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Form N-CSRS FIDELITY CHARLES STREET For: Mar 31

May 24, 2019 11:00 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3221


Fidelity Charles Street Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

September 30



Date of reporting period:

March 31, 2019


Item 1.

Reports to Stockholders






Fidelity Asset Manager® Funds - 20%, 30%, 40%, 50%, 60%, 70%, 85%










Semi-Annual Report

March 31, 2019

Includes Fidelity and Fidelity Advisor share classes




Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Fidelity Asset Manager® 20%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 30%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 40%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 50%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 60%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 70%

Investment Summary

Schedule of Investments

Financial Statements

Fidelity Asset Manager® 85%

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Fidelity Asset Manager® 20%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Five Bond Issuers as of March 31, 2019

(with maturities greater than one year) % of fund's net assets 
U.S. Treasury Obligations 17.2 
Fannie Mae 4.8 
Ginnie Mae 2.7 
Freddie Mac 2.2 
Morgan Stanley 1.0 
 27.9 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 26.9% 
   AAA,AA,A 3.5% 
   BBB 12.2% 
   BB and Below 5.3% 
   Not Rated 0.5% 
   Equities* 23.5% 
   Short-Term Investments and Net Other Assets 28.1% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.2%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Top Five Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 0.5 
Apple, Inc. 0.5 
Amazon.com, Inc. 0.3 
Alphabet, Inc. Class A 0.2 
UnitedHealth Group, Inc. 0.2 
 1.7 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 34.5 
Cash Equivalents 4.8 
Health Care 3.6 
Energy 3.6 
Communication Services 3.2 

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 23.5% 
   Bond Class 47.9% 
   Short-Term Class 28.6% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.2%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 9.9% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 20%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 17.0%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 1,839,533 $9,124,086 
Fidelity Communication Services Central Fund (a) 256,639 50,126,651 
Fidelity Consumer Discretionary Central Fund (a) 191,380 62,759,238 
Fidelity Consumer Staples Central Fund (a) 205,668 40,117,514 
Fidelity Emerging Markets Equity Central Fund (a) 319,752 68,183,888 
Fidelity Energy Central Fund (a) 275,676 30,274,698 
Fidelity Financials Central Fund (a) 1,157,031 111,641,921 
Fidelity Health Care Central Fund (a) 214,678 92,049,451 
Fidelity Industrials Central Fund (a) 218,848 59,701,734 
Fidelity Information Technology Central Fund (a) 368,335 137,543,790 
Fidelity International Equity Central Fund (a) 1,606,157 121,955,479 
Fidelity Materials Central Fund (a) 79,890 16,043,570 
Fidelity Real Estate Equity Central Fund (a) 193,838 22,097,510 
Fidelity Utilities Central Fund (a) 110,392 20,621,304 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $573,566,714)  842,240,834 
Fixed-Income Central Funds - 49.3%   
High Yield Fixed-Income Funds - 3.2%   
Fidelity Emerging Markets Debt Central Fund (a) 2,864,473 27,097,918 
Fidelity Floating Rate Central Fund (a) 502,473 50,850,312 
Fidelity High Income Central Fund 1 (a) 852,661 79,664,092 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  157,612,322 
Investment Grade Fixed-Income Funds - 46.1%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 1,991,787 198,999,428 
Fidelity International Credit Central Fund (a) 301,915 29,814,122 
Fidelity Investment Grade Bond Central Fund (a) 19,036,646 2,060,145,792 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  2,288,959,342 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $2,294,030,031)  2,446,571,664 
Money Market Central Funds - 28.3%   
Fidelity Cash Central Fund, 2.48% (b) 165,665,549 165,698,682 
Fidelity Money Market Central Fund, 2.68% (b) 1,164,194,632 1,164,311,051 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 76,441,744 76,449,388 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $1,406,338,408)  1,406,459,121 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.42% 4/18/19 to 6/27/19 (d)   
(Cost $4,756,881) 4,770,000 4,756,975 
 Shares Value 
Investment Companies - 6.9%   
iShares 20+ Year Treasury Bond ETF(e) 698,941 $88,374,100 
iShares Core MSCI Emerging Markets ETF 3,041,291 157,265,159 
iShares MSCI EAFE Index ETF 549,758 35,657,304 
iShares MSCI Japan ETF 1,130,346 61,852,533 
TOTAL INVESTMENT COMPANIES   
(Cost $332,384,744)  343,149,096 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $4,611,076,778)  5,043,177,690 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (77,502,422) 
NET ASSETS - 100%  $4,965,675,268 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 748 June 2019 $106,133,720 $(2,883,409) $(2,883,409) 

The notional amount of futures sold as a percentage of Net Assets is 2.1%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $84,073,767.

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,756,975.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,134,527 
Fidelity Commodity Strategy Central Fund 72,782 
Fidelity Communication Services Central Fund 173,088 
Fidelity Consumer Discretionary Central Fund 2,187,875 
Fidelity Consumer Staples Central Fund 3,337,711 
Fidelity Emerging Markets Debt Central Fund 815,546 
Fidelity Emerging Markets Equity Central Fund 1,476,976 
Fidelity Energy Central Fund 319,310 
Fidelity Financials Central Fund 6,073,007 
Fidelity Floating Rate Central Fund 1,501,626 
Fidelity Health Care Central Fund 4,891,428 
Fidelity High Income Central Fund 1 2,490,366 
Fidelity Industrials Central Fund 2,969,500 
Fidelity Inflation-Protected Bond Index Central Fund 5,493,501 
Fidelity Information Technology Central Fund 23,425,235 
Fidelity International Credit Central Fund 1,082,072 
Fidelity International Equity Central Fund 6,390,448 
Fidelity Investment Grade Bond Central Fund 37,412,269 
Fidelity Materials Central Fund 1,311,559 
Fidelity Money Market Central Fund 14,948,274 
Fidelity Real Estate Equity Central Fund 747,823 
Fidelity Securities Lending Cash Central Fund 44,286 
Fidelity Utilities Central Fund 1,725,294 
Total $121,024,503 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $-- $10,220,647 $364,426 $(8,084) $(724,051) $9,124,086 3.5% 
Fidelity Communication Services Central Fund 13,740,335 35,967,124 2,553,697 34,101 2,938,788 50,126,651 3.1% 
Fidelity Consumer Discretionary Central Fund 78,963,339 6,074,980 17,527,583 409,102 (5,160,600) 62,759,238 3.3% 
Fidelity Consumer Staples Central Fund 41,905,713 4,701,836 5,169,911 (365,582) (954,542) 40,117,514 3.1% 
Fidelity Emerging Markets Debt Central Fund 26,523,183 1,701,596 1,279,435 3,675 148,899 27,097,918 18.5% 
Fidelity Emerging Markets Equity Central Fund 20,179,028 53,332,991 5,947,444 170,561 448,752 68,183,888 6.4% 
Fidelity Energy Central Fund 41,080,792 1,558,503 4,938,323 (565,981) (6,860,293) 30,274,698 3.2% 
Fidelity Financials Central Fund 126,873,901 10,178,687 16,403,160 (904,850) (8,102,657) 111,641,921 3.4% 
Fidelity Floating Rate Central Fund 51,153,323 3,273,663 2,558,867 19,736 (1,037,543) 50,850,312 2.5% 
Fidelity Health Care Central Fund 109,351,344 8,206,947 14,571,378 723,632 (11,661,094) 92,049,451 3.2% 
Fidelity High Income Central Fund 1 75,066,797 9,239,909 4,019,346 (13,187) (610,081) 79,664,092 15.8% 
Fidelity Industrials Central Fund 70,743,549 5,189,899 9,001,992 (235,214) (6,994,508) 59,701,734 3.3% 
Fidelity Inflation-Protected Bond Index Central Fund 206,124,407 12,941,989 19,568,662 (183,524) (314,782) 198,999,428 16.8% 
Fidelity Information Technology Central Fund 190,356,674 32,428,058 46,765,313 (2,791,732) (35,683,897) 137,543,790 3.2% 
Fidelity International Credit Central Fund 28,987,776 2,145,324 1,535,454 (18,794) 235,270 29,814,122 16.6% 
Fidelity International Equity Central Fund 132,076,285 14,914,516 12,477,440 219,527 (12,777,409) 121,955,479 5.0% 
Fidelity Investment Grade Bond Central Fund 2,069,713,719 110,437,619 176,442,366 2,052,382 54,384,438 2,060,145,792 26.4% 
Fidelity Materials Central Fund 18,945,269 1,941,883 2,300,563 (398,946) (2,144,073) 16,043,570 3.4% 
Fidelity Real Estate Equity Central Fund 20,759,325 1,456,556 1,023,534 18,190 886,973 22,097,510 16.4% 
Fidelity Utilities Central Fund 21,377,685 2,428,502 2,979,305 164,791 (370,369) 20,621,304 3.3% 
Total $3,343,922,444 $328,341,229 $347,428,199 $(1,670,197) $(34,352,779) $3,288,812,498  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $842,240,834 $842,240,834 $-- $-- 
Fixed-Income Central Funds 2,446,571,664 2,446,571,664 -- -- 
Money Market Central Funds 1,406,459,121 1,406,459,121 -- -- 
Other Short-Term Investments 4,756,975 -- 4,756,975 -- 
Investment Companies 343,149,096 343,149,096 -- -- 
Total Investments in Securities: $5,043,177,690 $5,038,420,715 $4,756,975 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(2,883,409) $(2,883,409) $-- $-- 
Total Liabilities $(2,883,409) $(2,883,409) $-- $-- 
Total Derivative Instruments: $(2,883,409) $(2,883,409) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(2,883,409) 
Total Equity Risk (2,883,409) 
Total Value of Derivatives $0 $(2,883,409) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 20%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $74,841,480) — See accompanying schedule:
Unaffiliated issuers (cost $337,141,625) 
$347,906,071  
Fidelity Central Funds (cost $4,273,935,153) 4,695,271,619  
Total Investment in Securities (cost $4,611,076,778)  $5,043,177,690 
Receivable for investments sold  2,330,579 
Receivable for fund shares sold  2,273,873 
Distributions receivable from Fidelity Central Funds  394,006 
Prepaid expenses  3,588 
Other receivables  16,534 
Total assets  5,048,196,270 
Liabilities   
Payable for fund shares redeemed $3,269,190  
Accrued management fee 1,663,727  
Distribution and service plan fees payable 39,325  
Payable for daily variation margin on futures contracts 628,320  
Other affiliated payables 427,428  
Other payables and accrued expenses 43,624  
Collateral on securities loaned 76,449,388  
Total liabilities  82,521,002 
Net Assets  $4,965,675,268 
Net Assets consist of:   
Paid in capital  $4,761,200,957 
Total distributable earnings (loss)  204,474,311 
Net Assets  $4,965,675,268 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($43,966,992 ÷ 3,333,875 shares)  $13.19 
Maximum offering price per share (100/94.25 of $13.19)  $13.99 
Class M:   
Net Asset Value and redemption price per share ($25,066,305 ÷ 1,904,933 shares)  $13.16 
Maximum offering price per share (100/96.50 of $13.16)  $13.64 
Class C:   
Net Asset Value and offering price per share ($22,145,845 ÷ 1,689,785 shares)(a)  $13.11 
Asset Manager 20%:   
Net Asset Value, offering price and redemption price per share ($4,813,607,163 ÷ 364,393,734 shares)  $13.21 
Class I:   
Net Asset Value, offering price and redemption price per share ($58,588,886 ÷ 4,437,384 shares)  $13.20 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,300,077 ÷ 174,177 shares)  $13.21 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $4,033,520 
Interest  57,192 
Income from Fidelity Central Funds  66,065,080 
Total income  70,155,792 
Expenses   
Management fee $9,843,857  
Transfer agent fees 1,966,137  
Distribution and service plan fees 230,290  
Accounting and security lending fees 586,069  
Custodian fees and expenses 3,847  
Independent trustees' fees and expenses 11,141  
Registration fees 98,515  
Audit 16,715  
Legal 4,705  
Miscellaneous 16,825  
Total expenses before reductions 12,778,101  
Expense reductions (68,854)  
Total expenses after reductions  12,709,247 
Net investment income (loss)  57,446,545 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,412,109)  
Fidelity Central Funds (1,671,559)  
Futures contracts 5,099,674  
Capital gain distributions from Fidelity Central Funds 54,959,423  
Total net realized gain (loss)  56,975,429 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (3,040,687)  
Fidelity Central Funds (34,350,062)  
Futures contracts (963,433)  
Total change in net unrealized appreciation (depreciation)  (38,354,182) 
Net gain (loss)  18,621,247 
Net increase (decrease) in net assets resulting from operations  $76,067,792 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $57,446,545 $90,059,063 
Net realized gain (loss) 56,975,429 104,229,334 
Change in net unrealized appreciation (depreciation) (38,354,182) (64,059,608) 
Net increase (decrease) in net assets resulting from operations 76,067,792 130,228,789 
Distributions to shareholders (148,341,300) – 
Distributions to shareholders from net investment income – (86,728,993) 
Distributions to shareholders from net realized gain – (100,823,387) 
Total distributions (148,341,300) (187,552,380) 
Share transactions - net increase (decrease) 82,342,007 (8,653,347) 
Total increase (decrease) in net assets 10,068,499 (65,976,938) 
Net Assets   
Beginning of period 4,955,606,769 5,021,583,707 
End of period $4,965,675,268 $4,955,606,769 
Other Information   
Undistributed net investment income end of period  $10,723,768 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 20% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $13.40 $13.55 $13.24 $12.93 $13.56 $13.42 
Income from Investment Operations       
Net investment income (loss)A .13 .20 .16 .19 .18 .16 
Net realized and unrealized gain (loss) .04 .11 .37 .59 (.22) .44 
Total from investment operations .17 .31 .53 .78 (.04) .60 
Distributions from net investment income (.14) (.19) (.16) (.20) (.17) (.15) 
Distributions from net realized gain (.24) (.27) (.07) (.27) (.42) (.30) 
Total distributions (.38) (.46) (.22)B (.47) (.59) (.46)C 
Net asset value, end of period $13.19 $13.40 $13.55 $13.24 $12.93 $13.56 
Total ReturnD,E,F 1.40% 2.36% 4.08% 6.18% (.33)% 4.54% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .83%I .84% .84% .83% .83% .82% 
Expenses net of fee waivers, if any .83%I .84% .84% .83% .83% .82% 
Expenses net of all reductions .83%I .84% .83% .83% .83% .82% 
Net investment income (loss) 2.06%I 1.49% 1.21% 1.47% 1.32% 1.16% 
Supplemental Data       
Net assets, end of period (000 omitted) $43,967 $39,089 $39,787 $42,221 $38,841 $38,733 
Portfolio turnover rateJ 42%I 24% 22% 19% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.22 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $.065 per share.

 C Total distributions of $.46 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.302 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 20% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $13.37 $13.52 $13.21 $12.90 $13.53 $13.40 
Income from Investment Operations       
Net investment income (loss)A .12 .16 .13 .16 .14 .12 
Net realized and unrealized gain (loss) .03 .12 .37 .58 (.21) .43 
Total from investment operations .15 .28 .50 .74 (.07) .55 
Distributions from net investment income (.12) (.16) (.12) (.17) (.14) (.12) 
Distributions from net realized gain (.24) (.27) (.07) (.27) (.42) (.30) 
Total distributions (.36) (.43) (.19) (.43)B (.56) (.42) 
Net asset value, end of period $13.16 $13.37 $13.52 $13.21 $12.90 $13.53 
Total ReturnC,D,E 1.26% 2.10% 3.81% 5.93% (.59)% 4.20% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.09%H 1.10% 1.10% 1.09% 1.10% 1.10% 
Expenses net of fee waivers, if any 1.09%H 1.10% 1.10% 1.09% 1.10% 1.10% 
Expenses net of all reductions 1.08%H 1.10% 1.10% 1.09% 1.10% 1.09% 
Net investment income (loss) 1.80%H 1.23% .95% 1.21% 1.06% .89% 
Supplemental Data       
Net assets, end of period (000 omitted) $25,066 $22,133 $22,474 $25,052 $19,162 $21,010 
Portfolio turnover rateI 42%H 24% 22% 19% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.43 per share is comprised of distributions from net investment income of $.165 and distributions from net realized gain of $.269 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 20% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $13.32 $13.47 $13.17 $12.85 $13.48 $13.35 
Income from Investment Operations       
Net investment income (loss)A .08 .10 .06 .09 .07 .05 
Net realized and unrealized gain (loss) .04 .11 .36 .60 (.21) .43 
Total from investment operations .12 .21 .42 .69 (.14) .48 
Distributions from net investment income (.09) (.09) (.06) (.10) (.07) (.05) 
Distributions from net realized gain (.24) (.27) (.07) (.27) (.42) (.30) 
Total distributions (.33) (.36) (.12)B (.37) (.49) (.35) 
Net asset value, end of period $13.11 $13.32 $13.47 $13.17 $12.85 $13.48 
Total ReturnC,D,E 1.01% 1.59% 3.25% 5.49% (1.09)% 3.70% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.59%H 1.59% 1.59% 1.59% 1.60% 1.60% 
Expenses net of fee waivers, if any 1.59%H 1.59% 1.59% 1.59% 1.60% 1.60% 
Expenses net of all reductions 1.59%H 1.59% 1.59% 1.59% 1.60% 1.60% 
Net investment income (loss) 1.30%H .74% .45% .71% .56% .39% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,146 $26,000 $28,217 $29,337 $28,515 $26,225 
Portfolio turnover rateI 42%H 24% 22% 19% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.12 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.065 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 20%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $13.42 $13.57 $13.26 $12.94 $13.57 $13.44 
Income from Investment Operations       
Net investment income (loss)A .15 .24 .20 .23 .22 .20 
Net realized and unrealized gain (loss) .04 .12 .37 .60 (.22) .43 
Total from investment operations .19 .36 .57 .83 – .63 
Distributions from net investment income (.16) (.24) (.20) (.24) (.21) (.20) 
Distributions from net realized gain (.24) (.27) (.07) (.27) (.42) (.30) 
Total distributions (.40) (.51) (.26)B (.51) (.63) (.50) 
Net asset value, end of period $13.21 $13.42 $13.57 $13.26 $12.94 $13.57 
Total ReturnC,D 1.56% 2.68% 4.40% 6.58% (.04)% 4.80% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .51%G .52% .52% .52% .53% .53% 
Expenses net of fee waivers, if any .51%G .52% .52% .52% .53% .53% 
Expenses net of all reductions .51%G .51% .52% .52% .52% .52% 
Net investment income (loss) 2.38%G 1.81% 1.52% 1.78% 1.63% 1.46% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,813,607 $4,819,671 $4,880,833 $4,802,797 $4,685,019 $4,923,702 
Portfolio turnover rateH 42%G 24% 22% 19% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.26 per share is comprised of distributions from net investment income of $.199 and distributions from net realized gain of $.065 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 20% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $13.41 $13.57 $13.26 $12.94 $13.57 $13.44 
Income from Investment Operations       
Net investment income (loss)A .15 .24 .20 .22 .21 .19 
Net realized and unrealized gain (loss) .04 .10 .37 .60 (.21) .43 
Total from investment operations .19 .34 .57 .82 – .62 
Distributions from net investment income (.16) (.23) (.19) (.24) (.21) (.19) 
Distributions from net realized gain (.24) (.27) (.07) (.27) (.42) (.30) 
Total distributions (.40) (.50) (.26) (.50)B (.63) (.49) 
Net asset value, end of period $13.20 $13.41 $13.57 $13.26 $12.94 $13.57 
Total ReturnC,D 1.53% 2.57% 4.35% 6.56% (.08)% 4.74% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .56%G .55% .56% .57% .57% .56% 
Expenses net of fee waivers, if any .56%G .55% .56% .57% .57% .56% 
Expenses net of all reductions .56%G .55% .56% .57% .57% .56% 
Net investment income (loss) 2.33%G 1.78% 1.48% 1.73% 1.59% 1.42% 
Supplemental Data       
Net assets, end of period (000 omitted) $58,589 $48,713 $50,272 $27,315 $16,388 $14,204 
Portfolio turnover rateH 42%G 24% 22% 19% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.50 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.269 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 20% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $13.41 
Income from Investment Operations  
Net investment income (loss)B .15 
Net realized and unrealized gain (loss) .06 
Total from investment operations .21 
Distributions from net investment income (.16) 
Distributions from net realized gain (.24) 
Total distributions (.41)C 
Net asset value, end of period $13.21 
Total ReturnD,E 1.66% 
Ratios to Average Net AssetsF,G  
Expenses before reductions .49%H 
Expenses net of fee waivers, if any .48%H 
Expenses net of all reductions .48%H 
Net investment income (loss) 2.40%H 
Supplemental Data  
Net assets, end of period (000 omitted) $2,300 
Portfolio turnover rateI 42%H 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 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 $.161 and distributions from net realized gain of $.244 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 30%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Five Bond Issuers as of March 31, 2019

(with maturities greater than one year) % of fund's net assets 
U.S. Treasury Obligations 17.1 
Fannie Mae 4.8 
Ginnie Mae 2.7 
Freddie Mac 2.2 
Morgan Stanley 1.0 
 27.8 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 26.8% 
   AAA,AA,A 3.5% 
   BBB 12.0% 
   BB and Below 5.3% 
   Not Rated 0.5% 
   Equities* 34.0% 
   Short-Term Investments and Net Other Assets 17.9% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.3%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Top Five Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 0.8 
Apple, Inc. 0.8 
Amazon.com, Inc. 0.5 
Alphabet, Inc. Class A 0.4 
UnitedHealth Group, Inc. 0.2 
 2.7 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 25.4 
Cash Equivalents 5.6 
Information Technology 4.7 
Health Care 4.7 
Communication Services 4.0 

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 33.8% 
   Bond Class 47.6% 
   Short-Term Class 18.6% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.3%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 13.2% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 30%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 27.0%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 886,102 $4,395,066 
Fidelity Communication Services Central Fund (a) 131,051 25,596,855 
Fidelity Consumer Discretionary Central Fund (a) 97,059 31,828,582 
Fidelity Consumer Staples Central Fund (a) 104,242 20,333,383 
Fidelity Emerging Markets Equity Central Fund (a) 158,093 33,711,721 
Fidelity Energy Central Fund (a) 139,105 15,276,533 
Fidelity Financials Central Fund (a) 585,895 56,532,980 
Fidelity Health Care Central Fund (a) 108,557 46,547,030 
Fidelity Industrials Central Fund (a) 111,125 30,314,931 
Fidelity Information Technology Central Fund (a) 186,578 69,671,774 
Fidelity International Equity Central Fund (a) 944,714 71,732,111 
Fidelity Materials Central Fund (a) 40,651 8,163,612 
Fidelity Real Estate Equity Central Fund (a) 63,697 7,261,473 
Fidelity Utilities Central Fund (a) 56,371 10,530,109 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $346,210,330)  431,896,160 
Fixed-Income Central Funds - 48.9%   
High Yield Fixed-Income Funds - 3.1%   
Fidelity Emerging Markets Debt Central Fund (a) 868,639 8,217,327 
Fidelity Floating Rate Central Fund (a) 159,101 16,101,014 
Fidelity High Income Central Fund 1 (a) 276,121 25,798,026 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  50,116,367 
Investment Grade Fixed-Income Funds - 45.8%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 642,116 64,153,833 
Fidelity International Credit Central Fund (a) 97,820 9,659,682 
Fidelity Investment Grade Bond Central Fund (a) 6,097,207 659,839,712 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  733,653,227 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $766,042,075)  783,769,594 
Money Market Central Funds - 18.2%   
Fidelity Cash Central Fund, 2.48% (b) 63,031,050 63,043,656 
Fidelity Money Market Central Fund, 2.68% (b) 202,058,469 202,078,675 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 25,572,878 25,575,435 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $290,683,286)  290,697,766 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.42% 4/18/19 to 6/27/19 (d)   
(Cost $2,103,992) 2,110,000 2,104,035 
 Shares Value 
Investment Companies - 7.4%   
iShares 20+ Year Treasury Bond ETF (e) 209,515 $26,491,077 
iShares Core MSCI Emerging Markets ETF 992,814 51,338,413 
iShares MSCI EAFE Index ETF 261,295 16,947,594 
iShares MSCI Japan ETF 446,360 24,424,819 
TOTAL INVESTMENT COMPANIES   
(Cost $115,466,575)  119,201,903 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $1,520,506,258)  1,627,669,458 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (25,895,121) 
NET ASSETS - 100%  $1,601,774,337 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 301 June 2019 $42,708,890 $(1,157,758) $(1,157,758) 

The notional amount of futures sold as a percentage of Net Assets is 2.7%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $30,535,601.

