - 100% | | | $1,917,824 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $479 | $15,774 | $611 | $11 | $15,642 |
| Fidelity Series Commodity Strategy Fund Class F | 18,828 | 23,033 | 10,487 | -- | 32,816 |
| Fidelity Series Emerging Markets Debt Fund Class F | 9,206 | 3,929 | 1,970 | 693 | 11,939 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,660 | 1,743 | 821 | 195 | 4,810 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,578 | 10,347 | 2,383 | 15 | 15,479 |
| Fidelity Series Real Estate Income Fund Class F | 7,102 | 3,605 | 1,758 | 423 | 9,096 |
| Fidelity Series Short-Term Credit Fund Class F | 255 | 5,146 | 298 | 8 | 5,100 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 141,028 | 122,028 | 28,377 | 3,997 | 233,354 |
| Strategic Advisers Core Multi-Manager Fund Class F | 253,389 | 107,596 | 69,866 | 2,426 | 309,565 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 129,851 | 54,805 | 37,508 | 1,658 | 174,508 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 211,438 | 101,870 | 56,837 | 1,545 | 258,171 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 43,810 | 8,740 | 27,375 | 2,480 | 28,987 |
| Strategic Advisers International Multi-Manager Fund Class F | 264,490 | 133,948 | 71,342 | 5,070 | 352,109 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 126,904 | 71,035 | 42,557 | 53 | 156,039 |
| Strategic Advisers Value Multi-Manager Fund Class F | 253,127 | 100,899 | 79,603 | 4,361 | 310,382 |
| Total | $1,471,145 | $764,498 | $431,793 | $22,935 | $1,917,997 |
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.
Fidelity® Multi-Manager 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,867,298) — See accompanying schedule | | $1,917,997 |
| Receivable for investments sold | | 8,670 |
| Receivable for fund shares sold | | 11,414 |
| Receivable from investment adviser for expense reductions | | 21 |
| Total assets | | 1,938,102 |
| Liabilities | | |
| Payable for investments purchased | $20,079 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 175 | |
| Total liabilities | | 20,278 |
| Net Assets | | $1,917,824 |
| Net Assets consist of: | | |
| Paid in capital | | $1,832,551 |
| Undistributed net investment income | | 1,570 |
| Accumulated undistributed net realized gain (loss) on investments | | 33,004 |
| Net unrealized appreciation (depreciation) on investments | | 50,699 |
| Net Assets | | $1,917,824 |
| Multi-Manager 2030: | | |
| Net Asset Value, offering price and redemption price per share ($1,685,627 ÷ 149,250 shares) | | $11.29 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($116,583 ÷ 10,325 shares) | | $11.29 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($115,614 ÷ 10,249 shares) | | $11.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $22,935 |
| Expenses | | |
| Transfer agent fees | $1,935 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' fees and expenses | 9 | |
| Total expenses before reductions | 2,213 | |
| Expense reductions | (237) | 1,976 |
| Net investment income (loss) | | 20,959 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (17,022) | |
| Capital gain distributions from underlying funds | 98,800 | |
| Total net realized gain (loss) | | 81,778 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 131,168 |
| Net gain (loss) | | 212,946 |
| Net increase (decrease) in net assets resulting from operations | | $233,905 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $20,959 | $15,279 |
| Net realized gain (loss) | 81,778 | 9,998 |
| Change in net unrealized appreciation (depreciation) | 131,168 | (59,522) |
| Net increase (decrease) in net assets resulting from operations | 233,905 | (34,245) |
| Distributions to shareholders from net investment income | (20,166) | (14,250) |
| Distributions to shareholders from net realized gain | (19,157) | (83,657) |
| Total distributions | (39,323) | (97,907) |
| Share transactions - net increase (decrease) | 252,225 | 179,577 |
| Total increase (decrease) in net assets | 446,807 | 47,425 |
| Net Assets | | |
| Beginning of period | 1,471,017 | 1,423,592 |
| End of period | $1,917,824 | $1,471,017 |
| Other Information | | |
| Undistributed net investment income end of period | $1,570 | $990 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2030 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.09 | $11.31 | $11.52 | $10.50 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .19 | .06 |
| Net realized and unrealized gain (loss) | 1.31 | (.52) | .59 | 1.14 | .44 |
| Total from investment operations | 1.44 | (.41) | .74 | 1.33 | .50 |
| Distributions from net investment income | (.12) | (.12) | (.16) | (.14) | – |
| Distributions from net realized gain | (.11) | (.68) | (.79) | (.17) | – |
| Total distributions | (.24)C | (.81)D | (.95) | (.31) | – |
| Net asset value, end of period | $11.29 | $10.09 | $11.31 | $11.52 | $10.50 |
| Total ReturnE,F | 14.36% | (3.92)% | 6.71% | 12.76% | 5.00% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .12% | .12% | .11% | .13% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .09%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .09%I |
| Net investment income (loss) | 1.23% | 1.08% | 1.34% | 1.74% | 2.14%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,686 | $1,257 | $1,201 | $801 | $105 |
| Portfolio turnover rateG | 25% | 54% | 27% | 63% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.24 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.113 per share.
D Total distributions of $.81 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.684 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2030 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.09 | $11.31 | $11.51 | $11.22 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .08 |
| Net realized and unrealized gain (loss) | 1.31 | (.52) | .60 | .40 |
| Total from investment operations | 1.44 | (.41) | .75 | .48 |
| Distributions from net investment income | (.12) | (.12) | (.16) | (.08) |
| Distributions from net realized gain | (.11) | (.68) | (.79) | (.11) |
| Total distributions | (.24)C | (.81)D | (.95) | (.19) |
| Net asset value, end of period | $11.29 | $10.09 | $11.31 | $11.51 |
| Total ReturnE,F | 14.36% | (3.90)% | 6.80% | 4.32% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .09% | .10% | .11% | .11%I |
| Expenses net of fee waivers, if any | .09% | .10% | .10% | .10%I |
| Expenses net of all reductions | .09% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.24% | 1.08% | 1.34% | 2.25%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $107 | $111 | $104 |
| Portfolio turnover rateG | 25% | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.24 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.113 per share.
D Total distributions of $.81 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.684 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 Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2030 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.08 | $11.30 | $11.51 | $11.22 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .09 | .13 | .07 |
| Net realized and unrealized gain (loss) | 1.30 | (.53) | .58 | .41 |
| Total from investment operations | 1.41 | (.44) | .71 | .48 |
| Distributions from net investment income | (.10) | (.10) | (.13) | (.08) |
| Distributions from net realized gain | (.11) | (.68) | (.79) | (.11) |
| Total distributions | (.21) | (.78) | (.92) | (.19) |
| Net asset value, end of period | $11.28 | $10.08 | $11.30 | $11.51 |
| Total ReturnC,D | 14.10% | (4.12)% | 6.44% | 4.30% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .34% | .35% | .36% | .37%G |
| Expenses net of fee waivers, if any | .34% | .35% | .35% | .35%G |
| Expenses net of all reductions | .34% | .35% | .35% | .35%G |
| Net investment income (loss) | .99% | .83% | 1.09% | 2.00%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $116 | $106 | $111 | $104 |
| Portfolio turnover rateE | 25% | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 Amounts do not include the activity of the Underlying Funds.
F 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 but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 20.8 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.4 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.4 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.4 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 1.2 | 0.5 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| | 97.6 | 98.6 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.4% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 4.9% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2035 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.4% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 9,274 | $49,617 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 37,964 | 478,351 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 30,687 | 398,936 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 24,551 | 240,104 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 31,885 | 478,601 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,607,876) | | | 1,645,609 |
|
| International Equity Funds - 30.7% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 25,750 | 255,957 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 45,886 | 540,999 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $756,250) | | | 796,956 |
|
| Bond Funds - 4.9% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,561 | 15,966 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 685 | 6,515 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 2,120 | 20,967 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 1,109 | 12,321 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 3,125 | 30,714 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,895 | 39,220 |
| TOTAL BOND FUNDS | | | |
| (Cost $124,246) | | | 125,703 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 20,419 | 20,419 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 615 | 6,127 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $26,546) | | | 26,546 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,514,918) | | | 2,594,814 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (222) |
| NET ASSETS - 100% | | | $2,594,592 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $574 | $21,341 | $1,495 | $14 | $20,419 |
| Fidelity Series Commodity Strategy Fund Class F | 23,073 | 38,336 | 12,908 | -- | 49,617 |
| Fidelity Series Emerging Markets Debt Fund Class F | 11,299 | 7,050 | 3,315 | 819 | 15,966 |
| Fidelity Series Floating Rate High Income Fund Class F | 4,467 | 3,168 | 1,382 | 229 | 6,515 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 9,257 | 15,437 | 3,664 | 18 | 20,967 |
| Fidelity Series Real Estate Income Fund Class F | 8,740 | 6,202 | 2,827 | 495 | 12,321 |
| Fidelity Series Short-Term Credit Fund Class F | 287 | 6,565 | 720 | 10 | 6,127 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 8,995 | 27,289 | 5,528 | 277 | 30,714 |
| Strategic Advisers Core Multi-Manager Fund Class F | 343,740 | 220,216 | 114,304 | 3,082 | 478,351 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 168,959 | 115,172 | 63,687 | 2,120 | 255,957 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 286,826 | 200,143 | 94,341 | 1,943 | 398,936 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 52,943 | 12,619 | 30,656 | 2,861 | 39,220 |
| Strategic Advisers International Multi-Manager Fund Class F | 361,510 | 262,837 | 119,514 | 6,440 | 540,999 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 172,149 | 133,154 | 65,359 | 70 | 240,104 |
| Strategic Advisers Value Multi-Manager Fund Class F | 343,389 | 209,216 | 123,733 | 5,484 | 478,601 |
| Total | $1,796,208 | $1,278,745 | $643,433 | $23,862 | $2,594,814 |
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.
Fidelity® Multi-Manager 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $2,514,918) — See accompanying schedule | | $2,594,814 |
| Receivable for investments sold | | 21,600 |
| Receivable for fund shares sold | | 15,565 |
| Receivable from investment adviser for expense reductions | | 92 |
| Total assets | | 2,632,071 |
| Liabilities | | |
| Payable for investments purchased | $14,375 | |
| Payable for fund shares redeemed | 22,789 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 291 | |
| Total liabilities | | 37,479 |
| Net Assets | | $2,594,592 |
| Net Assets consist of: | | |
| Paid in capital | | $2,472,768 |
| Undistributed net investment income | | 1,100 |
| Accumulated undistributed net realized gain (loss) on investments | | 40,828 |
| Net unrealized appreciation (depreciation) on investments | | 79,896 |
| Net Assets | | $2,594,592 |
| Multi-Manager 2035: | | |
| Net Asset Value, offering price and redemption price per share ($2,359,923 ÷ 203,535 shares) | | $11.59 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,821 ÷ 10,159 shares) | | $11.60 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,848 ÷ 10,089 shares) | | $11.58 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $23,862 |
| Expenses | | |
| Transfer agent fees | $2,878 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 10 | |
| Total expenses before reductions | 3,158 | |
| Expense reductions | (863) | 2,295 |
| Net investment income (loss) | | 21,567 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (29,080) | |
| Capital gain distributions from underlying funds | 125,264 | |
| Total net realized gain (loss) | | 96,184 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 192,372 |
| Net gain (loss) | | 288,556 |
| Net increase (decrease) in net assets resulting from operations | | $310,123 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,567 | $14,634 |
| Net realized gain (loss) | 96,184 | 42,042 |
| Change in net unrealized appreciation (depreciation) | 192,372 | (101,836) |
| Net increase (decrease) in net assets resulting from operations | 310,123 | (45,160) |
| Distributions to shareholders from net investment income | (21,009) | (14,091) |
| Distributions to shareholders from net realized gain | (61,743) | (77,195) |
| Total distributions | (82,752) | (91,286) |
| Share transactions - net increase (decrease) | 571,163 | 736,362 |
| Total increase (decrease) in net assets | 798,534 | 599,916 |
| Net Assets | | |
| Beginning of period | 1,796,058 | 1,196,142 |
| End of period | $2,594,592 | $1,796,058 |
| Other Information | | |
| Undistributed net investment income end of period | $1,100 | $543 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2035 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.42 | $11.65 | $11.75 | $10.56 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .15 | .05 |
| Net realized and unrealized gain (loss) | 1.49 | (.59) | .64 | 1.36 | .51 |
| Total from investment operations | 1.61 | (.48) | .79 | 1.51 | .56 |
| Distributions from net investment income | (.11) | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.33) | (.64) | (.75) | (.18) | – |
| Total distributions | (.44) | (.75)C | (.89)D | (.32) | – |
| Net asset value, end of period | $11.59 | $10.42 | $11.65 | $11.75 | $10.56 |
| Total ReturnE,F | 15.87% | (4.45)% | 6.95% | 14.45% | 5.60% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .15% | .16% | .18% | .17% | .20%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.07% | 1.07% | 1.25% | 1.36% | 1.84%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,360 | $1,583 | $973 | $412 | $127 |
| Portfolio turnover rateH | 31% | 18% | 11% | 32% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.643 per share.