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,104,035.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $862,691 
Fidelity Commodity Strategy Central Fund 35,044 
Fidelity Communication Services Central Fund 87,211 
Fidelity Consumer Discretionary Central Fund 1,094,510 
Fidelity Consumer Staples Central Fund 1,667,566 
Fidelity Emerging Markets Debt Central Fund 243,855 
Fidelity Emerging Markets Equity Central Fund 1,190,625 
Fidelity Energy Central Fund 158,544 
Fidelity Financials Central Fund 3,031,795 
Fidelity Floating Rate Central Fund 468,616 
Fidelity Health Care Central Fund 2,439,900 
Fidelity High Income Central Fund 1 795,352 
Fidelity Industrials Central Fund 1,486,211 
Fidelity Inflation-Protected Bond Index Central Fund 1,756,317 
Fidelity Information Technology Central Fund 11,704,564 
Fidelity International Credit Central Fund 344,179 
Fidelity International Equity Central Fund 3,671,486 
Fidelity Investment Grade Bond Central Fund 11,762,466 
Fidelity Materials Central Fund 656,442 
Fidelity Money Market Central Fund 2,556,114 
Fidelity Real Estate Equity Central Fund 242,203 
Fidelity Securities Lending Cash Central Fund 11,438 
Fidelity Utilities Central Fund 867,888 
Total $47,135,017 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Affiliate Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $-- $4,895,623 $148,972 $(3,153) $(348,432) $4,395,066 1.7% 
Fidelity Communication Services Central Fund 6,691,539 18,272,154 844,578 11,698 1,466,042 25,596,855 1.6% 
Fidelity Consumer Discretionary Central Fund 38,379,336 3,136,661 7,327,240 25,452 (2,385,627) 31,828,582 1.7% 
Fidelity Consumer Staples Central Fund 20,296,601 2,453,461 1,756,765 (163,498) (496,416) 20,333,383 1.6% 
Fidelity Emerging Markets Debt Central Fund 7,879,274 588,554 295,640 283 44,856 8,217,327 5.6% 
Fidelity Emerging Markets Equity Central Fund 16,094,590 19,257,811 1,638,563 (67,978) 65,861 33,711,721 3.2% 
Fidelity Energy Central Fund 19,863,660 836,137 1,693,694 (163,697) (3,565,873) 15,276,533 1.6% 
Fidelity Financials Central Fund 61,741,989 5,300,388 5,930,370 (436,003) (4,143,024) 56,532,980 1.7% 
Fidelity Floating Rate Central Fund 15,857,545 1,158,013 591,298 (3,236) (320,010) 16,101,014 0.8% 
Fidelity Health Care Central Fund 52,962,678 4,268,079 5,258,226 103,885 (5,529,386) 46,547,030 1.6% 
Fidelity High Income Central Fund 1 23,805,744 3,136,343 939,214 (6,904) (197,943) 25,798,026 5.1% 
Fidelity Industrials Central Fund 34,788,287 2,719,521 3,523,311 (169,537) (3,500,029) 30,314,931 1.7% 
Fidelity Inflation-Protected Bond Index Central Fund 65,181,254 4,597,857 5,461,767 (90,435) (73,076) 64,153,833 5.4% 
Fidelity Information Technology Central Fund 91,858,089 17,318,853 20,399,941 (2,208,859) (16,896,368) 69,671,774 1.6% 
Fidelity International Credit Central Fund 9,185,262 757,790 354,787 (1,907) 73,324 9,659,682 5.4% 
Fidelity International Equity Central Fund 74,803,125 8,444,852 4,289,211 (105,637) (7,121,018) 71,732,111 2.9% 
Fidelity Investment Grade Bond Central Fund 655,962,465 44,778,009 58,653,173 (864,017) 18,616,428 659,839,712 8.5% 
Fidelity Materials Central Fund 9,195,331 1,024,624 776,937 (127,365) (1,152,041) 8,163,612 1.7% 
Fidelity Real Estate Equity Central Fund 6,687,035 518,290 236,870 1,566 291,452 7,261,473 5.4% 
Fidelity Utilities Central Fund 10,419,472 1,272,735 1,057,220 16,995 (121,873) 10,530,109 1.7% 
 1,221,653,276 144,735,755 121,177,777 (4,252,347) (25,293,153) 1,215,665,754  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $431,896,160 $431,896,160 $-- $-- 
Fixed-Income Central Funds 783,769,594 783,769,594 -- -- 
Money Market Central Funds 290,697,766 290,697,766 -- -- 
Other Short-Term Investments 2,104,035 -- 2,104,035 -- 
Investment Companies 119,201,903 119,201,903 -- -- 
Total Investments in Securities: $1,627,669,458 $1,625,565,423 $2,104,035 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(1,157,758) $(1,157,758) $-- $-- 
Total Liabilities $(1,157,758) $(1,157,758) $-- $-- 
Total Derivative Instruments: $(1,157,758) $(1,157,758) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(1,157,758) 
Total Equity Risk (1,157,758) 
Total Value of Derivatives $0 $(1,157,758) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 86.8% 
United Kingdom 2.0% 
Others (Individually Less Than 1%) 11.2% 
 100.0% 

The information in the above table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 30%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $25,035,120) — See accompanying schedule:
Unaffiliated issuers (cost $117,570,567) 
$121,305,938  
Fidelity Central Funds (cost $1,402,935,691) 1,506,363,520  
Total Investment in Securities (cost $1,520,506,258)  $1,627,669,458 
Receivable for investments sold  471,565 
Receivable for fund shares sold  2,411,336 
Distributions receivable from Fidelity Central Funds  149,705 
Prepaid expenses  1,093 
Other receivables  5,208 
Total assets  1,630,708,365 
Liabilities   
Payable for investments purchased $1,074,284  
Payable for fund shares redeemed 1,289,442  
Accrued management fee 532,033  
Distribution and service plan fees payable 31,829  
Payable for daily variation margin on futures contracts 252,840  
Other affiliated payables 144,558  
Other payables and accrued expenses 33,607  
Collateral on securities loaned 25,575,435  
Total liabilities  28,934,028 
Net Assets  $1,601,774,337 
Net Assets consist of:   
Paid in capital  $1,525,737,761 
Total distributable earnings (loss)  76,036,576 
Net Assets  $1,601,774,337 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,094,710 ÷ 2,934,753 shares)  $10.94 
Maximum offering price per share (100/94.25 of $10.94)  $11.61 
Class M:   
Net Asset Value and redemption price per share ($14,845,671 ÷ 1,359,568 shares)  $10.92 
Maximum offering price per share (100/96.50 of $10.92)  $11.32 
Class C:   
Net Asset Value and offering price per share ($22,358,343 ÷ 2,058,617 shares)(a)  $10.86 
Asset Manager 30%:   
Net Asset Value, offering price and redemption price per share ($1,512,308,572 ÷ 138,340,508 shares)  $10.93 
Class I:   
Net Asset Value, offering price and redemption price per share ($19,745,348 ÷ 1,806,164 shares)  $10.93 
Class Z:   
Net Asset Value, offering price and redemption price per share ($421,693 ÷ 38,564 shares)  $10.93 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $1,266,934 
Interest  21,046 
Income from Fidelity Central Funds  19,933,168 
Total income  21,221,148 
Expenses   
Management fee $3,116,537  
Transfer agent fees 596,714  
Distribution and service plan fees 186,881  
Accounting and security lending fees 261,126  
Custodian fees and expenses 1,290  
Independent trustees' fees and expenses 3,514  
Registration fees 87,380  
Audit 16,715  
Legal 1,320  
Miscellaneous 5,262  
Total expenses before reductions 4,276,739  
Expense reductions (32,009)  
Total expenses after reductions  4,244,730 
Net investment income (loss)  16,976,418 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (734,215)  
Fidelity Central Funds (4,254,175)  
Futures contracts 1,969,637  
Capital gain distributions from Fidelity Central Funds 27,201,849  
Total net realized gain (loss)  24,183,096 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (608,645)  
Fidelity Central Funds (25,292,677)  
Futures contracts (342,247)  
Total change in net unrealized appreciation (depreciation)  (26,243,569) 
Net gain (loss)  (2,060,473) 
Net increase (decrease) in net assets resulting from operations  $14,915,945 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,976,418 $25,079,910 
Net realized gain (loss) 24,183,096 29,228,042 
Change in net unrealized appreciation (depreciation) (26,243,569) (4,623,745) 
Net increase (decrease) in net assets resulting from operations 14,915,945 49,684,207 
Distributions to shareholders (42,961,113) – 
Distributions to shareholders from net investment income – (23,859,157) 
Distributions to shareholders from net realized gain – (21,589,863) 
Total distributions (42,961,113) (45,449,020) 
Share transactions - net increase (decrease) 56,922,833 352,505,002 
Total increase (decrease) in net assets 28,877,665 356,740,189 
Net Assets   
Beginning of period 1,572,896,672 1,216,156,483 
End of period $1,601,774,337 $1,572,896,672 
Other Information   
Undistributed net investment income end of period  $3,196,727 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 30% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.15 $11.11 $10.62 $10.19 $10.71 $10.43 
Income from Investment Operations       
Net investment income (loss)A .10 .16 .13 .16 .15 .14 
Net realized and unrealized gain (loss) (.02) .21 .51 .60 (.23) .46 
Total from investment operations .08 .37 .64 .76 (.08) .60 
Distributions from net investment income (.11) (.15) (.13) (.17) (.15) (.13) 
Distributions from net realized gain (.18) (.18) (.02) (.16) (.30) (.18) 
Total distributions (.29) (.33) (.15) (.33) (.44)B (.32)C 
Net asset value, end of period $10.94 $11.15 $11.11 $10.62 $10.19 $10.71 
Total ReturnD,E,F .84% 3.40% 6.06% 7.61% (.79)% 5.83% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .83%I .84% .85% .85% .86% .85% 
Expenses net of fee waivers, if any .82%I .84% .85% .85% .86% .85% 
Expenses net of all reductions .82%I .84% .85% .85% .86% .85% 
Net investment income (loss) 1.94%I 1.47% 1.24% 1.58% 1.45% 1.29% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,095 $28,713 $22,457 $23,868 $21,424 $22,071 
Portfolio turnover rateJ 40%I 18% 24% 24% 22% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.44 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.298 per share.

 C Total distributions of $.32 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.183 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 30% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.13 $11.10 $10.61 $10.18 $10.70 $10.42 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .11 .14 .13 .11 
Net realized and unrealized gain (loss) (.03) .21 .50 .59 (.23) .46 
Total from investment operations .06 .34 .61 .73 (.10) .57 
Distributions from net investment income (.09) (.13) (.10) (.14) (.12) (.10) 
Distributions from net realized gain (.18) (.18) (.02) (.16) (.30) (.18) 
Total distributions (.27) (.31) (.12) (.30) (.42) (.29)B 
Net asset value, end of period $10.92 $11.13 $11.10 $10.61 $10.18 $10.70 
Total ReturnC,D,E .70% 3.08% 5.81% 7.33% (1.02)% 5.53% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.09%H 1.10% 1.11% 1.11% 1.12% 1.13% 
Expenses net of fee waivers, if any 1.09%H 1.09% 1.11% 1.11% 1.12% 1.13% 
Expenses net of all reductions 1.09%H 1.09% 1.11% 1.11% 1.12% 1.13% 
Net investment income (loss) 1.67%H 1.21% .98% 1.32% 1.18% 1.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $14,846 $14,473 $13,023 $11,834 $11,098 $9,932 
Portfolio turnover rateI 40%H 18% 24% 24% 22% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.29 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.183 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 30% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.07 $11.04 $10.57 $10.14 $10.66 $10.38 
Income from Investment Operations       
Net investment income (loss)A .06 .08 .05 .08 .07 .06 
Net realized and unrealized gain (loss) (.02) .20 .49 .60 (.22) .46 
Total from investment operations .04 .28 .54 .68 (.15) .52 
Distributions from net investment income (.07) (.07) (.05) (.09) (.07) (.06) 
Distributions from net realized gain (.18) (.18) (.02) (.16) (.30) (.18) 
Total distributions (.25) (.25) (.07) (.25) (.37) (.24) 
Net asset value, end of period $10.86 $11.07 $11.04 $10.57 $10.14 $10.66 
Total ReturnB,C,D .45% 2.59% 5.16% 6.85% (1.51)% 5.09% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.60%G 1.61% 1.61% 1.61% 1.62% 1.62% 
Expenses net of fee waivers, if any 1.60%G 1.61% 1.61% 1.61% 1.62% 1.62% 
Expenses net of all reductions 1.60%G 1.61% 1.61% 1.61% 1.61% 1.61% 
Net investment income (loss) 1.16%G .70% .47% .82% .69% .52% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,358 $24,911 $20,979 $21,579 $19,621 $16,976 
Portfolio turnover rateH 40%G 18% 24% 24% 22% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 30%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.15 $11.11 $10.63 $10.20 $10.71 $10.43 
Income from Investment Operations       
Net investment income (loss)A .12 .20 .17 .20 .19 .17 
Net realized and unrealized gain (loss) (.03) .21 .49 .59 (.22) .46 
Total from investment operations .09 .41 .66 .79 (.03) .63 
Distributions from net investment income (.12) (.19) (.16) (.20) (.18) (.17) 
Distributions from net realized gain (.18) (.18) (.02) (.16) (.30) (.18) 
Total distributions (.31)B (.37) (.18) (.36) (.48) (.35) 
Net asset value, end of period $10.93 $11.15 $11.11 $10.63 $10.20 $10.71 
Total ReturnC,D .92% 3.75% 6.32% 7.94% (.38)% 6.19% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .53%G .53% .54% .54% .55% .55% 
Expenses net of fee waivers, if any .53%G .53% .54% .54% .55% .55% 
Expenses net of all reductions .52%G .53% .53% .53% .54% .55% 
Net investment income (loss) 2.23%G 1.78% 1.55% 1.90% 1.76% 1.59% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,512,309 $1,480,983 $1,139,197 $937,285 $820,206 $757,908 
Portfolio turnover rateH 40%G 18% 24% 24% 22% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.31 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.182 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 30% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.15 $11.11 $10.62 $10.20 $10.71 $10.43 
Income from Investment Operations       
Net investment income (loss)A .12 .19 .16 .19 .18 .16 
Net realized and unrealized gain (loss) (.04) .21 .50 .59 (.22) .47 
Total from investment operations .08 .40 .66 .78 (.04) .63 
Distributions from net investment income (.12) (.18) (.15) (.20) (.17) (.16) 
Distributions from net realized gain (.18) (.18) (.02) (.16) (.30) (.18) 
Total distributions (.30) (.36) (.17) (.36) (.47) (.35)B 
Net asset value, end of period $10.93 $11.15 $11.11 $10.62 $10.20 $10.71 
Total ReturnC,D .88% 3.66% 6.32% 7.80% (.46)% 6.12% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .60%G .61% .62% .60% .61% .62% 
Expenses net of fee waivers, if any .59%G .61% .62% .60% .61% .62% 
Expenses net of all reductions .59%G .61% .62% .60% .61% .62% 
Net investment income (loss) 2.17%G 1.70% 1.46% 1.84% 1.69% 1.52% 
Supplemental Data       
Net assets, end of period (000 omitted) $19,745 $23,818 $20,500 $11,501 $8,759 $8,616 
Portfolio turnover rateH 40%G 18% 24% 24% 22% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.35 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.183 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 30% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $11.14 
Income from Investment Operations  
Net investment income (loss)B .12 
Net realized and unrealized gain (loss) (.02) 
Total from investment operations .10 
Distributions from net investment income (.13) 
Distributions from net realized gain (.18) 
Total distributions (.31) 
Net asset value, end of period $10.93 
Total ReturnC,D 1.01% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .50%G 
Expenses net of fee waivers, if any .50%G 
Expenses net of all reductions .50%G 
Net investment income (loss) 2.26%G 
Supplemental Data  
Net assets, end of period (000 omitted) $422 
Portfolio turnover rateH 40%G 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 40%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Five Bond Issuers as of March 31, 2019

(with maturities greater than one year) % of fund's net assets 
U.S. Treasury Obligations 15.4 
Fannie Mae 4.1 
Ginnie Mae 2.4 
Freddie Mac 1.9 
Morgan Stanley 0.8 
 24.6 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 23.8% 
   AAA,AA,A 3.0% 
   BBB 10.5% 
   BB and Below 5.2% 
   Not Rated 0.4% 
   Equities* 44.4% 
   Short-Term Investments and Net Other Assets 12.7% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.5%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Top Five Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 1.1 
Apple, Inc. 1.1 
Amazon.com, Inc. 0.7 
Alphabet, Inc. Class A 0.6 
Roche Holding AG (participation certificate) 0.4 
 3.9 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 21.0 
Information Technology 6.7 
Health Care 5.8 
Communication Services 4.5 
Consumer Discretionary 4.7 

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 44.5% 
   Bond Class 42.4% 
   Short-Term Class 13.1% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.5%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 15.8% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 40%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 37.4%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 1,614,263 $8,006,747 
Fidelity Communication Services Central Fund (a) 195,040 38,095,288 
Fidelity Consumer Discretionary Central Fund (a) 145,037 47,562,104 
Fidelity Consumer Staples Central Fund (a) 155,516 30,334,963 
Fidelity Emerging Markets Equity Central Fund (a) 225,518 48,089,420 
Fidelity Energy Central Fund (a) 207,391 22,775,722 
Fidelity Financials Central Fund (a) 873,407 84,275,059 
Fidelity Health Care Central Fund (a) 161,763 69,360,745 
Fidelity Industrials Central Fund (a) 165,675 45,196,092 
Fidelity Information Technology Central Fund (a) 278,047 103,828,472 
Fidelity International Equity Central Fund (a) 1,496,427 113,623,728 
Fidelity Materials Central Fund (a) 60,449 12,139,468 
Fidelity Real Estate Equity Central Fund (a) 67,605 7,707,007 
Fidelity Utilities Central Fund (a) 83,407 15,580,350 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $518,182,118)  646,575,165 
Fixed-Income Central Funds - 43.6%   
High Yield Fixed-Income Funds - 3.2%   
Fidelity Emerging Markets Debt Central Fund (a) 920,407 8,707,050 
Fidelity Floating Rate Central Fund (a) 168,727 17,075,146 
Fidelity High Income Central Fund 1 (a) 318,374 29,745,679 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  55,527,875 
Investment Grade Fixed-Income Funds - 40.4%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 694,148 69,352,305 
Fidelity International Credit Central Fund (a) 104,979 10,366,626 
Fidelity Investment Grade Bond Central Fund (a) 5,729,562 620,053,157 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  699,772,088 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $740,924,600)  755,299,963 
Money Market Central Funds - 11.9%   
Fidelity Cash Central Fund, 2.48% (b) 58,182,808 58,194,445 
Fidelity Money Market Central Fund, 2.68% (b) 130,726,229 130,739,302 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 16,232,177 16,233,800 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $205,155,519)  205,167,547 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.42% 4/18/19 to 6/27/19 (d)   
(Cost $2,892,098) 2,900,000 2,892,150 
 Shares Value 
Investment Companies - 7.9%   
iShares 20+ Year Treasury Bond ETF (e) 213,661 $27,015,297 
iShares Core MSCI Emerging Markets ETF 1,108,486 57,319,808 
iShares MSCI EAFE Index ETF 359,089 23,290,513 
iShares MSCI Japan ETF 548,201 29,997,559 
TOTAL INVESTMENT COMPANIES   
(Cost $133,450,151)  137,623,177 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $1,600,604,486)  1,747,558,002 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (16,749,877) 
NET ASSETS - 100%  $1,730,808,125 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 413 June 2019 $58,600,570 $(1,606,924) $(1,606,924) 

The notional amount of futures sold as a percentage of Net Assets is 3.4%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $40,825,400.

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,892,150.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $868,417 
Fidelity Commodity Strategy Central Fund 62,950 
Fidelity Communication Services Central Fund 129,164 
Fidelity Consumer Discretionary Central Fund 1,620,120 
Fidelity Consumer Staples Central Fund 2,466,316 
Fidelity Emerging Markets Debt Central Fund 257,131 
Fidelity Emerging Markets Equity Central Fund 2,006,029 
Fidelity Energy Central Fund 233,749 
Fidelity Financials Central Fund 4,479,124 
Fidelity Floating Rate Central Fund 494,667 
Fidelity Health Care Central Fund 3,608,121 
Fidelity High Income Central Fund 1 910,672 
Fidelity Industrials Central Fund 2,198,288 
Fidelity Inflation-Protected Bond Index Central Fund 1,797,884 
Fidelity Information Technology Central Fund 17,345,386 
Fidelity International Credit Central Fund 367,270 
Fidelity International Equity Central Fund 5,775,790 
Fidelity Investment Grade Bond Central Fund 10,979,251 
Fidelity Materials Central Fund 967,308 
Fidelity Money Market Central Fund 1,637,770 
Fidelity Real Estate Equity Central Fund 255,040 
Fidelity Securities Lending Cash Central Fund 13,796 
Fidelity Utilities Central Fund 1,273,324 
Total $59,747,567 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Affiliate Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $3,502,529 $5,328,418 $276,067 $(4,287) $(543,846) $8,006,747 3.1% 
Fidelity Communication Services Central Fund 9,460,525 27,131,094 733,918 11,675 2,225,912 38,095,288 2.4% 
Fidelity Consumer Discretionary Central Fund 53,679,862 5,190,841 8,034,468 38,752 (3,312,883) 47,562,104 2.5% 
Fidelity Consumer Staples Central Fund 28,483,320 3,951,772 1,180,492 (18,982) (900,655) 30,334,963 2.4% 
Fidelity Emerging Markets Debt Central Fund 8,243,186 719,873 306,625 (435) 51,051 8,707,050 5.9% 
Fidelity Emerging Markets Equity Central Fund 26,834,776 23,649,845 2,267,399 (36,726) (91,076) 48,089,420 4.5% 
Fidelity Energy Central Fund 27,725,615 1,526,867 1,041,381 (81,880) (5,353,499) 22,775,722 2.4% 
Fidelity Financials Central Fund 86,171,172 8,909,699 4,140,142 (216,007) (6,449,663) 84,275,059 2.6% 
Fidelity Floating Rate Central Fund 16,603,656 1,418,194 613,275 (3,652) (329,777) 17,075,146 0.8% 
Fidelity Health Care Central Fund 74,267,165 7,184,919 4,319,598 43,147 (7,814,888) 69,360,745 2.4% 
Fidelity High Income Central Fund 1 25,358,994 5,600,304 1,013,300 (7,487) (192,832) 29,745,679 5.9% 
Fidelity Industrials Central Fund 48,886,065 4,597,479 2,942,523 (246,732) (5,098,197) 45,196,092 2.5% 
Fidelity Inflation-Protected Bond Index Central Fund 66,469,796 5,579,152 2,592,782 (19,863) (83,998) 69,352,305 5.9% 
Fidelity Information Technology Central Fund 127,792,913 27,159,152 23,533,661 (2,369,546) (25,220,386) 103,828,472 2.4% 
Fidelity International Credit Central Fund 9,732,393 921,851 368,054 (695) 81,131 10,366,626 5.8% 
Fidelity International Equity Central Fund 116,158,802 14,148,564 5,611,795 (85,498) (10,986,345) 113,623,728 4.6% 
Fidelity Investment Grade Bond Central Fund 618,689,316 58,460,141 73,673,097 (1,145,277) 17,722,074 620,053,157 8.0% 
Fidelity Materials Central Fund 12,798,774 1,671,961 476,324 (29,961) (1,824,982) 12,139,468 2.5% 
Fidelity Real Estate Equity Central Fund 7,009,997 624,544 245,807 556 317,717 7,707,007 5.7% 
Fidelity Utilities Central Fund 14,587,978 2,035,638 890,119 2,842 (155,989) 15,580,350 2.5% 
 1,382,456,834 205,810,308 134,260,827 (4,170,056) (47,961,131) 1,401,875,128  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $646,575,165 $646,575,165 $-- $-- 
Fixed-Income Central Funds 755,299,963 755,299,963 -- -- 
Money Market Central Funds 205,167,547 205,167,547 -- -- 
Other Short-Term Investments 2,892,150 -- 2,892,150 -- 
Investment Companies 137,623,177 137,623,177 -- -- 
Total Investments in Securities: $1,747,558,002 $1,744,665,852 $2,892,150 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(1,606,924) $(1,606,924) $-- $-- 
Total Liabilities $(1,606,924) $(1,606,924) $-- $-- 
Total Derivative Instruments: $(1,606,924) $(1,606,924) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(1,606,924) 
Total Equity Risk (1,606,924) 
Total Value of Derivatives $0 $(1,606,924) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.2% 
United Kingdom 2.2% 
Japan 1.3% 
Cayman Islands 1.0% 
Netherlands 1.0% 
Canada 1.0% 
Others (Individually Less Than 1%) 9.3% 
 100.0% 