D Total distributions of $.89 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.745 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2035 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.43 | $11.65 | $11.75 | $11.47 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .08 |
| Net realized and unrealized gain (loss) | 1.49 | (.59) | .64 | .43 |
| Total from investment operations | 1.61 | (.47) | .79 | .51 |
| Distributions from net investment income | (.11) | (.10) | (.14) | (.09) |
| Distributions from net realized gain | (.33) | (.64) | (.75) | (.14) |
| Total distributions | (.44) | (.75)C | (.89) | (.23) |
| Net asset value, end of period | $11.60 | $10.43 | $11.65 | $11.75 |
| Total ReturnD,E | 15.86% | (4.36)% | 6.94% | 4.50% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.08% | 1.07% | 1.25% | 2.08%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 31% | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.102 and distributions from net realized gain of $.643 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2035 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.41 | $11.64 | $11.75 | $11.47 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | 1.50 | (.60) | .63 | .44 |
| Total from investment operations | 1.59 | (.51) | .75 | .51 |
| Distributions from net investment income | (.09) | (.08) | (.11) | (.09) |
| Distributions from net realized gain | (.33) | (.64) | (.75) | (.14) |
| Total distributions | (.42) | (.72) | (.86) | (.23) |
| Net asset value, end of period | $11.58 | $10.41 | $11.64 | $11.75 |
| Total ReturnC,D | 15.60% | (4.65)% | 6.58% | 4.48% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .35% | .35% | .37% | .38%G |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%G |
| Expenses net of all reductions | .35% | .35% | .35% | .35%G |
| Net investment income (loss) | .83% | .81% | 1.00% | 1.83%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateF | 31% | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
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 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 but do not include expenses of the underlying funds in which the Fund invests.
F Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 2.0 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| | 98.0 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2040 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 64.0% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 7,195 | $38,494 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 29,364 | 369,981 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 23,735 | 308,558 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 18,953 | 185,364 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 24,639 | 369,831 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,252,464) | | | 1,272,228 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 19,843 | 197,240 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 35,483 | 418,344 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $587,939) | | | 615,584 |
|
| Bond Funds - 4.1% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,185 | 12,126 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 525 | 4,995 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,626 | 16,078 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 850 | 9,448 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 959 | 9,426 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,986 | 30,068 |
| TOTAL BOND FUNDS | | | |
| (Cost $81,978) | | | 82,141 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 15,303 | 15,303 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 439 | 4,375 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $19,680) | | | 19,678 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,942,061) | | | 1,989,631 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (182) |
| NET ASSETS - 100% | | | $1,989,449 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $301 | $15,544 | $542 | $10 | $15,303 |
| Fidelity Series Commodity Strategy Fund Class F | 12,113 | 33,649 | 7,727 | -- | 38,494 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,035 | 7,400 | 1,810 | 529 | 12,126 |
| Fidelity Series Floating Rate High Income Fund Class F | 2,346 | 3,257 | 754 | 145 | 4,995 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 4,913 | 13,269 | 2,038 | 11 | 16,078 |
| Fidelity Series Real Estate Income Fund Class F | 4,636 | 6,247 | 1,546 | 318 | 9,448 |
| Fidelity Series Short-Term Credit Fund Class F | 151 | 4,493 | 266 | 7 | 4,375 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 4,724 | 7,017 | 2,257 | 136 | 9,426 |
| Strategic Advisers Core Multi-Manager Fund Class F | 179,585 | 232,761 | 62,540 | 2,069 | 369,981 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 88,703 | 120,387 | 34,878 | 1,628 | 197,240 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 149,643 | 204,317 | 49,971 | 1,277 | 308,558 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 27,408 | 17,417 | 17,139 | 1,715 | 30,068 |
| Strategic Advisers International Multi-Manager Fund Class F | 190,064 | 266,828 | 64,641 | 4,981 | 418,344 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 92,320 | 135,371 | 40,015 | 52 | 185,364 |
| Strategic Advisers Value Multi-Manager Fund Class F | 180,338 | 224,733 | 69,508 | 3,612 | 369,831 |
| Total | $943,280 | $1,292,690 | $355,632 | $16,490 | $1,989,631 |
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.
Fidelity® Multi-Manager 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,942,061) — See accompanying schedule | | $1,989,631 |
| Receivable for investments sold | | 5,370 |
| Receivable for fund shares sold | | 9,381 |
| Receivable from investment adviser for expense reductions | | 90 |
| Total assets | | 2,004,472 |
| Liabilities | | |
| Payable for investments purchased | $14,755 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 244 | |
| Total liabilities | | 15,023 |
| Net Assets | | $1,989,449 |
| Net Assets consist of: | | |
| Paid in capital | | $1,902,612 |
| Undistributed net investment income | | 678 |
| Accumulated undistributed net realized gain (loss) on investments | | 38,589 |
| Net unrealized appreciation (depreciation) on investments | | 47,570 |
| Net Assets | | $1,989,449 |
| Multi-Manager 2040: | | |
| Net Asset Value, offering price and redemption price per share ($1,754,697 ÷ 151,183 shares) | | $11.61 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,863 ÷ 10,151 shares) | | $11.61 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,889 ÷ 10,083 shares) | | $11.59 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,490 |
| Expenses | | |
| Transfer agent fees | $2,252 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 7 | |
| Total expenses before reductions | 2,529 | |
| Expense reductions | (973) | 1,556 |
| Net investment income (loss) | | 14,934 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,517) | |
| Capital gain distributions from underlying funds | 84,821 | |
| Total net realized gain (loss) | | 72,304 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 121,812 |
| Net gain (loss) | | 194,116 |
| Net increase (decrease) in net assets resulting from operations | | $209,050 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,934 | $8,704 |
| Net realized gain (loss) | 72,304 | 24,573 |
| Change in net unrealized appreciation (depreciation) | 121,812 | (70,157) |
| Net increase (decrease) in net assets resulting from operations | 209,050 | (36,880) |
| Distributions to shareholders from net investment income | (14,254) | (8,470) |
| Distributions to shareholders from net realized gain | (33,329) | (52,618) |
| Total distributions | (47,583) | (61,088) |
| Share transactions - net increase (decrease) | 884,796 | 273,688 |
| Total increase (decrease) in net assets | 1,046,263 | 175,720 |
| Net Assets | | |
| Beginning of period | 943,186 | 767,466 |
| End of period | $1,989,449 | $943,186 |
| Other Information | | |
| Undistributed net investment income end of period | $678 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2040 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.37 | $11.65 | $11.80 | $10.57 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.49 | (.58) | .63 | 1.39 | .51 |
| Total from investment operations | 1.62 | (.47) | .78 | 1.54 | .57 |
| Distributions from net investment income | (.10) | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.28) | (.71) | (.77) | (.17) | – |
| Total distributions | (.38) | (.81) | (.93)C | (.31) | – |
| Net asset value, end of period | $11.61 | $10.37 | $11.65 | $11.80 | $10.57 |
| Total ReturnD,E | 15.94% | (4.35)% | 6.81% | 14.75% | 5.70% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .19% | .21% | .23% | .21% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.18% | 1.06% | 1.28% | 1.32% | 2.04%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,755 | $730 | $544 | $307 | $106 |
| Portfolio turnover rateG | 27% | 18% | 24% | 54% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.772 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2040 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.37 | $11.65 | $11.79 | $11.49 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .13 | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.48 | (.58) | .63 | .44 |
| Total from investment operations | 1.61 | (.47) | .78 | .51 |
| Distributions from net investment income | (.09) | (.10) | (.15) | (.09) |
| Distributions from net realized gain | (.28) | (.71) | (.77) | (.13) |
| Total distributions | (.37) | (.81) | (.92) | (.21)C |
| Net asset value, end of period | $11.61 | $10.37 | $11.65 | $11.79 |
| Total ReturnD,E | 15.91% | (4.36)% | 6.87% | 4.50% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .11% | .13% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.18% | 1.06% | 1.28% | 2.03%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 27% | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.126 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2040 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.36 | $11.64 | $11.79 | $11.49 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .10 | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | 1.48 | (.59) | .62 | .44 |
| Total from investment operations | 1.58 | (.50) | .74 | .51 |
| Distributions from net investment income | (.07) | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.28) | (.70) | (.77) | (.13) |
| Total distributions | (.35) | (.78) | (.89) | (.21)C |
| Net asset value, end of period | $11.59 | $10.36 | $11.64 | $11.79 |
| Total ReturnD,E | 15.62% | (4.60)% | 6.53% | 4.49% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .35% | .36% | .38% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35% | .35%H |
| Net investment income (loss) | .93% | .81% | 1.03% | 1.79%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateG | 27% | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.126 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| | 97.9 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2045 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 7,891 | $42,218 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 33,927 | 427,475 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 27,425 | 356,520 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 21,936 | 214,533 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 28,491 | 427,653 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,459,226) | | | 1,468,399 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 22,918 | 227,805 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 40,976 | 483,112 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $684,629) | | | 710,917 |
|
| Bond Funds - 4.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,396 | 14,278 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 607 | 5,770 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,878 | 18,570 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 982 | 10,912 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 1,163 | 11,431 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,438 | 34,623 |
| TOTAL BOND FUNDS | | | |
| (Cost $94,823) | | | 95,584 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 18,025 | 18,025 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 550 | 5,485 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $23,512) | | | 23,510 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,262,190) | | | 2,298,410 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (199) |
| NET ASSETS - 100% | | | $2,298,211 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $471 | $18,302 | $748 | $12 | $18,025 |
| Fidelity Series Commodity Strategy Fund Class F | 18,893 | 32,074 | 9,939 | -- | 42,218 |
| Fidelity Series Emerging Markets Debt Fund Class F | 9,450 | 6,633 | 2,602 | 726 | 14,278 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,669 | 2,958 | 1,084 | 201 | 5,770 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,681 | 13,906 | 2,963 | 16 | 18,570 |
| Fidelity Series Real Estate Income Fund Class F | 7,270 | 5,728 | 2,254 | 435 | 10,912 |
| Fidelity Series Short-Term Credit Fund Class F | 237 | 5,647 | 395 | 8 | 5,485 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 7,386 | 7,547 | 3,452 | 191 | 11,431 |
| Strategic Advisers Core Multi-Manager Fund Class F | 282,279 | 212,842 | 91,596 | 2,715 | 427,475 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 138,627 | 106,270 | 48,217 | 1,853 | 227,805 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 235,538 | 192,671 | 76,343 | 1,715 | 356,520 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 42,627 | 15,216 | 26,898 | 2,481 | 34,623 |
| Strategic Advisers International Multi-Manager Fund Class F | 297,517 | 240,676 | 86,811 | 5,861 | 483,112 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 141,368 | 125,957 | 53,082 | 61 | 214,533 |
| Strategic Advisers Value Multi-Manager Fund Class F | 281,995 | 205,106 | 102,462 | 4,843 | 427,653 |
| Total | $1,475,008 | $1,191,533 | $508,846 | $21,118 | $2,298,410 |
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.
Fidelity® Multi-Manager 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $2,262,190) — See accompanying schedule | | $2,298,410 |
| Receivable for investments sold | | 5,489 |
| Receivable for fund shares sold | | 16,172 |
| Receivable from investment adviser for expense reductions | | 129 |
| Total assets | | 2,320,200 |
| Liabilities | | |
| Payable for investments purchased | $21,666 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 299 | |
| Total liabilities | | 21,989 |
| Net Assets | | $2,298,211 |
| Net Assets consist of: | | |
| Paid in capital | | $2,228,874 |
| Undistributed net investment income | | 847 |
| Accumulated undistributed net realized gain (loss) on investments | | 32,270 |
| Net unrealized appreciation (depreciation) on investments | | 36,220 |
| Net Assets | | $2,298,211 |
| Multi-Manager 2045: | | |
| Net Asset Value, offering price and redemption price per share ($2,063,518 ÷ 176,199 shares) | | $11.71 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,832 ÷ 10,058 shares) | | $11.72 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,861 ÷ 9,988 shares) | | $11.70 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $21,118 |
| Expenses | | |
| Transfer agent fees | $3,068 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 9 | |
| Total expenses before reductions | 3,347 | |
| Expense reductions | (1,336) | 2,011 |
| Net investment income (loss) | | 19,107 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | 380 | |
| Capital gain distributions from underlying funds | 110,307 | |
| Total net realized gain (loss) | | 110,687 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 140,332 |
| Net gain (loss) | | 251,019 |
| Net increase (decrease) in net assets resulting from operations | | $270,126 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $19,107 | $14,454 |
| Net realized gain (loss) | 110,687 | 18,047 |
| Change in net unrealized appreciation (depreciation) | 140,332 | (93,334) |
| Net increase (decrease) in net assets resulting from operations | 270,126 | (60,833) |
| Distributions to shareholders from net investment income | (18,260) | (14,640) |
| Distributions to shareholders from net realized gain | (60,483) | (69,085) |
| Total distributions | (78,743) | (83,725) |
| Share transactions - net increase (decrease) | 631,964 | 452,162 |
| Total increase (decrease) in net assets | 823,347 | 307,604 |
| Net Assets | | |
| Beginning of period | 1,474,864 | 1,167,260 |
| End of period | $2,298,211 | $1,474,864 |
| Other Information | | |
| Undistributed net investment income end of period | $847 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2045 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.55 | $11.73 | $11.83 | $10.59 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.52 | (.61) | .64 | 1.42 | .53 |
| Total from investment operations | 1.64 | (.49) | .79 | 1.57 | .59 |
| Distributions from net investment income | (.11) | (.11) | (.15) | (.15) | – |
| Distributions from net realized gain | (.37) | (.59) | (.74) | (.19) | – |
| Total distributions | (.48) | (.69)C | (.89) | (.33)D | – |
| Net asset value, end of period | $11.71 | $10.55 | $11.73 | $11.83 | $10.59 |
| Total ReturnE,F | 15.93% | (4.40)% | 6.88% | 15.00% | 5.90% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .18% | .20% | .25% | .25% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.08% | 1.09% | 1.23% | 1.34% | 2.05%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $2,064 | $1,262 | $944 | $331 | $106 |
| Portfolio turnover rateH | 28% | 23% | 16% | 38% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.587 per share.