The information in the above table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 40%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $15,880,864) — See accompanying schedule:
Unaffiliated issuers (cost $136,342,249) 
$140,515,327  
Fidelity Central Funds (cost $1,464,262,237) 1,607,042,675  
Total Investment in Securities (cost $1,600,604,486)  $1,747,558,002 
Receivable for investments sold  562,613 
Receivable for fund shares sold  1,288,699 
Distributions receivable from Fidelity Central Funds  142,472 
Prepaid expenses  1,186 
Other receivables  5,860 
Total assets  1,749,558,832 
Liabilities   
Payable for fund shares redeemed $1,365,555  
Accrued management fee 577,574  
Distribution and service plan fees payable 34,482  
Payable for daily variation margin on futures contracts 346,920  
Other affiliated payables 157,696  
Other payables and accrued expenses 34,680  
Collateral on securities loaned 16,233,800  
Total liabilities  18,750,707 
Net Assets  $1,730,808,125 
Net Assets consist of:   
Paid in capital  $1,603,987,062 
Total distributable earnings (loss)  126,821,063 
Net Assets  $1,730,808,125 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($39,578,923 ÷ 3,449,910 shares)  $11.47 
Maximum offering price per share (100/94.25 of $11.47)  $12.17 
Class M:   
Net Asset Value and redemption price per share ($11,052,644 ÷ 965,082 shares)  $11.45 
Maximum offering price per share (100/96.50 of $11.45)  $11.87 
Class C:   
Net Asset Value and offering price per share ($25,032,110 ÷ 2,193,826 shares)(a)  $11.41 
Asset Manager 40%:   
Net Asset Value, offering price and redemption price per share ($1,620,964,504 ÷ 141,309,370 shares)  $11.47 
Class I:   
Net Asset Value, offering price and redemption price per share ($32,681,199 ÷ 2,848,566 shares)  $11.47 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,498,745 ÷ 130,584 shares)  $11.48 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $1,383,091 
Interest  26,285 
Income from Fidelity Central Funds  19,192,109 
Total income  20,601,485 
Expenses   
Management fee $3,332,502  
Transfer agent fees 650,408  
Distribution and service plan fees 200,647  
Accounting and security lending fees 277,634  
Custodian fees and expenses 1,391  
Independent trustees' fees and expenses 3,754  
Registration fees 76,395  
Audit 16,715  
Legal 1,415  
Miscellaneous 5,665  
Total expenses before reductions 4,566,526  
Expense reductions (32,830)  
Total expenses after reductions  4,533,696 
Net investment income (loss)  16,067,789 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 461,099  
Fidelity Central Funds (4,168,840)  
Futures contracts 2,952,026  
Capital gain distributions from Fidelity Central Funds 40,555,458  
Total net realized gain (loss)  39,799,743 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (2,129,898)  
Fidelity Central Funds (47,960,739)  
Futures contracts (432,061)  
Total change in net unrealized appreciation (depreciation)  (50,522,698) 
Net gain (loss)  (10,722,955) 
Net increase (decrease) in net assets resulting from operations  $5,344,834 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,067,789 $26,893,714 
Net realized gain (loss) 39,799,743 43,690,052 
Change in net unrealized appreciation (depreciation) (50,522,698) 3,388,740 
Net increase (decrease) in net assets resulting from operations 5,344,834 73,972,506 
Distributions to shareholders (56,797,807) – 
Distributions to shareholders from net investment income – (24,345,900) 
Distributions to shareholders from net realized gain – (23,502,413) 
Total distributions (56,797,807) (47,848,313) 
Share transactions - net increase (decrease) 99,640,852 220,737,989 
Total increase (decrease) in net assets 48,187,879 246,862,182 
Net Assets   
Beginning of period 1,682,620,246 1,435,758,064 
End of period $1,730,808,125 $1,682,620,246 
Other Information   
Undistributed net investment income end of period  $8,195,753 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 40% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.87 $11.67 $10.95 $10.39 $10.96 $10.66 
Income from Investment Operations       
Net investment income (loss)A .09 .17 .14 .16 .16 .14 
Net realized and unrealized gain (loss) (.11) .36 .73 .70 (.28) .59 
Total from investment operations (.02) .53 .87 .86 (.12) .73 
Distributions from net investment income (.12) (.15) (.13) (.17) (.14) (.15) 
Distributions from net realized gain (.27) (.18) (.02) (.13) (.31) (.28) 
Total distributions (.38)B (.33) (.15) (.30) (.45) (.43) 
Net asset value, end of period $11.47 $11.87 $11.67 $10.95 $10.39 $10.96 
Total ReturnC,D,E .05% 4.62% 8.01% 8.44% (1.19)% 6.98% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .83%H .84% .84% .84% .85% .85% 
Expenses net of fee waivers, if any .83%H .84% .84% .84% .85% .85% 
Expenses net of all reductions .83%H .84% .84% .84% .84% .85% 
Net investment income (loss) 1.68%H 1.41% 1.21% 1.53% 1.44% 1.31% 
Supplemental Data       
Net assets, end of period (000 omitted) $39,579 $38,073 $36,200 $40,046 $30,959 $25,419 
Portfolio turnover rateI 41%H 17% 20% 22% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.38 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.266 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 40% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.85 $11.65 $10.93 $10.37 $10.94 $10.64 
Income from Investment Operations       
Net investment income (loss)A .08 .13 .11 .13 .13 .11 
Net realized and unrealized gain (loss) (.12) .37 .73 .70 (.28) .59 
Total from investment operations (.04) .50 .84 .83 (.15) .70 
Distributions from net investment income (.10) (.12) (.10) (.14) (.11) (.12) 
Distributions from net realized gain (.27) (.18) (.02) (.13) (.31) (.28) 
Total distributions (.36)B (.30) (.12) (.27) (.42) (.40) 
Net asset value, end of period $11.45 $11.85 $11.65 $10.93 $10.37 $10.94 
Total ReturnC,D,E (.11)% 4.35% 7.75% 8.12% (1.45)% 6.72% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.10%H 1.10% 1.12% 1.12% 1.11% 1.12% 
Expenses net of fee waivers, if any 1.09%H 1.10% 1.11% 1.12% 1.11% 1.12% 
Expenses net of all reductions 1.09%H 1.10% 1.11% 1.12% 1.10% 1.12% 
Net investment income (loss) 1.41%H 1.14% .94% 1.25% 1.18% 1.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,053 $12,318 $11,665 $10,297 $9,309 $8,295 
Portfolio turnover rateI 41%H 17% 20% 22% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.36 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $.266 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 40% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.80 $11.61 $10.90 $10.34 $10.91 $10.62 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .05 .08 .07 .06 
Net realized and unrealized gain (loss) (.10) .35 .73 .70 (.27) .58 
Total from investment operations (.05) .43 .78 .78 (.20) .64 
Distributions from net investment income (.07) (.06) (.05) (.09) (.06) (.07) 
Distributions from net realized gain (.27) (.18) (.02) (.13) (.31) (.28) 
Total distributions (.34) (.24) (.07) (.22) (.37) (.35) 
Net asset value, end of period $11.41 $11.80 $11.61 $10.90 $10.34 $10.91 
Total ReturnB,C,D (.26)% 3.77% 7.16% 7.62% (1.94)% 6.17% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.60%G 1.60% 1.61% 1.61% 1.62% 1.62% 
Expenses net of fee waivers, if any 1.60%G 1.60% 1.61% 1.61% 1.62% 1.62% 
Expenses net of all reductions 1.60%G 1.60% 1.61% 1.61% 1.62% 1.62% 
Net investment income (loss) .91%G .64% .45% .76% .67% .54% 
Supplemental Data       
Net assets, end of period (000 omitted) $25,032 $25,656 $23,354 $22,064 $19,515 $15,769 
Portfolio turnover rateH 41%G 17% 20% 22% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 40%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.87 $11.67 $10.95 $10.39 $10.96 $10.66 
Income from Investment Operations       
Net investment income (loss)A .11 .20 .17 .19 .19 .17 
Net realized and unrealized gain (loss) (.11) .37 .73 .70 (.28) .59 
Total from investment operations – .57 .90 .89 (.09) .76 
Distributions from net investment income (.13) (.19) (.16) (.20) (.17) (.18) 
Distributions from net realized gain (.27) (.18) (.02) (.13) (.31) (.28) 
Total distributions (.40) (.37) (.18) (.33) (.48) (.46) 
Net asset value, end of period $11.47 $11.87 $11.67 $10.95 $10.39 $10.96 
Total ReturnB,C .22% 4.95% 8.35% 8.76% (.90)% 7.29% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .53%F .53% .54% .54% .55% .56% 
Expenses net of fee waivers, if any .53%F .53% .54% .54% .55% .56% 
Expenses net of all reductions .52%F .53% .53% .54% .54% .56% 
Net investment income (loss) 1.98%F 1.71% 1.52% 1.83% 1.74% 1.60% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,620,965 $1,577,393 $1,344,514 $1,084,411 $917,607 $769,619 
Portfolio turnover rateG 41%F 17% 20% 22% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 40% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $11.87 $11.67 $10.95 $10.39 $10.96 $10.66 
Income from Investment Operations       
Net investment income (loss)A .11 .20 .17 .19 .18 .17 
Net realized and unrealized gain (loss) (.11) .36 .73 .69 (.27) .58 
Total from investment operations – .56 .90 .88 (.09) .75 
Distributions from net investment income (.13) (.18) (.16) (.19) (.17) (.18) 
Distributions from net realized gain (.27) (.18) (.02) (.13) (.31) (.28) 
Total distributions (.40) (.36) (.18) (.32) (.48) (.45)B 
Net asset value, end of period $11.47 $11.87 $11.67 $10.95 $10.39 $10.96 
Total ReturnC,D .20% 4.91% 8.32% 8.67% (.90)% 7.25% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .56%G .56% .56% .58% .60% .58% 
Expenses net of fee waivers, if any .56%G .56% .56% .58% .60% .58% 
Expenses net of all reductions .56%G .56% .56% .58% .60% .57% 
Net investment income (loss) 1.95%G 1.68% 1.49% 1.79% 1.69% 1.59% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,681 $29,180 $20,025 $15,525 $20,038 $4,256 
Portfolio turnover rateH 41%G 17% 20% 22% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.45 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.276 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 40% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $11.86 
Income from Investment Operations  
Net investment income (loss)B .11 
Net realized and unrealized gain (loss) (.09) 
Total from investment operations .02 
Distributions from net investment income (.13) 
Distributions from net realized gain (.27) 
Total distributions (.40) 
Net asset value, end of period $11.48 
Total ReturnC,D .39% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .50%G 
Expenses net of fee waivers, if any .50%G 
Expenses net of all reductions .50%G 
Net investment income (loss) 2.01%G 
Supplemental Data  
Net assets, end of period (000 omitted) $1,499 
Portfolio turnover rateH 41%G 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 50%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Ten Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 1.4 
Apple, Inc. 1.4 
Amazon.com, Inc. 0.9 
Alphabet, Inc. Class A 0.8 
Roche Holding AG (participation certificate) 0.5 
UnitedHealth Group, Inc. 0.4 
Adobe, Inc. 0.4 
The Boeing Co. 0.4 
Becton, Dickinson & Co. 0.4 
Facebook, Inc. Class A 0.4 
 7.0 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 17.5 
Information Technology 8.4 
Health Care 7.0 
Consumer Discretionary 5.6 
Communication Services 5.2 

Top Five Bond Issuers as of March 31, 2019

(with maturities greater than one year) % of fund's net assets 
U.S. Treasury Obligations 13.7 
Fannie Mae 3.3 
Ginnie Mae 2.0 
Freddie Mac 1.6 
Morgan Stanley 0.7 
 21.3 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 20.6% 
   AAA,AA,A 2.7% 
   BBB 9.0% 
   BB and Below 4.9% 
   Not Rated 0.4% 
   Equities* 54.8% 
   Short-Term Investments and Net Other Assets 7.6% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.6%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 54.6% 
   Bond Class 37.4% 
   Short-Term Class 8.0% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.6%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 18.9% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 50%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 47.2%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 10,420,100 $51,683,697 
Fidelity Communication Services Central Fund (a) 1,300,888 254,089,465 
Fidelity Consumer Discretionary Central Fund (a) 964,089 316,153,608 
Fidelity Consumer Staples Central Fund (a) 1,038,222 202,515,519 
Fidelity Emerging Markets Equity Central Fund (a) 1,469,474 313,350,740 
Fidelity Energy Central Fund (a) 1,384,822 152,081,103 
Fidelity Financials Central Fund (a) 5,824,394 561,995,744 
Fidelity Health Care Central Fund (a) 1,080,698 463,381,767 
Fidelity Industrials Central Fund (a) 1,102,476 300,755,346 
Fidelity Information Technology Central Fund (a) 1,855,476 692,871,692 
Fidelity International Equity Central Fund (a) 10,357,834 786,470,327 
Fidelity Materials Central Fund (a) 401,811 80,691,769 
Fidelity Real Estate Equity Central Fund (a) 365,372 41,652,444 
Fidelity Utilities Central Fund (a) 558,086 104,250,432 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $2,873,589,037)  4,321,943,653 
Fixed-Income Central Funds - 38.4%   
High Yield Fixed-Income Funds - 3.2%   
Fidelity Emerging Markets Debt Central Fund (a) 4,754,116 44,973,939 
Fidelity Floating Rate Central Fund (a) 876,298 88,681,389 
Fidelity High Income Central Fund 1 (a) 1,701,367 158,958,734 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  292,614,062 
Investment Grade Fixed-Income Funds - 35.2%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 3,671,503 366,819,893 
Fidelity International Credit Central Fund (a) 557,839 55,086,567 
Fidelity Investment Grade Bond Central Fund (a) 25,882,492 2,801,003,260 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  3,222,909,720 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $3,324,661,577)  3,515,523,782 
Money Market Central Funds - 5.9%   
Fidelity Cash Central Fund, 2.48% (b) 254,925,070 254,976,055 
Fidelity Money Market Central Fund, 2.68% (b) 271,936,662 271,963,855 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 9,641,086 9,642,050 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $536,562,164)  536,581,960 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.42% 4/18/19 to 6/27/19 (d)   
(Cost $14,220,740) 14,260,000 14,220,988 
 Shares Value 
Investment Companies - 8.5%   
iShares 20+ Year Treasury Bond ETF (e) 1,059,725 $133,991,629 
iShares Core MSCI Emerging Markets ETF 6,272,213 324,336,133 
iShares MSCI EAFE Index ETF 2,463,935 159,810,824 
iShares MSCI Japan ETF 2,912,905 159,394,162 
TOTAL INVESTMENT COMPANIES   
(Cost $753,206,523)  777,532,748 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $7,502,240,041)  9,165,803,131 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (12,555,932) 
NET ASSETS - 100%  $9,153,247,199 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 2,241 June 2019 $317,975,490 $(8,722,255) $(8,722,255) 

The notional amount of futures sold as a percentage of Net Assets is 3.5%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $14,220,988.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $4,658,072 
Fidelity Commodity Strategy Central Fund 415,507 
Fidelity Communication Services Central Fund 884,369 
Fidelity Consumer Discretionary Central Fund 11,041,039 
Fidelity Consumer Staples Central Fund 16,886,681 
Fidelity Emerging Markets Debt Central Fund 1,357,486 
Fidelity Emerging Markets Equity Central Fund 15,252,514 
Fidelity Energy Central Fund 1,590,688 
Fidelity Financials Central Fund 30,629,117 
Fidelity Floating Rate Central Fund 2,623,104 
Fidelity Health Care Central Fund 24,699,811 
Fidelity High Income Central Fund 1 4,961,977 
Fidelity Industrials Central Fund 14,997,652 
Fidelity Inflation-Protected Bond Index Central Fund 9,848,782 
Fidelity Information Technology Central Fund 118,496,519 
Fidelity International Credit Central Fund 2,001,201 
Fidelity International Equity Central Fund 41,431,309 
Fidelity Investment Grade Bond Central Fund 50,537,581 
Fidelity Materials Central Fund 6,607,950 
Fidelity Money Market Central Fund 3,430,891 
Fidelity Real Estate Equity Central Fund 1,415,038 
Fidelity Securities Lending Cash Central Fund 68,666 
Fidelity Utilities Central Fund 8,729,236 
Total $372,565,190 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $19,568,502 $37,521,742 $1,657,317 $(74,147) $(3,675,083) $51,683,697 20.0% 
Fidelity Communication Services Central Fund 65,756,271 178,390,002 4,862,076 21,254 14,784,014 254,089,465 15.7% 
Fidelity Consumer Discretionary Central Fund 375,542,191 20,091,472 56,018,231 2,300,229 (25,762,053) 316,153,608 16.4% 
Fidelity Consumer Staples Central Fund 198,437,885 19,344,764 8,473,318 (762,969) (6,030,843) 202,515,519 15.9% 
Fidelity Emerging Markets Debt Central Fund 44,440,007 1,952,686 1,655,393 (32,126) 268,765 44,973,939 30.7% 
Fidelity Emerging Markets Equity Central Fund 210,584,026 120,102,304 14,421,550 (755,601) (2,158,439) 313,350,740 29.5% 
Fidelity Energy Central Fund 194,066,270 3,841,426 7,903,306 (1,700,470) (36,222,817) 152,081,103 16.2% 
Fidelity Financials Central Fund 600,596,106 38,062,365 30,095,248 (2,188,271) (44,379,208) 561,995,744 17.1% 
Fidelity Floating Rate Central Fund 89,995,019 3,815,540 3,310,807 (15,806) (1,802,557) 88,681,389 4.3% 
Fidelity Health Care Central Fund 520,576,948 30,671,621 33,501,796 1,926,431 (56,291,437) 463,381,767 16.2% 
Fidelity High Income Central Fund 1 141,009,521 24,677,124 5,471,995 (28,165) (1,227,751) 158,958,734 31.5% 
Fidelity Industrials Central Fund 338,907,106 19,039,370 19,660,965 (1,203,590) (36,326,575) 300,755,346 16.7% 
Fidelity Inflation-Protected Bond Index Central Fund 370,474,121 14,594,303 17,432,527 (171,980) (644,024) 366,819,893 31.0% 
Fidelity Information Technology Central Fund 888,048,275 159,587,752 162,819,698 (12,224,173) (179,720,464) 692,871,692 16.3% 
Fidelity International Credit Central Fund 53,970,376 2,716,541 1,986,436 (20,249) 406,335 55,086,567 30.6% 
Fidelity International Equity Central Fund 851,185,720 55,152,677 37,460,532 (1,029,182) (81,378,356) 786,470,327 31.9% 
Fidelity Investment Grade Bond Central Fund 2,984,959,552 182,783,563 440,894,486 (3,741,159) 77,895,790 2,801,003,260 35.9% 
Fidelity Materials Central Fund 89,273,982 7,758,438 3,423,040 (726,089) (12,191,522) 80,691,769 16.9% 
Fidelity Real Estate Equity Central Fund 39,408,807 1,892,434 1,324,794 708 1,675,289 41,652,444 30.9% 
Fidelity Utilities Central Fund 101,941,110 9,991,750 6,489,294 198,587 (1,391,721) 104,250,432 16.8% 
Total $8,178,741,795 $931,987,874 $858,862,809 $(20,226,768) $(394,172,657) $7,837,467,435  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $4,321,943,653 $4,321,943,653 $-- $-- 
Fixed-Income Central Funds 3,515,523,782 3,515,523,782 -- -- 
Money Market Central Funds 536,581,960 536,581,960 -- -- 
Other Short-Term Investments 14,220,988 -- 14,220,988 -- 
Investment Companies 777,532,748 777,532,748 -- -- 
Total Investments in Securities: $9,165,803,131 $9,151,582,143 $14,220,988 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(8,722,255) $(8,722,255) $-- $-- 
Total Liabilities $(8,722,255) $(8,722,255) $-- $-- 
Total Derivative Instruments: $(8,722,255) $(8,722,255) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(8,722,255) 
Total Equity Risk (8,722,255) 
Total Value of Derivatives $0 $(8,722,255) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 81.1% 
United Kingdom 2.7% 
Japan 1.7% 
Canada 1.3% 
Cayman Islands 1.1% 
Netherlands 1.1% 
Switzerland 1.1% 
France 1.0% 
Others (Individually Less Than 1%) 8.9% 
 100.0% 