D Total distributions of $.33 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.187 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2045 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.56 | $11.73 | $11.83 | $11.54 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.52 | (.60) | .63 | .45 |
| Total from investment operations | 1.64 | (.48) | .78 | .52 |
| Distributions from net investment income | (.11) | (.11) | (.14) | (.09) |
| Distributions from net realized gain | (.37) | (.59) | (.74) | (.14) |
| Total distributions | (.48) | (.69)C | (.88) | (.23) |
| Net asset value, end of period | $11.72 | $10.56 | $11.73 | $11.83 |
| Total ReturnD,E | 15.91% | (4.33)% | 6.85% | 4.51% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .09% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.09% | 1.09% | 1.23% | 1.94%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 28% | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.587 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2045 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.55 | $11.73 | $11.82 | $11.54 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | 1.51 | (.60) | .65 | .45 |
| Total from investment operations | 1.60 | (.51) | .77 | .51 |
| Distributions from net investment income | (.09) | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.37) | (.58) | (.74) | (.14) |
| Total distributions | (.45)C | (.67)D | (.86) | (.23) |
| Net asset value, end of period | $11.70 | $10.55 | $11.73 | $11.82 |
| Total ReturnE,F | 15.59% | (4.65)% | 6.68% | 4.41% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .35% | .35% | .37% | .38%I |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%I |
| Expenses net of all reductions | .35% | .35% | .35% | .35%I |
| Net investment income (loss) | .83% | .84% | .98% | 1.70%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateH | 28% | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.45 per share is comprised of distributions from net investment income of $.085 and distributions from net realized gain of $.369 per share.
D Total distributions of $.67 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.581 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.7 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.4 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.7 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.0 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| | 97.8 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.8% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.1% |
| Six months ago |
| | Domestic Equity Funds | 64.0% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2050 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.8% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 5,515 | $29,506 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 25,384 | 319,837 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 20,519 | 266,751 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 16,461 | 160,993 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 21,349 | 320,450 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,086,349) | | | 1,097,537 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 17,144 | 170,409 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 30,652 | 361,389 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $510,073) | | | 531,798 |
|
| Bond Funds - 4.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,049 | 10,731 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 454 | 4,317 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,405 | 13,892 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 735 | 8,163 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 870 | 8,548 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,581 | 25,990 |
| TOTAL BOND FUNDS | | | |
| (Cost $71,496) | | | 71,641 |
|
| Short-Term Funds - 1.1% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 13,961 | 13,961 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 462 | 4,606 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $18,567) | | | 18,567 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,686,485) | | | 1,719,543 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (152) |
| NET ASSETS - 100% | | | $1,719,391 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $431 | $14,753 | $1,222 | $10 | $13,961 |
| Fidelity Series Commodity Strategy Fund Class F | 17,336 | 19,107 | 8,070 | -- | 29,506 |
| Fidelity Series Emerging Markets Debt Fund Class F | 8,585 | 4,258 | 2,779 | 600 | 10,731 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,358 | 1,912 | 1,151 | 167 | 4,317 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 6,986 | 10,146 | 3,183 | 13 | 13,892 |
| Fidelity Series Real Estate Income Fund Class F | 6,605 | 3,775 | 2,347 | 364 | 8,163 |
| Fidelity Series Short-Term Credit Fund Class F | 219 | 4,976 | 585 | 7 | 4,606 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 6,761 | 5,194 | 3,371 | 158 | 8,548 |
| Strategic Advisers Core Multi-Manager Fund Class F | 258,069 | 136,893 | 93,862 | 2,315 | 319,837 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 126,946 | 68,231 | 49,425 | 1,507 | 170,409 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 215,609 | 124,475 | 75,843 | 1,470 | 266,751 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 39,163 | 10,220 | 26,626 | 2,120 | 25,990 |
| Strategic Advisers International Multi-Manager Fund Class F | 272,269 | 163,801 | 99,201 | 4,890 | 361,389 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 129,729 | 84,941 | 54,138 | 51 | 160,993 |
| Strategic Advisers Value Multi-Manager Fund Class F | 258,133 | 127,733 | 100,562 | 4,150 | 320,450 |
| Total | $1,350,199 | $780,415 | $522,365 | $17,822 | $1,719,543 |
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.
Fidelity® Multi-Manager 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,686,485) — See accompanying schedule | | $1,719,543 |
| Receivable for investments sold | | 4,554 |
| Receivable for fund shares sold | | 18,797 |
| Receivable from investment adviser for expense reductions | | 116 |
| Total assets | | 1,743,010 |
| Liabilities | | |
| Payable for investments purchased | $23,349 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 246 | |
| Total liabilities | | 23,619 |
| Net Assets | | $1,719,391 |
| Net Assets consist of: | | |
| Paid in capital | | $1,663,835 |
| Undistributed net investment income | | 581 |
| Accumulated undistributed net realized gain (loss) on investments | | 21,917 |
| Net unrealized appreciation (depreciation) on investments | | 33,058 |
| Net Assets | | $1,719,391 |
| Multi-Manager 2050: | | |
| Net Asset Value, offering price and redemption price per share ($1,484,711 ÷ 129,684 shares) | | $11.45 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,827 ÷ 10,287 shares) | | $11.45 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,853 ÷ 10,216 shares) | | $11.44 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $17,822 |
| Expenses | | |
| Transfer agent fees | $2,714 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 8 | |
| Total expenses before reductions | 2,992 | |
| Expense reductions | (1,246) | 1,746 |
| Net investment income (loss) | | 16,076 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (15,681) | |
| Capital gain distributions from underlying funds | 93,830 | |
| Total net realized gain (loss) | | 78,149 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 126,972 |
| Net gain (loss) | | 205,121 |
| Net increase (decrease) in net assets resulting from operations | | $221,197 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,076 | $12,305 |
| Net realized gain (loss) | 78,149 | 31,574 |
| Change in net unrealized appreciation (depreciation) | 126,972 | (85,853) |
| Net increase (decrease) in net assets resulting from operations | 221,197 | (41,974) |
| Distributions to shareholders from net investment income | (15,782) | (12,018) |
| Distributions to shareholders from net realized gain | (54,737) | (76,953) |
| Total distributions | (70,519) | (88,971) |
| Share transactions - net increase (decrease) | 218,634 | 302,445 |
| Total increase (decrease) in net assets | 369,312 | 171,500 |
| Net Assets | | |
| Beginning of period | 1,350,079 | 1,178,579 |
| End of period | $1,719,391 | $1,350,079 |
| Other Information | | |
| Undistributed net investment income end of period | $581 | $287 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2050 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.37 | $11.67 | $11.85 | $10.60 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .16 | .06 |
| Net realized and unrealized gain (loss) | 1.48 | (.58) | .63 | 1.43 | .54 |
| Total from investment operations | 1.60 | (.47) | .78 | 1.59 | .60 |
| Distributions from net investment income | (.12) | (.11) | (.16) | (.15) | – |
| Distributions from net realized gain | (.41) | (.72) | (.81) | (.19) | – |
| Total distributions | (.52)C | (.83) | (.96)D | (.34) | – |
| Net asset value, end of period | $11.45 | $10.37 | $11.67 | $11.85 | $10.60 |
| Total ReturnE,F | 15.90% | (4.38)% | 6.85% | 15.13% | 6.00% |
| Ratios to Average Net AssetsG,H | | | | | |
| Expenses before reductions | .20% | .22% | .20% | .20% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.11% | 1.06% | 1.28% | 1.38% | 2.04%I |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,485 | $1,137 | $956 | $611 | $106 |
| Portfolio turnover rateH | 35% | 31% | 15% | 21% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.52 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.407 per share.
D Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2050 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.37 | $11.67 | $11.85 | $11.56 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.48 | (.58) | .63 | .45 |
| Total from investment operations | 1.60 | (.47) | .78 | .52 |
| Distributions from net investment income | (.11) | (.11) | (.16) | (.09) |
| Distributions from net realized gain | (.41) | (.72) | (.81) | (.15) |
| Total distributions | (.52)C | (.83) | (.96)D | (.23)E |
| Net asset value, end of period | $11.45 | $10.37 | $11.67 | $11.85 |
| Total ReturnF,G | 15.88% | (4.39)% | 6.84% | 4.54% |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | .10% | .11% | .11% | .11%J |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%J |
| Expenses net of all reductions | .10% | .10% | .10% | .10%J |
| Net investment income (loss) | 1.11% | 1.05% | 1.28% | 1.99%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateI | 35% | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.52 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.407 per share.
D Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 per share.
E Total distributions of $.23 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.145 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 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 but do not include expenses of the underlying funds in which the Fund invests.
I Amounts do not include the activity of the Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2050 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.36 | $11.66 | $11.84 | $11.56 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | 1.49 | (.59) | .63 | .45 |
| Total from investment operations | 1.58 | (.50) | .75 | .51 |
| Distributions from net investment income | (.09) | (.09) | (.13) | (.08) |
| Distributions from net realized gain | (.41) | (.71) | (.81) | (.15) |
| Total distributions | (.50) | (.80) | (.93)C | (.23) |
| Net asset value, end of period | $11.44 | $10.36 | $11.66 | $11.84 |
| Total ReturnD,E | 15.64% | (4.62)% | 6.57% | 4.43% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .35% | .36% | .36% | .37%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35% | .35%H |
| Net investment income (loss) | .86% | .80% | 1.03% | 1.74%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateG | 35% | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.806 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.0 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.4 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.8 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.1 |
| | 97.9 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.9% |
| | Bond Funds | 4.2% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2055 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 6,400 | $34,241 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 27,678 | 348,742 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 22,373 | 290,843 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 17,899 | 175,053 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 23,247 | 348,935 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,193,430) | | | 1,197,814 |
|
| International Equity Funds - 30.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 18,702 | 185,901 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 33,441 | 394,273 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $558,822) | | | 580,174 |
|
| Bond Funds - 4.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,146 | 11,727 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 495 | 4,708 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,532 | 15,153 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 801 | 8,904 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 948 | 9,324 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,809 | 28,288 |
| TOTAL BOND FUNDS | | | |
| (Cost $77,762) | | | 78,104 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 14,755 | 14,755 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 449 | 4,473 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $19,229) | | | 19,228 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,849,243) | | | 1,875,320 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (169) |
| NET ASSETS - 100% | | | $1,875,151 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $439 | $15,028 | $712 | $10 | $14,755 |
| Fidelity Series Commodity Strategy Fund Class F | 17,731 | 23,768 | 8,328 | -- | 34,241 |
| Fidelity Series Emerging Markets Debt Fund Class F | 8,817 | 5,041 | 2,808 | 621 | 11,727 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,424 | 2,199 | 1,112 | 171 | 4,708 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 7,044 | 10,998 | 2,835 | 13 | 15,153 |
| Fidelity Series Real Estate Income Fund Class F | 6,737 | 4,304 | 2,274 | 370 | 8,904 |
| Fidelity Series Short-Term Credit Fund Class F | 211 | 4,626 | 361 | 7 | 4,473 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 6,894 | 5,717 | 3,252 | 161 | 9,324 |
| Strategic Advisers Core Multi-Manager Fund Class F | 263,072 | 160,266 | 94,588 | 2,343 | 348,742 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 129,496 | 81,210 | 50,555 | 1,576 | 185,901 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 219,840 | 145,946 | 78,287 | 1,480 | 290,843 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 39,820 | 12,368 | 27,131 | 2,162 | 28,288 |
| Strategic Advisers International Multi-Manager Fund Class F | 277,647 | 190,157 | 99,399 | 5,032 | 394,273 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 132,336 | 96,493 | 53,746 | 52 | 175,053 |
| Strategic Advisers Value Multi-Manager Fund Class F | 263,199 | 153,291 | 103,945 | 4,181 | 348,935 |
| Total | $1,376,707 | $911,412 | $529,333 | $18,179 | $1,875,320 |
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.