The information in the above table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 50%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,432,424) — See accompanying schedule:
Unaffiliated issuers (cost $767,427,263) 
$791,753,736  
Fidelity Central Funds (cost $6,734,812,778) 8,374,049,395  
Total Investment in Securities (cost $7,502,240,041)  $9,165,803,131 
Receivable for investments sold  3,259,956 
Receivable for fund shares sold  4,916,627 
Distributions receivable from Fidelity Central Funds  669,968 
Prepaid expenses  6,686 
Other receivables  235,419 
Total assets  9,174,891,787 
Liabilities   
Payable for investments purchased $914,437  
Payable for fund shares redeemed 4,159,886  
Accrued management fee 3,697,584  
Distribution and service plan fees payable 76,835  
Payable for daily variation margin on futures contracts 1,882,440  
Other affiliated payables 1,048,102  
Other payables and accrued expenses 223,254  
Collateral on securities loaned 9,642,050  
Total liabilities  21,644,588 
Net Assets  $9,153,247,199 
Net Assets consist of:   
Paid in capital  $8,078,861,041 
Total distributable earnings (loss)  1,074,386,158 
Net Assets  $9,153,247,199 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($90,565,340 ÷ 5,125,377 shares)  $17.67 
Maximum offering price per share (100/94.25 of $17.67)  $18.75 
Class M:   
Net Asset Value and redemption price per share ($41,497,893 ÷ 2,351,132 shares)  $17.65 
Maximum offering price per share (100/96.50 of $17.65)  $18.29 
Class C:   
Net Asset Value and offering price per share ($47,121,596 ÷ 2,690,662 shares)(a)  $17.51 
Asset Manager 50%:   
Net Asset Value, offering price and redemption price per share ($8,903,154,338 ÷ 501,725,989 shares)  $17.75 
Class I:   
Net Asset Value, offering price and redemption price per share ($68,829,496 ÷ 3,886,075 shares)  $17.71 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,078,536 ÷ 117,384 shares)  $17.71 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $7,724,487 
Interest  135,427 
Income from Fidelity Central Funds  95,820,233 
Total income  103,680,147 
Expenses   
Management fee $21,737,558  
Transfer agent fees 5,483,292  
Distribution and service plan fees 450,381  
Accounting and security lending fees 769,081  
Custodian fees and expenses 4,299  
Independent trustees' fees and expenses 20,527  
Registration fees 101,300  
Audit 16,714  
Legal 7,870  
Miscellaneous 31,101  
Total expenses before reductions 28,622,123  
Expense reductions (130,600)  
Total expenses after reductions  28,491,523 
Net investment income (loss)  75,188,624 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 11,436,651  
Fidelity Central Funds (20,226,578)  
Futures contracts 12,182,342  
Capital gain distributions from Fidelity Central Funds 276,744,957  
Total net realized gain (loss)  280,137,372 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (17,833,437)  
Fidelity Central Funds (394,172,292)  
Futures contracts (2,506,167)  
Total change in net unrealized appreciation (depreciation)  (414,511,896) 
Net gain (loss)  (134,374,524) 
Net increase (decrease) in net assets resulting from operations  $(59,185,900) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $75,188,624 $139,733,527 
Net realized gain (loss) 280,137,372 319,288,321 
Change in net unrealized appreciation (depreciation) (414,511,896) 65,731,437 
Net increase (decrease) in net assets resulting from operations (59,185,900) 524,753,285 
Distributions to shareholders (373,277,172) – 
Distributions to shareholders from net investment income – (126,122,206) 
Distributions to shareholders from net realized gain – (252,763,367) 
Total distributions (373,277,172) (378,885,573) 
Share transactions - net increase (decrease) 190,184,705 728,976,453 
Total increase (decrease) in net assets (242,278,367) 874,844,165 
Net Assets   
Beginning of period 9,395,525,566 8,520,681,401 
End of period $9,153,247,199 $9,395,525,566 
Other Information   
Undistributed net investment income end of period  $44,007,306 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 50% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $18.58 $18.29 $16.91 $16.33 $17.99 $17.78 
Income from Investment Operations       
Net investment income (loss)A .12 .23 .19 .23 .23 .22 
Net realized and unrealized gain (loss) (.31) .80 1.46 1.21 (.50) 1.13 
Total from investment operations (.19) 1.03 1.65 1.44 (.27) 1.35 
Distributions from net investment income (.17) (.21) (.18) (.25) (.22) (.23) 
Distributions from net realized gain (.55) (.53) (.09) (.62) (1.17) (.91) 
Total distributions (.72) (.74) (.27) (.86)B (1.39) (1.14) 
Net asset value, end of period $17.67 $18.58 $18.29 $16.91 $16.33 $17.99 
Total ReturnC,D,E (.73)% 5.74% 9.90% 9.19% (1.70)% 7.96% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .94%H .94% .96% .96% .96% .95% 
Expenses net of fee waivers, if any .94%H .94% .96% .96% .96% .95% 
Expenses net of all reductions .94%H .94% .95% .96% .95% .95% 
Net investment income (loss) 1.39%H 1.24% 1.08% 1.42% 1.34% 1.24% 
Supplemental Data       
Net assets, end of period (000 omitted) $90,565 $86,252 $75,623 $77,724 $70,616 $72,246 
Portfolio turnover rateI 42%H 15% 20% 19% 17% 10% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.86 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.616 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 50% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $18.56 $18.27 $16.90 $16.31 $17.97 $17.76 
Income from Investment Operations       
Net investment income (loss)A .10 .18 .14 .19 .19 .17 
Net realized and unrealized gain (loss) (.31) .80 1.46 1.22 (.51) 1.14 
Total from investment operations (.21) .98 1.60 1.41 (.32) 1.31 
Distributions from net investment income (.15) (.16) (.14) (.20) (.17) (.19) 
Distributions from net realized gain (.55) (.53) (.09) (.62) (1.17) (.91) 
Total distributions (.70) (.69) (.23) (.82) (1.34) (1.10) 
Net asset value, end of period $17.65 $18.56 $18.27 $16.90 $16.31 $17.97 
Total ReturnB,C,D (.86)% 5.48% 9.57% 8.97% (1.98)% 7.69% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.19%G 1.19% 1.21% 1.22% 1.22% 1.22% 
Expenses net of fee waivers, if any 1.19%G 1.19% 1.21% 1.22% 1.22% 1.22% 
Expenses net of all reductions 1.19%G 1.19% 1.21% 1.22% 1.22% 1.22% 
Net investment income (loss) 1.15%G .99% .83% 1.15% 1.07% .97% 
Supplemental Data       
Net assets, end of period (000 omitted) $41,498 $41,222 $36,209 $32,431 $30,381 $32,372 
Portfolio turnover rateH 42%G 15% 20% 19% 17% 10% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 50% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $18.42 $18.15 $16.79 $16.21 $17.88 $17.68 
Income from Investment Operations       
Net investment income (loss)A .06 .09 .05 .11 .10 .08 
Net realized and unrealized gain (loss) (.32) .79 1.46 1.21 (.52) 1.13 
Total from investment operations (.26) .88 1.51 1.32 (.42) 1.21 
Distributions from net investment income (.10) (.08) (.06) (.12) (.08) (.10) 
Distributions from net realized gain (.55) (.53) (.09) (.62) (1.17) (.91) 
Total distributions (.65) (.61) (.15) (.74) (1.25) (1.01) 
Net asset value, end of period $17.51 $18.42 $18.15 $16.79 $16.21 $17.88 
Total ReturnB,C,D (1.12)% 4.93% 9.07% 8.42% (2.52)% 7.16% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.70%G 1.70% 1.72% 1.72% 1.72% 1.72% 
Expenses net of fee waivers, if any 1.70%G 1.70% 1.72% 1.72% 1.72% 1.72% 
Expenses net of all reductions 1.69%G 1.70% 1.71% 1.72% 1.72% 1.72% 
Net investment income (loss) .64%G .49% .32% .66% .57% .47% 
Supplemental Data       
Net assets, end of period (000 omitted) $47,122 $51,337 $41,900 $42,706 $42,095 $38,792 
Portfolio turnover rateH 42%G 15% 20% 19% 17% 10% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 50%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $18.66 $18.37 $16.98 $16.39 $18.06 $17.84 
Income from Investment Operations       
Net investment income (loss)A .15 .29 .24 .28 .29 .28 
Net realized and unrealized gain (loss) (.31) .80 1.47 1.22 (.52) 1.14 
Total from investment operations (.16) 1.09 1.71 1.50 (.23) 1.42 
Distributions from net investment income (.20) (.26) (.24) (.30) (.27) (.29) 
Distributions from net realized gain (.55) (.53) (.09) (.62) (1.17) (.91) 
Total distributions (.75) (.80)B (.32)C (.91)D (1.44) (1.20) 
Net asset value, end of period $17.75 $18.66 $18.37 $16.98 $16.39 $18.06 
Total ReturnE,F (.56)% 6.05% 10.26% 9.56% (1.45)% 8.33% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .63%I .63% .65% .65% .66% .66% 
Expenses net of fee waivers, if any .63%I .63% .64% .65% .66% .66% 
Expenses net of all reductions .63%I .63% .64% .65% .65% .66% 
Net investment income (loss) 1.70%I 1.55% 1.39% 1.72% 1.63% 1.53% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,903,154 $9,140,811 $8,324,452 $7,566,062 $7,504,374 $7,956,041 
Portfolio turnover rateJ 42%I 15% 20% 19% 17% 10% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.80 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.532 per share.

 C Total distributions of $.32 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.087 per share.

 D Total distributions of $.91 per share is comprised of distributions from net investment income of $.297 and distributions from net realized gain of $.616 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 50% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $18.62 $18.33 $16.95 $16.36 $18.03 $17.81 
Income from Investment Operations       
Net investment income (loss)A .15 .28 .24 .27 .28 .27 
Net realized and unrealized gain (loss) (.31) .80 1.46 1.23 (.52) 1.14 
Total from investment operations (.16) 1.08 1.70 1.50 (.24) 1.41 
Distributions from net investment income (.19) (.26) (.23) (.29) (.26) (.28) 
Distributions from net realized gain (.55) (.53) (.09) (.62) (1.17) (.91) 
Total distributions (.75)B (.79) (.32) (.91) (1.43) (1.19) 
Net asset value, end of period $17.71 $18.62 $18.33 $16.95 $16.36 $18.03 
Total ReturnC,D (.58)% 6.02% 10.17% 9.53% (1.50)% 8.29% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .66%G .67% .68% .70% .70% .71% 
Expenses net of fee waivers, if any .66%G .67% .68% .70% .70% .71% 
Expenses net of all reductions .66%G .67% .68% .70% .69% .71% 
Net investment income (loss) 1.67%G 1.52% 1.35% 1.68% 1.59% 1.48% 
Supplemental Data       
Net assets, end of period (000 omitted) $68,829 $75,904 $42,497 $39,673 $33,434 $33,575 
Portfolio turnover rateH 42%G 15% 20% 19% 17% 10% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.75 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.551 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 50% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $18.59 
Income from Investment Operations  
Net investment income (loss)B .15 
Net realized and unrealized gain (loss) (.28) 
Total from investment operations (.13) 
Distributions from net investment income (.20) 
Distributions from net realized gain (.55) 
Total distributions (.75) 
Net asset value, end of period $17.71 
Total ReturnC,D (.37)% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .56%G 
Expenses net of fee waivers, if any .56%G 
Expenses net of all reductions .55%G 
Net investment income (loss) 1.78%G 
Supplemental Data  
Net assets, end of period (000 omitted) $2,079 
Portfolio turnover rateH 42%G 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 60%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Ten Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 1.7 
Apple, Inc. 1.7 
Amazon.com, Inc. 1.0 
Alphabet, Inc. Class A 0.9 
Roche Holding AG (participation certificate) 0.5 
UnitedHealth Group, Inc. 0.5 
Adobe, Inc. 0.5 
The Boeing Co. 0.5 
Becton, Dickinson & Co. 0.5 
Facebook, Inc. Class A 0.4 
 8.2 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 14.7 
Information Technology 9.8 
Health Care 7.9 
Consumer Discretionary 6.8 
Industrials 5.8 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 17.8% 
   AAA,AA,A 2.4% 
   BBB 7.4% 
   BB and Below 4.5% 
   Not Rated 0.3% 
   Equities* 64.9% 
   Short-Term Investments and Net Other Assets 2.7% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.6%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 64.7% 
   Bond Class 32.2% 
   Short-Term Class 3.1% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.6%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 21.1% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 60%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 56.3%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 3,401,575 $16,871,812 
Fidelity Communication Services Central Fund (a) 507,701 99,164,074 
Fidelity Consumer Discretionary Central Fund (a) 378,214 124,027,783 
Fidelity Consumer Staples Central Fund (a) 407,545 79,495,654 
Fidelity Emerging Markets Equity Central Fund (a) 588,165 125,420,347 
Fidelity Energy Central Fund (a) 537,435 59,021,091 
Fidelity Financials Central Fund (a) 2,282,727 220,260,301 
Fidelity Health Care Central Fund (a) 423,151 181,438,492 
Fidelity Industrials Central Fund (a) 432,486 117,982,253 
Fidelity Information Technology Central Fund (a) 726,213 271,182,402 
Fidelity International Equity Central Fund (a) 3,982,324 302,377,862 
Fidelity Materials Central Fund (a) 157,555 31,640,183 
Fidelity Real Estate Equity Central Fund (a) 123,833 14,116,971 
Fidelity Utilities Central Fund (a) 216,663 40,472,729 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $1,382,303,613)  1,683,471,954 
Fixed-Income Central Funds - 33.1%   
High Yield Fixed-Income Funds - 3.2%   
Fidelity Emerging Markets Debt Central Fund (a) 1,539,883 14,567,293 
Fidelity Floating Rate Central Fund (a) 285,048 28,846,905 
Fidelity High Income Central Fund 1 (a) 560,202 52,339,643 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  95,753,841 
Investment Grade Fixed-Income Funds - 29.9%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 1,199,087 119,800,760 
Fidelity International Credit Central Fund (a) 187,714 18,536,747 
Fidelity Investment Grade Bond Central Fund (a) 6,982,319 755,626,563 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  893,964,070 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $968,810,033)  989,717,911 
Money Market Central Funds - 1.9%   
Fidelity Cash Central Fund, 2.48% (b) 23,906,193 23,910,974 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 32,594,491 32,597,750 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $56,508,691)  56,508,724 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.42% 4/18/19 to 6/27/19 (d)   
(Cost $4,718,284) 4,730,000 4,718,322 
 Shares Value 
Investment Companies - 9.6%   
iShares 20+ Year Treasury Bond ETF (e) 346,396 $43,798,310 
iShares Core MSCI Emerging Markets ETF 2,056,631 106,348,390 
iShares MSCI EAFE Index ETF 1,233,156 79,982,498 
iShares MSCI Japan ETF 1,061,344 58,076,744 
TOTAL INVESTMENT COMPANIES   
(Cost $278,504,110)  288,205,942 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $2,690,844,731)  3,022,622,853 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (33,677,671) 
NET ASSETS - 100%  $2,988,945,182 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 742 June 2019 $105,282,380 $(3,018,369) $(3,018,369) 

The notional amount of futures sold as a percentage of Net Assets is 3.5%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,718,322.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,241,837 
Fidelity Commodity Strategy Central Fund 134,687 
Fidelity Communication Services Central Fund 343,959 
Fidelity Consumer Discretionary Central Fund 4,348,125 
Fidelity Consumer Staples Central Fund 6,644,236 
Fidelity Emerging Markets Debt Central Fund 435,441 
Fidelity Emerging Markets Equity Central Fund 6,436,093 
Fidelity Energy Central Fund 617,561 
Fidelity Financials Central Fund 12,032,010 
Fidelity Floating Rate Central Fund 847,484 
Fidelity Health Care Central Fund 9,700,946 
Fidelity High Income Central Fund 1 1,623,878 
Fidelity Industrials Central Fund 5,902,108 
Fidelity Inflation-Protected Bond Index Central Fund 2,864,481 
Fidelity Information Technology Central Fund 46,532,323 
Fidelity International Credit Central Fund 667,571 
Fidelity International Equity Central Fund 15,810,615 
Fidelity Investment Grade Bond Central Fund 13,131,092 
Fidelity Materials Central Fund 2,599,840 
Fidelity Real Estate Equity Central Fund 475,489 
Fidelity Securities Lending Cash Central Fund 12,693 
Fidelity Utilities Central Fund 3,398,155 
Total $135,800,624 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $6,208,063 $12,361,865 $493,968 $(11,294) $(1,192,854) $16,871,812 6.5% 
Fidelity Communication Services Central Fund 25,236,956 71,394,372 3,409,436 104,819 5,837,363 99,164,074 6.1% 
Fidelity Consumer Discretionary Central Fund 146,591,048 9,461,659 22,999,793 361,968 (9,387,099) 124,027,783 6.4% 
Fidelity Consumer Staples Central Fund 77,436,400 9,039,084 4,384,441 (342,304) (2,253,085) 79,495,654 6.2% 
Fidelity Emerging Markets Debt Central Fund 14,038,818 907,069 464,821 (4,109) 90,336 14,567,293 9.9% 
Fidelity Emerging Markets Equity Central Fund 86,313,715 45,378,795 5,172,481 (532,725) (566,957) 125,420,347 11.8% 
Fidelity Energy Central Fund 74,167,253 2,720,533 3,408,411 (400,417) (14,057,867) 59,021,091 6.3% 
Fidelity Financials Central Fund 232,217,880 19,165,830 13,236,248 (648,585) (17,238,576) 220,260,301 6.7% 
Fidelity Floating Rate Central Fund 28,561,552 1,789,195 929,646 (4,642) (569,554) 28,846,905 1.4% 
Fidelity Health Care Central Fund 200,381,288 15,474,955 13,449,571 358,234 (21,326,414) 181,438,492 6.4% 
Fidelity High Income Central Fund 1 45,397,134 8,864,798 1,553,267 (10,058) (358,964) 52,339,643 10.4% 
Fidelity Industrials Central Fund 131,422,312 9,766,595 8,831,952 (565,517) (13,809,185) 117,982,253 6.5% 
Fidelity Inflation-Protected Bond Index Central Fund 105,329,508 20,808,622 6,399,595 (29,480) 91,705 119,800,760 10.1% 
Fidelity Information Technology Central Fund 346,993,488 65,036,921 66,218,753 (5,308,943) (69,320,311) 271,182,402 6.4% 
Fidelity International Credit Central Fund 17,721,958 1,233,021 558,230 (1,971) 141,969 18,536,747 10.3% 
Fidelity International Equity Central Fund 317,382,540 28,733,805 13,218,716 (815,362) (29,704,405) 302,377,862 12.3% 
Fidelity Investment Grade Bond Central Fund 770,665,936 64,144,917 98,986,724 (2,427,076) 22,229,510 755,626,563 9.7% 
Fidelity Materials Central Fund 34,661,738 3,715,204 1,749,215 (223,094) (4,764,450) 31,640,183 6.6% 
Fidelity Real Estate Equity Central Fund 13,057,670 852,280 371,979 (1,547) 580,547 14,116,971 10.5% 
Fidelity Utilities Central Fund 39,143,517 4,629,538 2,840,720 28,342 (487,948) 40,472,729 6.5% 
Total $2,712,928,774 $395,479,058 $268,677,967 $(10,473,761) $(156,066,239) $2,673,189,865  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $1,683,471,954 $1,683,471,954 $-- $-- 
Fixed-Income Central Funds 989,717,911 989,717,911 -- -- 
Money Market Central Funds 56,508,724 56,508,724 -- -- 
Other Short-Term Investments 4,718,322 -- 4,718,322 -- 
Investment Companies 288,205,942 288,205,942 -- -- 
Total Investments in Securities: $3,022,622,853 $3,017,904,531 $4,718,322 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(3,018,369) $(3,018,369) $-- $-- 
Total Liabilities $(3,018,369) $(3,018,369) $-- $-- 
Total Derivative Instruments: $(3,018,369) $(3,018,369) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(3,018,369) 
Total Equity Risk (3,018,369) 
Total Value of Derivatives $0 $(3,018,369) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 78.9% 
United Kingdom 2.8% 
Japan 2.0% 
Cayman Islands 1.3% 
France 1.3% 
Canada 1.3% 
Switzerland 1.2% 
Netherlands 1.2% 
Germany 1.0% 
Others (Individually Less Than 1%) 9.0% 
 100.0% 

The information in the above table{s} is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 60%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $31,926,100) — See accompanying schedule:
Unaffiliated issuers (cost $283,222,394) 
$292,924,264  
Fidelity Central Funds (cost $2,407,622,337) 2,729,698,589  
Total Investment in Securities (cost $2,690,844,731)  $3,022,622,853 
Receivable for investments sold  1,203,367 
Receivable for fund shares sold  1,812,314 
Dividends receivable  43,158 
Distributions receivable from Fidelity Central Funds  94,639 
Prepaid expenses  2,133 
Other receivables  47,162 
Total assets  3,025,825,626 
Liabilities   
Payable for investments purchased $759,170  
Payable for fund shares redeemed 1,023,512  
Accrued management fee 1,330,307  
Distribution and service plan fees payable 110,538  
Payable for daily variation margin on futures contracts 623,280  
Other affiliated payables 397,125  
Other payables and accrued expenses 38,762  
Collateral on securities loaned 32,597,750  
Total liabilities  36,880,444 
Net Assets  $2,988,945,182 
Net Assets consist of:   
Paid in capital  $2,710,740,141 
Total distributable earnings (loss)  278,205,041 
Net Assets  $2,988,945,182 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($129,250,989 ÷ 10,580,545 shares)  $12.22 
Maximum offering price per share (100/94.25 of $12.22)  $12.97 
Class M:   
Net Asset Value and redemption price per share ($52,404,891 ÷ 4,312,048 shares)  $12.15 
Maximum offering price per share (100/96.50 of $12.15)  $12.59 
Class C:   
Net Asset Value and offering price per share ($70,989,664 ÷ 5,910,542 shares)(a)  $12.01 
Asset Manager 60%:   
Net Asset Value, offering price and redemption price per share ($2,677,390,380 ÷ 218,301,011 shares)  $12.26 
Class I:   
Net Asset Value, offering price and redemption price per share ($55,421,440 ÷ 4,514,968 shares)  $12.28 
Class Z:   
Net Asset Value, offering price and redemption price per share ($3,487,818 ÷ 284,377 shares)  $12.26 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $2,786,635 
Interest  41,431 
Income from Fidelity Central Funds  28,374,741 
Total income  31,202,807 
Expenses   
Management fee $7,747,075  
Transfer agent fees 1,802,214  
Distribution and service plan fees 673,095  
Accounting and security lending fees 542,510  
Custodian fees and expenses 12,365  
Independent trustees' fees and expenses 6,609  
Registration fees 96,529  
Audit 32,672  
Legal 17,450  
Miscellaneous 10,143  
Total expenses before reductions 10,940,662  
Expense reductions (217,104)  
Total expenses after reductions  10,723,558 
Net investment income (loss)  20,479,249 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 136,045  
Fidelity Central Funds (10,473,767)  
Foreign currency transactions (4,826)  
Futures contracts 2,454,127  
Capital gain distributions from Fidelity Central Funds 107,425,883  
Total net realized gain (loss)  99,537,462 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (1,542,409)  
Fidelity Central Funds (156,066,234)  
Assets and liabilities in foreign currencies 5,812  
Futures contracts (1,327,402)  
Total change in net unrealized appreciation (depreciation)  (158,930,233) 
Net gain (loss)  (59,392,771) 
Net increase (decrease) in net assets resulting from operations  $(38,913,522) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $20,479,249 $34,831,760 
Net realized gain (loss) 99,537,462 87,040,662 
Change in net unrealized appreciation (depreciation) (158,930,233) 46,471,730 
Net increase (decrease) in net assets resulting from operations (38,913,522) 168,344,152 
Distributions to shareholders (115,058,433) – 
Distributions to shareholders from net investment income – (23,754,776) 
Distributions to shareholders from net realized gain – (36,844,601) 
Total distributions (115,058,433) (60,599,377) 
Share transactions - net increase (decrease) 127,000,258 943,430,967 
Total increase (decrease) in net assets (26,971,697) 1,051,175,742 
Net Assets   
Beginning of period 3,015,916,879 1,964,741,137 
End of period $2,988,945,182 $3,015,916,879 
Other Information   
Undistributed net investment income end of period  $24,257,631 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 60% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $12.92 $12.42 $11.24 $10.60 $11.53 $11.17 
Income from Investment Operations       
Net investment income (loss)A .07 .14 .11 .14 .14 .12 
Net realized and unrealized gain (loss) (.30) .69 1.21 .90 (.39) .83 
Total from investment operations (.23) .83 1.32 1.04 (.25) .95 
Distributions from net investment income (.15) (.11) (.12) (.15) (.12) (.09) 
Distributions from net realized gain (.32) (.22) (.02) (.25) (.56) (.50) 
Total distributions (.47) (.33) (.14) (.40) (.68) (.59) 
Net asset value, end of period $12.22 $12.92 $12.42 $11.24 $10.60 $11.53 
Total ReturnB,C,D (1.47)% 6.80% 11.86% 10.10% (2.36)% 8.87% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.02%G 1.02% 1.03% 1.03% 1.04% 1.03% 
Expenses net of fee waivers, if any 1.01%G 1.01% 1.03% 1.03% 1.03% 1.03% 
Expenses net of all reductions 1.01%G 1.01% 1.02% 1.03% 1.03% 1.03% 
Net investment income (loss) 1.16%G 1.12% .98% 1.30% 1.20% 1.08% 
Supplemental Data       
Net assets, end of period (000 omitted) $129,251 $130,729 $59,049 $59,027 $53,879 $53,382 
Portfolio turnover rateH 40%G 18%I 18% 21% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 60% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $12.84 $12.34 $11.17 $10.55 $11.48 $11.12 
Income from Investment Operations       
Net investment income (loss)A .05 .11 .09 .11 .11 .09 
Net realized and unrealized gain (loss) (.30) .70 1.19 .88 (.39) .84 
Total from investment operations (.25) .81 1.28 .99 (.28) .93 
Distributions from net investment income (.12) (.08) (.09) (.13) (.09) (.07) 
Distributions from net realized gain (.32) (.22) (.02) (.25) (.56) (.50) 
Total distributions (.44) (.31)B (.11) (.37)C (.65) (.57) 
Net asset value, end of period $12.15 $12.84 $12.34 $11.17 $10.55 $11.48 
Total ReturnD,E,F (1.63)% 6.60% 11.58% 9.68% (2.63)% 8.66% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.28%I 1.28% 1.28% 1.29% 1.29% 1.30% 
Expenses net of fee waivers, if any 1.26%I 1.26% 1.28% 1.29% 1.29% 1.30% 
Expenses net of all reductions 1.26%I 1.26% 1.27% 1.28% 1.28% 1.30% 
Net investment income (loss) .92%I .87% .73% 1.04% .94% .81% 
Supplemental Data       
Net assets, end of period (000 omitted) $52,405 $55,343 $20,860 $16,763 $16,210 $14,759 
Portfolio turnover rateJ 40%I 18%K 18% 21% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.31 per share is comprised of distributions from net investment income of $.082 and distributions from net realized gain of $.223 per share.

 C Total distributions of $.37 per share is comprised of distributions from net investment income of $.127 and distributions from net realized gain of $.247 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 60% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $12.67 $12.18 $11.04 $10.42 $11.35 $11.04 
Income from Investment Operations       
Net investment income (loss)A .02 .05 .03 .06 .05 .04 
Net realized and unrealized gain (loss) (.29) .69 1.17 .88 (.38) .81 
Total from investment operations (.27) .74 1.20 .94 (.33) .85 
Distributions from net investment income (.07) (.02) (.04) (.08) (.04) (.04) 
Distributions from net realized gain (.32) (.22) (.02) (.25) (.56) (.50) 
Total distributions (.39) (.25)B (.06) (.32)C (.60) (.54) 
Net asset value, end of period $12.01 $12.67 $12.18 $11.04 $10.42 $11.35 
Total ReturnD,E,F (1.88)% 6.09% 10.94% 9.27% (3.08)% 7.98% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.81%I 1.79% 1.78% 1.78% 1.80% 1.80% 
Expenses net of fee waivers, if any 1.76%I 1.76% 1.78% 1.78% 1.79% 1.80% 
Expenses net of all reductions 1.76%I 1.76% 1.78% 1.78% 1.79% 1.80% 
Net investment income (loss) .41%I .37% .23% .54% .44% .31% 
Supplemental Data       
Net assets, end of period (000 omitted) $70,990 $86,887 $37,384 $34,037 $30,147 $25,867 
Portfolio turnover rateJ 40%I 18%K 18% 21% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.25 per share is comprised of distributions from net investment income of $.022 and distributions from net realized gain of $.223 per share.

 C Total distributions of $.32 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.247 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 60%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $12.98 $12.47 $11.29 $10.66 $11.59 $11.22 
Income from Investment Operations       
Net investment income (loss)A .09 .18 .15 .17 .17 .16 
Net realized and unrealized gain (loss) (.31) .70 1.21 .90 (.39) .84 
Total from investment operations (.22) .88 1.36 1.07 (.22) 1.00 
Distributions from net investment income (.18) (.15) (.15) (.19) (.16) (.13) 
Distributions from net realized gain (.32) (.22) (.02) (.25) (.56) (.50) 
Total distributions (.50) (.37) (.18)B (.44) (.71)C (.63) 
Net asset value, end of period $12.26 $12.98 $12.47 $11.29 $10.66 $11.59 
Total ReturnD,E (1.34)% 7.17% 12.19% 10.31% (2.03)% 9.26% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .71%H .70% .71% .71% .72% .72% 
Expenses net of fee waivers, if any .69%H .70% .71% .71% .72% .72% 
Expenses net of all reductions .69%H .70% .71% .71% .71% .72% 
Net investment income (loss) 1.48%H 1.44% 1.30% 1.61% 1.51% 1.39% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,677,390 $2,679,353 $1,821,025 $1,426,502 $1,275,181 $1,187,056 
Portfolio turnover rateI 40%H 18%J 18% 21% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.18 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.022 per share.

 C Total distributions of $.71 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.555 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 60% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $12.99 $12.48 $11.30 $10.66 $11.59 $11.22 
Income from Investment Operations       
Net investment income (loss)A .09 .18 .15 .17 .17 .15 
Net realized and unrealized gain (loss) (.31) .70 1.20 .90 (.39) .83 
Total from investment operations (.22) .88 1.35 1.07 (.22) .98 
Distributions from net investment income (.17) (.14) (.15) (.18) (.15) (.11) 
Distributions from net realized gain (.32) (.22) (.02) (.25) (.56) (.50) 
Total distributions (.49) (.37)B (.17) (.43) (.71) (.61) 
Net asset value, end of period $12.28 $12.99 $12.48 $11.30 $10.66 $11.59 
Total ReturnC,D (1.30)% 7.12% 12.16% 10.37% (2.08)% 9.15% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .75% .75% .75% .76% .78% 
Expenses net of fee waivers, if any .73%G .74% .74% .74% .76% .78% 
Expenses net of all reductions .73%G .74% .74% .74% .75% .78% 
Net investment income (loss) 1.44%G 1.39% 1.26% 1.58% 1.47% 1.33% 
Supplemental Data       
Net assets, end of period (000 omitted) $55,421 $63,604 $26,423 $18,651 $15,574 $14,122 
Portfolio turnover rateH 40%G 18%I 18% 21% 22% 11% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.142 and distributions from net realized gain of $.223 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 60% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $12.97 
Income from Investment Operations  
Net investment income (loss)B .09 
Net realized and unrealized gain (loss) (.29) 
Total from investment operations (.20) 
Distributions from net investment income (.19) 
Distributions from net realized gain (.32) 
Total distributions (.51) 
Net asset value, end of period $12.26 
Total ReturnC,D (1.17)% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .64%G 
Expenses net of fee waivers, if any .63%G 
Expenses net of all reductions .63%G 
Net investment income (loss) 1.54%G 
Supplemental Data  
Net assets, end of period (000 omitted) $3,488 
Portfolio turnover rateH 40%G 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 70%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Ten Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 2.0 
Apple, Inc. 2.0 
Amazon.com, Inc. 1.2 
Alphabet, Inc. Class A 1.1 
Roche Holdings AG (participation certificate) 0.6 
UnitedHealth Group, Inc. 0.6 
Adobe, Inc. 0.5 
The Boeing Co. 0.5 
Becton, Dickinson & Co. 0.5 
AstraZeneca PLC (United Kingdom) 0.5 
 9.5 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 14.8 
Information Technology 11.0 
Health Care 9.0 
Consumer Discretionary 7.7 
Industrials 6.7 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 12.4% 
   AAA,AA,A 1.5% 
   BBB 4.7% 
   BB and Below 3.8% 
   Not Rated 0.2% 
   Equities* 74.8% 
   Short-Term Investments and Net Other Assets 2.6% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.7%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 74.7% 
   Bond Class 22.3% 
   Short-Term Class 3.0% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.7%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 23.8% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 70%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 66.2%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 7,013,945 $34,789,166 
Fidelity Communication Services Central Fund (a) 1,031,318 201,437,069 
Fidelity Consumer Discretionary Central Fund (a) 768,477 252,006,514 
Fidelity Consumer Staples Central Fund (a) 824,857 160,896,611 
Fidelity Emerging Markets Equity Central Fund (a) 1,253,578 267,312,913 
Fidelity Energy Central Fund (a) 1,098,612 120,649,525 
Fidelity Financials Central Fund (a) 4,641,375 447,846,286 
Fidelity Health Care Central Fund (a) 860,136 368,809,185 
Fidelity Industrials Central Fund (a) 878,353 239,614,580 
Fidelity Information Technology Central Fund (a) 1,476,397 551,316,004 
Fidelity International Equity Central Fund (a) 8,468,832 643,038,445 
Fidelity Materials Central Fund (a) 315,875 63,434,003 
Fidelity Real Estate Equity Central Fund (a) 211,912 24,157,937 
Fidelity Utilities Central Fund (a) 441,696 82,508,845 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $2,356,884,789)  3,457,817,083 
Fixed-Income Central Funds - 22.9%   
High Yield Fixed-Income Funds - 3.3%   
Fidelity Emerging Markets Debt Central Fund (a) 2,579,867 24,405,540 
Fidelity Floating Rate Central Fund (a) 488,803 49,466,822 
Fidelity High Income Central Fund 1 (a) 1,050,202 98,120,409 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  171,992,771 
Investment Grade Fixed-Income Funds - 19.6%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 2,096,818 209,493,045 
Fidelity International Credit Central Fund (a) 330,944 32,680,732 
Fidelity Investment Grade Bond Central Fund (a) 7,225,661 781,961,028 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  1,024,134,805 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $1,163,820,889)  1,196,127,576 
Money Market Central Funds - 1.3%   
Fidelity Cash Central Fund, 2.48% (b) 34,486,529 34,493,427 
Fidelity Money Market Central Fund, 2.68% (b) 4,105,880 4,106,290 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 31,921,558 31,924,750 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $70,524,013)  70,524,467 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.39% 4/18/19 to 6/27/19 (d)   
(Cost $8,174,322) 8,190,000 8,174,263 
 Shares Value 
Investment Companies - 10.0%   
iShares 20+ Year Treasury Bond ETF (e) 606,497 $76,685,481 
iShares Core MSCI Emerging Markets ETF 3,508,153 181,406,589 
iShares MSCI EAFE Index ETF 2,331,166 151,199,427 
iShares MSCI Japan ETF 2,049,375 112,141,800 
TOTAL INVESTMENT COMPANIES   
(Cost $501,034,168)  521,433,297 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $4,100,438,181)  5,254,076,686 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (33,764,640) 
NET ASSETS - 100%  $5,220,312,046 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 1,289 June 2019 $182,896,210 $(5,535,889) $(5,535,889) 

The notional amount of futures sold as a percentage of Net Assets is 3.5%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,174,623.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $2,097,853 
Fidelity Commodity Strategy Central Fund 281,477 
Fidelity Communication Services Central Fund 719,156 
Fidelity Consumer Discretionary Central Fund 9,074,930 
Fidelity Consumer Staples Central Fund 13,804,337 
Fidelity Emerging Markets Debt Central Fund 740,108 
Fidelity Emerging Markets Equity Central Fund 12,611,222 
Fidelity Energy Central Fund 1,287,728 
Fidelity Financials Central Fund 25,116,666 
Fidelity Floating Rate Central Fund 1,468,519 
Fidelity Health Care Central Fund 20,243,771 
Fidelity High Income Central Fund 1 3,061,013 
Fidelity Industrials Central Fund 12,311,995 
Fidelity Inflation-Protected Bond Index Central Fund 4,912,616 
Fidelity Information Technology Central Fund 97,105,516 
Fidelity International Credit Central Fund 1,191,333 
Fidelity International Equity Central Fund 34,320,184 
Fidelity Investment Grade Bond Central Fund 13,447,824 
Fidelity Materials Central Fund 5,368,912 
Fidelity Money Market Central Fund 52,363 
Fidelity Real Estate Equity Central Fund 826,428 
Fidelity Securities Lending Cash Central Fund 32,387 
Fidelity Utilities Central Fund 7,102,413 
Total $267,178,751 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $11,109,600 $27,348,294 $1,094,087 $(49,432) $(2,525,209) $34,789,166 13.5% 
Fidelity Communication Services Central Fund 53,100,575 145,534,666 9,186,957 337,454 11,651,331 201,437,069 12.4% 
Fidelity Consumer Discretionary Central Fund 305,835,749 17,003,003 51,415,716 5,726,651 (25,143,173) 252,006,514 13.1% 
Fidelity Consumer Staples Central Fund 161,273,817 15,516,176 10,109,828 (854,422) (4,929,132) 160,896,611 12.6% 
Fidelity Emerging Markets Debt Central Fund 24,101,472 1,114,263 945,641 1,858 133,588 24,405,540 16.7% 
Fidelity Emerging Markets Equity Central Fund 170,926,385 109,924,262 11,497,696 (1,138,941) (901,097) 267,312,913 25.2% 
Fidelity Energy Central Fund 157,433,278 2,842,059 8,796,733 (800,113) (30,028,966) 120,649,525 12.8% 
Fidelity Financials Central Fund 487,907,530 30,239,906 32,250,956 (2,063,346) (35,986,848) 447,846,286 13.6% 
Fidelity Floating Rate Central Fund 50,152,839 2,219,461 1,891,284 (18,747) (995,447) 49,466,822 2.4% 
Fidelity Health Care Central Fund 425,031,712 24,396,642 35,922,641 3,435,410 (48,131,938) 368,809,185 12.9% 
Fidelity High Income Central Fund 1 81,395,390 20,601,198 3,164,233 (16,198) (695,748) 98,120,409 19.4% 
Fidelity Industrials Central Fund 273,287,926 15,085,622 18,245,335 (1,030,589) (29,483,044) 239,614,580 13.3% 
Fidelity Inflation-Protected Bond Index Central Fund 181,866,950 37,826,692 10,374,982 (46,264) 220,649 209,493,045 17.7% 
Fidelity Information Technology Central Fund 727,665,877 126,912,970 145,638,941 (6,594,574) (151,029,328) 551,316,004 12.9% 
Fidelity International Credit Central Fund 31,939,898 1,642,128 1,135,119 (11,026) 244,851 32,680,732 18.2% 
Fidelity International Equity Central Fund 695,253,200 46,652,353 31,182,095 (281,822) (67,403,191) 643,038,445 26.1% 
Fidelity Investment Grade Bond Central Fund 872,914,296 76,417,143 186,916,084 (699,423) 20,245,096 781,961,028 10.0% 
Fidelity Materials Central Fund 72,029,991 6,364,064 4,530,071 (821,992) (9,607,989) 63,434,003 13.3% 
Fidelity Real Estate Equity Central Fund 22,824,385 1,126,762 756,550 15,949 947,391 24,157,937 17.9% 
Fidelity Utilities Central Fund 82,470,426 7,988,041 6,881,911 289,094 (1,356,805) 82,508,845 13.3% 
Total $4,888,521,296 $716,755,705 $571,936,860 $(4,620,473) $(374,775,009) $4,653,944,659  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $3,457,817,083 $3,457,817,083 $-- $-- 
Fixed-Income Central Funds 1,196,127,576 1,196,127,576 -- -- 
Money Market Central Funds 70,524,467 70,524,467 -- -- 
Other Short-Term Investments 8,174,263 -- 8,174,263 -- 
Investment Companies 521,433,297 521,433,297 -- -- 
Total Investments in Securities: $5,254,076,686 $5,245,902,423 $8,174,263 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(5,535,889) $(5,535,889) $-- $-- 
Total Liabilities $(5,535,889) $(5,535,889) $-- $-- 
Total Derivative Instruments: $(5,535,889) $(5,535,889) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(5,535,889) 
Total Equity Risk (5,535,889) 
Total Value of Derivatives $0 $(5,535,889) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 76.2% 
United Kingdom 3.2% 
Japan 2.5% 
Cayman Islands 1.7% 
France 1.5% 
Switzerland 1.5% 
Canada 1.5% 
Netherlands 1.3% 
Germany 1.1% 
Others (Individually Less Than 1%) 9.5% 
 100.0% 

The information in the above table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 70%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $31,230,680) — See accompanying schedule:
Unaffiliated issuers (cost $509,208,490) 
$529,607,560  
Fidelity Central Funds (cost $3,591,229,691) 4,724,469,126  
Total Investment in Securities (cost $4,100,438,181)  $5,254,076,686 
Receivable for investments sold  2,105,389 
Receivable for fund shares sold  4,992,404 
Distributions receivable from Fidelity Central Funds  136,703 
Prepaid expenses  3,913 
Other receivables  62,259 
Total assets  5,261,377,354 
Liabilities   
Payable for investments purchased $1,564,218  
Payable for fund shares redeemed 3,353,040  
Accrued management fee 2,328,550  
Distribution and service plan fees payable 100,265  
Payable for daily variation margin on futures contracts 1,082,760  
Other affiliated payables 644,347  
Other payables and accrued expenses 67,378  
Collateral on securities loaned 31,924,750  
Total liabilities  41,065,308 
Net Assets  $5,220,312,046 
Net Assets consist of:   
Paid in capital  $4,352,316,263 
Total distributable earnings (loss)  867,995,783 
Net Assets  $5,220,312,046 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($162,054,740 ÷ 7,565,246 shares)  $21.42 
Maximum offering price per share (100/94.25 of $21.42)  $22.73 
Class M:   
Net Asset Value and redemption price per share ($59,834,798 ÷ 2,791,883 shares)  $21.43 
Maximum offering price per share (100/96.50 of $21.43)  $22.21 
Class C:   
Net Asset Value and offering price per share ($42,380,956 ÷ 1,986,844 shares)(a)  $21.33 
Asset Manager 70%:   
Net Asset Value, offering price and redemption price per share ($4,883,035,610 ÷ 227,706,139 shares)  $21.44 
Class I:   
Net Asset Value, offering price and redemption price per share ($70,823,145 ÷ 3,301,395 shares)  $21.45 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,182,797 ÷ 101,863 shares)  $21.43 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $5,253,614 
Interest  78,818 
Income from Fidelity Central Funds  44,175,125 
Total income  49,507,557 
Expenses   
Management fee $13,653,114  
Transfer agent fees 3,147,621  
Distribution and service plan fees 609,849  
Accounting and security lending fees 686,098  
Custodian fees and expenses 3,101  
Independent trustees' fees and expenses 11,747  
Registration fees 78,831  
Audit 16,715  
Legal 5,024  
Miscellaneous 18,040  
Total expenses before reductions 18,230,140  
Expense reductions (79,701)  
Total expenses after reductions  18,150,439 
Net investment income (loss)  31,357,118 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 2,159,703  
Fidelity Central Funds (4,620,390)  
Futures contracts 3,320,623  
Capital gain distributions from Fidelity Central Funds 223,003,626  
Total net realized gain (loss)  223,863,562 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (5,444,508)  
Fidelity Central Funds (374,774,940)  
Futures contracts (2,284,298)  
Total change in net unrealized appreciation (depreciation)  (382,503,746) 
Net gain (loss)  (158,640,184) 
Net increase (decrease) in net assets resulting from operations  $(127,283,066) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $31,357,118 $67,833,889 
Net realized gain (loss) 223,863,562 262,073,124 
Change in net unrealized appreciation (depreciation) (382,503,746) 102,893,743 
Net increase (decrease) in net assets resulting from operations (127,283,066) 432,800,756 
Distributions to shareholders (282,804,003) – 
Distributions to shareholders from net investment income – (57,952,371) 
Distributions to shareholders from net realized gain – (140,405,094) 
Total distributions (282,804,003) (198,357,465) 
Share transactions - net increase (decrease) 186,991,416 196,852,504 
Total increase (decrease) in net assets (223,095,653) 431,295,795 
Net Assets   
Beginning of period 5,443,407,699 5,012,111,904 
End of period $5,220,312,046 $5,443,407,699 
Other Information   
Undistributed net investment income end of period  $43,827,955 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 70% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $23.27 $22.26 $19.78 $18.84 $21.24 $19.60 
Income from Investment Operations       
Net investment income (loss)A .10 .23 .19 .22 .22 .21 
Net realized and unrealized gain (loss) (.79) 1.59 2.53 1.70 (.80) 1.67 
Total from investment operations (.69) 1.82 2.72 1.92 (.58) 1.88 
Distributions from net investment income (.25) (.19) (.20) (.25) (.22) (.16) 
Distributions from net realized gain (.91) (.62) (.04) (.73) (1.60) (.07) 
Total distributions (1.16) (.81) (.24) (.98) (1.82) (.24)B 
Net asset value, end of period $21.42 $23.27 $22.26 $19.78 $18.84 $21.24 
Total ReturnC,D,E (2.44)% 8.31% 13.89% 10.57% (2.96)% 9.65% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.00%H 1.00% 1.02% 1.02% 1.03% 1.03% 
Expenses net of fee waivers, if any 1.00%H 1.00% 1.01% 1.02% 1.03% 1.03% 
Expenses net of all reductions 1.00%H 1.00% 1.01% 1.02% 1.02% 1.03% 
Net investment income (loss) .96%H .99% .90% 1.17% 1.07% 1.00% 
Supplemental Data       
Net assets, end of period (000 omitted) $162,055 $155,622 $146,562 $146,585 $134,849 $143,310 
Portfolio turnover rateI 38%H 21% 19% 21% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.24 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $.074 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 70% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $23.24 $22.25 $19.77 $18.82 $21.22 $19.58 
Income from Investment Operations       
Net investment income (loss)A .08 .17 .13 .17 .17 .15 
Net realized and unrealized gain (loss) (.79) 1.58 2.54 1.70 (.80) 1.67 
Total from investment operations (.71) 1.75 2.67 1.87 (.63) 1.82 
Distributions from net investment income (.19) (.14) (.15) (.20) (.16) (.11) 
Distributions from net realized gain (.91) (.62) (.04) (.73) (1.60) (.07) 
Total distributions (1.10) (.76) (.19) (.92)B (1.77)C (.18) 
Net asset value, end of period $21.43 $23.24 $22.25 $19.77 $18.82 $21.22 
Total ReturnD,E,F (2.55)% 7.99% 13.63% 10.31% (3.25)% 9.38% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.25%I 1.25% 1.27% 1.28% 1.29% 1.29% 
Expenses net of fee waivers, if any 1.25%I 1.25% 1.27% 1.28% 1.28% 1.29% 
Expenses net of all reductions 1.24%I 1.25% 1.27% 1.28% 1.28% 1.29% 
Net investment income (loss) .71%I .74% .64% .91% .81% .74% 
Supplemental Data       
Net assets, end of period (000 omitted) $59,835 $61,587 $53,245 $48,149 $46,685 $49,337 
Portfolio turnover rateJ 38%I 21% 19% 21% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.92 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.726 per share.

 C Total distributions of $1.77 per share is comprised of distributions from net investment income of $.161 and distributions from net realized gain of $1.604 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 70% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $23.06 $22.08 $19.63 $18.69 $21.08 $19.48 
Income from Investment Operations       
Net investment income (loss)A .02 .05 .03 .08 .06 .05 
Net realized and unrealized gain (loss) (.76) 1.57 2.51 1.69 (.78) 1.66 
Total from investment operations (.74) 1.62 2.54 1.77 (.72) 1.71 
Distributions from net investment income (.07) (.03) (.05) (.10) (.07) (.04) 
Distributions from net realized gain (.91) (.62) (.04) (.73) (1.60) (.07) 
Total distributions (.99)B (.64)C (.09) (.83) (1.67) (.11) 
Net asset value, end of period $21.33 $23.06 $22.08 $19.63 $18.69 $21.08 
Total ReturnD,E,F (2.77)% 7.46% 13.00% 9.78% (3.69)% 8.82% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.76%I 1.75% 1.77% 1.78% 1.79% 1.79% 
Expenses net of fee waivers, if any 1.76%I 1.75% 1.77% 1.78% 1.78% 1.79% 
Expenses net of all reductions 1.75%I 1.75% 1.77% 1.78% 1.78% 1.78% 
Net investment income (loss) .20%I .24% .14% .41% .32% .25% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,381 $63,398 $59,046 $56,605 $52,860 $55,104 
Portfolio turnover rateJ 38%I 21% 19% 21% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.99 per share is comprised of distributions from net investment income of $.073 and distributions from net realized gain of $.914 per share.