Fidelity® Multi-Manager 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $1,849,243) — See accompanying schedule | | $1,875,320 |
| Receivable for investments sold | | 3,806 |
| Receivable for fund shares sold | | 22,986 |
| Receivable from investment adviser for expense reductions | | 154 |
| Total assets | | 1,902,266 |
| Liabilities | | |
| Payable for investments purchased | $26,793 | |
| Distribution and service plan fees payable | 24 | |
| Other affiliated payables | 298 | |
| Total liabilities | | 27,115 |
| Net Assets | | $1,875,151 |
| Net Assets consist of: | | |
| Paid in capital | | $1,811,977 |
| Undistributed net investment income | | 464 |
| Accumulated undistributed net realized gain (loss) on investments | | 36,633 |
| Net unrealized appreciation (depreciation) on investments | | 26,077 |
| Net Assets | | $1,875,151 |
| Multi-Manager 2055: | | |
| Net Asset Value, offering price and redemption price per share ($1,640,537 ÷ 139,363 shares) | | $11.77 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($117,792 ÷ 10,003 shares) | | $11.78 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($116,822 ÷ 9,941 shares) | | $11.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $18,179 |
| Expenses | | |
| Transfer agent fees | $3,213 | |
| Distribution and service plan fees | 270 | |
| Independent trustees' fees and expenses | 8 | |
| Total expenses before reductions | 3,491 | |
| Expense reductions | (1,707) | 1,784 |
| Net investment income (loss) | | 16,395 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (22,646) | |
| Capital gain distributions from underlying funds | 95,133 | |
| Total net realized gain (loss) | | 72,487 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 139,179 |
| Net gain (loss) | | 211,666 |
| Net increase (decrease) in net assets resulting from operations | | $228,061 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $16,395 | $12,241 |
| Net realized gain (loss) | 72,487 | 38,291 |
| Change in net unrealized appreciation (depreciation) | 139,179 | (97,832) |
| Net increase (decrease) in net assets resulting from operations | 228,061 | (47,300) |
| Distributions to shareholders from net investment income | (15,681) | (11,755) |
| Distributions to shareholders from net realized gain | (43,302) | (69,001) |
| Total distributions | (58,983) | (80,756) |
| Share transactions - net increase (decrease) | 329,493 | 425,655 |
| Total increase (decrease) in net assets | 498,571 | 297,599 |
| Net Assets | | |
| Beginning of period | 1,376,580 | 1,078,981 |
| End of period | $1,875,151 | $1,376,580 |
| Other Information | | |
| Undistributed net investment income end of period | $464 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2055 Fund
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 | 2013A |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $10.57 | $11.84 | $11.95 | $10.62 | $10.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)B | .12 | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | 1.52 | (.59) | .64 | 1.50 | .56 |
| Total from investment operations | 1.64 | (.48) | .79 | 1.65 | .62 |
| Distributions from net investment income | (.11) | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.33) | (.68) | (.75) | (.18) | – |
| Total distributions | (.44) | (.79)C | (.90) | (.32) | – |
| Net asset value, end of period | $11.77 | $10.57 | $11.84 | $11.95 | $10.62 |
| Total ReturnD,E | 15.87% | (4.38)% | 6.83% | 15.67% | 6.20% |
| Ratios to Average Net AssetsF,G | | | | | |
| Expenses before reductions | .23% | .25% | .26% | .24% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.10% | 1.05% | 1.26% | 1.34% | 1.98%H |
| Supplemental Data | | | | | |
| Net assets, end of period (000 omitted) | $1,641 | $1,164 | $856 | $357 | $106 |
| Portfolio turnover rateG | 35% | 15% | 11% | 19% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.683 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2055 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015 | 2014A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.57 | $11.84 | $11.95 | $11.64 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | 1.53 | (.60) | .64 | .46 |
| Total from investment operations | 1.65 | (.48) | .79 | .53 |
| Distributions from net investment income | (.11) | (.10) | (.15) | (.08) |
| Distributions from net realized gain | (.33) | (.68) | (.75) | (.14) |
| Total distributions | (.44) | (.79)C | (.90) | (.22) |
| Net asset value, end of period | $11.78 | $10.57 | $11.84 | $11.95 |
| Total ReturnD,E | 15.97% | (4.39)% | 6.81% | 4.54% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .10% | .11% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.10% | 1.05% | 1.26% | 1.96%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $118 | $107 | $112 | $105 |
| Portfolio turnover rateG | 35% | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.683 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2055 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.56 | $11.83 | $11.94 | $11.64 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .09 | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | 1.51 | (.59) | .64 | .45 |
| Total from investment operations | 1.60 | (.50) | .76 | .51 |
| Distributions from net investment income | (.09) | (.08) | (.12) | (.08) |
| Distributions from net realized gain | (.33) | (.68) | (.75) | (.14) |
| Total distributions | (.41)C | (.77)D | (.87) | (.21)E |
| Net asset value, end of period | $11.75 | $10.56 | $11.83 | $11.94 |
| Total ReturnF,G | 15.58% | (4.57)% | 6.54% | 4.44% |
| Ratios to Average Net AssetsH,I | | | | |
| Expenses before reductions | .35% | .36% | .37% | .38%J |
| Expenses net of fee waivers, if any | .35% | .35% | .35% | .35%J |
| Expenses net of all reductions | .35% | .35% | .35% | .35%J |
| Net investment income (loss) | .85% | .80% | 1.01% | 1.71%J |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $117 | $106 | $111 | $104 |
| Portfolio turnover rateI | 35% | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.41 per share is comprised of distributions from net investment income of $.089 and distributions from net realized gain of $.325 per share.
D Total distributions of $.77 per share is comprised of distributions from net investment income of $.082 and distributions from net realized gain of $.683 per share.
E Total distributions of $.21 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.137 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 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 but do not include expenses of the underlying funds in which the Fund invests.
I Amounts do not include the activity of the Underlying Funds.
J Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Multi-Manager 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Top Holdings as of March 31, 2017
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Strategic Advisers International Multi-Manager Fund Class F | 21.1 | 20.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Core Multi-Manager Fund Class F | 18.6 | 18.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.5 | 15.6 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.9 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.3 | 9.4 |
| Fidelity Series Commodity Strategy Fund Class F | 1.9 | 1.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 1.5 | 2.8 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.8 | 0.6 |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | 0.8 | 0.1 |
| | 98.0 | 98.1 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 31.0% |
| | Bond Funds | 4.1% |
| | Short-Term Funds | 1.0% |
| Six months ago |
| | Domestic Equity Funds | 63.9% |
| | International Equity Funds | 30.7% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments.
Fidelity® Multi-Manager 2060 Fund
Investments March 31, 2017
Showing Percentage of Net Assets
| Domestic Equity Funds - 63.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 2,971 | $15,896 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 12,328 | 155,333 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 9,965 | 129,544 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 7,965 | 77,901 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 10,350 | 155,349 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $514,795) | | | 534,023 |
|
| International Equity Funds - 31.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 8,331 | 82,814 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 14,899 | 175,654 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $241,268) | | | 258,468 |
|
| Bond Funds - 4.1% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 498 | 5,091 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 221 | 2,097 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 683 | 6,751 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 357 | 3,967 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 398 | 3,915 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,254 | 12,627 |
| TOTAL BOND FUNDS | | | |
| (Cost $33,750) | | | 34,448 |
|
| Short-Term Funds - 1.0% | | | |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% (b)(c) | | 6,632 | 6,632 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 179 | 1,784 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $8,415) | | | 8,416 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $798,228) | | | 835,355 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | 27 |
| NET ASSETS - 100% | | | $835,382 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Underlying Funds
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:
| Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, end of period |
| Fidelity Investments Money Market Government Portfolio Institutional Class 0.60% | $157 | $6,892 | $417 | $4 | $6,632 |
| Fidelity Series Commodity Strategy Fund Class F | 6,272 | 19,135 | 9,627 | -- | 15,896 |
| Fidelity Series Emerging Markets Debt Fund Class F | 3,094 | 3,806 | 2,095 | 244 | 5,091 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,221 | 1,675 | 873 | 69 | 2,097 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2,541 | 6,895 | 2,682 | 5 | 6,751 |
| Fidelity Series Real Estate Income Fund Class F | 2,403 | 3,190 | 1,709 | 139 | 3,967 |
| Fidelity Series Short-Term Credit Fund Class F | 78 | 1,892 | 186 | 3 | 1,784 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 2,459 | 3,636 | 2,170 | 65 | 3,915 |
| Strategic Advisers Core Multi-Manager Fund Class F | 93,978 | 118,877 | 68,320 | 860 | 155,333 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 46,146 | 61,877 | 37,569 | 561 | 82,814 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 78,419 | 103,817 | 57,321 | 546 | 129,544 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 14,594 | 10,100 | 13,390 | 855 | 12,627 |
| Strategic Advisers International Multi-Manager Fund Class F | 98,771 | 137,712 | 73,472 | 1,813 | 175,654 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 47,067 | 65,922 | 37,130 | 19 | 77,901 |
| Strategic Advisers Value Multi-Manager Fund Class F | 93,886 | 116,764 | 72,360 | 1,543 | 155,349 |
| Total | $491,086 | $662,190 | $379,321 | $6,726 | $835,355 |
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.
Fidelity® Multi-Manager 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2017 |
| Assets | | |
| Investment in securities, at value (cost $798,228) — See accompanying schedule | | $835,355 |
| Cash | | 119 |
| Receivable for investments sold | | 2,580 |
| Receivable for fund shares sold | | 2,586 |
| Receivable from investment adviser for expense reductions | | 64 |
| Total assets | | 840,704 |
| Liabilities | | |
| Payable for investments purchased | $5,183 | |
| Distribution and service plan fees payable | 23 | |
| Other affiliated payables | 116 | |
| Total liabilities | | 5,322 |
| Net Assets | | $835,382 |
| Net Assets consist of: | | |
| Paid in capital | | $790,888 |
| Undistributed net investment income | | 68 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,299 |
| Net unrealized appreciation (depreciation) on investments | | 37,127 |
| Net Assets | | $835,382 |
| Multi-Manager 2060: | | |
| Net Asset Value, offering price and redemption price per share ($614,411 ÷ 60,265 shares) | | $10.20 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($110,853 ÷ 10,869 shares) | | $10.20 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($110,118 ÷ 10,817 shares) | | $10.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2017 |
| Investment Income | | |
| Income distributions from underlying funds | | $6,726 |
| Expenses | | |
| Transfer agent fees | $1,012 | |
| Distribution and service plan fees | 254 | |
| Independent trustees' fees and expenses | 4 | |
| Total expenses before reductions | 1,270 | |
| Expense reductions | (398) | 872 |
| Net investment income (loss) | | 5,854 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,317) | |
| Capital gain distributions from underlying funds | 34,811 | |
| Total net realized gain (loss) | | 22,494 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | 73,829 |
| Net gain (loss) | | 96,323 |
| Net increase (decrease) in net assets resulting from operations | | $102,177 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,854 | $4,003 |
| Net realized gain (loss) | 22,494 | 14,202 |
| Change in net unrealized appreciation (depreciation) | 73,829 | (33,708) |
| Net increase (decrease) in net assets resulting from operations | 102,177 | (15,503) |
| Distributions to shareholders from net investment income | (5,635) | (3,886) |
| Distributions to shareholders from net realized gain | (20,433) | (22,886) |
| Total distributions | (26,068) | (26,772) |
| Share transactions - net increase (decrease) | 268,267 | 185,709 |
| Total increase (decrease) in net assets | 344,376 | 143,434 |
| Net Assets | | |
| Beginning of period | 491,006 | 347,572 |
| End of period | $835,382 | $491,006 |
| Other Information | | |
| Undistributed net investment income end of period | $68 | $– |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2060 Fund
| Years ended March 31, | 2017 | 2016 | 2015 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $9.23 | $10.33 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .10 | .10 | .08 |
| Net realized and unrealized gain (loss) | 1.33 | (.52) | .42 |
| Total from investment operations | 1.43 | (.42) | .50 |
| Distributions from net investment income | (.10) | (.09) | (.08) |
| Distributions from net realized gain | (.36) | (.60) | (.09) |
| Total distributions | (.46) | (.68)C | (.17) |
| Net asset value, end of period | $10.20 | $9.23 | $10.33 |
| Total ReturnD,E | 15.99% | (4.37)% | 5.02% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .19% | .20% | .15%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | .99% | 1.07% | 1.14%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $614 | $290 | $138 |
| Portfolio turnover rateG | 60% | 8% | 13%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.68 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.596 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 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 but do not include expenses of the underlying funds in which the Fund invests.
G Amounts do not include the activity of the Underlying Funds.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2060 Fund Class L
| Years ended March 31, | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $9.24 | $10.34 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .10 | .10 | .08 |
| Net realized and unrealized gain (loss) | 1.32 | (.52) | .43 |
| Total from investment operations | 1.42 | (.42) | .51 |
| Distributions from net investment income | (.10) | (.08) | (.08) |
| Distributions from net realized gain | (.36) | (.60) | (.09) |
| Total distributions | (.46) | (.68) | (.17) |
| Net asset value, end of period | $10.20 | $9.24 | $10.34 |
| Total ReturnC,D | 15.85% | (4.38)% | 5.12% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .12% | .14% | .14%G |
| Expenses net of fee waivers, if any | .10% | .10% | .10%G |
| Expenses net of all reductions | .10% | .10% | .10%G |
| Net investment income (loss) | .99% | 1.08% | 1.13%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $111 | $100 | $105 |
| Portfolio turnover rateF | 60% | 8% | 13%G |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
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 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 but do not include expenses of the underlying funds in which the Fund invests.
F Amounts do not include the activity of the Underlying Funds.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Multi-Manager 2060 Fund Class N
| Years ended March 31, | 2017 | 2016 | 2015A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $9.23 | $10.33 | $10.00 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .07 | .08 | .06 |
| Net realized and unrealized gain (loss) | 1.33 | (.52) | .43 |
| Total from investment operations | 1.40 | (.44) | .49 |
| Distributions from net investment income | (.08) | (.07) | (.07) |
| Distributions from net realized gain | (.36) | (.60) | (.09) |
| Total distributions | (.45)C | (.66)D | (.16) |
| Net asset value, end of period | $10.18 | $9.23 | $10.33 |
| Total ReturnE,F | 15.55% | (4.57)% | 4.91% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .37% | .39% | .38%I |
| Expenses net of fee waivers, if any | .35% | .35% | .35%I |
| Expenses net of all reductions | .35% | .35% | .35%I |
| Net investment income (loss) | .74% | .82% | .89%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $110 | $100 | $105 |
| Portfolio turnover rateH | 60% | 8% | 13%I |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.45 per share is comprised of distributions from net investment income of $.081 and distributions from net realized gain of $.364 per share.