 C Total distributions of $.64 per share is comprised of distributions from net investment income of $.028 and distributions from net realized gain of $.615 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 70%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $23.33 $22.33 $19.84 $18.89 $21.30 $19.66 
Income from Investment Operations       
Net investment income (loss)A .13 .30 .25 .28 .28 .27 
Net realized and unrealized gain (loss) (.79) 1.58 2.54 1.71 (.80) 1.67 
Total from investment operations (.66) 1.88 2.79 1.99 (.52) 1.94 
Distributions from net investment income (.31) (.26) (.26) (.31) (.28) (.23) 
Distributions from net realized gain (.91) (.62) (.04) (.73) (1.60) (.07) 
Total distributions (1.23)B (.88) (.30) (1.04) (1.89)C (.30) 
Net asset value, end of period $21.44 $23.33 $22.33 $19.84 $18.89 $21.30 
Total ReturnD,E (2.27)% 8.57% 14.25% 10.97% (2.69)% 9.98% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .69%H .69% .71% .72% .72% .73% 
Expenses net of fee waivers, if any .69%H .69% .71% .71% .72% .73% 
Expenses net of all reductions .69%H .69% .70% .71% .71% .72% 
Net investment income (loss) 1.27%H 1.30% 1.20% 1.48% 1.38% 1.31% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,883,036 $5,088,118 $4,673,798 $3,996,905 $3,745,336 $3,729,256 
Portfolio turnover rateI 38%H 21% 19% 21% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.23 per share is comprised of distributions from net investment income of $.314 and distributions from net realized gain of $.914 per share.

 C Total distributions of $1.89 per share is comprised of distributions from net investment income of $.282 and distributions from net realized gain of $1.604 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 70% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $23.33 $22.33 $19.85 $18.90 $21.31 $19.66 
Income from Investment Operations       
Net investment income (loss)A .13 .29 .24 .28 .27 .26 
Net realized and unrealized gain (loss) (.79) 1.58 2.54 1.70 (.80) 1.68 
Total from investment operations (.66) 1.87 2.78 1.98 (.53) 1.94 
Distributions from net investment income (.30) (.25) (.26) (.30) (.27) (.22) 
Distributions from net realized gain (.91) (.62) (.04) (.73) (1.60) (.07) 
Total distributions (1.22)B (.87) (.30) (1.03) (1.88)C (.29) 
Net asset value, end of period $21.45 $23.33 $22.33 $19.85 $18.90 $21.31 
Total ReturnD,E (2.27)% 8.53% 14.22% 10.92% (2.73)% 9.98% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .73%H .72% .74% .74% .76% .77% 
Expenses net of fee waivers, if any .72%H .72% .74% .74% .76% .77% 
Expenses net of all reductions .72%H .72% .73% .74% .75% .77% 
Net investment income (loss) 1.23%H 1.27% 1.17% 1.45% 1.34% 1.26% 
Supplemental Data       
Net assets, end of period (000 omitted) $70,823 $74,682 $79,461 $42,321 $42,581 $40,561 
Portfolio turnover rateI 38%H 21% 19% 21% 20% 13% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.22 per share is comprised of distributions from net investment income of $.304 and distributions from net realized gain of $.914 per share.

 C Total distributions of $1.88 per share is comprised of distributions from net investment income of $.273 and distributions from net realized gain of $1.604 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 70% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $23.29 
Income from Investment Operations  
Net investment income (loss)B .14 
Net realized and unrealized gain (loss) (.75) 
Total from investment operations (.61) 
Distributions from net investment income (.34) 
Distributions from net realized gain (.91) 
Total distributions (1.25) 
Net asset value, end of period $21.43 
Total ReturnC,D (2.02)% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .62%G 
Expenses net of fee waivers, if any .62%G 
Expenses net of all reductions .61%G 
Net investment income (loss) 1.34%G 
Supplemental Data  
Net assets, end of period (000 omitted) $2,183 
Portfolio turnover rateH 38%G 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 85%

Investment Summary (Unaudited)

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

Top Ten Stocks as of March 31, 2019

 % of fund's net assets 
Microsoft Corp. 2.3 
Apple, Inc. 2.3 
Amazon.com, Inc. 1.4 
Alphabet Inc. Class A 1.2 
UnitedHealth Group, Inc. 0.7 
Roche Holding AG (participation certificate) 0.7 
Adobe, Inc. 0.6 
The Boeing Co. 0.6 
Becton, Dickinson & Co. 0.6 
Facebook, Inc. Class A 0.6 
 11.0 

Top Five Market Sectors as of March 31, 2019

 % of fund's net assets 
Financials 14.5 
Information Technology 12.8 
Health Care 9.8 
Consumer Discretionary 8.5 
Industrials 7.3 

Quality Diversification (% of fund's net assets)

As of March 31, 2019  
   U.S. Government and U.S. Government Agency Obligations 6.8% 
   AAA,AA,A 0.6% 
   BBB 1.9% 
   BB and Below 2.9% 
   Not Rated 0.1% 
   Equities* 83.2% 
   Short-Term Investments and Net Other Assets 4.5% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.8%

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of March 31, 2019  
   Stock Class and Equity Futures* 86.5% 
   Bond Class 12.0% 
   Short-Term Class 1.5% 


 * Includes investment in Fidelity® Commodity Strategy Central Fund of 0.8%

Asset allocations in the pie charts reflect the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

At period end, foreign investments including the Fund's pro-rata share of the underlying Central Funds, other than the Commodity Strategy Central and Money Market Funds, was 24.2% of net assets.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. 

Fidelity Asset Manager® 85%

Schedule of Investments March 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 74.9%   
 Shares Value 
Fidelity Commodity Strategy Central Fund (a) 3,877,592 $19,232,854 
Fidelity Communication Services Central Fund (a) 578,494 112,991,418 
Fidelity Consumer Discretionary Central Fund (a) 430,022 141,017,182 
Fidelity Consumer Staples Central Fund (a) 463,265 90,364,545 
Fidelity Emerging Markets Equity Central Fund (a) 748,871 159,689,169 
Fidelity Energy Central Fund (a) 613,855 67,413,583 
Fidelity Financials Central Fund (a) 2,603,215 251,184,234 
Fidelity Health Care Central Fund (a) 483,609 207,361,697 
Fidelity Industrials Central Fund (a) 490,013 133,675,450 
Fidelity Information Technology Central Fund (a) 828,900 309,527,701 
Fidelity International Equity Central Fund (a) 4,032,450 306,183,909 
Fidelity Materials Central Fund (a) 177,348 35,614,949 
Fidelity Real Estate Equity Central Fund (a) 105,469 12,023,490 
Fidelity Utilities Central Fund (a) 248,638 46,445,536 
TOTAL EQUITY CENTRAL FUNDS   
(Cost $1,389,284,896)  1,892,725,717 
Fixed-Income Central Funds - 12.3%   
High Yield Fixed-Income Funds - 3.0%   
Fidelity Emerging Markets Debt Central Fund (a) 1,270,975 12,023,426 
Fidelity Floating Rate Central Fund (a) 260,483 26,360,923 
Fidelity High Income Central Fund 1 (a) 405,576 37,892,935 
TOTAL HIGH YIELD FIXED-INCOME FUNDS  76,277,284 
Investment Grade Fixed-Income Funds - 9.3%   
Fidelity Inflation-Protected Bond Index Central Fund (a) 1,015,248 101,433,440 
Fidelity International Credit Central Fund (a) 160,847 15,883,668 
Fidelity Investment Grade Bond Central Fund (a) 1,085,668 117,491,032 
TOTAL INVESTMENT GRADE FIXED-INCOME FUNDS  234,808,140 
TOTAL FIXED-INCOME CENTRAL FUNDS   
(Cost $307,741,101)  311,085,424 
Money Market Central Funds - 5.1%   
Fidelity Cash Central Fund, 2.48% (b) 66,966,149 66,979,543 
Fidelity Securities Lending Cash Central Fund 2.48% (b)(c) 61,499,900 61,506,050 
TOTAL MONEY MARKET CENTRAL FUNDS   
(Cost $128,485,545)  128,485,593 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.4% 4/11/19 to 5/23/19 (d)   
(Cost $5,049,597) 5,060,000 5,049,661 
 Shares Value 
Investment Companies - 9.9%   
iShares 20+ Year Treasury Bond ETF (e) 292,663 $37,004,310 
iShares Core MSCI Emerging Markets ETF 1,628,028 84,185,328 
iShares MSCI EAFE Index ETF 1,127,314 73,117,586 
iShares MSCI Japan ETF (e) 1,034,927 56,631,205 
TOTAL INVESTMENT COMPANIES   
(Cost $241,044,389)  250,938,429 
TOTAL INVESTMENT IN SECURITIES - 102.4%   
(Cost $2,071,605,528)  2,588,284,824 
NET OTHER ASSETS (LIABILITIES) - (2.4)%  (61,632,401) 
NET ASSETS - 100%  $2,526,652,423 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 874 June 2019 $81,561,680 $1,486,824 $1,486,824 
Sold      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 19 June 2019 2,695,910 (75,534) (75,534) 
TOTAL FUTURES CONTRACTS     $1,411,290 

The notional amount of futures purchased as a percentage of Net Assets is 3.2%

The notional amount of futures sold as a percentage of Net Assets is 0.1%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (c) Investment made with cash collateral received from securities on loan.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,268,881.

 (e) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,137,832 
Fidelity Commodity Strategy Central Fund 153,805 
Fidelity Communication Services Central Fund 420,524 
Fidelity Consumer Discretionary Central Fund 5,312,583 
Fidelity Consumer Staples Central Fund 8,099,355 
Fidelity Emerging Markets Debt Central Fund 146,487 
Fidelity Emerging Markets Equity Central Fund 7,437,033 
Fidelity Energy Central Fund 739,503 
Fidelity Financials Central Fund 14,699,215 
Fidelity Floating Rate Central Fund 774,823 
Fidelity Health Care Central Fund 11,865,889 
Fidelity High Income Central Fund 1 619,949 
Fidelity Industrials Central Fund 7,187,059 
Fidelity Inflation-Protected Bond Index Central Fund 2,054,820 
Fidelity Information Technology Central Fund 56,946,608 
Fidelity International Credit Central Fund 571,519 
Fidelity International Equity Central Fund 16,024,746 
Fidelity Investment Grade Bond Central Fund 1,930,992 
Fidelity Materials Central Fund 3,161,354 
Fidelity Real Estate Equity Central Fund 405,981 
Fidelity Securities Lending Cash Central Fund 9,284 
Fidelity Utilities Central Fund 4,165,222 
Total $143,864,583 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases(a) Sales Proceeds(b) Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Commodity Strategy Central Fund $5,254,334 $16,086,482 $678,729 $(19,669) $(1,409,564) $19,232,854 7.5% 
Fidelity Communication Services Central Fund 31,246,126 86,496,862 11,365,674 66,829 6,547,275 112,991,418 7.0% 
Fidelity Consumer Discretionary Central Fund 179,272,265 11,248,352 37,519,605 540,451 (12,524,281) 141,017,182 7.3% 
Fidelity Consumer Staples Central Fund 94,149,069 10,776,230 10,696,048 (1,272,259) (2,592,447) 90,364,545 7.1% 
Fidelity Emerging Markets Debt Central Fund 33,110 11,895,157 105,773 (1,340) 202,272 12,023,426 8.2% 
Fidelity Emerging Markets Equity Central Fund 100,814,435 66,351,671 6,407,107 (354,245) (715,585) 159,689,169 15.0% 
Fidelity Energy Central Fund 91,590,211 3,092,281 9,006,842 (1,646,622) (16,615,445) 67,413,583 7.2% 
Fidelity Financials Central Fund 284,577,379 22,656,266 33,359,635 (2,935,956) (19,753,820) 251,184,234 7.7% 
Fidelity Floating Rate Central Fund 26,312,498 1,519,864 940,920 (6,091) (524,428) 26,360,923 1.3% 
Fidelity Health Care Central Fund 247,033,881 18,309,125 31,470,995 609,284 (27,119,598) 207,361,697 7.3% 
Fidelity High Income Central Fund 1 -- 37,761,623 558,074 (5,549) 694,935 37,892,935 7.5% 
Fidelity Industrials Central Fund 159,657,163 11,487,103 18,900,841 (2,109,487) (16,458,488) 133,675,450 7.4% 
Fidelity Inflation-Protected Bond Index Central Fund 75,609,661 29,185,399 3,709,482 (24,937) 372,799 101,433,440 8.6% 
Fidelity Information Technology Central Fund 422,098,333 80,827,847 99,147,076 (8,212,273) (86,039,130) 309,527,701 7.3% 
Fidelity International Credit Central Fund 15,311,785 1,018,585 564,632 (4,036) 121,966 15,883,668 8.8% 
Fidelity International Equity Central Fund 326,025,765 29,936,057 18,249,840 (229,609) (31,298,464) 306,183,909 12.4% 
Fidelity Investment Grade Bond Central Fund 194,762,946 23,091,220 102,545,472 (2,792,106) 4,974,444 117,491,032 1.5% 
Fidelity Materials Central Fund 42,176,748 4,409,640 4,711,374 (1,114,937) (5,145,128) 35,614,949 7.5% 
Fidelity Real Estate Equity Central Fund 11,209,439 704,281 376,679 829 485,620 12,023,490 8.9% 
Fidelity Utilities Central Fund 48,158,744 5,538,467 6,435,401 (71,792) (744,482) 46,445,536 7.5% 
Total $2,355,293,892 $472,392,512 $396,750,199 $(19,583,515) $(207,541,549) $2,203,811,141  

 (a) Includes the value of shares purchased through in-kind transactions, if applicable.

 (b) Includes the value of shares redeemed through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of March 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equity Central Funds $1,892,725,717 $1,892,725,717 $-- $-- 
Fixed-Income Central Funds 311,085,424 311,085,424 -- -- 
Money Market Central Funds 128,485,593 128,485,593 -- -- 
Other Short-Term Investments  5,049,661 -- 5,049,661 -- 
Investment Companies 250,938,429 250,938,429 -- -- 
Total Investments in Securities: $2,588,284,824 $2,583,235,163 $5,049,661 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $1,486,824 $1,486,824 $-- $-- 
Total Assets $1,486,824 $1,486,824 $-- $-- 
Liabilities     
Futures Contracts $(75,534) $(75,534) $-- $-- 
Total Liabilities $(75,534) $(75,534) $-- $-- 
Total Derivative Instruments: $1,411,290 $1,411,290 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2019. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $1,486,824 $(75,534) 
Total Equity Risk 1,486,824 (75,534) 
Total Value of Derivatives $1,486,824 $(75,534) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 75.8% 
United Kingdom 2.8% 
Japan 2.5% 
Cayman Islands 1.8% 
Switzerland 1.7% 
France 1.5% 
Canada 1.5% 
Germany 1.1% 
Netherlands 1.0% 
Ireland 1.0% 
Others (Individually Less Than 1%) 9.3% 
 100.0% 

The information in the above table is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager® 85%

Financial Statements

Statement of Assets and Liabilities

  March 31, 2019 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $60,106,344) — See accompanying schedule:
Unaffiliated issuers (cost $246,093,986) 
$255,988,090  
Fidelity Central Funds (cost $1,825,511,542) 2,332,296,734  
Total Investment in Securities (cost $2,071,605,528)  $2,588,284,824 
Receivable for investments sold  1,069,625 
Receivable for fund shares sold  1,908,338 
Distributions receivable from Fidelity Central Funds  171,569 
Receivable for daily variation margin on futures contracts  259,350 
Prepaid expenses  1,829 
Other receivables  9,080 
Total assets  2,591,704,615 
Liabilities   
Payable for investments purchased $1,290,616  
Payable for fund shares redeemed 678,497  
Accrued management fee 1,124,263  
Distribution and service plan fees payable 74,803  
Other affiliated payables 343,075  
Other payables and accrued expenses 34,888  
Collateral on securities loaned 61,506,050  
Total liabilities  65,052,192 
Net Assets  $2,526,652,423 
Net Assets consist of:   
Paid in capital  $2,108,841,049 
Total distributable earnings (loss)  417,811,374 
Net Assets  $2,526,652,423 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($118,338,235 ÷ 6,354,015 shares)  $18.62 
Maximum offering price per share (100/94.25 of $18.62)  $19.76 
Class M:   
Net Asset Value and redemption price per share ($31,732,471 ÷ 1,713,321 shares)  $18.52 
Maximum offering price per share (100/96.50 of $18.52)  $19.19 
Class C:   
Net Asset Value and offering price per share ($42,972,217 ÷ 2,345,168 shares)(a)  $18.32 
Asset Manager 85%:   
Net Asset Value, offering price and redemption price per share ($2,293,206,242 ÷ 122,048,309 shares)  $18.79 
Class I:   
Net Asset Value, offering price and redemption price per share ($39,133,979 ÷ 2,088,105 shares)  $18.74 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,269,279 ÷ 67,843 shares)  $18.71 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended March 31, 2019 (Unaudited) 
Investment Income   
Dividends  $2,632,919 
Interest  59,025 
Income from Fidelity Central Funds  17,754,500 
Total income  20,446,444 
Expenses   
Management fee $6,526,781  
Transfer agent fees 1,664,751  
Distribution and service plan fees 437,421  
Accounting and security lending fees 361,710  
Custodian fees and expenses 2,305  
Independent trustees' fees and expenses 5,606  
Registration fees 80,136  
Audit 16,715  
Legal 2,159  
Miscellaneous 8,557  
Total expenses before reductions 9,106,141  
Expense reductions (44,912)  
Total expenses after reductions  9,061,229 
Net investment income (loss)  11,385,215 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,165,495)  
Fidelity Central Funds (19,583,562)  
Futures contracts 1,091,907  
Capital gain distributions from Fidelity Central Funds 126,110,083  
Total net realized gain (loss)  105,452,933 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (3,097,231)  
Fidelity Central Funds (207,541,501)  
Futures contracts 1,584,794  
Total change in net unrealized appreciation (depreciation)  (209,053,938) 
Net gain (loss)  (103,601,005) 
Net increase (decrease) in net assets resulting from operations  $(92,215,790) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended March 31, 2019 (Unaudited) Year ended September 30, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,385,215 $25,586,001 
Net realized gain (loss) 105,452,933 124,346,021 
Change in net unrealized appreciation (depreciation) (209,053,938) 79,442,438 
Net increase (decrease) in net assets resulting from operations (92,215,790) 229,374,460 
Distributions to shareholders (118,486,557) – 
Distributions to shareholders from net investment income – (20,443,842) 
Distributions to shareholders from net realized gain – (50,072,977) 
Total distributions (118,486,557) (70,516,819) 
Share transactions - net increase (decrease) 108,108,598 437,635,381 
Total increase (decrease) in net assets (102,593,749) 596,493,022 
Net Assets   
Beginning of period 2,629,246,172 2,032,753,150 
End of period $2,526,652,423 $2,629,246,172 
Other Information   
Undistributed net investment income end of period  $16,436,696 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Asset Manager 85% Class A

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $20.36 $19.02 $16.45 $15.42 $17.64 $16.38 
Income from Investment Operations       
Net investment income (loss)A .06 .16 .13 .14 .14 .16 
Net realized and unrealized gain (loss) (.91) 1.77 2.61 1.59 (.77) 1.64 
Total from investment operations (.85) 1.93 2.74 1.73 (.63) 1.80 
Distributions from net investment income (.17) (.14) (.13) (.17) (.17) (.11) 
Distributions from net realized gain (.72) (.45) (.05) (.53) (1.43) (.42) 
Total distributions (.89) (.59) (.17)B (.70) (1.59)C (.54)D 
Net asset value, end of period $18.62 $20.36 $19.02 $16.45 $15.42 $17.64 
Total ReturnE,F,G (3.63)% 10.29% 16.83% 11.62% (3.86)% 11.24% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.02%J 1.02% 1.04% 1.05% 1.05% 1.04% 
Expenses net of fee waivers, if any 1.02%J 1.02% 1.04% 1.05% 1.05% 1.04% 
Expenses net of all reductions 1.01%J 1.02% 1.03% 1.05% 1.04% 1.04% 
Net investment income (loss) .67%J .80% .74% .90% .85% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $118,338 $115,447 $92,868 $78,147 $66,006 $66,659 
Portfolio turnover rateK 51%J 24% 23% 22% 29% 14% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.17 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.047 per share.

 C Total distributions of $1.59 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $1.427 per share.

 D Total distributions of $.54 per share is comprised of distributions from net investment income of $.114 and distributions from net realized gain of $.423 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 85% Class M

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $20.22 $18.91 $16.34 $15.32 $17.56 $16.32 
Income from Investment Operations       
Net investment income (loss)A .04 .10 .08 .10 .10 .11 
Net realized and unrealized gain (loss) (.90) 1.75 2.61 1.58 (.78) 1.63 
Total from investment operations (.86) 1.85 2.69 1.68 (.68) 1.74 
Distributions from net investment income (.13) (.09) (.07) (.13) (.13) (.08) 
Distributions from net realized gain (.72) (.45) (.05) (.53) (1.43) (.42) 
Total distributions (.84)B (.54) (.12) (.66) (1.56) (.50) 
Net asset value, end of period $18.52 $20.22 $18.91 $16.34 $15.32 $17.56 
Total ReturnC,D,E (3.73)% 9.94% 16.54% 11.31% (4.21)% 10.92% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.28%H 1.29% 1.31% 1.32% 1.33% 1.33% 
Expenses net of fee waivers, if any 1.28%H 1.29% 1.31% 1.32% 1.33% 1.33% 
Expenses net of all reductions 1.28%H 1.29% 1.31% 1.32% 1.32% 1.33% 
Net investment income (loss) .41%H .53% .46% .63% .57% .63% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,732 $31,371 $24,207 $19,582 $18,991 $17,690 
Portfolio turnover rateI 51%H 24% 23% 22% 29% 14% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.84 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.715 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 85% Class C

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $19.95 $18.65 $16.14 $15.14 $17.37 $16.16 
Income from Investment Operations       
Net investment income (loss)A (.01) .01 B .02 .02 .03 
Net realized and unrealized gain (loss) (.88) 1.74 2.56 1.57 (.76) 1.61 
Total from investment operations (.89) 1.75 2.56 1.59 (.74) 1.64 
Distributions from net investment income (.02) B (.01) (.06) (.06) (.01) 
Distributions from net realized gain (.72) (.45) (.05) (.53) (1.43) (.42) 
Total distributions (.74) (.45) (.05)C (.59) (1.49) (.43) 
Net asset value, end of period $18.32 $19.95 $18.65 $16.14 $15.14 $17.37 
Total ReturnD,E,F (4.02)% 9.51% 15.94% 10.80% (4.62)% 10.37% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.77%I 1.77% 1.79% 1.80% 1.81% 1.81% 
Expenses net of fee waivers, if any 1.77%I 1.77% 1.79% 1.80% 1.81% 1.81% 
Expenses net of all reductions 1.77%I 1.77% 1.78% 1.80% 1.80% 1.81% 
Net investment income (loss) (.08)%I .05% (.01)% .15% .10% .15% 
Supplemental Data       
Net assets, end of period (000 omitted) $42,972 $50,588 $44,313 $38,916 $34,590 $30,717 
Portfolio turnover rateJ 51%I 24% 23% 22% 29% 14% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.05 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.047 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 85%

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $20.56 $19.20 $16.60 $15.56 $17.79 $16.52 
Income from Investment Operations       
Net investment income (loss)A .09 .22 .19 .19 .20 .21 
Net realized and unrealized gain (loss) (.92) 1.78 2.63 1.60 (.78) 1.65 
Total from investment operations (.83) 2.00 2.82 1.79 (.58) 1.86 
Distributions from net investment income (.23) (.19) (.17) (.22) (.23) (.17) 
Distributions from net realized gain (.72) (.45) (.05) (.53) (1.43) (.42) 
Total distributions (.94)B (.64) (.22) (.75) (1.65)C (.59) 
Net asset value, end of period $18.79 $20.56 $19.20 $16.60 $15.56 $17.79 
Total ReturnD,E (3.44)% 10.62% 17.20% 11.92% (3.54)% 11.54% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .71%H .71% .73% .74% .75% .74% 
Expenses net of fee waivers, if any .71%H .71% .73% .74% .75% .74% 
Expenses net of all reductions .71%H .71% .73% .74% .74% .74% 
Net investment income (loss) .98%H 1.11% 1.05% 1.21% 1.16% 1.21% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,293,206 $2,377,705 $1,832,601 $1,454,033 $1,350,006 $1,433,196 
Portfolio turnover rateI 51%H 24% 23% 22% 29% 14% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.94 per share is comprised of distributions from net investment income of $.228 and distributions from net realized gain of $.715 per share.