D Total distributions of $.66 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.596 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 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 but do not include expenses of the underlying funds in which the Fund invests.
H Amounts do not include the activity of the Underlying Funds.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2017
1. Organization.
Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (the Funds)(formerly Strategic Advisers Multi-Manager Target Date Funds) are funds of Fidelity Boylston 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 Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in affiliated mutual funds and may also invest in unaffiliated mutual funds (the Underlying Funds). The Funds are available only to certain employer-sponsored retirement plans and certain Fidelity brokerage or mutual fund accounts. Each Fund offers Multi-Manager, Class L and Class N 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. 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. 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. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from 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 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. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of March 31, 2017, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. For Fidelity Multi-Manager Income Fund, these differences resulted in distribution reclassifications.
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, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities |
| Fidelity Multi-Manager Income Fund | $1,056,528 | $18,540 | $(10,808) | $7,732 |
| Fidelity Multi-Manager 2005 Fund | 345,567 | 7,710 | (6,540) | 1,170 |
| Fidelity Multi-Manager 2010 Fund | 529,682 | 17,831 | (5,191) | 12,640 |
| Fidelity Multi-Manager 2015 Fund | 1,257,347 | 30,299 | (23,937) | 6,362 |
| Fidelity Multi-Manager 2020 Fund | 5,772,649 | 113,857 | (121,361) | (7,504) |
| Fidelity Multi-Manager 2025 Fund | 2,275,055 | 73,645 | (46,290) | 27,355 |
| Fidelity Multi-Manager 2030 Fund | 1,888,934 | 80,782 | (51,719) | 29,063 |
| Fidelity Multi-Manager 2035 Fund | 2,540,287 | 113,110 | (58,583) | 54,527 |
| Fidelity Multi-Manager 2040 Fund | 1,959,409 | 81,213 | (50,991) | 30,222 |
| Fidelity Multi-Manager 2045 Fund | 2,296,729 | 74,883 | (73,202) | 1,681 |
| Fidelity Multi-Manager 2050 Fund | 1,718,622 | 59,068 | (58,147) | 921 |
| Fidelity Multi-Manager 2055 Fund | 1,869,708 | 68,553 | (62,941) | 5,612 |
| Fidelity Multi-Manager 2060 Fund | 801,501 | 38,699 | (4,845) | 33,854 |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments |
| Fidelity Multi-Manager Income Fund | $525 | $– | $(4,192) | $7,732 |
| Fidelity Multi-Manager 2005 Fund | 686 | 2,651 | – | 1,170 |
| Fidelity Multi-Manager 2010 Fund | 1,020 | – | (13,775) | 12,640 |
| Fidelity Multi-Manager 2015 Fund | 2,265 | – | (5,737) | 6,362 |
| Fidelity Multi-Manager 2020 Fund | 7,466 | 61,563 | – | (7,504) |
| Fidelity Multi-Manager 2025 Fund | 2,943 | 53,898 | – | 27,355 |
| Fidelity Multi-Manager 2030 Fund | 1,569 | 54,639 | – | 29,063 |
| Fidelity Multi-Manager 2035 Fund | 1,638 | 65,661 | – | 54,527 |
| Fidelity Multi-Manager 2040 Fund | 1,482 | 55,134 | – | 30,222 |
| Fidelity Multi-Manager 2045 Fund | 1,911 | 65,746 | – | 1,681 |
| Fidelity Multi-Manager 2050 Fund | 1,526 | 53,108 | – | 921 |
| Fidelity Multi-Manager 2055 Fund | 465 | 57,099 | – | 5,612 |
| Fidelity Multi-Manager 2060 Fund | 67 | 10,571 | – | 33,854 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| | No expiration | | | |
| | Short-term | Long-term | Total no expiration | Total capital loss carryfoward |
| Fidelity Multi-Manager Income Fund | $(4,192) | $– | $(4,192) | $(4,192) |
| Fidelity Multi-Manager 2010 Fund | (773) | (13,002) | (13,775) | (13,775) |
| Fidelity Multi-Manager 2015 Fund | (4,185) | (1,552) | (5,737) | (5,737) |
The tax character of distributions paid was as follows:
| March 31, 2017 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Multi-Manager Income Fund | $20,659 | $– | $20,659 |
| Fidelity Multi-Manager 2005 Fund | 5,530 | – | 5,530 |
| Fidelity Multi-Manager 2010 Fund | 10,372 | 5,351 | 15,723 |
| Fidelity Multi-Manager 2015 Fund | 27,456 | 1,753 | 29,209 |
| Fidelity Multi-Manager 2020 Fund | 70,980 | 36,629 | 107,609 |
| Fidelity Multi-Manager 2025 Fund | 33,557 | 36,611 | 70,168 |
| Fidelity Multi-Manager 2030 Fund | 26,438 | 12,885 | 39,323 |
| Fidelity Multi-Manager 2035 Fund | 28,723 | 54,029 | 82,752 |
| Fidelity Multi-Manager 2040 Fund | 20,149 | 27,434 | 47,583 |
| Fidelity Multi-Manager 2045 Fund | 25,276 | 53,467 | 78,743 |
| Fidelity Multi-Manager 2050 Fund | 21,467 | 49,052 | 70,519 |
| Fidelity Multi-Manager 2055 Fund | 21,458 | 37,525 | 58,983 |
| Fidelity Multi-Manager 2060 Fund | 7,740 | 18,328 | 26,068 |
| March 31, 2016 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Fidelity Multi-Manager Income Fund | $19,725 | $19,894 | $39,619 |
| Fidelity Multi-Manager 2005 Fund | 6,232 | 9,413 | 15,645 |
| Fidelity Multi-Manager 2010 Fund | 13,839 | 25,025 | 38,864 |
| Fidelity Multi-Manager 2015 Fund | 34,902 | 60,539 | 95,441 |
| Fidelity Multi-Manager 2020 Fund | 73,932 | 150,219 | 224,151 |
| Fidelity Multi-Manager 2025 Fund | 23,436 | 61,118 | 84,554 |
| Fidelity Multi-Manager 2030 Fund | 18,745 | 79,162 | 97,907 |
| Fidelity Multi-Manager 2035 Fund | 17,566 | 73,720 | 91,286 |
| Fidelity Multi-Manager 2040 Fund | 12,578 | 48,510 | 61,088 |
| Fidelity Multi-Manager 2045 Fund | 18,132 | 65,593 | 83,725 |
| Fidelity Multi-Manager 2050 Fund | 15,687 | 73,284 | 88,971 |
| Fidelity Multi-Manager 2055 Fund | 15,440 | 65,316 | 80,756 |
| Fidelity Multi-Manager 2060 Fund | 5,086 | 21,686 | 26,772 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Fidelity Multi-Manager Income Fund | 597,200 | 587,871 |
| Fidelity Multi-Manager 2005 Fund | 51,259 | 60,764 |
| Fidelity Multi-Manager 2010 Fund | 238,006 | 504,059 |
| Fidelity Multi-Manager 2015 Fund | 378,142 | 893,412 |
| Fidelity Multi-Manager 2020 Fund | 2,656,602 | 1,519,221 |
| Fidelity Multi-Manager 2025 Fund | 1,445,193 | 1,156,879 |
| Fidelity Multi-Manager 2030 Fund | 764,498 | 431,793 |
| Fidelity Multi-Manager 2035 Fund | 1,278,745 | 643,433 |
| Fidelity Multi-Manager 2040 Fund | 1,292,690 | 355,632 |
| Fidelity Multi-Manager 2045 Fund | 1,191,533 | 508,846 |
| Fidelity Multi-Manager 2050 Fund | 780,415 | 522,365 |
| Fidelity Multi-Manager 2055 Fund | 911,412 | 529,333 |
| Fidelity Multi-Manager 2060 Fund | 662,190 | 379,321 |
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of Fidelity Management & Research Company (FMR), provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding distribution and service fees, transfer agent fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Each Fund's Class N pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class N's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Funds and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
| | Service
Fee | Total Fees | Retained
by FDC |
| Fidelity Multi-Manager Income Fund | | | |
| Class N | .25% | $ 257 | $ 257 |
| Fidelity Multi-Manager 2005 Fund | | | |
| Class N | .25% | $ 260 | $ 260 |
| Fidelity Multi-Manager 2010 Fund | | | |
| Class N | .25% | $ 263 | $ 263 |
| Fidelity Multi-Manager 2015 Fund | | | |
| Class N | .25% | $ 265 | $ 265 |
| Fidelity Multi-Manager 2020 Fund | | | |
| Class N | .25% | $ 266 | $ 266 |
| Fidelity Multi-Manager 2025 Fund | | | |
| Class N | .25% | $ 268 | $268 |
| Fidelity Multi-Manager 2030 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Fidelity Multi-Manager 2035 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2040 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2045 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2050 Fund | | | |
| Class N | .25% | $ 270 | $270 |
| Fidelity Multi-Manager 2055 Fund | | | |
| Class N | .25% | $ 270 | $ 270 |
| Fidelity Multi-Manager 2060 Fund | | | |
| Class N | .25% | $ 254 | $ 254 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| | Amount | % of