 C Total distributions of $1.65 per share is comprised of distributions from net investment income of $.225 and distributions from net realized gain of $1.427 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 85% Class I

 Six months ended (Unaudited) March 31, Years endedSeptember 30,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $20.50 $19.15 $16.55 $15.51 $17.74 $16.48 
Income from Investment Operations       
Net investment income (loss)A .09 .21 .18 .19 .19 .21 
Net realized and unrealized gain (loss) (.92) 1.78 2.63 1.60 (.76) 1.64 
Total from investment operations (.83) 1.99 2.81 1.79 (.57) 1.85 
Distributions from net investment income (.21) (.19) (.16) (.21) (.23) (.16) 
Distributions from net realized gain (.72) (.45) (.05) (.53) (1.43) (.42) 
Total distributions (.93) (.64) (.21) (.75)B (1.66) (.59)C 
Net asset value, end of period $18.74 $20.50 $19.15 $16.55 $15.51 $17.74 
Total ReturnD,E (3.50)% 10.58% 17.16% 11.93% (3.52)% 11.49% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .75%H .75% .76% .75% .76% .76% 
Expenses net of fee waivers, if any .74%H .75% .76% .75% .76% .76% 
Expenses net of all reductions .74%H .75% .75% .75% .75% .76% 
Net investment income (loss) .95%H 1.07% 1.02% 1.20% 1.15% 1.19% 
Supplemental Data       
Net assets, end of period (000 omitted) $39,134 $54,135 $38,765 $40,747 $38,697 $41,775 
Portfolio turnover rateI 51%H 24% 23% 22% 29% 14% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.75 per share is comprised of distributions from net investment income of $.214 and distributions from net realized gain of $.533 per share.

 C Total distributions of $.59 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.423 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity Asset Manager 85% Class Z

 Six months ended (Unaudited) March 31, 
 2019 A 
Selected Per–Share Data  
Net asset value, beginning of period $20.45 
Income from Investment Operations  
Net investment income (loss)B .10 
Net realized and unrealized gain (loss) (.87) 
Total from investment operations (.77) 
Distributions from net investment income (.25) 
Distributions from net realized gain (.72) 
Total distributions (.97) 
Net asset value, end of period $18.71 
Total ReturnC,D (3.18)% 
Ratios to Average Net AssetsE,F  
Expenses before reductions .62%G 
Expenses net of fee waivers, if any .62%G 
Expenses net of all reductions .62%G 
Net investment income (loss) 1.07%G 
Supplemental Data  
Net assets, end of period (000 omitted) $1,269 
Portfolio turnover rateH 51%G 

 A For the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses ranged from less than .005% to .07%.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended March 31, 2019

1. Organization.

Fidelity Asset Manager 20%, Fidelity Asset Manager 30%, Fidelity Asset Manager 40%, Fidelity Asset Manager 50%, Fidelity Asset Manager 60%, Fidelity Asset Manager 70% and Fidelity Asset Manager 85% (the Funds) are funds of Fidelity Charles Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers Class A, Class M, Class C, Asset Manager, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Each Fund commenced sale of Class Z shares on October 2, 2018. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions. Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of each Fund. These strategies are consistent with the investment objectives of each Fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of each Fund. The following summarizes the Funds' investment in each Fidelity Central Fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Commodity Strategy Central Fund Geode Capital Management, LLC (Geode) Seeks to provide investment returns that correspond to the performance of the commodities market. Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands
Futures
 
.02% 
Fidelity Equity Central Funds FMR Co., Inc. (FMRC) Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry. Foreign Securities
Restricted Securities
 
Less than .005% to .01% 
Fidelity Emerging Markets Debt Central Fund FMRC Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets. Delayed Delivery & When Issued Securities
Foreign Securities
Restricted Securities
 
.01% 
Fidelity Emerging Markets Equity Central Fund FMRC Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets. Foreign Securities
Futures
 
.07% 
Fidelity International Equity Central Fund FMRC Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets. Foreign Securities
Futures
 
.01% 
Fidelity Floating Rate Central Fund FMRC Seeks a high level of income by normally investing in floating rate loans and other floating rate securities. Loans & Direct Debt Instruments
Restricted Securities
 
Less than .005% 
Fidelity High Income Central Fund 1 FMRC Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Loans & Direct Debt Instruments
Restricted Securities
 
Less than .005% 
Fidelity Inflation-Protected Bond Index Central Fund Fidelity Investment Money Management, Inc. (FIMM) Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives.  Less than .005% 
Fidelity Investment Grade Bond Central Fund FIMM Seeks a high level of income by normally investing in investment–grade debt securities. Delayed Delivery & When Issued Securities
Repurchase Agreements
Restricted Securities
Swaps 
Less than .005% 
Fidelity International Credit Central Fund FMRC Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts. Foreign Securities
Futures
Restricted Securities
Options
Swaps
Forward Foreign Currency Contracts
 
.01% 
Fidelity Money Market Central Funds FIMM Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

An unaudited holdings listing for each Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through each fund's investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of March 31, 2019, is included at the end of each Fund's Schedule of Investments.

Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses of the Fidelity Central Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in each Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in each accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Fidelity Asset Manager 50% $203,374 
Fidelity Asset Manager 70% $43,146 

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships (including allocations from Fidelity Central Funds), deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Asset Manager 20% $4,874,196,661 $186,986,593 $(20,888,973) $166,097,620 
Fidelity Asset Manager 30% 1,573,429,587 66,684,067 (13,601,954) 53,082,113 
Fidelity Asset Manager 40% 1,658,370,620 102,773,071 (15,192,613) 87,580,458 
Fidelity Asset Manager 50% 8,339,038,225 880,122,797 (62,080,146) 818,042,651 
Fidelity Asset Manager 60% 2,836,417,191 239,914,087 (56,726,794) 183,187,293 
Fidelity Asset Manager 70% 4,578,109,993 699,353,348 (28,922,544) 670,430,804 
Fidelity Asset Manager 85% 2,281,046,982 335,371,644 (26,722,512) 308,649,132 

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds' financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation (As Applicable) Prior Line-Item Presentation (As Applicable) 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 
Distributions to Shareholders Note to Financial Statements Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period except for Fidelity Asset Manager 20%, Fidelity Asset Manager 30% and Fidelity Asset Manager 40%. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments

Purchases and sales of securities including the Equity and Fixed-Income Central Funds and in-kind transactions, other than short-term securities, are noted in the table below.

 Purchases ($) Redemptions ($) 
Fidelity Asset Manager 20% 743,303,149 752,388,533 
Fidelity Asset Manager 30% 288,481,828 256,926,621 
Fidelity Asset Manager 40% 364,511,513 295,741,891 
Fidelity Asset Manager 50% 1,818,172,931 1,748,787,497 
Fidelity Asset Manager 60% 732,096,855 556,985,513 
Fidelity Asset Manager 70% 1,161,044,395 931,467,126 
Fidelity Asset Manager 85% 710,209,100 599,215,539 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Fidelity Asset Manager 20% .30% .11% .41% 
Fidelity Asset Manager 30% .30% .11% .41% 
Fidelity Asset Manager 40% .30% .11% .41% 
Fidelity Asset Manager 50% .25% .24% .49% 
Fidelity Asset Manager 60% .30% .24% .54% 
Fidelity Asset Manager 70% .30% .24% .54% 
Fidelity Asset Manager 85% .30% .24% .54% 

The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of each Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Fidelity Asset Manager 20%     
Class A -% .25% $48,757 $1,821 
Class M .25% .25% 57,700 97 
Class C .75% .25% 123,833 13,680 
   $230,290 $15,598 
Fidelity Asset Manager 30%     
Class A -% .25% $36,275 $680 
Class M .25% .25% 34,855 22 
Class C .75% .25% 115,751 22,795 
   $186,881 $23,497 
Fidelity Asset Manager 40%     
Class A -% .25% $46,530 $1,318 
Class M .25% .25% 28,560 – 
Class C .75% .25% 125,557 24,363 
   $200,647 $25,681 
Fidelity Asset Manager 50%     
Class A -% .25% $104,154 $3,308 
Class M .25% .25% 99,486 505 
Class C .75% .25% 246,741 63,025 
   $450,381 $66,838 
Fidelity Asset Manager 60%     
Class A -% .25% $151,881 $4,344 
Class M .25% .25% 127,546 364 
Class C .75% .25% 393,668 47,992 
   $673,095 $52,700 
Fidelity Asset Manager 70%     
Class A -% .25% $181,178 $2,552 
Class M .25% .25% 142,418 1,334 
Class C .75% .25% 286,253 39,481 
   $609,849 $43,367 
Fidelity Asset Manager 85%     
Class A -% .25% $136,652 $7,311 
Class M .25% .25% 74,334 402 
Class C .75% .25% 226,435 42,666 
   $437,421 $50,379 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of each Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Fidelity Asset Manager 20%  
Class A $4,138 
Class M 4,263 
Class C(a) 618 
 $9,019 
Fidelity Asset Manager 30%  
Class A $8,127 
Class M 2,074 
Class C(a) 2,953 
 $13,154 
Fidelity Asset Manager 40%  
Class A $12,162 
Class M 2,036 
Class C(a) 1,536 
 $15,734 
Fidelity Asset Manager 50%  
Class A $19,139 
Class M 5,320 
Class C(a) 7,370 
 $31,829 
Fidelity Asset Manager 60%  
Class A $19,850 
Class M 4,330 
Class C(a) 4,378 
 $28,558 
Fidelity Asset Manager 70%  
Class A $33,676 
Class M 5,811 
Class C(a) 3,568 
 $43,055 
Fidelity Asset Manager 85%  
Class A $51,234 
Class M 4,667 
Class C(a) 2,412 
 $58,313 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Fidelity Asset Manager 20%   
Class A $28,573 .15 
Class M 17,370 .15 
Class C 19,219 .16 
Asset Manager 20% 1,869,217 .08 
Class I 31,398 .12 
Class Z 360 .05 
 $1,966,137  
Fidelity Asset Manager 30%   
Class A $17,773 .12 
Class M 9,538 .14 
Class C 17,221 .15 
Asset Manager 30% 536,333 .07 
Class I 15,769 .14 
Class Z 80 .05 
 $596,714  
Fidelity Asset Manager 40%   
Class A $24,525 .13 
Class M 8,343 .15 
Class C 18,544 .15 
Asset Manager 40% 582,333 .08 
Class I 16,489 .11 
Class Z 174 .05 
 $650,408  
Fidelity Asset Manager 50%   
Class A $75,965 .18 
Class M 35,528 .18 
Class C 46,243 .19 
Asset Manager 50% 5,273,513 .12 
Class I 51,772 .15 
Class Z 271 .05 
 $5,483,292  
Fidelity Asset Manager 60%   
Class A $112,574 .19 
Class M 49,910 .20 
Class C 88,285 .22 
Asset Manager 60% 1,504,081 .12 
Class I 47,015 .17 
Class Z 349 .05 
 $1,802,214  
Fidelity Asset Manager 70%   
Class A $129,752 .18 
Class M 50,376 .18 
Class C 52,763 .18 
Asset Manager 70% 2,860,810 .12 
Class I 53,562 .15 
Class Z 358 .05 
 $3,147,621  
Fidelity Asset Manager 85%   
Class A $103,360 .19 
Class M 30,009 .20 
Class C 44,103 .19 
Asset Manager 85% 1,454,327 .13 
Class I 32,761 .17 
Class Z 191 .05 
 $1,664,751  

 (a) Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Asset Manager 20% .02 
Fidelity Asset Manager 30% .03 
Fidelity Asset Manager 40% .03 
Fidelity Asset Manager 50% .02 
Fidelity Asset Manager 60% .04 
Fidelity Asset Manager 70% .03 
Fidelity Asset Manager 85% .03 

Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciations (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Asset Manager 20% $3,628 
Fidelity Asset Manager 30% 1,054 
Fidelity Asset Manager 40% 1,197 
Fidelity Asset Manager 50% 6,897 
Fidelity Asset Manager 60% 2,375 
Fidelity Asset Manager 70% 4,370 
Fidelity Asset Manager 85% 2,051 

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Reallocation of Underlying Fund Investments. During the period, the investment adviser reallocated portions of investments of the Funds. This involved taxable redemptions of Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund for investments and a non-taxable exchange of those investments for shares of Fidelity Communication Services Central Fund. Net realized gain (loss) on redemptions from Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund in connection with the reallocation is included in the Statement of Operations as "Net realized gain (loss) on Fidelity Central Funds". Fidelity Communication Services Central Fund, Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund are affiliated investment companies managed by FMR.

Details of the transactions are presented in the accompanying table:

Fund Value of Investments Delivered – Consumer Discretionary Central Fund Value of Investments Delivered – Information Technology Central Fund Net Realized Gain (Loss) - Consumer Discretionary Central Fund Net Realized Gain (Loss) - Information Technology Central Fund Shares of Fidelity Communication Services Central Fund 
Fidelity Asset Manager 20% $8,287,816 $22,064,168 $143,269 $(1,834,288) 165,244 
Fidelity Asset Manager 30% 4,191,630 11,133,993 40,707 (1,174,655) 83,437 
Fidelity Asset Manager 40% 6,157,563 16,324,048 61,120 (1,575,905) 122,396 
Fidelity Asset Manager 50% 42,393,850 112,638,454 2,128,212 (7,094,704) 844,035 
Fidelity Asset Manager 60% 16,483,005 43,767,522 346,948 (3,599,296) 328,019 
Fidelity Asset Manager 70% 34,458,735 91,443,178 4,889,713 (3,189,830) 685,442 
Fidelity Asset Manager 85% 20,203,488 53,640,310 379,073 (4,871,123) 402,024 

Prior Fiscal Year Reallocation of Underlying Fund Investments. During the prior period, the investment adviser reallocated investments of Fidelity Asset Manager 60%. This involved taxable redemptions of Fidelity Asset Manager 60%s' interest in Fidelity Stock Selector All Cap Fund in exchange for investments, valued at $23,473,658, and non-taxable exchanges of those investments for shares of Fidelity Cash Central Fund, Fidelity Communication Services Central Fund, Fidelity Consumer Discretionary Central Fund, Fidelity Consumer Staples Central Fund, Fidelity Energy Central Fund, Fidelity Financials Central Fund, Fidelity Health Care Central Fund, Fidelity Industrials Central Fund, Fidelity Information Technology Central Fund, Fidelity Materials Central Fund, Fidelity Communication Services Central Fund and Fidelity Utilities Central Fund. Fidelity Asset Manager 60% had a net realized gain of $1,029,488 on the redemption of Fidelity Stock Selector All Cap Fund.

Other. During the period, the investment adviser reimbursed Fidelity Asset Manager 60% for certain losses in the amount of $1,369.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Asset Manager 20% $9,566 
Fidelity Asset Manager 30% 3,003 
Fidelity Asset Manager 40% 3,219 
Fidelity Asset Manager 50% 17,636 
Fidelity Asset Manager 60% 5,679 
Fidelity Asset Manager 70% 10,131 
Fidelity Asset Manager 85% 4,824 

During the period, the Funds did not borrow on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM. Security lending activity was as follows:

 Total Security Lending Income 
Fidelity Asset Manager 20% $44,286 
Fidelity Asset Manager 30% $11,438 
Fidelity Asset Manager 40% $13,796 
Fidelity Asset Manager 50% $68,666 
Fidelity Asset Manager 60% $12,693 
Fidelity Asset Manager 70% $32,387 
Fidelity Asset Manager 85% $9,284 

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds and certain Central Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. Through arrangements with each applicable Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.

 Brokerage Service credits Custody credits Transfer Agent credits 
Fidelity Asset Manager 20% $42,711 $5 $– 
Fidelity Asset Manager 30% 13,573 450 – 
Fidelity Asset Manager 40% 14,453 180 – 
Fidelity Asset Manager 50% 78,857 287 – 
Fidelity Asset Manager 50% - Class C – – 92 
Fidelity Asset Manager 50% - Asset Manager 50% – – 2,872 
Fidelity Asset Manager 60% 24,972 – – 
Fidelity Asset Manager 60% - Class C – – 320 
Fidelity Asset Manager 70% 45,692 89 – 
Fidelity Asset Manager 70% - Class C – – 316 
Fidelity Asset Manager 85% 19,768 1,781 – 

During the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows:

 Fund-Level Amount 
Fidelity Asset Manager 20% $11,900 
Fidelity Asset Manager 30% 3,748 
Fidelity Asset Manager 40% 3,959 
Fidelity Asset Manager 50% 34,254 
Fidelity Asset Manager 60% 11,008 
Fidelity Asset Manager 70% 19,366 
Fidelity Asset Manager 85% 9,125 

 Class-Level Amount 
Fidelity Asset Manager 20%  
Class A $116 
Class M 72 
Class C 74 
Asset Manager 20% 13,807 
Class I 163 
Class Z 
 $14,238 
Fidelity Asset Manager 30%  
Class A $275 
Class M 126 
Class C 213 
Asset Manager 30% 13,437 
Class I 183 
Class Z 
 $14,238 
Fidelity Asset Manager 40%  
Class A $323 
Class M 97 
Class C 223 
Asset Manager 40% 13,320 
Class I 266 
Class Z 
 $14,238 
Fidelity Asset Manager 50%  
Class A $132 
Class M 64 
Class C 81 
Asset Manager 50% 13,848 
Class I 110 
Class Z 
 $14,238 
Fidelity Asset Manager 60%  
Class A $584 
Class M 248 
Class C 376 
Asset Manager 60% 12,756 
Class I 264 
Class Z 10 
 $14,238 
Fidelity Asset Manager 70%  
Class A $408 
Class M 159 
Class C 159 
Asset Manager 70% 13,314 
Class I 192 
Class Z 
 $14,238 
Fidelity Asset Manager 85%  
Class A $645 
Class M 179 
Class C 262 
Asset Manager 85% 12,928 
Class I 217 
Class Z 
 $14,238 

In addition, during the period the investment advisor reimbursed and/or waived a portion of class-level operating expenses for Fidelity Asset Manager 60% as follows:

 Amount 
Class A $6,913 
Class M 6,280 
Class C 18,191 
Asset Manager 60% 129,169 
Class I 6,013 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
March 31, 2019(a) 
Year ended
September 30, 2018 
Fidelity Asset Manager 20%   
Distributions to shareholders   
Class A $1,141,978 $– 
Class M 639,529 – 
Class C 629,302 – 
Asset Manager 20% 144,365,770 – 
Class I 1,518,048 – 
Class Z 46,673 – 
Total $148,341,300 $– 
From net investment income   
Class A $– $557,701 
Class M – 279,827 
Class C – 185,838 
Asset Manager 20% – 84,880,963 
Class I – 824,664 
Total $– $86,728,993 
From net realized gain   
Class A $– $779,626 
Class M – 493,663 
Class C – 574,273 
Asset Manager 20% – 97,924,513 
Class I – 1,051,312 
Total $– $100,823,387 
Fidelity Asset Manager 30%   
Distributions to shareholders   
Class A $758,786 $– 
Class M 344,747 – 
Class C 528,869 – 
Asset Manager 30% 40,681,239 – 
Class I 637,944 – 
Class Z 9,528 – 
Total $42,961,113 $– 
From net investment income   
Class A $– $355,354 
Class M – 156,008 
Class C – 154,206 
Asset Manager 30% – 22,830,501 
Class I – 363,088 
Total $– $23,859,157 
From net realized gain   
Class A $– $409,514 
Class M – 218,213 
Class C – 374,145 
Asset Manager 30% – 20,223,846 
Class I – 364,145 
Total $– $21,589,863 
Fidelity Asset Manager 40%   
Distributions to shareholders   
Class A $1,226,682 $– 
Class M 364,928 – 
Class C 745,459 – 
Asset Manager 40% 53,408,886 – 
Class I 1,033,368 – 
Class Z 18,484 – 
Total $56,797,807 $– 
From net investment income   
Class A $– $471,476 
Class M – 125,666 
Class C – 129,202 
Asset Manager 40% – 23,253,114 
Class I – 366,442 
Total $– $24,345,900 
From net realized gain   
Class A $– $566,952 
Class M – 187,948 
Class C – 373,661 
Asset Manager 40% – 22,032,579 
Class I – 341,273 
Total $– $23,502,413 
Fidelity Asset Manager 50%   
Distributions to shareholders   
Class A $3,354,558 $– 
Class M 1,545,916 – 
Class C 1,842,938 – 
Asset Manager 50% 363,881,694 – 
Class I 2,606,217 – 
Class Z 45,849 – 
Total $373,277,172 $– 
From net investment income   
Class A $– $899,227 
Class M – 339,459 
Class C – 198,158 
Asset Manager 50% – 123,985,926 
Class I – 699,436 
Total $– $126,122,206 
From net realized gain   
Class A $– $2,261,536 
Class M – 1,094,410 
Class C – 1,270,444 
Asset Manager 50% – 246,849,451 
Class I – 1,287,526 
Total $– $252,763,367 
Fidelity Asset Manager 60%   
Distributions to shareholders   
Class A $4,620,358 $– 
Class M 1,832,629 – 
Class C 2,563,793 – 
Asset Manager 60% 103,779,288 – 
Class I 2,198,007 – 
Class Z 64,358 – 
Total $115,058,433 $– 
From net investment income   
Class A $– $545,716 
Class M – 139,840 
Class C – 67,250 
Asset Manager 60% – 22,699,277 
Class I – 302,693 
Total $– $23,754,776 
From net realized gain   
Class A $– $1,104,992 
Class M – 380,291 
Class C – 681,674 
Asset Manager 60% – 34,202,288 
Class I – 475,356 
Total $– $36,844,601 
Fidelity Asset Manager 70%   
Distributions to shareholders   
Class A $7,809,044 $– 
Class M 2,855,665 – 
Class C 2,669,934 – 
Asset Manager 70% 265,505,010 – 
Class I 3,847,572 – 
Class Z 116,778 – 
Total $282,804,003 $– 
From net investment income   
Class A $– $1,241,056 
Class M – 351,280 
Class C – 75,950 
Asset Manager 70% – 55,395,637 
Class I – 888,448 
Total $– $57,952,371 
From net realized gain   
Class A $– $4,015,839 
Class M – 1,521,131 
Class C – 1,667,916 
Asset Manager 70% – 131,031,974 
Class I – 2,168,234 
Total $– $140,405,094 
Fidelity Asset Manager 85%   
Distributions to shareholders   
Class A $5,200,134 $– 
Class M 1,347,043 – 
Class C 1,821,138 – 
Asset Manager 85% 108,378,709 – 
Class I 1,684,353 – 
Class Z 55,180 – 
Total $118,486,557 $– 
From net investment income   
Class A $– $673,921 
Class M – 121,986 
Class C – 2,543 
Asset Manager 85% – 19,249,022 
Class I – 396,370 
Total $– $20,443,842 
From net realized gain   
Class A $– $2,234,818 
Class M – 597,944 
Class C – 1,079,231 
Asset Manager 85% – 45,215,149 
Class I – 945,835 
Total $– $50,072,977 

 (a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to March 31, 2019.