Class-Level Average
Net Assets |
| Fidelity Multi-Manager Income Fund | | |
| Multi-Manager Income | $544 | .05 |
| Class L | 52 | .05 |
| Class N | 51 | .05 |
| | $647 | |
| Fidelity Multi-Manager 2005 Fund | | |
| Multi-Manager 2005 | $83 | .06 |
| Class L | 90 | .09 |
| Class N | 89 | .09 |
| | $262 | |
| Fidelity Multi-Manager 2010 Fund | | |
| Multi-Manager 2010 | $202 | .05 |
| Class L | 66 | .06 |
| Class N | 65 | .06 |
| | $333 | |
| Fidelity Multi-Manager 2015 Fund | | |
| Multi-Manager 2015 | $1,043 | .08 |
| Class L | 87 | .08 |
| Class N | 86 | .08 |
| | $1,216 | |
| Fidelity Multi-Manager 2020 Fund | | |
| Multi-Manager 2020 | $3,165 | .08 |
| Class L | 81 | .08 |
| Class N | 81 | .08 |
| | $3,327 | |
| Fidelity Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | $1,929 | .10 |
| Class L | 89 | .08 |
| Class N | 89 | .08 |
| | $2,107 | |
| Fidelity Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | $1,740 | .12 |
| Class L | 98 | .09 |
| Class N | 97 | .09 |
| | $1,935 | |
| Fidelity Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | $2,671 | .15 |
| Class L | 104 | .10 |
| Class N | 103 | .10 |
| | $2,878 | |
| Fidelity Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | $2,030 | .19 |
| Class L | 111 | .10 |
| Class N | 111 | .10 |
| | $2,252 | |
| Fidelity Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | $2,858 | .18 |
| Class L | 105 | .10 |
| Class N | 105 | .10 |
| | $3,068 | |
| Fidelity Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | $2,500 | .20 |
| Class L | 107 | .10 |
| Class N | 107 | .10 |
| | $2,714 | |
| Fidelity Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | $3,000 | .23 |
| Class L | 107 | .10 |
| Class N | 106 | .10 |
| | $3,213 | |
| Fidelity Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | $772 | .19 |
| Class L | 120 | .12 |
| Class N | 120 | .12 |
| | $1,012 | |
5. Expense Reductions.
The investment adviser contractually agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2018. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes of each applicable Fund were in reimbursement during the period:
| | Expense
Limitations | Reimbursement |
| Fidelity Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | .10% | $95 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | .10% | $237 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | .10% | $863 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | .10% | $967 |
| Class L | .10% | 3 |
| Class N | .35% | 3 |
| Fidelity Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | .10% | $1,296 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | .10% | $1,246 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | .10% | $1,707 |
| Class L | .10% | – |
| Class N | .35% | – |
| Fidelity Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | .10% | $360 |
| Class L | .10% | 19 |
| Class N | .35% | 19 |
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. During the period, these credits reduced the expenses by the following amounts:
| Fidelity Multi-Manager 2045 Fund | $40 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
March 31, 2017 | Year ended
March 31, 2016 |
| Fidelity Multi-Manager Income Fund | | |
| From net investment income | | |
| Multi-Manager Income | $14,871 | $15,176 |
| Class L | 1,592 | 1,685 |
| Class N | 1,328 | 1,438 |
| Total | $17,791 | $18,299 |
| From net realized gain | | |
| Multi-Manager Income | $2,324 | $17,414 |
| Class L | 273 | 1,957 |
| Class N | 271 | 1,949 |
| Total | $2,868 | $21,320 |
| Fidelity Multi-Manager 2005 Fund | | |
| From net investment income | | |
| Multi-Manager 2005 | $1,825 | $2,539 |
| Class L | 1,502 | 1,625 |
| Class N | 1,231 | 1,352 |
| Total | $4,558 | $5,516 |
| From net realized gain | | |
| Multi-Manager 2005 | $364 | $3,986 |
| Class L | 305 | 3,076 |
| Class N | 303 | 3,067 |
| Total | $972 | $10,129 |
| Fidelity Multi-Manager 2010 Fund | | |
| From net investment income | | |
| Multi-Manager 2010 | $5,567 | $8,965 |
| Class L | 1,761 | 1,670 |
| Class N | 1,491 | 1,391 |
| Total | $8,819 | $12,026 |
| From net realized gain | | |
| Multi-Manager 2010 | $4,867 | $19,386 |
| Class L | 1,021 | 3,731 |
| Class N | 1,016 | 3,721 |
| Total | $6,904 | $26,838 |
| Fidelity Multi-Manager 2015 Fund | | |
| From net investment income | | |
| Multi-Manager 2015 | $19,795 | $25,199 |
| Class L | 1,503 | 1,661 |
| Class N | 1,237 | 1,394 |
| Total | $22,535 | $28,254 |
| From net realized gain | | |
| Multi-Manager 2015 | $5,801 | $59,222 |
| Class L | 438 | 3,988 |
| Class N | 435 | 3,977 |
| Total | $6,674 | $67,187 |
| Fidelity Multi-Manager 2020 Fund | | |
| From net investment income | | |
| Multi-Manager 2020 | $54,436 | $58,011 |
| Class L | 1,380 | 1,482 |
| Class N | 1,114 | 1,217 |
| Total | $56,930 | $60,710 |
| From net realized gain | | |
| Multi-Manager 2020 | $48,280 | $154,346 |
| Class L | 1,203 | 4,554 |
| Class N | 1,196 | 4,541 |
| Total | $50,679 | $163,441 |
| Fidelity Multi-Manager 2025 Fund | | |
| From net investment income | | |
| Multi-Manager 2025 | $23,916 | $17,411 |
| Class L | 1,343 | 1,267 |
| Class N | 1,080 | 986 |
| Total | $26,339 | $19,664 |
| From net realized gain | | |
| Multi-Manager 2025 | $39,275 | $54,834 |
| Class L | 2,283 | 5,035 |
| Class N | 2,271 | 5,021 |
| Total | $43,829 | $64,890 |
| Fidelity Multi-Manager 2030 Fund | | |
| From net investment income | | |
| Multi-Manager 2030 | $17,968 | $11,967 |
| Class L | 1,233 | 1,265 |
| Class N | 965 | 1,018 |
| Total | $20,166 | $14,250 |
| From net realized gain | | |
| Multi-Manager 2030 | $16,879 | $70,000 |
| Class L | 1,142 | 6,838 |
| Class N | 1,136 | 6,819 |
| Total | $19,157 | $83,657 |
| Fidelity Multi-Manager 2035 Fund | | |
| From net investment income | | |
| Multi-Manager 2035 | $19,096 | $12,275 |
| Class L | 1,077 | 1,013 |
| Class N | 836 | 803 |
| Total | $21,009 | $14,091 |
| From net realized gain | | |
| Multi-Manager 2035 | $55,222 | $64,720 |
| Class L | 3,283 | 6,246 |
| Class N | 3,238 | 6,229 |
| Total | $61,743 | $77,195 |
| Fidelity Multi-Manager 2040 Fund | | |
| From net investment income | | |
| Multi-Manager 2040 | $12,607 | $6,618 |
| Class L | 925 | 1,027 |
| Class N | 722 | 825 |
| Total | $14,254 | $8,470 |
| From net realized gain | | |
| Multi-Manager 2040 | $27,834 | $38,980 |
| Class L | 2,754 | 6,862 |
| Class N | 2,741 | 6,776 |
| Total | $33,329 | $52,618 |
| Fidelity Multi-Manager 2045 Fund | | |
| From net investment income | | |
| Multi-Manager 2045 | $16,411 | $12,787 |
| Class L | 1,024 | 1,031 |
| Class N | 825 | 822 |
| Total | $18,260 | $14,640 |
| From net realized gain | | |
| Multi-Manager 2045 | $53,307 | $57,849 |
| Class L | 3,612 | 5,654 |
| Class N | 3,564 | 5,582 |
| Total | $60,483 | $69,085 |
| Fidelity Multi-Manager 2050 Fund | | |
| From net investment income | | |
| Multi-Manager 2050 | $13,759 | $10,018 |
| Class L | 1,123 | 1,106 |
| Class N | 900 | 894 |
| Total | $15,782 | $12,018 |
| From net realized gain | | |
| Multi-Manager 2050 | $46,725 | $63,137 |
| Class L | 4,026 | 6,937 |
| Class N | 3,986 | 6,879 |
| Total | $54,737 | $76,953 |
| Fidelity Multi-Manager 2055 Fund | | |
| From net investment income | | |
| Multi-Manager 2055 | $13,743 | $9,947 |
| Class L | 1,073 | 1,008 |
| Class N | 865 | 800 |
| Total | $15,681 | $11,755 |
| From net realized gain | | |
| Multi-Manager 2055 | $37,018 | $55,964 |
| Class L | 3,149 | 6,527 |
| Class N | 3,135 | 6,510 |
| Total | $43,302 | $69,001 |
| Fidelity Multi-Manager 2060 Fund | | |
| From net investment income | | |
| Multi-Manager 2060 | $3,747 | $2,311 |
| Class L | 1,040 | 888 |
| Class N�� | 848 | 687 |
| Total | $5,635 | $3,886 |
| From net realized gain | | |
| Multi-Manager 2060 | $12,836 | $10,623 |
| Class L | 3,804 | 6,135 |
| Class N | 3,793 | 6,128 |
| Total | $20,433 | $22,886 |
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended March 31, 2017 | Year ended March 31, 2016 | Year ended March 31, 2017 | Year ended March 31, 2016 |
| Fidelity Multi-Manager Income Fund | | | | |
| Multi-Manager Income | | | | |
| Shares sold | 46,915 | 11,399 | $472,923 | $113,683 |
| Reinvestment of distributions | 1,700 | 3,251 | 17,195 | 32,590 |
| Shares redeemed | (48,806) | (20,904) | (493,950) | (201,844) |
| Net increase (decrease) | (191) | (6,254) | $(3,832) | $(55,571) |
| Class L | | | | |
| Reinvestment of distributions | 184 | 363 | $1,865 | $3,642 |
| Shares redeemed | (513) | – | (5,076) | – |
| Net increase (decrease) | (329) | 363 | $(3,211) | $3,642 |
| Class N | | | | |
| Reinvestment of distributions | 158 | 338 | $1,599 | $3,387 |
| Shares redeemed | (511) | – | (5,047) | – |
| Net increase (decrease) | (353) | 338 | $(3,448) | $3,387 |
| Fidelity Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | | | | |
| Shares sold | 203 | 9,150 | $2,083 | $93,793 |
| Reinvestment of distributions | 215 | 645 | 2,189 | 6,525 |
| Shares redeemed | (1,434) | (7,808) | (14,619) | (77,985) |
| Net increase (decrease) | (1,016) | 1,987 | $(10,347) | $22,333 |
| Class L | | | | |
| Reinvestment of distributions | 177 | 463 | $1,807 | $4,701 |
| Shares redeemed | (513) | – | (5,090) | – |
| Net increase (decrease) | (336) | 463 | $(3,283) | $4,701 |
| Class N | | | | |
| Reinvestment of distributions | 151 | 435 | $1,534 | $4,419 |
| Shares redeemed | (510) | – | (5,061) | – |
| Net increase (decrease) | (359) | 435 | $(3,527) | $4,419 |
| Fidelity Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | | | | |
| Shares sold | 14,829 | 10,422 | $152,555 | $110,816 |
| Reinvestment of distributions | 1,020 | 2,726 | 10,434 | 28,351 |
| Shares redeemed | (42,194) | (7,541) | (435,825) | (79,222) |
| Net increase (decrease) | (26,345) | 5,607 | $(272,836) | $59,945 |
| Class L | | | | |
| Reinvestment of distributions | 271 | 519 | $2,782 | $5,401 |
| Shares redeemed | (505) | – | (5,097) | – |
| Net increase (decrease) | (234) | 519 | $(2,315) | $5,401 |
| Class N | | | | |
| Reinvestment of distributions | 244 | 491 | $2,507 | $5,112 |
| Shares redeemed | (503) | – | (5,069) | – |
| Net increase (decrease) | (259) | 491 | $(2,562) | $5,112 |
| Fidelity Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | | | | |
| Shares sold | 15,680 | 32,066 | $168,417 | $343,602 |
| Reinvestment of distributions | 2,425 | 7,990 | 25,596 | 84,421 |
| Shares redeemed | (70,921) | (37,772) | (754,201) | (385,921) |
| Net increase (decrease) | (52,816) | 2,284 | $(560,188) | $42,102 |
| Class L | | | | |
| Reinvestment of distributions | 184 | 534 | $1,941 | $5,649 |
| Shares redeemed | (502) | – | (5,099) | – |
| Net increase (decrease) | (318) | 534 | $(3,158) | $5,649 |
| Class N | | | | |
| Reinvestment of distributions | 158 | 507 | $1,672 | $5,371 |
| Shares redeemed | (500) | – | (5,070) | – |
| Net increase (decrease) | (342) | 507 | $(3,398) | $5,371 |
| Fidelity Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | | | | |
| Shares sold | 182,067 | 156,312 | $1,980,452 | $1,694,454 |
| Reinvestment of distributions | 9,830 | 20,068 | 102,716 | 212,357 |
| Shares redeemed | (103,698) | (52,653) | (1,063,211) | (560,374) |
| Net increase (decrease) | 88,199 | 123,727 | $1,019,957 | $1,346,437 |
| Class L | | | | |
| Reinvestment of distributions | 247 | 567 | $2,583 | $6,036 |
| Shares redeemed | (501) | – | (5,101) | – |
| Net increase (decrease) | (254) | 567 | $(2,518) | $6,036 |
| Class N | | | | |
| Reinvestment of distributions | 221 | 541 | $2,310 | $5,758 |
| Shares redeemed | (499) | – | (5,072) | – |
| Net increase (decrease) | (278) | 541 | $(2,762) | $5,758 |
| Fidelity Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | | | | |
| Shares sold | 118,715 | 76,777 | $1,290,403 | $829,793 |
| Reinvestment of distributions | 5,939 | 6,677 | $63,191 | $72,245 |
| Shares redeemed | (102,394) | (4,097) | (1,115,672) | (43,758) |
| Net increase (decrease) | 22,260 | 79,357 | $237,922 | $858,280 |
| Class L | | | | |
| Reinvestment of distributions | 341 | 577 | $3,626 | $6,302 |
| Shares redeemed | (494) | – | (5,111) | – |
| Net increase (decrease) | (153) | 577 | $(1,485) | $6,302 |
| Class N | | | | |
| Reinvestment of distributions | 315 | 550 | $3,351 | $6,007 |
| Shares redeemed | (492) | – | (5,082) | – |
| Net increase (decrease) | (177) | 550 | $(1,731) | $6,007 |
| Fidelity Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | | | | |
| Shares sold | 53,159 | 74,942 | $561,061 | $775,264 |
| Reinvestment of distributions | 3,263 | 7,670 | 34,847 | 81,967 |
| Shares redeemed | (31,769) | (64,261) | (338,013) | (693,594) |
| Net increase (decrease) | 24,653 | 18,351 | $257,895 | $163,637 |
| Class L | | | | |
| Reinvestment of distributions | 223 | 761 | $2,375 | $8,103 |
| Shares redeemed | (510) | – | (5,087) | – |
| Net increase (decrease) | (287) | 761 | $(2,712) | $8,103 |
| Class N | | | | |
| Reinvestment of distributions | 197 | 735 | $2,101 | $7,837 |
| Shares redeemed | (508) | – | (5,059) | – |
| Net increase (decrease) | (311) | 735 | $(2,958) | $7,837 |
| Fidelity Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | | | | |
| Shares sold | 98,635 | 77,261 | $1,082,907 | $824,537 |
| Reinvestment of distributions | 6,922 | 6,983 | 74,318 | 76,995 |
| Shares redeemed | (53,871) | (15,936) | (584,388) | (179,461) |
| Net increase (decrease) | 51,686 | 68,308 | $572,837 | $722,071 |
| Class L | | | | |
| Reinvestment of distributions | 407 | 654 | $4,360 | $7,259 |
| Shares redeemed | (493) | – | (5,068) | – |
| Net increase (decrease) | (86) | 654 | $(708) | $7,259 |
| Class N | | | | |
| Reinvestment of distributions | 381 | 633 | $4,074 | $7,032 |
| Shares redeemed | (491) | – | (5,040) | – |
| Net increase (decrease) | (110) | 633 | $(966) | $7,032 |
| Fidelity Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | | | | |
| Shares sold | 107,559 | 30,701 | $1,175,333 | $332,212 |
| Reinvestment of distributions | 3,767 | 4,142 | 40,441 | 45,598 |
| Shares redeemed | (30,550) | (11,151) | (328,012) | (119,612) |
| Net increase (decrease) | 80,776 | 23,692 | $887,762 | $258,198 |
| Class L | | | | |
| Reinvestment of distributions | 346 | 713 | $3,679 | $7,889 |
| Shares redeemed | (495) | – | (5,068) | – |
| Net increase (decrease) | (149) | 713 | $(1,389) | $7,889 |
| Class N | | | | |
| Reinvestment of distributions | 327 | 687 | $3,463 | $7,601 |
| Shares redeemed | (493) | – | (5,040) | – |
| Net increase (decrease) | (166) | 687 | $(1,577) | $7,601 |
| Fidelity Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | | | | |
| Shares sold | 96,309 | 58,212 | $1,071,451 | $630,540 |
| Reinvestment of distributions | 6,406 | 6,357 | 69,718 | 70,636 |
| Shares redeemed | (46,068) | (25,485) | (508,122) | (262,103) |
| Net increase (decrease) | 56,647 | 39,084 | $633,047 | $439,073 |
| Class L | | | | |
| Reinvestment of distributions | 427 | 597 | $4,636 | $6,685 |
| Shares redeemed | (487) | – | (5,069) | – |
| Net increase (decrease) | (60) | 597 | $(433) | $6,685 |
| Class N | | | | |
| Reinvestment of distributions | 405 | 572 | $4,389 | $6,404 |
| Shares redeemed | (485) | – | (5,039) | – |
| Net increase (decrease) | (80) | 572 | $(650) | $6,404 |
| Fidelity Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | | | | |
| Shares sold | 63,204 | 52,504 | $688,219 | $560,155 |
| Reinvestment of distributions | 5,694 | 6,608 | 60,484 | 73,155 |
| Shares redeemed | (48,866) | (31,341) | (529,999) | (346,681) |
| Net increase (decrease) | 20,032 | 27,771 | $218,704 | $286,629 |
| Class L | | | | |
| Reinvestment of distributions | 485 | 727 | $5,149 | $8,043 |
| Shares redeemed | (495) | – | (5,066) | – |
| Net increase (decrease) | (10) | 727 | $83 | $8,043 |
| Class N | | | | |
| Reinvestment of distributions | 461 | 702 | $4,886 | $7,773 |
| Shares redeemed | (493) | – | (5,039) | – |
| Net increase (decrease) | (32) | 702 | $(153) | $7,773 |
| Fidelity Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | | | | |
| Shares sold | 72,087 | 45,428 | $801,316 | $496,282 |
| Reinvestment of distributions | 4,677 | 5,889 | 50,761 | 65,911 |
| Shares redeemed | (47,501) | (13,518) | (520,703) | (151,383) |
| Net increase (decrease) | 29,263 | 37,799 | $331,374 | $410,810 |
| Class L | | | | |
| Reinvestment of distributions | 390 | 670 | $4,222 | $7,535 |
| Shares redeemed | (487) | – | (5,066) | – |
| Net increase (decrease) | (97) | 670 | $(844) | $7,535 |
| Class N | | | | |
| Reinvestment of distributions | 370 | 649 | $4,000 | $7,310 |
| Shares redeemed | (484) | – | (5,037) | – |
| Net increase (decrease) | (114) | 649 | $(1,037) | $7,310 |
| Fidelity Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | | | | |
| Shares sold | 61,118 | 17,277 | $594,539 | $163,354 |
| Reinvestment of distributions | 1,751 | 1,332 | 16,583 | 12,934 |
| Shares redeemed | (34,062) | (464) | (342,824) | (4,417) |
| Net increase (decrease) | 28,807 | 18,145 | $268,298 | $171,871 |
| Class L | | | | |
| Reinvestment of distributions | 512 | 713 | $4,844 | $7,023 |
| Shares redeemed | (523) | – | (4,767) | – |
| Net increase (decrease) | (11) | 713 | $77 | $7,023 |
| Class N | | | | |
| Reinvestment of distributions | 492 | 691 | $4,641 | $6,815 |
| Shares redeemed | (522) | – | (4,749) | – |
| Net increase (decrease) | (30) | 691 | $(108) | $6,815 |
8. 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 the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares of the following Funds:
| | Affiliated |
| Fidelity Multi-Manager Income Fund | 21% |
| Fidelity Multi-Manager 2005 Fund | 93% |
| Fidelity Multi-Manager 2010 Fund | 53% |
| Fidelity Multi-Manager 2015 Fund | 21% |
| Fidelity Multi-Manager 2025 Fund | 12% |
| Fidelity Multi-Manager 2030 Fund | 16% |
| Fidelity Multi-Manager 2035 Fund | 11% |
| Fidelity Multi-Manager 2040 Fund | 15% |
| Fidelity Multi-Manager 2045 Fund | 14% |
| Fidelity Multi-Manager 2050 Fund | 15% |
| Fidelity Multi-Manager 2055 Fund | 13% |
| Fidelity Multi-Manager 2060 Fund | 36% |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Boylston Street Trust and the Shareholders of Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (formerly Strategic Advisers Multi-Manager Target Date Funds):
We have audited the accompanying statements of assets and liabilities of Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (the Funds), each a fund of the Fidelity Boylston Street Trust, including the schedules of investments, as of March 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2017, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund as of March 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 23, 2017
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 244 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan participants) or 1-877-208-0098 (Advisors and Investment Professionals).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2007
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2007
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Interim Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity® funds (2013-2016).
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including 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, 2016 to March 31, 2017).
Actual Expenses
The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates 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
October 1, 2016 | Ending
Account Value
March 31, 2017 | Expenses Paid
During Period-B
October 1, 2016
to March 31, 2017 |
| Fidelity Multi-Manager Income Fund | | | | |
| Multi-Manager Income | .06% | | | |
| Actual | | $1,000.00 | $1,016.70 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.63 | $.30 |
| Class L | .05% | | | |
| Actual | | $1,000.00 | $1,016.80 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.68 | $.25 |
| Class N | .30% | | | |
| Actual | | $1,000.00 | $1,016.50 | $1.51 |
| Hypothetical-C | | $1,000.00 | $1,023.44 | $1.51 |
| Fidelity Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | .06% | | | |
| Actual | | $1,000.00 | $1,027.30 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.63 | $.30 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,028.20 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.48 | $.45 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,026.40 | $1.72 |
| Hypothetical-C | | $1,000.00 | $1,023.24 | $1.72 |
| Fidelity Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | .05% | | | |
| Actual | | $1,000.00 | $1,036.00 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.68 | $.25 |
| Class L | .07% | | | |
| Actual | | $1,000.00 | $1,036.10 | $.36 |
| Hypothetical-C | | $1,000.00 | $1,024.58 | $.35 |
| Class N | .32% | | | |
| Actual | | $1,000.00 | $1,035.10 | $1.62 |
| Hypothetical-C | | $1,000.00 | $1,023.34 | $1.61 |
| Fidelity Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | .08% | | | |
| Actual | | $1,000.00 | $1,044.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,044.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,043.90 | $1.68 |
| Hypothetical-C | | $1,000.00 | $1,023.29 | $1.66 |
| Fidelity Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | .08% | | | |
| Actual | | $1,000.00 | $1,049.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,049.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,049.00 | $1.69 |
| Hypothetical-C | | $1,000.00 | $1,023.29 | $1.66 |
| Fidelity Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | .10% | | | |
| Actual | | $1,000.00 | $1,056.00 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,055.10 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.53 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,055.10 | $1.69 |
| Hypothetical-C | | $1,000.00 | $1,023.29 | $1.66 |
| Fidelity Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | .10% | | | |
| Actual | | $1,000.00 | $1,070.40 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,070.40 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.48 | $.45 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,069.50 | $1.75 |
| Hypothetical-C | | $1,000.00 | $1,023.24 | $1.72 |
| Fidelity Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | .10% | | | |
| Actual | | $1,000.00 | $1,081.50 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,081.40 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.50 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | .10% | | | |
| Actual | | $1,000.00 | $1,082.50 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,082.20 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.40 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | .10% | | | |
| Actual | | $1,000.00 | $1,081.40 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,082.20 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.40 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | .10% | | | |
| Actual | | $1,000.00 | $1,081.90 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,081.80 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.90 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | .10% | | | |
| Actual | | $1,000.00 | $1,081.20 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,082.10 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.30 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| Fidelity Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | .10% | | | |
| Actual | | $1,000.00 | $1,082.50 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,081.30 | $.52 |
| Hypothetical-C | | $1,000.00 | $1,024.43 | $.50 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,080.60 | $1.82 |
| Hypothetical-C | | $1,000.00 | $1,023.19 | $1.77 |
| | | | | |
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 182/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:
| | Pay Date | Record Date | Dividends | Capital Gains |
| Fidelity Multi-Manager Income Fund | | | | |
| Multi-Manager Income | 05/08/17 | 05/05/17 | $0.003 | $0.000 |
| Class L | 05/08/17 | 05/05/17 | $0.003 | $0.000 |
| Class N | 05/08/17 | 05/05/17 | $0.001 | $0.000 |
| Fidelity Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | 05/15/17 | 05/12/17 | $0.026 | $0.082 |
| Class L | 05/15/17 | 05/12/17 | $0.025 | $0.082 |
| Class N | 05/15/17 | 05/12/17 | $0.019 | $0.082 |
| Fidelity Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | 05/15/17 | 05/12/17 | $0.024 | $0.000 |
| Class L | 05/15/17 | 05/12/17 | $0.024 | $0.000 |
| Class N | 05/15/17 | 05/12/17 | $0.017 | $0.000 |
| Fidelity Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | 05/15/17 | 05/12/17 | $0.022 | $0.000 |
| Class L | 05/15/17 | 05/12/17 | $0.023 | $0.000 |
| Class N | 05/15/17 | 05/12/17 | $0.016 | $0.000 |
| Fidelity Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | 05/15/17 | 05/12/17 | $0.016 | $0.113 |
| Class L | 05/15/17 | 05/12/17 | $0.016 | $0.113 |
| Class N | 05/15/17 | 05/12/17 | $0.009 | $0.113 |
| Fidelity Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | 05/15/17 | 05/12/17 | $0.016 | $0.247 |
| Class L | 05/15/17 | 05/12/17 | $0.016 | $0.247 |
| Class N | 05/15/17 | 05/12/17 | $0.009 | $0.247 |
| Fidelity Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | 05/15/17 | 05/12/17 | $0.010 | $0.261 |
| Class L | 05/15/17 | 05/12/17 | $0.009 | $0.261 |
| Class N | 05/15/17 | 05/12/17 | $0.003 | $0.261 |
| Fidelity Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | 05/15/17 | 05/12/17 | $0.005 | $0.262 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.262 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.258 |
| Fidelity Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | 05/15/17 | 05/12/17 | $0.004 | $0.326 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.326 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.322 |
| Fidelity Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | 05/15/17 | 05/12/17 | $0.004 | $0.312 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.312 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.308 |
| Fidelity Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | 05/15/17 | 05/12/17 | $0.004 | $0.354 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.354 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.350 |
| Fidelity Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | 05/15/17 | 05/12/17 | $0.005 | $0.354 |
| Class L | 05/15/17 | 05/12/17 | $0.004 | $0.354 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.354 |