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended March 31, 2019(a) Year ended September 30, 2018 Six months ended March 31, 2019(a) Year ended September 30, 2018 
Fidelity Asset Manager 20%     
Class A     
Shares sold 660,423 505,884 $8,603,036 $6,772,848 
Reinvestment of distributions 88,687 99,091 1,127,737 1,324,802 
Shares redeemed (332,651) (623,134) (4,334,164) (8,375,925) 
Net increase (decrease) 416,459 (18,159) $5,396,609 $(278,275) 
Class M     
Shares sold 366,821 446,344 $4,758,417 $6,009,052 
Reinvestment of distributions 50,411 57,952 639,490 773,445 
Shares redeemed (167,981) (510,377) (2,185,385) (6,849,158) 
Net increase (decrease) 249,251 (6,081) $3,212,522 $(66,661) 
Class C     
Shares sold 267,740 373,368 $3,452,433 $4,979,751 
Reinvestment of distributions 49,463 56,565 624,057 752,113 
Shares redeemed (580,073) (572,000) (7,534,921) (7,613,014) 
Net increase (decrease) (262,870) (142,067) $(3,458,431) $(1,881,150) 
Asset Manager 20%     
Shares sold 36,912,353 57,784,729 $480,623,503 $777,681,921 
Reinvestment of distributions 10,991,969 13,227,639 140,104,530 177,119,605 
Shares redeemed (42,665,811) (71,436,564) (556,228,186) (960,147,826) 
Net increase (decrease) 5,238,511 (424,196) $64,499,847 $(5,346,300) 
Class I     
Shares sold 1,389,897 1,826,170 $18,098,105 $24,537,581 
Reinvestment of distributions 113,344 122,856 1,443,611 1,643,815 
Shares redeemed (697,700) (2,022,771) (9,124,228) (27,262,357) 
Net increase (decrease) 805,541 (73,745) $10,417,488 $(1,080,961) 
Class Z     
Shares sold 186,996 – $2,443,362 $– 
Reinvestment of distributions 3,503 – 44,508 – 
Shares redeemed (16,322) – (213,898) – 
Net increase (decrease) 174,177 – $2,273,972 $– 
Fidelity Asset Manager 30%     
Class A     
Shares sold 562,264 1,126,571 $6,019,646 $12,531,773 
Reinvestment of distributions 71,446 68,985 745,387 763,328 
Shares redeemed (274,261) (641,581) (2,949,144) (7,118,517) 
Net increase (decrease) 359,449 553,975 $3,815,889 $6,176,584 
Class M     
Shares sold 332,523 351,820 $3,574,798 $3,905,685 
Reinvestment of distributions 33,072 33,836 344,521 374,018 
Shares redeemed (306,073) (259,115) (3,290,202) (2,874,044) 
Net increase (decrease) 59,522 126,541 $629,117 $1,405,659 
Class C     
Shares sold 304,485 807,147 $3,239,351 $8,931,816 
Reinvestment of distributions 50,948 48,021 526,848 528,342 
Shares redeemed (546,309) (505,372) (5,826,168) (5,572,836) 
Net increase (decrease) (190,876) 349,796 $(2,059,969) $3,887,322 
Asset Manager 30%     
Shares sold 19,865,755 54,804,477 $213,159,286 $609,493,754 
Reinvestment of distributions 3,807,983 3,797,335 39,743,998 42,015,638 
Shares redeemed (18,202,612) (28,259,575) (195,206,961) (313,681,914) 
Net increase (decrease) 5,471,126 30,342,237 $57,696,323 $337,827,478 
Class I     
Shares sold 500,466 1,484,878 $5,321,379 $16,479,743 
Reinvestment of distributions 56,418 56,711 588,508 627,506 
Shares redeemed (887,654) (1,249,939) (9,486,503) (13,899,290) 
Net increase (decrease) (330,770) 291,650 $(3,576,616) $3,207,959 
Class Z     
Shares sold 54,248 – $586,324 $– 
Reinvestment of distributions 893 – 9,293 – 
Shares redeemed (16,577) – (177,528) – 
Net increase (decrease) 38,564 – $418,089 $– 
Fidelity Asset Manager 40%     
Class A     
Shares sold 500,003 880,673 $5,632,438 $10,373,863 
Reinvestment of distributions 113,360 88,932 1,225,945 1,038,034 
Shares redeemed (371,582) (863,223) (4,198,965) (10,141,040) 
Net increase (decrease) 241,781 106,382 $2,659,418 $1,270,857 
Class M     
Shares sold 97,567 292,310 $1,094,097 $3,437,201 
Reinvestment of distributions 33,692 26,778 363,603 312,286 
Shares redeemed (206,078) (280,496) (2,320,882) (3,301,500) 
Net increase (decrease) (74,819) 38,592 $(863,182) $447,987 
Class C     
Shares sold 489,009 653,876 $5,444,140 $7,647,196 
Reinvestment of distributions 69,365 42,489 744,222 494,372 
Shares redeemed (538,066) (534,308) (6,054,493) (6,247,978) 
Net increase (decrease) 20,308 162,057 $133,869 $1,893,590 
Asset Manager 40%     
Shares sold 20,035,324 38,575,334 $224,508,142 $453,687,482 
Reinvestment of distributions 4,822,877 3,807,876 52,184,852 44,412,987 
Shares redeemed (16,461,270) (24,658,282) (184,809,171) (289,713,503) 
Net increase (decrease) 8,396,931 17,724,928 $91,883,823 $208,386,966 
Class I     
Shares sold 678,401 1,530,525 $7,641,361 $18,000,056 
Reinvestment of distributions 90,154 57,375 974,730 669,253 
Shares redeemed (378,449) (844,872) (4,251,700) (9,930,720) 
Net increase (decrease) 390,106 743,028 $4,364,391 $8,738,589 
Class Z     
Shares sold 173,206 – $1,941,986 $– 
Reinvestment of distributions 1,224 – 13,151 – 
Shares redeemed (43,846) – (492,604) – 
Net increase (decrease) 130,584 – $1,462,533 $– 
Fidelity Asset Manager 50%     
Class A     
Shares sold 814,377 1,146,120 $14,173,077 $21,057,916 
Reinvestment of distributions 197,289 169,041 3,250,070 3,071,864 
Shares redeemed (529,183) (806,575) (9,154,984) (14,824,728) 
Net increase (decrease) 482,483 508,586 $8,268,163 $9,305,052 
Class M     
Shares sold 351,108 557,672 $6,098,101 $10,265,163 
Reinvestment of distributions 93,953 78,884 1,544,685 1,432,594 
Shares redeemed (315,469) (396,724) (5,521,285) (7,288,768) 
Net increase (decrease) 129,592 239,832 $2,121,501 $4,408,989 
Class C     
Shares sold 632,611 1,015,038 $10,853,236 $18,488,385 
Reinvestment of distributions 109,662 77,208 1,786,698 1,393,955 
Shares redeemed (839,150) (613,340) (14,411,178) (11,143,058) 
Net increase (decrease) (96,877) 478,906 $(1,771,244) $8,739,282 
Asset Manager 50%     
Shares sold 32,238,703 83,353,018 $559,603,684 $1,538,862,489 
Reinvestment of distributions 21,322,538 19,729,969 353,149,326 359,754,574 
Shares redeemed (41,825,436) (66,347,048) (729,659,807) (1,224,405,900) 
Net increase (decrease) 11,735,805 36,735,939 $183,093,203 $674,211,163 
Class I     
Shares sold 985,919 2,328,900 $16,943,099 $42,828,385 
Reinvestment of distributions 139,751 99,153 2,312,188 1,805,013 
Shares redeemed (1,316,000) (669,663) (22,821,047) (12,321,431) 
Net increase (decrease) (190,330) 1,758,390 $(3,565,760) $32,311,967 
Class Z     
Shares sold 137,507 – $2,391,469 $– 
Reinvestment of distributions 2,106 – 34,440 – 
Shares redeemed (22,229) – (387,067) – 
Net increase (decrease) 117,384 – $2,038,842 $– 
Fidelity Asset Manager 60%     
Class A     
Shares sold 1,284,731 1,566,838 $15,524,811 $19,840,441 
Issued in exchange for the shares of Fidelity Global Balanced Fund – 3,323,365 – 41,608,523 
Issued in exchange for the shares of Fidelity Global Strategies Fund – 1,867,899 – 23,386,092 
Reinvestment of distributions 411,701 131,843 4,590,464 1,646,723 
Shares redeemed (1,236,344) (1,525,577) (14,770,827) (19,314,959) 
Net increase (decrease) 460,088 5,364,368 $5,344,448 $67,166,820 
Class M     
Shares sold 249,573 423,116 $2,976,799 $5,343,645 
Issued in exchange for the shares of Fidelity Global Balanced Fund – 1,174,749 – 14,637,372 
Issued in exchange for the shares of Global Strategies Fund – 1,532,212 – 19,091,363 
Reinvestment of distributions 164,098 41,694 1,821,484 518,672 
Shares redeemed (411,749) (551,449) (4,883,514) (6,979,584) 
Net increase (decrease) 1,922 2,620,322 $(85,231) $32,611,468 
Class C     
Shares sold 537,822 783,330 $6,273,788 $9,780,237 
Issued in exchange for the shares of Global Balanced Fund – 2,169,921 – 26,733,424 
Issued in exchange for the shares of Global Strategies Fund – 1,878,025 – 23,137,263 
Reinvestment of distributions 231,597 60,789 2,542,936 748,924 
Shares redeemed (1,717,862) (1,101,549) (20,278,057) (13,732,417) 
Net increase (decrease) (948,443) 3,790,516 $(11,461,333) $46,667,431 
Asset Manager 60%     
Shares sold 24,351,288 51,736,768 $291,039,628 $658,548,793 
Issued in exchange for the shares of Global Balanced Fund – 29,966,477 – 376,678,615 
Issued in exchange for the shares of Global Strategies Fund – 5,885,052 – 73,975,105 
Reinvestment of distributions 9,083,022 4,490,978 101,548,182 56,227,024 
Shares redeemed (21,505,593) (31,701,207) (258,097,221) (403,402,687) 
Net increase (decrease) 11,928,717 60,378,068 $134,490,589 $762,026,850 
Class I     
Shares sold 791,291 1,136,223 $9,578,158 $14,501,152 
Issued in exchange for the shares of Global Balanced Fund – 822,927 – 10,352,425 
Issued in exchange for the shares of Global Strategies Fund – 1,803,511 – 22,688,171 
Reinvestment of distributions 190,817 59,599 2,135,246 746,768 
Shares redeemed (1,363,380) (1,043,785) (16,431,236) (13,330,118) 
Net increase (decrease) (381,272) 2,778,475 $(4,717,832) $34,958,398 
Class Z     
Shares sold 291,195 – $3,513,867 $– 
Reinvestment of distributions 5,016 – 56,082 – 
Shares redeemed (11,834) – (140,332) – 
Net increase (decrease) 284,377 – $3,429,617 $– 
Fidelity Asset Manager 70%     
Class A     
Shares sold 1,158,248 1,072,815 $24,483,792 $24,393,399 
Reinvestment of distributions 388,496 226,837 7,517,406 5,065,264 
Shares redeemed (670,168) (1,193,845) (14,046,317) (27,183,772) 
Net increase (decrease) 876,576 105,807 $17,954,881 $2,274,891 
Class M     
Shares sold 292,268 454,790 $6,160,108 $10,365,200 
Reinvestment of distributions 146,493 83,182 2,837,567 1,859,121 
Shares redeemed (297,082) (281,173) (6,286,768) (6,409,894) 
Net increase (decrease) 141,679 256,799 $2,710,907 $5,814,427 
Class C     
Shares sold 189,182 480,535 $3,921,025 $10,867,133 
Reinvestment of distributions 136,642 76,452 2,637,190 1,701,830 
Shares redeemed (1,087,761) (482,043) (22,958,064) (10,923,979) 
Net increase (decrease) (761,937) 74,944 $(16,399,849) $1,644,984 
Asset Manager 70%     
Shares sold 13,677,297 34,679,669 $288,787,744 $790,741,858 
Reinvestment of distributions 13,471,969 8,199,184 260,682,604 183,169,767 
Shares redeemed (17,502,266) (34,158,241) (370,704,294) (778,465,644) 
Net increase (decrease) 9,647,000 8,720,612 $178,766,054 $195,445,981 
Class I     
Shares sold 260,400 592,858 $5,560,101 $13,509,405 
Reinvestment of distributions 193,412 134,131 3,744,456 2,997,831 
Shares redeemed (352,965) (1,085,477) (7,536,663) (24,835,015) 
Net increase (decrease) 100,847 (358,488) $1,767,894 $(8,327,779) 
Class Z     
Shares sold 102,345 – $2,207,323 $– 
Reinvestment of distributions 4,742 – 91,659 – 
Shares redeemed (5,224) – (107,453) – 
Net increase (decrease) 101,863 – $2,191,529 $– 
Fidelity Asset Manager 85%     
Class A     
Shares sold 862,443 1,536,559 $15,811,730 $30,493,171 
Reinvestment of distributions 312,790 149,653 5,176,673 2,894,292 
Shares redeemed (491,139) (898,527) (8,975,042) (17,732,464) 
Net increase (decrease) 684,094 787,685 $12,013,361 $15,654,999 
Class M     
Shares sold 245,779 408,388 $4,426,572 $8,043,625 
Reinvestment of distributions 81,489 37,234 1,342,127 716,755 
Shares redeemed (165,118) (174,891) (2,988,006) (3,429,871) 
Net increase (decrease) 162,150 270,731 $2,780,693 $5,330,509 
Class C     
Shares sold 228,886 679,582 $4,102,456 $13,185,329 
Reinvestment of distributions 110,675 56,215 1,805,116 1,070,898 
Shares redeemed (530,733) (575,122) (9,582,937) (11,170,395) 
Net increase (decrease) (191,172) 160,675 $(3,675,365) $3,085,832 
Asset Manager 85%     
Shares sold 10,220,635 34,356,371 $186,983,348 $685,028,247 
Reinvestment of distributions 6,405,540 3,264,850 106,844,397 63,631,927 
Shares redeemed (10,198,643) (17,439,052) (187,066,092) (347,375,448) 
Net increase (decrease) 6,427,532 20,182,169 $106,761,653 $401,284,726 
Class I     
Shares sold 440,437 1,125,223 $7,925,449 $22,457,259 
Reinvestment of distributions 98,286 67,136 1,635,471 1,304,444 
Shares redeemed (1,091,408) (576,135) (20,596,691) (11,482,388) 
Net increase (decrease) (552,685) 616,224 $(11,035,771) $12,279,315 
Class Z     
Shares sold 77,579 – $1,439,153 $– 
Reinvestment of distributions 1,771 – 29,410 – 
Shares redeemed (11,507) – (204,536) – 
Net increase (decrease) 67,843 – $1,264,027 $– 

 (a) Share transactions for Class Z are for the period October2, 2018 (commencement of sale of shares) to March 31, 2019.

12. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

At the end of the period, a shareholder of record owned more than 25% of the total outstanding shares of the following Fund:

Fund % of shares held 
Fidelity Asset Manager 60% 28% 
Fidelity Asset Manager 85% 26% 

13. Prior Fiscal Year Merger Information.

On April 27, 2018, Fidelity Asset Manager 60% (the Fund) acquired all of the assets and assumed all of the liabilities of Fidelity Global Balanced Fund and Fidelity Global Strategies Fund ("Target Funds") pursuant to an Agreement and Plan of Reorganization (the Agreements) approved by the Board of Trustees ("the Board"). The acquisition was accomplished by an exchange of shares of the Fund for corresponding shares then outstanding of each Target Fund at their respective net asset value on the acquisition date. The reorganization provided shareholders of each Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Fidelity Global Balanced Fund net assets of $470,010,359, including securities of $469,048,216 and unrealized appreciation of $2,799,938, and Fidelity Global Strategies Fund net assets of $162,277,994, including securities of $162,279,356 and unrealized appreciation of $1,167,869, were combined with the Fund's net assets of $2,278,829,037 for total net assets after the reorganization of $2,911,117,390.

Pro forma results of operations of the combined entity for the entire period ended September 30, 2018, as though the acquisitions had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net Investment income (loss) $ 39,979,460 
Total net realized gain (loss) 180,297,674 
Total change in net unrealized appreciation (depreciation) (11,472,894) 
Net increase (decrease) in net assets resulting from operations $208,804,240 

Because the combined investment portfolios have been managed as a single portfolio since the acquisitions were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that has been included in the Fund's accompanying Statement of Operations since April 27, 2018.

Shareholder Expense Example

The Funds invest in Fidelity Central Funds, which are open-end investment companies with similar investment objectives to those of the Funds, available only to other mutual funds and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. In addition to the direct expenses incurred by the Funds presented in the table, as a shareholder of the underlying Fidelity Central Funds, the Funds also indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds. These expenses are not included in the Funds' annualized expense ratio used to calculate either he actual or hypothetical expense estimates presented in the table but are summarized in a footnote to the table.

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2018 to March 31, 2019) for Class A, Class M, Class C, and Class I, and for the period (October 2, 2018 to March 31, 2019) for Class Z. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (October 1, 2018 to March 31, 2019).

Actual Expenses

The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
 
Ending
Account Value
March 31, 2019 
Expenses Paid
During Period 
Fidelity Asset Manager 20%     
Class A .83%    
Actual  $1,000.00 $1,014.00 $4.17-B 
Hypothetical-C  $1,000.00 $1,020.79 $4.18-D 
Class M 1.09%    
Actual  $1,000.00 $1,012.60 $5.47-B 
Hypothetical-C  $1,000.00 $1,019.50 $5.49-D 
Class C 1.59%    
Actual  $1,000.00 $1,010.10 $7.97-B 
Hypothetical-C  $1,000.00 $1,017.00 $8.00-D 
Asset Manager 20% .51%    
Actual  $1,000.00 $1,015.60 $2.56-B 
Hypothetical-C  $1,000.00 $1,022.39 $2.57-D 
Class I .56%    
Actual  $1,000.00 $1,015.30 $2.81-B 
Hypothetical-C  $1,000.00 $1,022.14 $2.82-D 
Class Z .48%    
Actual  $1,000.00 1,016.60 $2.40-B 
Hypothetical-C  $1,000.00 1,022.54 $2.42-D 
Fidelity Asset Manager 30%     
Class A .82%    
Actual  $1,000.00 $1,008.40 $4.11-B 
Hypothetical-C  $1,000.00 $1,020.84 $4.13-D 
Class M 1.09%    
Actual  $1,000.00 $1,007.00 $5.45-B 
Hypothetical-C  $1,000.00 $1,019.50 $5.49-D 
Class C 1.60%    
Actual  $1,000.00 $1,004.50 $8.00-B 
Hypothetical-C  $1,000.00 $1,016.95 $8.05-D 
Asset Manager 30% .53%    
Actual  $1,000.00 $1,009.20 $2.65-B 
Hypothetical-C  $1,000.00 $1,022.29 $2.67-D 
Class I .59%    
Actual  $1,000.00 $1,008.80 $2.95-B 
Hypothetical-C  $1,000.00 $1,021.99 $2.97-D 
Class Z .50%    
Actual  $1,000.00 $1,010.10 $2.49-B 
Hypothetical-C  $1,000.00 $1,022.44 $2.52-D 
Fidelity Asset Manager 40%     
Class A .83%    
Actual  $1,000.00 $1,000.50 $4.14-B 
Hypothetical-C  $1,000.00 $1,020.79 $4.18-D 
Class M 1.09%    
Actual  $1,000.00 $998.90 $5.43-B 
Hypothetical-C  $1,000.00 $1,019.50 $5.49-D 
Class C 1.60%    
Actual  $1,000.00 $997.40 $7.97-B 
Hypothetical-C  $1,000.00 $1,016.95 $8.05-D 
Asset Manager 40% .53%    
Actual  $1,000.00 $1,002.20 $2.65-B 
Hypothetical-C  $1,000.00 $1,022.29 $2.67-D 
Class I .56%    
Actual  $1,000.00 $1,002.00 $2.80-B 
Hypothetical-C  $1,000.00 $1,022.14 $2.82-D 
Class Z .50%    
Actual  $1,000.00 $1,003.90 $2.48-B 
Hypothetical-C  $1,000.00 $1,022.44 $2.52-D 
Fidelity Asset Manager 50%     
Class A .94%    
Actual  $1,000.00 $992.70 $4.67-B 
Hypothetical-C  $1,000.00 $1,020.24 $4.73-D 
Class M 1.19%    
Actual  $1,000.00 $991.40 $5.91-B 
Hypothetical-C  $1,000.00 $1,019.00 $5.99-D 
Class C 1.70%    
Actual  $1,000.00 $988.80 $8.43-B 
Hypothetical-C  $1,000.00 $1,016.45 $8.55-D 
Asset Manager 50% .63%    
Actual  $1,000.00 $994.40 $3.13-B 
Hypothetical-C  $1,000.00 $1,021.79 $3.18-D 
Class I .66%    
Actual  $1,000.00 $994.20 $3.28-B 
Hypothetical-C  $1,000.00 $1,021.64 $3.33-D 
Class Z .56%    
Actual  $1,000.00 $996.30 $2.77-B 
Hypothetical-C  $1,000.00 $1,022.14 $2.82-D 
Fidelity Asset Manager 60%     
Class A 1.01%    
Actual  $1,000.00 $985.30 $5.00-B 
Hypothetical-C  $1,000.00 $1,019.90 $5.09-D 
Class M 1.26%    
Actual  $1,000.00 $983.70 $6.23-B 
Hypothetical-C  $1,000.00 $1,018.65 $6.34-D 
Class C 1.76%    
Actual  $1,000.00 $981.20 $8.69-B 
Hypothetical-C  $1,000.00 $1,016.16 $8.85-D 
Asset Manager 60% .69%    
Actual  $1,000.00 $986.60 $3.42-B 
Hypothetical-C  $1,000.00 $1,021.49 $3.48-D 
Class I .73%    
Actual  $1,000.00 $987.00 $3.62-B 
Hypothetical-C  $1,000.00 $1,021.29 $3.68-D 
Class Z .63%    
Actual  $1,000.00 $988.30 $3.11-B 
Hypothetical-C  $1,000.00 $1,021.79 $3.18 
Fidelity Asset Manager 70%     
Class A 1.00%    
Actual  $1,000.00 $975.60 $4.93-B 
Hypothetical-C  $1,000.00 $1,019.95 $5.04-D 
Class M 1.25%    
Actual  $1,000.00 $974.50 $6.15-B 
Hypothetical-C  $1,000.00 $1,018.70 $6.29-D 
Class C 1.76%    
Actual  $1,000.00 $972.30 $8.65-B 
Hypothetical-C  $1,000.00 $1,016.16 $8.85-D 
Asset Manager 70% .69%    
Actual  $1,000.00 $977.30 $3.40-B 
Hypothetical-C  $1,000.00 $1,021.49 $3.48-D 
Class I .72%    
Actual  $1,000.00 $977.30 $3.55-B 
Hypothetical-C  $1,000.00 $1,021.34 $3.63-D 
Class Z .62%    
Actual  $1,000.00 $979.80 $3.04-B 
Hypothetical-C  $1,000.00 $1,021.84 $3.13-D 
Fidelity Asset Manager 85%     
Class A 1.02%    
Actual  $1,000.00 $963.70 $4.99-B 
Hypothetical-C  $1,000.00 $1,019.85 $5.14-D 
Class M 1.28%    
Actual  $1,000.00 $962.70 $6.26-B 
Hypothetical-C  $1,000.00 $1,018.55 $6.44-D 
Class C 1.77%    
Actual  $1,000.00 $959.80 $8.65-B 
Hypothetical-C  $1,000.00 $1,016.11 $8.90-D 
Asset Manager 85% .71%    
Actual  $1,000.00 $965.60 $3.48-B 
Hypothetical-C  $1,000.00 $1,021.39 $3.58-D 
Class I .74%    
Actual  $1,000.00 $965.00 $3.63-B 
Hypothetical-C  $1,000.00 $1,021.24 $3.73-D 
Class Z .62%    
Actual  $1,000.00 $968.20 $3.03-B 
Hypothetical-C  $1,000.00 $1,021.84 $3.13-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the period October 1, 2018 to March 31, 2019) for Class A, Class M, Class C and Class I and multiplied by 181/365 (to reflect the period October 2, 2018 to March 31, 2019) for Class Z. The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying Fidelity Central Funds as of their most recent fiscal half year ranged from less than .005% to .07%.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).





Fidelity Investments

AR-SANN-0519
1.878280.111



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Charles Street Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Charles Street Trusts (the Trust) disclosure controls and procedures (as



defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Charles Street Trust



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

May 24, 2019


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

May 24, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

May 24, 2019

 






                                                      Exhibit EX-99.CERT

     

I, Laura M. Del Prato, certify that:


1.

I have reviewed this report on Form N-CSR of Fidelity Charles Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 May 24, 2019

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer



I, John J. Burke III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Charles Street Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

May 24, 2019

/s/John J. Burke III

John J. Burke III

Chief Financial Officer








Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Charles Street Trust (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated: May 24, 2019



/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer



 

Dated: May 24, 2019



/s/John J. Burke III

John J. Burke III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.






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