| Fidelity Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | 05/15/17 | 05/12/17 | $0.003 | $0.130 |
| Class L | 05/15/17 | 05/12/17 | $0.003 | $0.130 |
| Class N | 05/15/17 | 05/12/17 | $0.000 | $0.130 |
|
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March 31, 2017, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Multi-Manager 2005 Fund | $2,651 |
| Fidelity Multi-Manager 2020 Fund | $61,563 |
| Fidelity Multi-Manager 2025 Fund | $73,566 |
| Fidelity Multi-Manager 2030 Fund | $67,523 |
| Fidelity Multi-Manager 2035 Fund | $98,174 |
| Fidelity Multi-Manager 2040 Fund | $69,490 |
| Fidelity Multi-Manager 2045 Fund | $101,359 |
| Fidelity Multi-Manager 2050 Fund | $84,328 |
| Fidelity Multi-Manager 2055 Fund | $75,962 |
| Fidelity Multi-Manager 2060 Fund | $22,249 |
|
A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Fidelity Multi-Manager Income Fund | 7.07% |
| Fidelity Multi-Manager 2005 Fund | 5.30% |
| Fidelity Multi-Manager 2010 Fund | 3.80% |
| Fidelity Multi-Manager 2015 Fund | 2.82% |
| Fidelity Multi-Manager 2020 Fund | 2.30% |
| Fidelity Multi-Manager 2025 Fund | 1.66% |
| Fidelity Multi-Manager 2030 Fund | 0.78% |
| Fidelity Multi-Manager 2035 Fund | 0.20% |
| Fidelity Multi-Manager 2040 Fund | 0.20% |
| Fidelity Multi-Manager 2045 Fund | 0.19% |
| Fidelity Multi-Manager 2050 Fund | 0.18% |
| Fidelity Multi-Manager 2055 Fund | 0.18% |
| Fidelity Multi-Manager 2060 Fund | 0.18% |
|
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| | Retail | Class L | Class N |
| Fidelity Multi-Manager Income Fund | | | |
| April 2016 | 2% | 2% | 3% |
| May 2016 | 12% | 12% | 19% |
| June 2016 | 13% | 13% | 17% |
| July 2016 | 13% | 13% | 15% |
| August 2016 | 13% | 13% | 14% |
| September 2016 | 13% | 13% | 16% |
| October 2016 | 13% | 13% | 16% |
| November 2016 | 13% | 13% | 16% |
| December 2016 | 13% | 13% | 13% |
| February 2017 | 0% | 0% | 0% |
| March 2017 | 0% | 0% | 0% |
| Fidelity Multi-Manager 2005 Fund | | | |
| May 2016 | 1% | 1% | 2% |
| December 2016 | 18% | 18% | 20% |
| Fidelity Multi-Manager 2010 Fund | | | |
| May 2016 | 2% | 2% | 2% |
| December 2016 | 21% | 21% | 24% |
| Fidelity Multi-Manager 2015 Fund | | | |
| May 2016 | 2% | 2% | 3% |
| December 2016 | 26% | 26% | 29% |
| Fidelity Multi-Manager 2020 Fund | | | |
| May 2016 | 2% | 2% | 3% |
| December 2016 | 28% | 28% | 32% |
| Fidelity Multi-Manager 2025 Fund | | | |
| May 2016 | 3% | 3% | 5% |
| December 2016 | 32% | 32% | 36% |
| Fidelity Multi-Manager 2030 Fund | | | |
| May 2016 | 7% | 7% | 21% |
| December 2016 | 39% | 39% | 45% |
| Fidelity Multi-Manager 2035 Fund | | | |
| May 2016 | 12% | 12% | 0% |
| December 2016 | 45% | 45% | 53% |
| Fidelity Multi-Manager 2040 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 42% | 43% | 50% |
| Fidelity Multi-Manager 2045 Fund | | | |
| May 2016 | 16% | 16% | 0% |
| December 2016 | 44% | 45% | 51% |
| Fidelity Multi-Manager 2050 Fund | | | |
| May 2016 | 20% | 25% | 0% |
| December 2016 | 45% | 45% | 52% |
| Fidelity Multi-Manager 2055 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 45% | 45% | 52% |
| Fidelity Multi-Manager 2060 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 45% | 45% | 52% |
|
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| | Retail | Class L | Class N |
| Fidelity Multi-Manager Income Fund | | | |
| April 2016 | 5% | 5% | 6% |
| May 2016 | 23% | 23% | 35% |
| June 2016 | 24% | 24% | 31% |
| July 2016 | 24% | 24% | 29% |
| August 2016 | 24% | 24% | 27% |
| September 2016 | 24% | 24% | 29% |
| October 2016 | 24% | 24% | 30% |
| November 2016 | 24% | 24% | 30% |
| December 2016 | 24% | 24% | 25% |
| February 2017 | 0% | 0% | 0% |
| March 2017 | 0% | 0% | 0% |
| Fidelity Multi-Manager 2005 Fund | | | |
| May 2016 | 3% | 3% | 4% |
| December 2016 | 35% | 35% | 40% |
| Fidelity Multi-Manager 2010 Fund | | | |
| May 2016 | 3% | 3% | 4% |
| December 2016 | 36% | 36% | 40% |
| Fidelity Multi-Manager 2015 Fund | | | |
| May 2016 | 4% | 4% | 5% |
| December 2016 | 46% | 46% | 52% |
| Fidelity Multi-Manager 2020 Fund | | | |
| May 2016 | 5% | 5% | 6% |
| December 2016 | 51% | 51% | 58% |
| Fidelity Multi-Manager 2025 Fund | | | |
| May 2016 | 7% | 7% | 10% |
| December 2016 | 57% | 57% | 65% |
| Fidelity Multi-Manager 2030 Fund | | | |
| May 2016 | 13% | 13% | 37% |
| December 2016 | 70% | 70% | 80% |
| Fidelity Multi-Manager 2035 Fund | | | |
| May 2016 | 21% | 21% | 0% |
| December 2016 | 80% | 80% | 93% |
| Fidelity Multi-Manager 2040 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 79% | 81% | 94% |
| Fidelity Multi-Manager 2045 Fund | | | |
| May 2016 | 29% | 29% | 0% |
| December 2016 | 79% | 79% | 91% |
| Fidelity Multi-Manager 2050 Fund | | | |
| May 2016 | 35% | 44% | 0% |
| December 2016 | 79% | 79% | 90% |
| Fidelity Multi-Manager 2055 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 79% | 79% | 91% |
| Fidelity Multi-Manager 2060 Fund | | | |
| May 2016 | 0% | 0% | 0% |
| December 2016 | 79% | 79% | 91% |
|
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| | Pay Date | Income | Taxes |
| Fidelity Multi-Manager Income Fund | | | |
| Multi-Manager Income | 12/31/14 | $0.0373 | $0.0032 |
| | 12/31/15 | $0.0164 | $0.0019 |
| | 12/30/16 | $0.0195 | $0.0028 |
| Class L | 12/31/14 | $0.0373 | $0.0032 |
| | 12/31/15 | $0.0164 | $0.0019 |
| | 12/30/16 | $0.0198 | $0.0028 |
| Class N | 12/31/14 | $0.0354 | $0.0032 |
| | 12/31/15 | $0.0151 | $0.0019 |
| | 12/30/16 | $0.0186 | $0.0028 |
| Fidelity Multi-Manager 2005 Fund | | | |
| Multi-Manager 2005 | 12/31/14 | $0.0700 | $0.0029 |
| | 12/31/15 | $0.0271 | $0.0029 |
| | 12/30/16 | $0.0248 | $0.0035 |
| Class L | 12/31/14 | $0.0689 | $0.0029 |
| | 12/31/15 | $0.0266 | $0.0029 |
| | 12/30/16 | $0.0246 | $0.0035 |
| Class N | 12/31/14 | $0.0631 | $0.0029 |
| | 12/31/15 | $0.0231 | $0.0029 |
| | 12/30/16 | $0.0216 | $0.0035 |
| Fidelity Multi-Manager 2010 Fund | | | |
| Multi-Manager 2010 | 12/31/14 | $0.0759 | $0.0066 |
| | 12/31/15 | $0.0348 | $0.0037 |
| | 12/30/16 | $0.0302 | $0.0042 |
| Class L | 12/31/14 | $0.0750 | $0.0066 |
| | 12/31/15 | $0.0346 | $0.0037 |
| | 12/30/16 | $0.0304 | $0.0042 |
| Class N | 12/31/14 | $0.0689 | $0.0066 |
| | 12/31/15 | $0.0303 | $0.0037 |
| | 12/30/16 | $0.0272 | $0.0042 |
| Fidelity Multi-Manager 2015 Fund | | | |
| Multi-Manager 2015 | 12/31/14 | $0.0888 | $0.0081 |
| | 12/31/15 | $0.0415 | $0.0044 |
| | 12/30/16 | $0.0359 | $0.0050 |
| Class L | 12/31/14 | $0.0876 | $0.0081 |
| | 12/31/15 | $0.0415 | $0.0044 |
| | 12/30/16 | $0.0359 | $0.0050 |
| Class N | 12/31/14 | $0.0794 | $0.0081 |
| | 12/31/15 | $0.0365 | $0.0044 |
| | 12/30/16 | $0.0315 | $0.0050 |
| Fidelity Multi-Manager 2020 Fund | | | |
| Multi-Manager 2020 | 12/31/14 | $0.1034 | $0.0093 |
| | 12/31/15 | $0.0429 | $0.0049 |
| | 12/30/16 | $0.0386 | $0.0054 |
| Class L | 12/31/14 | $0.1026 | $0.0093 |
| | 12/31/15 | $0.0426 | $0.0049 |
| | 12/30/16 | $0.0386 | $0.0054 |
| Class N | 12/31/14 | $0.0942 | $0.0093 |
| | 12/31/15 | $0.0372 | $0.0049 |
| | 12/30/16 | $0.0337 | $0.0054 |
| Fidelity Multi-Manager 2025 Fund | | | |
| Multi-Manager 2025 | 12/31/14 | $0.1236 | $0.0113 |
| | 12/31/15 | $0.0470 | $0.0054 |
| | 12/30/16 | $0.0442 | $0.0060 |
| Class L | 12/31/14 | $0.1217 | $0.0113 |
| | 12/31/15 | $0.0467 | $0.0054 |
| | 12/30/16 | $0.0445 | $0.0060 |
| Class N | 12/31/14 | $0.1118 | $0.0113 |
| | 12/31/15 | $0.0396 | $0.0054 |
| | 12/30/16 | $0.0389 | $0.0060 |
| Fidelity Multi-Manager 2030 Fund | | | |
| Multi-Manager 2030 | 12/31/14 | $0.1597 | $0.0137 |
| | 12/31/15 | $0.0643 | $0.0064 |
| | 12/30/16 | $0.0520 | $0.0070 |
| Class L | 12/31/14 | $0.1597 | $0.0137 |
| | 12/31/15 | $0.0651 | $0.0064 |
| | 12/30/16 | $0.0520 | $0.0070 |
| Class N | 12/31/14 | $0.1495 | $0.0137 |
| | 12/31/15 | $0.0568 | $0.0064 |
| | 12/30/16 | $0.0454 | $0.0070 |
| Fidelity Multi-Manager 2035 Fund | | | |
| Multi-Manager 2035 | 12/31/14 | $0.1632 | $0.0145 |
| | 12/31/15 | $0.0663 | $0.0073 |
| | 12/30/16 | $0.0575 | $0.0077 |
| Class L | 12/31/14 | $0.1632 | $0.0145 |
| | 12/31/15 | $0.0658 | $0.0073 |
| | 12/30/16 | $0.0575 | $0.0077 |
| Class N | 12/31/14 | $0.1520 | $0.0145 |
| | 12/31/15 | $0.0555 | $0.0073 |
| | 12/30/16 | $0.0495 | $0.0077 |
| Fidelity Multi-Manager 2040 Fund | | | |
| Multi-Manager 2040 | 12/31/14 | $0.1723 | $0.0150 |
| | 12/31/15 | $0.0681 | $0.0072 |
| | 12/30/16 | $0.0575 | $0.0077 |
| Class L | 12/31/14 | $0.1713 | $0.0150 |
| | 12/31/15 | $0.0676 | $0.0072 |
| | 12/30/16 | $0.0563 | $0.0077 |
| Class N | 12/31/14 | $0.1605 | $0.0150 |
| | 12/31/15 | $0.0580 | $0.0072 |
| | 12/30/16 | $0.0483 | $0.0077 |
| Fidelity Multi-Manager 2045 Fund | | | |
| Multi-Manager 2045 | 12/31/14 | $0.1640 | $0.0146 |
| | 12/31/15 | $0.0658 | $0.0073 |
| | 12/30/16 | $0.0579 | $0.0077 |
| Class L | 12/31/14 | $0.1626 | $0.0146 |
| | 12/31/15 | $0.0648 | $0.0073 |
| | 12/30/16 | $0.0576 | $0.0077 |
| Class N | 12/31/14 | $0.1521 | $0.0146 |
| | 12/31/15 | $0.0546 | $0.0073 |
| | 12/30/16 | $0.0499 | $0.0077 |
| Fidelity Multi-Manager 2050 Fund | | | |
| Multi-Manager 2050 | 12/31/14 | $0.1722 | $0.0150 |
| | 12/31/15 | $0.0711 | $0.0074 |
| | 12/30/16 | $0.0602 | $0.0080 |
| Class L | 12/31/14 | $0.1717 | $0.0150 |
| | 12/31/15 | $0.0711 | $0.0074 |
| | 12/30/16 | $0.0598 | $0.0080 |
| Class N | 12/31/14 | $0.1605 | $0.0150 |
| | 12/31/15 | $0.0610 | $0.0074 |
| | 12/30/16 | $0.0523 | $0.0080 |
| Fidelity Multi-Manager 2055 Fund | | | |
| Multi-Manager 2055 | 12/31/14 | $0.1662 | $0.0150 |
| | 12/31/15 | $0.0682 | $0.0073 |
| | 12/30/16 | $0.0602 | $0.0080 |
| Class L | 12/31/14 | $0.1652 | $0.0150 |
| | 12/31/15 | $0.0677 | $0.0073 |
| | 12/30/16 | $0.0602 | $0.0080 |
| Class N | 12/31/14 | $0.1538 | $0.0150 |
| | 12/31/15 | $0.0577 | $0.0073 |
| | 12/30/16 | $0.0522 | $0.0080 |
| Fidelity Multi-Manager 2060 Fund | | | |
| Multi-Manager 2060 | 12/30/16 | $0.0539 | $0.0070 |
| Class L | 12/30/16 | $0.0535 | $0.0070 |
| Class N | 12/30/16 | $0.0467 | $0.0070 |
|
The funds will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.
OLF-L-OLF-N-ANN-0517
1.9584950.103
Item 2.
Code of Ethics
As of the end of the period, March 31, 2017, Fidelity Boylston Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Multi-Manager Income Fund, Fidelity Multi-Manager 2005 Fund, Fidelity Multi-Manager 2010 Fund, Fidelity Multi-Manager 2015 Fund, Fidelity Multi-Manager 2020 Fund, Fidelity Multi-Manager 2025 Fund, Fidelity Multi-Manager 2030 Fund, Fidelity Multi-Manager 2035 Fund, Fidelity Multi-Manager 2040 Fund, Fidelity Multi-Manager 2045 Fund, Fidelity Multi-Manager 2050 Fund, Fidelity Multi-Manager 2055 Fund and Fidelity Multi-Manager 2060 Fund (the “Funds”):
Services Billed by Deloitte Entities
March 31, 2017 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Multi-Manager Income Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2005 Fund | $19,000 | $- |
$5,000 | $600 |
Fidelity Multi-Manager 2010 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2015 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2020 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2025 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2030 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2035 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2040 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2045 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2050 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2055 Fund | $19,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2060 Fund | $19,000 | $- | $5,000 | $600 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Multi-Manager Income Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2005 Fund | $21,000 | $- |
$5,000 | $600 |
Fidelity Multi-Manager 2010 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2015 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2020 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2025 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2030 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2035 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2040 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2045 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2050 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2055 Fund | $21,000 | $- | $5,000 | $600 |
Fidelity Multi-Manager 2060 Fund | $21,000 | $- | $5,000 | $600 |
A Amounts may reflect rounding.
The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | |
| March 31, 2017A | March 31, 2016A |
Audit-Related Fees | $- | $40,000 |
Tax Fees | $5,000 | $10,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
| | |
Billed By | March 31, 2017 A | March 31, 2016 A |
Deloitte Entities | $420,000 | $170,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Exhibits
| | |
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Boylston Street Trust
| |
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | May 25, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | May 25, 2017 |
| |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | May 25, 2017 |
